House Majority Leader Eric Cantor’s proposal to allow companies to bring foreign-based income back into the United States at a reduced tax rate puts him at odds with the Obama administration on the issue.

In a Monday speech, the Virginia Republican called for reducing the top corporate tax rate to 25 percent as part of a broad overhaul of the tax code. 

“Forging consensus on this type of fundamental tax reform will take some time, and that's why I propose allowing U.S. multinational companies to bring back nearly $1.2 trillion in overseas profits so that they can invest that money here at home,” Cantor said at the Hoover Institution in California.

Campaign committee is targeting Budget Chairman Paul Ryan (R-Wis.) and nine other Republicans on plans to tackle entitlement spending.

The National Education Association (NEA) is joining the call to delay new limits on debit-card fees, saying they could negatively affect middle- and lower-income consumers, including teachers.

Instead, the group is backing legislation that would delay the fee limits for one or two years as the impact of the provision included in the Dodd-Frank financial reform law is further analyzed.

That measure, dubbed the Durbin amendment after primary backer Sen. Dick Durbin (D-Ill.), has been the subject of a hotly contested lobbying fight pitting banks against retailers for billions in potential revenue.

The Social Security Disability Insurance Program looks to be to be the first federal benefits program to run out of cash, due to become insolvent in four to seven years.

American companies want to expand in China, but worry whether the Chinese bureaucracy will favor local companies over foreign ones.

Freshman Utah Sen. Mike Lee (R) is catching heat back home from retailers for backing a delay on limits on debit-card fees.

A federal bankruptcy judge has refused to hand over an Amish Ponzi schemer to his religious community.

Investors are getting ready to jump back into the Egyptian stock market when it reopens this week after a two-month closure.

A group of 29 fiscally conservative organizations have written to Congress calling for the immediate defunding of Planned Parenthood, adding to the chances the GOP will push for this in negotiations with Democrats over a 2011 funding bill.

Americans for Tax Reform (ATR), Citizens Against Government Waste, Americans for Prosperity and 26 other organizations joined the letter sent Monday.

“On economic merit alone, Planned Parenthood should be near the top of the cut list. To begin with, as Chuck Donovan at the Heritage Foundation has pointed out, Planned Parenthood is awash in net income. From 2002 to 2007, the national organization and its affiliates took in $388 million more than they spent on programs and services," the groups write in the new letter.  "Even in the midst of the recession, the president of the organization still received more than $337,000 in an annual salary and tens of thousands more in benefits and allowances.  Planned Parenthood is receiving a rolling, annual bailout, and they don’t even need it."

The letter comes after Congress last week agreed to a three-week spending bill that does not include a Planned Parenthood defunding rider. Ahead of debate on that bill, anti-abortion-rights groups such as the Family Research Council were joined by some fiscal groups, such as the Club for Growth, in opposing the bill. But other groups, like ATR, are supportive of short-term measures.

TUESDAY’S BIG STORY:

The Obama administration will continue its outreach to small business by hosting a conference devoted to just that at the Treasury Department on Tuesday. 

The department’s secretary, Timothy Geithner, is set to open the event in the morning, and later to moderate a panel discussion with academics and business leaders. 

In general, the event is expected to cover lots of nuts-and-bolts issues about getting a business up and running, including how to locate funding, access capital markets and innovate and capitalize on a growing company.

The Dow Jones industrial average finished above 12,000 on Monday for the first time since markets slumped during the nuclear crisis following a massive earthquake and tsunami in Japan. 

Stocks reacted to an improving situation in Japan as officials work to cool overheating nuclear reactors as well as a possible $39 billion deal between AT&T and T-Mobile, forming what could be the largest U.S. cellphone company. 

The Treasury Department on Monday announced a plan to start selling off $142 billion in mortgage-backed securities, about $10 billion a month, at an estimated $12 billion to $15 billion profit for taxpayers, drawing down some federal debt concerns. 

The Dow Jones average increased 178.01 points, or 1.5 percent, to 12,036.53. The index has posted an increase of 3.6 percent in the past three trading days, its largest increase over the same amount of time since September.

A left-leaning think tank is proposing to cut hundreds of billions of dollars in tax credits and deductions over five years to help the United States rein in deficits.

In a new report, the Center for American Progress cast its approach to roll back tax breaks by $64 billion in fiscal 2012 and roughly $500 billion over five fiscal years as a more responsible way to approach federal budget problems. 

“If enacted, these cuts would be far less harmful than the $60 billion of short-term direct spending cuts that have been passed by the House of Representatives,” the center’s Seth Hanlon and Michael Ettlinger write in the report.

Nearly one-third of American homeowners say they owe more on their mortgage than their home is worth, according to a new poll.

Rasmussen Reports found that of 720 homeowners surveyed, 31 percent reported they were "underwater" on their mortgages. Another 53 percent said that their homes were now worth more than the amount they borrowed to buy it.

The survey serves as the latest indicator of the housing market's continued struggles.