Portal:Economic Policy (U.S.)/In the news


 * The House passed the Trade and Global Assistance Act of 2007, updating the Trade Adjustment Assistance program, despite a White House veto threat.


 * Rep. Charles Rangel (D-N.Y.) unveiled a proposal that would overhaul taxes, shifting tax income from the middle and upper-middle-class taxpayers to high-income individuals.


 * House Democratic leaders issued a statement revealing their intention to postpone consideration of trade deals negotiated under President Bush's "fast track" authority, set to expire on July 1.


 * The president's "fast track" authority to negotiate trade agreements, established under the Trade Act of 2002, is set to expire on July 1. No significant efforts have been made to extend it, despite calls of several trade interest groups.


 * Senators Max Baucus (D-Mont.) and Chuck Grassley (R-Iowa) introduced a bill on Jun. 14 that would close a tax loophole exempting certain publicly traded partnerships from a level of taxation.


 * The Senate Finance Committee unveiled legislation on Jun. 14 that would force the Treasury Department to acknowledge China's manipulation of its currency, the yuan.


 * On Apr. 25, the House passed the Small Business Lending Improvements Act of 2007, sponsored by Rep. Melissa Bean (D-Ill.). The bill was aimed at improving small business access to capital programs of the Small Business Administration.


 * Sen. Gordon Smith (R-Ore.) introduced the Tariff Relief Assistance for Developing Economies (TRADE) Act of 2007 on Feb. 15. The bill would designate certain developing countries to receive duty-free trade with the United States for certain products.


 * Rep. Charles Rangel (D-N.Y.) introduced the Free Trade with Cuba Act on Jan. 22. The act would end the trade embargo held with Cuba since 1962.


 * Rep. Mario Diaz-Balart (R-Fla.) introduced a bill on Jan 11. which would amend the Internal Revenue Code of 1986 to reduce the federal sales tax deduction, the child credit, and also repeal the estate tax.


 * Rep. John Linder (R-Ga.) introduced the Fair Tax Act of 2007 on Jan. 4. The bill would abolish the Internal Revenue Service (IRS), repeal the federal income tax, enact a national sales tax to be administered primarily by the states, and lastly, repeal the estate tax.


 * President George W. Bush signed CAFTA into law on Aug. 2, 2005, which established a free trade zone between the United States, Costa Rica, El Salvador, Guatemala, Honduras and Nicaragua as well as setting up a separate trade agreement with the Dominican Republic.