Senate Approves Tax Cut Deal 81-19

[Headline] - HOUSE DELAYS TAX VOTE
The U.S. Congress aimed on Thursday to approve President Barack Obama's massive tax-cut bill that is expected to boost The Economy but pile onto a federal Debt that some fear is nearing dangerous levels. The $858 billion bill hit a snag in the House of Representatives, where many Democrats complained it gave too many costly breaks to the wealthy and demanded a way to more strongly register their opposition. Apparently lacking the votes to pass a rule to govern floor debate, which is necessary ...

Pelosi scrambles to save Obama tax package after scrapped vote
Democratic leaders are scrambling to save President Obama’s tax proposal after a liberal insurrection forced House leaders to postpone a planned vote on the measure Thursday. Speaker Nancy Pelosi (D-Calif.) hastily called a meeting of the Democratic Caucus for Thursday afternoon to try to forge a consensus that would allow the bill to move forward late Thursday night or early Friday. Democratic leaders scrapped a procedural vote earlier in the afternoon after they realized it was likely to f...

Dem Leaders Forced to Yank Obamas Tax-Cut Deal Off House Floor After Liberals Revolt
Red on Red… (The Hill)- A final House vote on President Obama’s tax proposal could be delayed after Democratic leaders were forced to pull a procedural measure off the House floor Thursday. The House was set to vote on the rule governing debate on the broad tax bill, but the measure was withdrawn at the last minute when leaders realized it was likely to be rejected. Liberals opposed to the deal Obama struck with Republicans were upset that the procedure approved by the House Rules Com...

House will pass tax compromise today
Rep. Peter Defazio, D-Ore., just noted that the House is about to add $858 billion to the National Debt over the next two years, about $450 billion this year and next, as it readies its approval of the Obama/Republican Compromise on extending the Bush Tax Cuts for two years and Unemployment Insurance for one year. Payroll taxes -- the portion going to individuals -- will also be cut two percentage points next year. This is in effect a second stimulus, designed chiefly by Republicans, at almost...

House To Vote On Tax Plan Today
This afternoon, the House of Representatives will vote on -- and likely pass -- the White House's Tax Cut plan. The Legislation, which already passed the Senate, will likely go straight to President Obama's desk, and here's why: The House's influential rules committee has OK'd a vote on one key amendment -- to stiffen the plan's Estate Tax provision. The overwhelming majority of Democrats support lowering the threshold, and raising the rate of the Estate Tax in the plan -- in fact the House ha...

House Set to Vote on Tax Bill
Like this Story? Share it: The bill to extend Bush-era Tax Cuts was passed by the Senate and is now up for vote in the House. Nancy Cordes reports. CBS News political analyst John Dickerson is joined by The Hill newspaper's managing editor Bob Cusack for analysis on Capitol Hill's top headlines, including votes on the tax cut Compromise and the omnibus spending bill, plus the status of the Repeal of "Don't Ask, Don't Tell." (CBS/AP) President Barack Obama closed in on a major legislative victory...

Senate enthusiastically approves tax-cut deal
WASHINGTON — The Senate yesterday overwhelmingly passed a sweeping tax-cut package that extends lower Tax Rates for all Americans and tries to jolt a sluggish economy. The $858 billion Compromise now moves to the House, where opposition appears to be waning. President Obama urged the House to pass the deal quickly despite threats by some Democrats to amend it and pockets of resistance from conservative Republicans. The House could vote on the package as soon as today. Democrats are expect...

A Smart Argument Against the Tax Cut Compromise
It's harsh -- maybe too harsh -- but it's smart. Howard Gleckman, whom I overwhelmingly trust on all tax policy questions, says the president's Bush Tax Cut deal "isn't stimulus, and it isn't smart." By my rough calculations, more than half --at least $450 billion--will do little or nothing to boost The Economy in the short run. It won't increase demand for goods and services. It won't increase investment. And it certainly won't create many new jobs. It will, however, provide a fabulously genero...

