Patrick Temple-West

WASHINGTON - In deficit-reduction recommendations to Congress on Monday, President Obama called for comprehensive tax reform, an end to the Bush-era tax cuts, and a 28% cap on tax-exempt interest and deductions for the wealthy, while Republicans rebuffed any tax increases.

The Internal Revenue Service has completed an audit of $51.1 million of auction-rate securities the Orange County, Fla., Health Facilities Authority issued in 2005 for an Orlando health care provider without changing the tax-exempt status of the bonds.

WASHINGTON - House Speaker John Boehner, R-Ohio, on Thursday said the Joint Committee on Deficit Reduction "is a jobs committee" that should also lay the groundwork for broad tax reform.

WASHINGTON — Industrial production increased 0.2% in August as utility production dropped, the Federal Reserve reported Thursday.

WASHINGTON — The U.S. current account deficit declined to $118.0 billion in the second quarter, the Commerce Department reported Thursday. The first-quarter deficit was revised up to $119.6 billion from $119.3 billion reported earlier.

Industrial production increased 0.2% in August as utility production dropped, the Federal Reserve reported Thursday.

The U.S. current account deficit unexpectedly declined to $118.0 billion in the second quarter, the Commerce Department reported Thursday.

WASHINGTON — Producer prices were flat in August as energy prices declined for the third month in a row, the Labor Department reported Wednesday.

Producer prices were flat in August as energy prices declined for the third month in a row, the Labor Department reported Wednesday.

WASHINGTON - Municipal market participants applauded President Obama's jobs bill proposals for increased funding for transportation and aid to state and local governments, but worried about their vagueness and whether they would actually spur job creation.

WASHINGTON — President Obama on Thursday proposed legislation that would create a national infrastructure bank and provide more resources for federal loans and grants to transportation projects among several proposals to create jobs.

WASHINGTON - State and local government groups have combined forces with dealers, bond lawyers and representatives from energy, education and other sectors to deliver a strong message to the joint congressional deficit-reduction committee: hands off our tax-exempt financing.

WASHINGTON — The U.S. trade balance shrank 13.1% in July to $44.8 billion as exports increased and import prices for petroleum products eased, the Commerce Department reported Thursday.

Consumer credit increased by $12 billion, or 5.9%, in July to $2.454 trillion, twice the increase economists were expecting, the Federal Reserve reported Thursday.

The U.S. trade balance shrank 13.1% in July to $44.8 billion as exports increased and import prices for petroleum products eased, the Commerce Department reported Thursday.

The Internal Revenue Service has completed an audit of $60 million of hospital revenue bonds issued in 2002 by Lakeland, Fla., finding no change to the bonds’ tax-exempt status.

The Federal Reserve acknowledged Wednesday that economic uncertainty is likely to weigh on growth in the near future, the central bank said in its Beige Book.

The Federal Reserve acknowledged Wednesday that economic uncertainty is likely to weigh on growth in the near future, the Fed said in its Beige Book of economic activity.

WASHINGTON - Local school districts face renewed budget pressure as states cut back spending, forcing local governments to weigh tax increases and layoffs, the Center on Budget Policy Priorities said in a recent report.

WASHINGTON - State tax revenues continued to rebound in the second quarter but stock market volatility combined with recession jitters in August could affect tax collections in the third quarter, the Rockefeller Institute said Thursday.