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Untaxed offshore holdings grew by $183 billion over last year.
Bipartisan deal could make it easier for U.S. companies to bring home foreign income that has been taxed elsewhere.
GOP opposition to tax increases may hinder Obama's effort to axe breaks.
GOP vows to exact spending cuts in upcoming fight on debt ceiling.
Any deal today would deal with only some recession-causing factors and set another deadline early next year.
President now asks for $1.4 trln in tax hikes, down from $1.6 trln.