Obama Tax Deal Presents Confusing Picture for the Economy
Barack Obama’s watered down attempt to extend the Bush Tax Cuts may have some in Washington anticipating a boon to the American Economy, however, a deeper look at the picture it presents ends up revealing an image unlikely to please anyone. Amid the continuing debate about the proposed extension of the Bush Tax Cuts remain two salient, but largely overlooked points: First, this debate is not about tax cuts, but rather about Tax Increases; and second, the wider implications presented by a tax...

Pelosi's Last Charge: Selling the Tax Cut to Democrats
On Thursday the House is set to vote on Legislation extending for two years George W. Bush's Tax Cuts. Pelosi found out about the deal between President Obama and Senate Republicans on the evening of Dec. 6 when Rep. Chris Van Hollen pulled her aside at the White House's annual congressional Holiday ball told her that the President was that minute making the announcement on TV from the Eisenhower Building next door. Her Caucus was particularly outraged that the President caved to GOP demands t...

House Progressives Stall Obama Tax Cut Plan
Lacking the votes to overcome a key procedural hurdle facing the Tax Cut bill, Dems have pulled the Rule laying the groundwork for debate off the House floor. The move was a result of the defection of a number of House Progressives who were upset with the terms of the debate, and with the Tax Cut bill itself. Because it's a procedural vote that reflects virtually no input from the minority, Republicans opposed the rule, meaning Democrats had to put together a majority among their own members,...

How Republicans Won the Tax Cut Message War
The Lame Duck Congress is about to become a dead duck and unfortunately, the Tax Cut deal is about to become a done deal with Senate passage yesterday and House passage imminent. So there’s not much point now in arguing the merits of the bill. But as we head into a new year, there’s plenty of time to discuss how congressional Republicans were able box the president in a corner and force him to accept a deal that he admitted he didn’t like. Wearing my academic hat, I remind my...

Tax deal would pass House with no change -Democrat
WASHINGTON Dec 16 (Reuters) - President Barack Obama's tax deal with congressional Republicans will pass the House of Representatives whether or not Democrats opposed to the Compromise are able to amend it, a senior House Democrat predicted on Thursday. Representative Chris Van Hollen told MSNBC an amendment to alter the deal's Estate Tax provision has "a decent shot" of succeeding in the House. That would force the Compromise back to the Senate for reconsideration. But Van Hollen added: "I thin...

Dem: Obama says failure on tax deal would mean end of his presidency
Stumble This! A Democratic lawmaker said President Barack Obama is warning members of his party that failure on the tax deal would doom his presidency, igniting plenty of chatter while earning a staunch rebuke from the White House. Rep. Peter Defazio (D-OR) said Wednesday on CNN the president is furiously making phone calls to whip up support for the Tax Cut Compromise struck he struck with Senate Republican leader Mitch McConnell. "The White House is putting on tremendous pressure, making phon...

Obama-GOP Tax Bill Set to Pass the House Today
UPDATE: House leadership has pulled the rule from the floor. The votes must not be there to proceed to debate allowing one amendment vote. It’s unclear right now whether the rule will be amended to allow no amendments, more votes on amendments that satisfy Dems, or votes on amendments favored by Republicans. Either way, this is likely a temporary setback and things are probably still on track for passage. Original post below. I’ll be rolling updates on this post, so check back again ...

Tax-cut and stimulus package expected to pass Thursday in House
Reporting from Washington and Los Angeles — The House on Thursday found itself temporarily stymied on how to proceed on the tax-cut extension package when some Democrats protested the terms of debate on the package negotiated by President Obama and Republicans. The House on Thursday found itself temporarily stymied on how to proceed on the tax-cut extension package when some Democrats protested the terms of debate on the package negotiated by President Obama and Republicans. Originally,...

Senate Passes Reid Tax Compromise: 81-19 For 35% Estate Tax Rate, $5 Million Exemption For Two Years
On December 15, 2010, the Senate passed the Reid tax Compromise with a vote of 81-19. See roll call 276. This bill would extend the Bush Tax Cuts and would provide temporary Estate Tax reform: an Estate Tax rate of 35% and a $5 million exemption for individuals, for two years. See my earlier post, Reid Introduces Bill For Obama-Republican Deal: Surprises For Wealth Transfer Taxes. Coburn motion to suspend Rule 22 for the purpose of proposing and considering amendment #4765, to pay for the costs ...

