The Senate Banking Committee is getting its take on the IRS targeting scandal.
Treasury Secretary Jack Lew told the panel on Tuesday that the IRS screening of conservative groups was unacceptable and inexcusable, even if it was not politically motivated.
Republican Senator Bob Corker of Tennessee called Lew's comments "kind of laughable."
He said the Obama Administration has demonized Tea Party groups and may have created a culture that made the IRS feel empowered to single out those groups.
In the meantime, one of the organizations targeted for extra IRS review, the Tea Party, planned demonstrations at IRS offices across the country on Tuesday.
In addition, the head of the American Center for Law and Justice says a lawsuit will be filed soon on behalf of many of the groups that had been targeted by the IRS.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.