The National Association of Real Estate Investment Trusts on Tuesday urged lawmakers to pass legislation requiring Internet shopping sites to collect sales taxes. 

Internet and other sellers that do not have a physical presence in a state are not required to collect the sales and use taxes at the point of sale, while most brick-and-mortar stores are required to do so. The group suggests that if Congress treated all shops the same there would be less of a deficit issue at the state level. 

“[Billions] of dollars in sales taxes owed [to] state and local governments for remote sales, estimated at over $10 billion a year annually by 2012, have gone uncollected,” the group stated, adding, “We believe all commercial transactions should be subject to the same tax treatment.”

The Senate Environment and Public Works Committee vote last week to remove the $75 million federal liability cap for oil spills has the industry worried U.S. companies will be forced out of the oil exploration business because insurance companies won't be able to cover a risk that has effectively become unlimited.

"The accident in the Gulf of Mexico has shown us that we need to focus on safety and environmental protection," said American Petroleum Institute President and CEO Jack Gerard in prepared remarks. "But legislative proposals that would make domestic resources unavailable or uneconomic, instead of focusing on improving safety, must be turned aside." 

If lawmakers don't act, 27 million taxpayers will see an average tax increase of $3,900 from the alternative minimum tax. 

Double-digit unemployment has plagued black men, construction workers, teenagers and those without high school diplomas more than other groups.

While supporters have argued it would level the playing field among businesses, eBay said the bill would stunt economic growth.

Sen. Scott Brown (R-Mass.) offered a hint that he may support the financial reform bill when it comes to a vote.

Some liberal Democrats think it would be hypocritical for the party not to offset the cost of the tax extensions.

President Barack Obama, House Speaker Nancy Pelosi (D-Calif.) and other senior Democrats are now urging additional stimulus efforts.

General Motors intends to file its initial public offering in mid-August and will probably sell about $3 billion in mandatory notes that convert into shares sometime in the future.

GM will take the proceeds from the IPO to repay its debt with the federal government and fund its pension liability, Reuters first reported Friday. The IPO fling was initially expected to happen early this month. 

Since emerging from Chapter 11 bankruptcy last summer the company has been positioning itself for an IPO and becoming again a publicly held firm. 

The Detroit-based automaker also is trying to secure a $5 billion revolving line of credit with Bank of America, Citigroup, JPMorgan Chase and Morgan Stanley agreeing to provide $500 million of credit each for $2 billion so far with other banks still in the mix to help the company reach its goal.