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• Fiscal Cliff
• Tax Overhaul

House Ways and Means Committee Chairman Dave Camp (R., Mich.) is expected to tell a dinner audience Thursday that President Barack Obama faces a choice by the end of 2012:  “Does he simply want to stand for higher tax rates on top of a broken code, or will he support comprehensive tax reform that strengthens the economy?”

Mr. Camp’s comments to the business-backed Tax Foundation underscore House Republicans’ continuing insistence on a comprehensive rewrite of the tax system next year, despite emerging opposition from some Democrats, particularly some liberals. House Republicans also are hoping to use the promise of a tax overhaul to persuade Democrats to postpone an automatic increase in tax rates for high-income households scheduled to kick in on Jan. 1.

Republicans would rather reach a broad agreement on revenue and entitlement spending now, and use next year’s tax overhaul – and spending review – to figure out how to make ends meet.

Democrats, by contrast, want more revenue up front, and the scheduled expiration of the Bush tax cuts is giving them an excellent opportunity to get it.

Democrats haven’t closed the door completely to an end-of-year deal that prevents the scheduled rate increase on the wealthy. But Democrats are making it clear they want significant new revenue in any case – well in excess of $1 trillion over the decade, possibly more than Republicans can readily stomach.

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• Barack Obama
• Budget
• Business
• CEOs
• Fiscal Cliff
• Labor
• Roosevelt Room

This has to be one of the busiest weeks for the White House’s Roosevelt room since President Barack Obama took office in 2009.

On Tuesday, Mr. Obama met there with labor leaders and liberal nonprofit chiefs about his plan to reduce the deficit. On Wednesday, Mr. Obama went back to the historic room to meet with 12 chief executives.

And on Friday, he’ll huddle there twice. First, he’ll host a morning meeting with Speaker of the House John Boehner (R., Ohio), House Minority Leader Nancy Pelosi (D., Calif.), Senate Majority Leader Harry Reid (D., Nev.), and Senate Minority Leader Mitch McConnell (R., Ky.).

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• Congress
• DCCC
• Democrats
• House
• Nancy Pelosi
• Steve Israel

Democrats’ choice of Rep. Steve Israel of New York to continue as campaign chief for the party’s House races marks a vote of confidence that comes despite the party’s failure to retake the House.

Mr. Israel, who will extend his term as chairman of the Democratic Congressional Campaign Committee, had strong support from Democratic leader Nancy Pelosi (D., Calif.), and many Democrats see Mr. Israel as having done a good job. House Democrats this year retook seven or eight House seats, depending on the outcome of a handful of unresolved races.

Mr. Israel spoke often during the campaign of a “drive for 25” seats—the number Democrats needed to win back the majority—and privately, Democrats said they expected to win 12-15 seats.

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Transcript of Obama’s Remarks on Staten Island

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• Barack Obama
• FEMA
• Hurricane Sandy
• New York
• Transcript
• White House

Here is the White House transcript of President Barack Obama’s remarks Thursday as he wrapped up a visit to New York’s Staten Island to view damage from Hurricane Sandy:

REMARKS BY THE PRESIDENT AFTER SURVEYING DAMAGE FROM HURRICANE SANDY

Cedar Grove Avenue

Staten Island, New York

2:01 P.M. EST

THE PRESIDENT:  Thank you so much, everybody.  I’m going to be relatively brief.  I came up here right after the storm, was on the Jersey side, and I promised to everybody that I was speaking on behalf of the country when I said we are going to be here until the rebuilding is complete, and I meant it.  So I’m going to come back today, but I’m also going to be coming back in the future to make sure that we have followed through on that commitment.

I want to thank the outstanding leadership that’s been provided by state and local officials.  Obviously, Governor Cuomo and Mayor Bloomberg have done an outstanding job.  To borough president Molinaro, thank you so much for your leadership at a time when the folks here on this island were obviously going through extraordinarily difficult times, the people of Long Island who are going through really tough times…

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• Barack Obama
• Budget
• Congress
• Fiscal Cliff
• Seib and Wessel
• Timothy Geithner

President Barack Obama was emphatic at his press conference Wednesday: He won’t sign a bill extending the Bush income-tax cuts for the over $250,000 crowd. Or was he?

The press appears confused. Consider the headlines in the morning papers. The Financial Times went one way: Obama throws down tax challenge. The Washington Post went another: Obama signals flexibility of tax rate for top earners. The Wall Street Journal did a two-handed headline: Obama Presses for Higher Taxes, But Adds Caveats. The New York Times ducked: Obama Details Lines of Battle in Budget Plan. Bloomberg did much the same thing: U.S. Fiscal Cliff Showdown Turns into Early Blame Game. And The Christian Science Monitor averted its eyes: Immigration reform: Obama predicts action, calls to ‘seize the moment.’

So what did the president actually say–and what did he mean? Let’s roll the tape–or the transcript.

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• Congress
• Economy
• Fiscal Cliff
• Gene Sperling
• White House

Top White House economic adviser Gene Sperling said Thursday that any significant package of changes to reduce the deficit must have “well over $1 trillion in revenues.”

Mr. Sperling, director of the White House National Economic Council, also went into further detail about the types of compromises the Obama administration would consider as part of negotiations with Republicans. His comments come as the Obama administration begins negotiations with Congress to reach a deficit-reduction plan that could avert $500 billion in tax increases and spending cuts set to begin in January.

Mr. Sperling played down the idea that a cap on tax deductions could raise enough revenue to satisfy White House officials. His comments came during a segment at the Washington Ideas Forum, held by the Atlantic, the Newseum, and Aspen Institute…

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• Benghazi
• Dianne Feinstein
• James Clapper
• Libya
• Matthew G. Olsen
• Michael Morell
• Patrick F. Kennedy
• Sean Joyce
• Susan Rice

The Senate and House intelligence committees are holding separate closed-door hearings Thursday into the Sept. 11 U.S. consulate assault  in Libya. The CIA represented the dominant U.S. presence in Benghazi. The agency ran a major intelligence program out of a separate compound known as the “Annex” to monitor militant groups and arms. The CIA’s intelligence assessments on the attack, provided to U.N. Ambassador Susan Rice, among others, have been faulted for sticking with the theory that the attack grew out of a protest.

Here are the main officials taking part in the proceedings:

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