–House Majority Leader: ‘Some Very Good Things’ In Senate Tax Bill
–House Dems Have ‘Concerns’ On Estate Tax,
–Declines To Say If House Dems Will Try To Change Tax Bill
–‘Large Consensus’ On Key Elements of Tax Bill

By John Shaw

WASHINGTON (MNI) – House Majority Leader Steny Hoyer Tuesday said
that the Senate’s strong vote Monday to move forward on the tax cut
package “reflects the urgency of moving” forward on tax cut legislation.

At a briefing, Hoyer’s remarks were conciliatory and signaled that
House Democratic leaders want to get the tax issue resolved this week.

Hoyer said there is a “large consensus” in Congress supporting
“major parts” of the $858 billion tax and spending bill that is pending
in the Senate.

The Senate bill, he said, has “some very good things in it.”

Hoyer said House Democrats have “significant concerns” about the
package’s extension of tax cuts for upper income individuals as well as
its estate tax provisions.

He criticized the agreement’s provisions setting the estate tax at
35% with an exemption level of $5 million and below.

Hoyer said the House passed legislation earlier this year that
set the tax at 45% with an exemption for $3.5 million and below.

Hoyer stopped short of saying that House Democrats will try to
alter the bill in a fundamental way, or even modify it all which would
require a Senate revote.

Hoyer said House Democrats will meet Tuesday evening to consider
their options.

“We’ll see what we’re going to do,” Hoyer said.

Hoyer repeated that both House and Senate leaders want Congress to
complete their work for the year by Friday. Doing so, he said, requires
action on the tax bill as well as a 2011 fiscal year spending bill.

The House approved last week a stop-gap spending bill that would
fund the federal government for the rest of the 2011 fiscal year.

However, several Senate Republicans have said they prefer a
stop-gap bill that only runs until February rather than a measure that
funds government for the rest of the FY11 fiscal year.

The current stop-gap spending bill funding the government extends
until Saturday. None of the 12 regular spending bills have been yet
passed by Congress for the fiscal year that began Oct. 1.

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

[TOPICS: M$U$$$,MFU$$$,MCU$$$]