Tax Plan Looks To Pass Congress
Posted By thestatedtruth.com on December 12, 2010
No good solutions ahead and problems galore, but this one was needed badly! The Senate votes on the fiscal package Monday at 3:00 pm. Assuming it passes, the House of Representatives is likely to vote later in the week. Congress plans to adjourn for the year December 17.
President Barack Obama’s tax-cut deal with Republicans will pass in Congress, budget leaders of both parties predicted but they disagreed on whether the plan might be altered.
Republican Paul Ryan, who becomes House Budget Committee chairman in January, and Democrat Kent Conrad, chairman of the Senate Budget Committee, said the plan will be sent to Obama’s desk though Conrad said he hoped House Democrats would change estate tax provisions he considers too generous to the wealthy.
In interviews airing this weekend on Bloomberg Television’s “Political Capital with Al Hunt,†both men said they expect Congress to pivot from tax-cutting to reducing the budget deficit early next year before a vote that will be required to raise the federal debt limit.
“There has got to be an agreement to deal with our long- term debt challenge,†Conrad said Otherwise, “extending the debt limit will not happen but for short periods of time”.
Ryan, of  Wisconsin, said he plans to lead the Republican push to cut domestic spending by $100 billion early next year, before the debt-limit vote.
“The debt ceiling obviously is going to have to be increased if we’re not going to default,†Ryan said. “So the question is, what do we get in exchange for that?â€
“We want to bring spending back to something like pre- binge, pre-spending levels of 2008. So that means we want to go after a good $100 billion,†he said.
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