House Democratic Leaders Pull the Tax Bill From the House Floor
CNN.com Washington (CNN) - As the debate over how the Tax Cut bill will be brought to the floor and voted on was wrapping up, House Democratic leaders abruptly PULLED the "rule" from the floor because they don't know if they have enough votes to even bring the tax bill to the floor, according to a senior Democratic leadership aide . Before the debate on the tax bill starts, the House first needs to pass the rule on how the debate and votes will go, with a simple majority vote. Because R...

Tax deal stimulus: Big cost, little payoff
NEW YORK (CNNMoney.com) -- The tax package being debated in Congress right now has a bigger Price Tag than any other economic stimulus in history, but not much bang for all of those bucks. The Congressional Budget Office estimates that the package has a total Price Tag of $858 billion, topping both the $700 billion Troubled Asset Relief Program, which bailed out the nation's banks and automakers, and the $787 billion stimulus signed into law in February 2009. Email Print Comment Congress, Obama...

House Democrats prolong their last stand
By now you may have heard that House Democrats this afternoon threw an obstacle in the path of the Obama Tax Cut deal, which was set for a vote today. House Dem leaders postponed a preliminary procedural vote because they were not able to get Dem Rank and File to agree to the terms of the final vote on the tax Compromise. The way to understand this, I think, is that it's basically House Dems prolonging their last stand in the majority. What happened today, according to aides and multiple repor...

Tax deal hits speed bump in House
House Democratic leaders hit a speed bump en route to passing President Barack Obama's tax deal Thursday amid rekindled liberal fury over an Estate Tax provision the party finds too generous. Progressives were miffed that they would be forced to vote on the Senate-passed tax bill if they wanted to vote to replace the Estate Tax alteration with one authored by Rep. Earl Pomeroy (D-N.D.). Continue Reading Text Size - + reset Politico 44 It forced Democrats to pull the rule vote, and move to r...

Boehner taps Pelosi official for chief administrative office
House Speaker-elect John Boehner (R-Ohio) has nominated a Pelosi official as chief administrative officer for the House. Daniel Strodel, a longtime Staffer of the House Administration Committee, will remain the Chief Officer. House Speaker Nancy Pelosi appointed Strodel after former CAO Dan Beard resigned amid a scathing report from the Inspector General on the House’s finance office. Boehner had previously decried Pelosi’s choice of Beard, who she unilaterally nominated rather t...

Tax Cut Deal Creates 2012 GOP Presidential Proxy Battle
While sitting legislators continue to fuss over a Tax Cut deal that looks headed for completion after passing overwhelmingly in the Senate this week, the field of potential 2012 GOP Presidential Candidates has been engaged in their own internal contest on the matter -- the first real one of its nature in the forthcoming election season. There is little large-scale consensus among the likely contenders, besides the fact that they know they want to extend the Bush tax cuts for as long as possibl...

Tax bill hits speed bump in the House
The best of luck to you, awaker. You and those like you are why I could never vote for a Republican/TP Inc. Candidate. Be careful and do not give up hope. Keep us posted to help remind the righties about what they have done, about what the Republican/TP Inc. party really stands for and the ultimate result of trickle down our legs economics will be for more Americans unless things change. I COMPLETELY agree with you shell-2805239. The House liberals think "What's the Big Deal if it goes until nex...

House tax vote could be delayed
A final House vote on President Obama’s tax proposal could be delayed after Democratic leaders were forced to pull a procedural measure off the House floor Thursday. The House was set to vote on the rule governing debate on the broad tax bill, but the measure was withdrawn at the last minute when leaders realized it was likely to be rejected. Liberals opposed to the deal Obama struck with Republicans were upset that the procedure approved by the House Rules Committee on Wednesday did not all...