Nov. 25 (Bloomberg) — U.S. Treasury Secretary Jacob J. Lew called a potential agreement to revive and extend lapsed tax breaks "fiscally irresponsible," casting uncertainty over year-end negotiations in Congress.
Lew was responding yesterday to talks between Republicans and Democrats that would make permanent a few of the tax breaks that expired at the end of 2013 and continue others through 2015. Lawmakers are discussing a package that could increase the U.S. budget deficit by more than $400 billion over a decade.
Lawmakers have been trying to reach a deal that would include some permanent extensions of breaks for businesses, such as the research tax credit, along with some for individuals, such as expansions of the child tax credit and earned income tax credit backed by the Obama administration.
The precise contours of a deal haven't been set, and staff members from both parties are negotiating the deal. Companies including General Electric Co. and Intel Corp. have business breaks at stake in the talks.
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