Sony, Toshiba, Matsushita and six other electronics titans are putting the final touches on a proposal for DVDaudio discs, the next- generation music carrier they hope will replace todays compact disc.

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Bills to raise tax revenues, relax limits on foreign investment in banks and to privatize power generation are languishing, although a proposal to open the retail industry to foreigners is ready for signing.

CNN: Act II for Estrada

But Mr. Obama's budget proposal, echoing provisions called for in previous years, would have the generation-skipping-transfer exemption expire after 90 years, making the assets subject to taxes at that point.

WSJ: Family Value: New Hazards for Estate Plans