MUTINY! Handpicked CEOs on Obama’s Jobs Council Blindside Obama at White House Meeting

By Matt Spetalnick, Reuters

President Barack Obama's jobs council called on Tuesday for a corporate tax overhaul, expanded domestic drilling and new regulatory reforms….

Obama pledged to "push as hard as possible" on their recommendations but also sought to temper expectations. "Obviously this year is an election year, and so getting Congress focused on some of these issues may be difficult," he cautioned his Council on Jobs and Competitiveness.

Republicans, who accuse Obama of pursuing "job-killing" policies, were quick to praise the panel's work, pointing out that their "job-creating" proposals echoed longtime Republican themes on taxes, energy and government regulations.

"With this report, President Obama's own panel of experts has endorsed the approach to job creation House Republicans have been pursuing for more than a year," Republican House Speaker John Boehner said in a statement.

The panel called for lowering corporate tax rates to "internationally competitive levels," saying that would boost investment within U.S. borders, and broadening the corporate tax base by eliminating deductions and loopholes.

"The Jobs Council recommends expanding and expediting the domestic production of fossil fuels - including allowing more access to oil, gas, and coal opportunities on federal lands - while ensuring safe and responsible development of those sites," the report said.

In addition, the report called for a series of reforms to further streamline government rules and reduce the regulatory burden on businesses, which it said would enhance U.S. competitiveness.