–Senate Majority Leader, Minority Agree On Two Tax Cut Votes
–Senate Leaders Agree That Majority Vote Will Be Needed To Prevail
By John Shaw
WASHINGTON (MNI) – Senate Majority Leader Harry Reid and Senate
Minority Leader Mitch McConnell agreed Wednesday to hold votes later in
the afternoon on competing Democratic and Republican tax cut plans.
In remarks on the Senate floor, Reid and McConnell agreed to cancel
a procedural vote at 2:15 p.m. to formally begin consideration of the
Senate Democratic tax cut plan.
Instead, the Senate leaders agreed to hold votes at 4 p.m. on
Democratic and Republican tax cut plans. They agreed that any plan that
gets a majority vote will prevail.
The Democratic plan renews Bush era tax cuts for a year for those
families making $250,000 or less.
The Republican plan renews all the Bush era tax cuts for a year.
McConnell said that Republicans preferred votes on three tax cut
alternatives: the GOP plan, the Senate Democratic plan, and President
Obama’s plan.
But Reid objected, saying the Senate Democratic plan is effectively
Obama’s tax proposal.
The votes are largely symbolic because tax bills are required by
the Constitution to originate in the House. So any tax cut plan that the
Senate approves Wednesday will have to revoted on later as part of a
House bill.
House Speaker John Boehner has said the House will vote next week
to extend the Bush era tax cuts for a year.
The debate on tax cuts is a central feature of the battle over the
coming fiscal cliff.
The fiscal cliff refers to the convergence of three fiscal events
later this year or early next year: the expiration of Bush era tax cuts,
across-the-board spending cuts, and increasing the statutory debt
ceiling.
** MNI Washington Bureau: (202) 371-2121 **
[TOPICS: M$U$$$,MFU$$$,MCU$$$]
