–Senate Majority Leader Says Senate Will Take Up Bill ‘Very Quickly’
–Sen. Reid: Senate May Vote Saturday To End Debate on Tax Bill
–Sen. Reid: Will Give Senators Time To Make ‘Considered Decision’

By John Shaw

WASHINGTON (MNI) – Senate Majority Leader Harry Reid said Thursday
the Senate will take up a tax and spending bill within the next several
hours.

In comments on the Senate floor, Reid said the Senate will proceed
“very quickly” to the tax package that was largely negotiated by
President Obama and congressional Republican leaders.

Reid said the senators will be given adequate time to review the
bill so they can make a “considered decision” about whether to support
or oppose the bill.

Senators, Reid said, said have the “opportunity to read” the bill
that is formally proposed.

Reid said that if the Senate takes up the tax accord Thursday
afternoon it could hold a vote Saturday to end debate on the measure.

Several senators have said they will try to filibuster the bill.
Ending this filibuster would require 60 votes.

If the 60 votes were secured, the final Senate vote on the tax and
spending measure would likely occur early next week, sending the bill to
the House.

Obama announced Monday evening the “framework of a bipartisan
agreement” with congressional leaders which would extend all of the Bush
era tax cuts for two years and extend unemployment insurance benefits
for 13 months.

The package would include extending a host of tax credits,
including generous business tax expensing provisions that should spur
growth. The agreement also includes a 2 percentage point reduction in
the employee share of payroll taxes in 2011.

The agreement sets the estate tax at 35% above a $5 million per
person threshold for two years. The overall cost of the package is
expected to be about $900 billion over two years.

It remains unclear if the package will be open to amendments in
which lawmakers are able to add or remove provisions from the bill.

A number of Democratic lawmakers have been sharply critical of the
package’s estate tax provision which imposes a 35% tax on estates only
after reaching a $5 million threshold.

Some Democrats have been pressing for an estate tax provision that
would set a 45% tax on estates of $3.5 million or more.

** Market News International Washington Bureau: (202) 371-2121 **

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