1. An outcry is brewing over the White House tax proposal unveiled yesterday. Lobbyists and trade groups are scrambling to protect valuable tax breaks that could be on the chopping block, including the state and local tax deduction.

Remember when Republicans were concerned about the deficit? It appears those days are behind us. The plan could cost more than $2 trillion over the next decade, according to a preliminary estimate. The administration maintains that economic growth from tax cuts will make up the difference, but that’s a potentially dubious prospect.