Rep. Linda Sanchez (D-Calif.), a junior member of the tax-writing Ways and Means Committee, has introduced legislation creating a progressive estate tax that is not only paid for, but would also deduce the debt by at least $264 billion over the next ten years. 

Rep. George Miller (D-Calif.) applauded the Department of Labor for releasing its interim final rule on requiring greater fee disclosure for retirement accounts. 

Federal Reserve Chairman Ben Bernanke heads up to Capitol Hill next week, where he will testify twice on the central bank’s semi-annual monetary policy report.

As the economy slowly recovers, Bernanke will probably face questions over a number of fears that growth is stalling as job creation lags and the unemployment rate remains at 9.5 percent. 

The European debt crisis also could put a damper on growth, especially through the manufacturing sector as exports drop off to that region. 

Bernanke will testify on the report on Wednesday before the Senate Banking Committee and on Thursday before the House Financial Services Committee.

Damage claims payments topped $200 million on Friday to those affected by the Gulf of Mexico oil spill. 

During the past 10 weeks, more than 32,000 coastal businesses and individuals have received one or more payments, according to new figures released by BP on Friday.

Kenneth Feinberg, who is overseeing a $20 billion fund to pay damage claims, is expected to set up shop for the independent Gulf Coast Claims Fund within the next two to three weeks.

He is urging those affected to file claims during the initial phase when payments will equal six months of compensation for losses. 

Feinberg said he is “determined to come up with a system more generous and more beneficial than if you file a lawsuit.” 

The longest-serving House Democrat on Friday denounced a free-trade agreement President Obama is pursuing with South Korea.

Extending unemployment insurance, providing federal aid to state and local governments and increasing access to credit for small businesses are needed to speed up the pace of the economic recovery. 

A new report released Friday by the Joint Economic Committee outlined the economy’s continued challenges through the first half of 2010 and possible solutions to accelerate growth. 

Despite the improving economy, concerns range about the recovery’s progress. 

“I am concerned about the economic data showing that millions of Americans continue to suffer the recession’s effects,” said JEC Chairwoman Carolyn Maloney (D-N.Y.). “As the report points out, policymakers need to resist the political siren call of short-term cuts and instead heed the economic imperative of job creation, the core component of a robust economic recovery.”

Warren is the Harvard professor who championed the cause of creating the agency in the Wall Street reform bill.

Consumer confidence plunged to its lowest level in a year, below what was expected and a possible signal that Americans could pull back on spending. 

Sentiment dropped to 66.5 in early July, down from 76 in June, the lowest level since September 2009, according to Thomson Reuters/University of Michigan consumer sentiment index released Friday. 

As the job market continues to struggle to create openings for the nation’s unemployed, Americans expressed doubt about their incomes rising in the next year. 

Consumer spending is a key driver of the economy, and a decrease in consumption could impair the nation’s recovery. 

Sens. Pat Roberts (R-Kan.) and Mike Johanns (R-Neb.) have introduced legislation that repeals the new healthcare mandate requiring small businesses and charities to submit 1099 reporting forms to the IRS for purchases over $600.