U.S. and Chinese leaders need to continue addressing currency, protection of intellectual property and business restrictions that could jeopardize the trading relationship between the two countries, a leading business advocate said Monday. 

There are concerns about China "backtracking on progress made to open their economy and give U.S. companies a level playing field," U.S. Chamber of Commerce President Thomas Donohue told Chinese leaders today in an address before the American Chamber of Commerce in Shanghai. 

China and the United States need to focus on issues that could "stall the growth and momentum of commerce between the two countries," he said. 

Despite supporting the tax measures resuscitated in legislation extending several measures, the U.S. Chamber of Commerce opposes the extender bill because of the tax increases it would inflict on businesses. 

"Ultimately, we have no choice but to oppose this legislation as drafted because it is a job killer," said Bruce Josten, the Chamber's chief government affairs person, in prepared remarks. "While the Chamber believes the economy needs an extension of expired provisions, we believe that this legislation will do more harm than good." 

Among the tax increases in the bill, dubbed the American Jobs and Closing Tax Loopholes Act of 2010, are those on carried interest and so-called S corporations. Both, the Chamber argues, will hinder job creation. 

The tab for the Gulf oil spill is quickly approaching $1 billion as thousands of people and vessels attempt to contain and clean up the area. 

The cost is about $760 million so far for containment, relief well drilling, clean-up, grants to coastal states, claims paid and federal costs, according to estimates by BP released Monday. 

BP is drilling two relief wells — one started May 2 and another May 16 — each of which is expected to take three months to complete. More than 1,100 ships and 22,000 people have responded to the incident so far, according to BP's release. 

Blue Dog communications co-chair Jim Matheson (D-Utah) on Monday applauded President Barack Obama's plan to make retroactive cuts on recently signed spending measures and hoped Congress would follow through on the proposal. 

"Talking tough about cutting spending is easy. It's where the rubber meets the road that members on both sides of the aisle have fallen short," Matheson said in prepared remarks, adding, "We have a responsibility to work together to see that this important legislation ultimately reaches the President's desk." 

Sen. Judd Gregg (R-N.H.) on Monday declared the recently passed financial reform bill a disaster since it failed to address the main reasons that caused the market to collapse. 

"This bill is a disaster because it doesn't address the fundamental underlying causes of the economic issue, which were real estate and underwriting," he told CNBC's Squawk Box. 

Gregg is the ranking member on the Senate Budget committee and argued the bill should have provided tougher underwriting standards for banks providing home loans.

"There was a complete de-coupling of underwriting standards from debt issuance," he said. "This bill does nothing on that issue."

The “expedited rescission authority” President Obama is asking for is similar to the line-item veto.

A homebuyer tax incentive combined with improving consumer confidence and affordable options drove sales of previously owned homes in April to the highest level in five months. 

Purchases rose by 7.6 percent, up 23 percent from April 2009, the highest sales since November when the tax incentive was first set to expire, the National Association of Realtors (NAR) announced Monday. 

The tax incentive — worth up to $8,000 and aimed at first-time homebuyers — expired April 30 but homebuyers have until June 30 to close. The tax credit was extended from last fall with an initial expiration date of November 30.

Although there may be some temporary fallback for some months after the tax break, "other factors are supporting the market," said Lawrence Yun, NAR's chief economist, in a release. 

The chairman of the House banking committee will head the conference to merge the House and Senate bills on Wall Street regulation.

Lawmakers will put a proposed multibillion-dollar merger between two of the nation's largest airlines under a microscope this week. 

The heads of the two airlines — United and Continental — will make their case for the $3.17 billion merger Thursday before the Senate Judiciary's Subcommittee on Antitrust, Competition Policy and Consumer Rights. 

Concerns over how the proposed marriage will affect industry competition, airfare and safety issues has split lawmaker support for the merger. 

The hearing will follow a Senate Commerce, Science and Transportation Committee hearing Thursday morning on the overall financial condition of the airline industry and the effects of consolidation.