Rahm Emanuel

(Newser) - Democratic Rep. Rahm Emanuel said yesterday he will draft a bill to close a loophole that allows private-equity and hedge-fund managers to defer taxes on income earned by funds abroad. Emanuel proposes to limit such tax deferrals to $19,500—the amount anyone can put into a retirement account tax-free....

(Newser) - President Bush rebuffed a health care compromise yesterday that would expand a program that provides coverage to poor children. The Senate's bipartisan proposal would insure 3.3 million more kids, but Bush says he'll veto any expansion of government health care on philosophical grounds—despite pleas from within the GOP.

(Newser) - Angry Democrats are threatening to ax Dick Cheney's budget if the vice president continues to defy regulations on classified documents, the Hill reports. Executive branch agencies are required to provide reports justifying secret documents to an oversight office; Cheney has refused, claiming that his office is neither solely executive nor...