–Senate Majority Whip Durbin Says Senate Stymied On Tax Policy
–Sen. Durbin: Hill Will Only Be Able To Pass Stop Gap Before Election
–Sen. Dodd: Senate Dems ‘Divided’ on Tax Cut Strategy
–House Passes Small Business Bill, 237 to 187
By John Shaw
WASHINGTON (MNI) – Senate Majority Whip Dick Durbin said Thursday
the “reality” is that Congress will not be able to pass any tax cut
package before the elections.
In comments to reporters after a Senate Democratic luncheon to
discuss tax policy, Durbin said the chances of passing a tax cut bill
before the end of next week is “very slim.”
“Nothing is going to happen on taxes” before the Nov. 2 elections,
Durbin said.
Durbin said the Bush tax cuts expire at the end of the year, so a
delay of a few weeks is not a major problem.
Durbin said that the Senate is so stymied it can’t even pass a
non-controversial food safety bill.
Durbin said talks are underway on passing a stop-gap spending bill
to keep the government funded until after the elections. Passing this
bill is the extent of what the Senate will be able to accomplish prior
to the elections, Durbin said.
“That’s it,” he said.
The 2011 fiscal year begins Oct. 1 and none of the 12 annual
spending bills have been approved yet. A stop-gap bill will keep the
federal government funded until after the elections. The details of teh
stop-gap are still being negotiated.
Senate Banking Committee Chairman Chris Dodd left the meeting
saying that Democrats disagree on how to go forward on tax policy.
“There is a divided caucus on this,” he said, adding that Democrats
have “mixed views” on how to deal with Bush tax cuts.
The Obama administration and congressional Democrats have
repeatedly said that tax cuts for individuals making up to $200,000 and
couples earning up to $250,000 should be extended.
Congressional Republican leaders have supported extending all of
the 2001 and 2003 tax cuts.
House Democratic leaders have said they will wait for the Senate to
act before deciding on how they to deal with the tax cut issue.
On another matter, the House passed a small business lending bill
Thursday on a 237 to 187 vote.
Since the Senate passed an identical version of the bill a few
weeks ago, the measure now goes to Obama for his signature.
The package includes a $30 billion small business lending fund and
$12 billion in tax breaks.
** Market News International Washington Bureau: 202-371-2121 **
{US Senate Dem Leader: ‘Can’t Do Anything on Taxes’ Before Elect>
–Senate Majority Whip Durbin Says Senate Stymied On Tax Policy
–Sen. Durbin: Hill Will Only Be Able To Pass Stop Gap Before Election
–Sen. Dodd: Senate Dems ‘Divided’ on Tax Cut Strategy
–House Passes Small Business Bill, 237 to 187
By John Shaw
WASHINGTON (MNI) – Senate Majority Whip Dick Durbin said Thursday
the “reality” is that Congress will not be able to pass any tax cut
package before the elections.
In comments to reporters after a Senate Democratic luncheon to
discuss tax policy, Durbin said the chances of passing a tax cut bill
before the end of next week is “very slim.”
“Nothing is going to happen on taxes” before the Nov. 2 elections,
Durbin said.
Durbin said the Bush tax cuts expire at the end of the year, so a
delay of a few weeks is not a major problem.
Durbin said that the Senate is so stymied it can’t even pass a
non-controversial food safety bill.
Durbin said talks are underway on passing a stop-gap spending bill
to keep the government funded until after the elections. Passing this
bill is the extent of what the Senate will be able to accomplish prior
to the elections, Durbin said.
“That’s it,” he said.
The 2011 fiscal year begins Oct. 1 and none of the 12 annual
spending bills have been approved yet. A stop-gap bill will keep the
federal government funded until after the elections. The details of teh
stop-gap are still being negotiated.
Senate Banking Committee Chairman Chris Dodd left the meeting
saying that Democrats disagree on how to go forward on tax policy.
“There is a divided caucus on this,” he said, adding that
Democrats have “mixed views” on how to deal with Bush tax cuts.
The Obama administration and congressional Democrats have
repeatedly said that tax cuts for individuals making up to $200,000 and
couples earning up to $250,000 should be extended.
Congressional Republican leaders have supported extending all of
the 2001 and 2003 tax cuts.
House Democratic leaders have said they will wait for the Senate to
act before deciding on how they to deal with the tax cut issue.
On another matter, the House passed a small business lending bill
Thursday on a 237 to 187 vote.
Since the Senate passed an identical version of the bill a few
weeks ago, the measure now goes to Obama for his signature.
The package includes a $30 billion small business lending fund and
$12 billion in tax breaks.
** Market News International Washington Bureau: (202) 371-2121 **
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