Bush Tax Cut Extension May Be Considered By The Senate In September, But Enactment After The Election Still Seems Most Likely
We now know some of the decisions reached at last Thursday's closed-door Senate Finance Committee meeting. According to this morning's Washington Post, committee mark-up won't occur until September, and Chair Max Baucus (D-MT) won't rule out extending the tax cuts for those with incomes over $250,000 ($200,000 for singles). From this morning's New York Times, we find that Baucus refused to give Republicans any assurances about an open amendment process. So last week's rumblings were about having the debate over extending the Bush tax cuts before the election and were not about enacting an extension before the election.
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Congress talks of extending
Congress talks of extending tax cuts the same week they announce an increase in the budget deficit. What's wrong with this picture?
I though all revenue bills had to originate in the House
And Speaker Pelosi is not about to cave for the Senate, especially after they hung her out to dry on cap and trade, among others.
This sounds like a classic DC trial baloon, watch it get shot down.
A Reckless Extension of a Reckless Policy
The Bush tax cuts were a disaster, causing never-ending deficits and preparing to produce even bigger deficits. Since we'll never end up with the two sides agreeing on anything remotely sensible when it comes to taxes, just let the whole thing expire ... and good riddance.
A Reckless Extension of a Reckless Policy
Kudos.