Obama, Congress Converging on Corporate Tax Code

President Barack Obama and Republicans in Congress are inching toward a consensus on the need to rewrite America's corporate tax code, the Wall Street Journal reports. Although neither party has the details worked out, congressional GOP leaders like the signals coming from the Democratic White House on what might prove to be an area of fruitful cooperation.

"Tax reform could be a significant boost to our competitiveness," House Majority Leader Eric Cantor of Virginia said. "I'm hopeful and expect the president to put some action behind his statements."

Tax-code simplification is one inducement the White House has put forward to soothe strained relations with the business community. President Obama plans to address the U.S. Chamber of Commerce at the group's Washington headquarters on Feb. 7, a first for him.