…Mr. Meltzer said he believed that uncertainty over taxes and regulations was the greatest factor holding back business investment. The United States Chamber of Commerce, the business lobby that spent heavily to defeat Democrats in the midterm elections, has repeatedly made the same argument.

Tony Fratto, who was a spokesman for the Treasury Department and the Bush White House and is now a strategist focused on economic and regulatory matters, said Republican lawmakers were seeking practical advice.

Their situation is not comparable to that of the Republicans who took control of Congress in 1994 “in either emotions or expectations,” he said.

“They’re just much more realistic and pragmatic,” he said. “House Republicans can fight a rhetorical battle here — lay out markers and bills on their side — but they’re under no illusion that what they get through the House will get through the Senate and pass muster with the White House.”

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