OMB Chief Optimistic on Tax Reform

Maxwell Murphy reports on Office of Management and Budget Director Shaun Donovan’s “optimism that Congress will reform the corporate tax rate and simplify the tax code this year.”

“If done right, he said, a cut will not add to the deficit in the long run, and will actually save money over the first 10 years. He did not specify how this would occur… Earlier in the day, Congressman Paul Ryan (R., Wis.), who is chairman of the House Ways and Means Committee, suggested that sweeping tax reform would need to wait until 2017 when a new president is in office.”

“In addition, the government needs to raise or suspend the nation’s debt ceiling or it will again be faced with sequestration come October, Mr. Donovan said. Another government shutdown this fall can’t be ruled out, he said, but the ‘odds are better than 50/50′ that Congress can agree on measures to avert such a scenario.”

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