Corporations Nix Obama Plan

Major corporations are taking aim at the administration's repeal of overseas tax breaks, settling the stage for the White House's first contentious and expensive PR battle. "We're going to spend whatever it takes," said the senior director of congressional relations for the Business Roundtable, which represents the interests of some of the largest companies in the U.S. President Obama has claimed the country can gain $210 billion over the next decade if the tax loophole is closed. "This really is the mother of all schisms between the business community and the administration," one top lobbyist told Politico. "It also could create massive fractioning among the business community."