As the debate over the expiring Bush-era tax cuts heats up, there are echoes from the past as Democrats and Republicans dig in on whether to raise taxes on the nation's wealthiest Americans.

In a blog post Monday, the Tax Policy Center looked back to 1993 when a similar debate over deficit reduction proposals emerged during the early years of the Clinton administration.

President Obama, like Clinton did 17 years ago, is suggesting raising taxes on those who make the most, the top 2 percent of earners. 

Republicans are providing a nearly identical answer to that call, a tax increase on the nation's wealthiest would affect small businesses, kill jobs and bring the economic recovery to a halt. 

Another lawmaker has joined the chorus of those calling for changes to the new financial regulatory reform law that provides Freedom of Information Act (FOIA) exemptions for the Securities and Exchange Commission. 

In a letter, Rep. Darrell Issa (R-Calif.) asked the SEC to provide documents and clarify the agency's responsibilities under FOIA. 

He said the SEC has already tried to use the new provision, Section 929I, "to avoid disclosure of much broader categories of information." 

The SEC also didn't fully explain why the current FOIA exemptions were inadequate to protect sensitive information provided by firms regulated by the agency, he said. 

Issa introduced legislation last week, the SEC Freedom of Information Restoration Act. 

President Obama on Monday used a speech at a Democratic National Committee fundraiser in Austin, Texas, to bash Republicans who wish to continue the tax policies of President George W. Bush. Some contend those initiatives contributed mightily to turning record surpluses into historically high deficits.

President Obama pledged $60 billion, saved by overhauling the student loan system, to lead the world in college graduation rates by 2020.

Raising the nation's education level is "how we'll lead the global economy this century, just like we did the last century," Obama said Monday during a trip to Austin, Texas.  

"Instead of handing over $60 billion in subsidies to big banks and financial institutions, over the next decade, we're redirecting that money to you, to make college more affordable for nearly 8 million students and families across this country," Obama said. "Eight million students will get more help from financial aid because of these changes."

Preventable medical errors cost the country $19.5 billion in 2008 — or roughly $13,000 for each avoidable case, according to a report published Monday by the Society of Actuaries (SOA).

And that number is likely low, according to consultants at Milliman, who crunched the data. 

"We used a conservative methodology and still found 1.5 million measureable medical errors occurred in 2008," says Jonathan Shreve, an actuary for Milliman who co-authored of the report. "This number includes only the errors that we could identify through claims data, so the total economic impact of medical errors is in fact greater than what we have reported."

More than half of those costs were associated with just five avoidable medical injuries: pressure ulcers; post-op infections; mechanical troubles with devices, implants or grafts; post-laminectomy syndrome; and hemorrhages.

Aside from the direct financial impact, the 2008 errors also resulted in more than 2,500 avoidable deaths and more than 10 million missed work days.  

The report arrives as lawmakers are hoping to rein in the skyrocketing cost of healthcare by reducing waste and linking provider payments more closely to the quality of the care delivered, not just the quantity.

If the SOA study is any indication, there's plenty of savings out there to be had.

—Cross-posted from Healthwatch. 

Consumer taxes for retail sales items, gas and cigarettes continue to climb as states grapple with budget shortfalls that show little sign of improving, according to a report by tax and accounting firm CCH. 

The report found that five states have increased their tax on gasoline, another five have increased their sales tax and 11 states have increased their tax on cigarettes. The District of Columbia has recently joined North Carolina in increasing taxes in all three areas. 

A report that taps the opinions of human resource professionals predicts layoffs in August will drop to a level not seen since 2007. 

BP made its first deposit of $3 billion into the newly created $20 billion escrow account to pay damages created by the Gulf of Mexico oil spill. 

A $2 billion deposit will be made in the fourth quarter of this year, with the company expecting to add $1.25 billion a quarter — or $5 billion a year — until all $20 billion has been deposited, BP announced Monday. 

BP had initially planned to make its first deposit at the end of the third quarter, which is the end of September. 

The company has sold recently almost $9 billion in assets to have cash on hand for the escrow account and other costs. 

"The purpose of the escrow account was to assure those adversely affected by the spill that we indeed intend to stand behind our commitment to them and to the American taxpayers," said Bob Dudley, chief executive of BP’s Gulf Coast Restoration Organization. 

A replacement for Christina Romer, chairwoman of the president's Council of Economic Advisors, is expected to be picked before she leaves office on September 3.