–Senate Majority Leader Sees ‘Busy Next Few Weeks’ Ahead
–Sen. Reid: Will Try To ‘Finish Some Business’ During Lame Duck
–Sen. Reid: Trying To ‘See What We Can Get Done’
–Sen. McConnell: In Reverse, Now Will Support Earmark Moratorium
–Sen. McConnell: Must Cut ‘Size and Scope and Reach’ of Government

By John Shaw

WASHINGTON (MNI) – Senate Majority Leader Harry Reid reconvened the
Senate Monday for the start of its Lame Duck session by restating that
creating jobs is his “number one priority.”

In remarks on the Senate floor, Reid gave few indications about
what he expects will be accomplished during the Lame Duck session.

He said he anticipates a “busy next few weeks” in which Congress
will try to “finish some business” that was not completed before the
election.

Reid said he will meet with other lawmakers to “see what we can get
done” in the post-election session.

Reid made no mention of one of the most important issues of the
Lame Duck session: the fate of the so called Bush tax cuts.

President Obama will meet with congressional leaders Thursday at
the White House to discuss the Lame Duck agenda.

The central item on the agenda is the fate of the Bush tax cuts of
2001 and 2003 which are set to expire at the end of this year.

Obama has been sending signals since the mid-term elections that he
is willing to back down from his long-held position that the Bush tax
cuts be extended only for those individuals making $200,000 or less and
couples making $250,000 or less.

Earlier this year, incoming House Speaker John Boehner suggested
the Bush era tax cuts be extended for two years and that discretionary
spending be cut back to 2008 levels. But since the election Boehner has
taken a harder line, saying all the Bush tax cuts should be extended
permanently.

Some congressional Democrats have floated another idea: extending
the so-called middle class tax cuts permanently, but extending those for
upper income earners for a year or two.

Renewing all Bush era tax cuts for a decade would cost about $4
trillion — far more than any spending cut proposal discussed by either
party.

In his remarks on the Senate floor, Senate Minority Leader Mitch
McConnell also made no mention of the Bush tax cuts.

He announced that he now supports a ban on earmarks, a reversal of
a position that he has held for many years.

McConnell said that a ban on earmarks would largely be “symbolic”
but said it reflects the deep anger that voters have regarding normal
congressional budgeting processing.

“I’m not wild” about giving the executive branch even greater
control over the spending process, McConnell said, but added that
earmark reform is the first step to enact needed fiscal reforms.

He said the overriding goal of Republicans is to reduce the “size
and scope and reach” of the federal government.

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

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