Tax Deal Faces First Vote; What Should Congress Do?

Tax bill hits 60 in Senate vote
Legislation to avert a Jan. 1 increase in Income Tax rates has gained 60 votes in the Senate, the level needed to advance toward a final vote. The roll call is continuing, and the test vote is not final. But the Bipartisan show of support is a strong indication the measure will be passed and sent to the House, possibly as early as Tuesday. The bill provide a two-year reprieve in the Tax Increases that are scheduled to take effect on Jan. 1 at all income levels. It also reduces Social Security ta...

Tax bill hits 60 in Senate vote
WASHINGTON — Legislation to avert a Jan. 1 increase in Income Tax rates has gained 60 votes in the Senate, the level needed to advance toward a final vote. The roll call is continuing, and the test vote is not final. But the Bipartisan show of support is a strong indication the measure will be passed and sent to the House, possibly as early as Tuesday. The bill provide a two-year reprieve in the Tax Increases that are scheduled to take effect on Jan. 1 at all income levels. It also reduce...

Tax-cut deal clears Senate hurdle in test vote
Reporting from Washington — The Senate overwhelmingly advanced President Obama's $858-billion tax-cut package Monday in a vote that heightened pressure on reluctant House Democrats and enhanced the likelihood of congressional approval for the Compromise. The Senate could send the package to the House by midweek and then turn to remaining legislative priorities, including a nuclear arms reduction treaty with Russia, a Repeal of the ban on Openly Gay Military personnel and a youth immigra...

Tax cuts move ahead in Senate
President Obama speaks Monday. WASHINGTON — The Controversial $900 billion tax package President Obama negotiated with Republicans cleared a major hurdle in the Senate on Monday, setting the stage for passage later this week. The fate of the Legislation in the House is uncertain. The measure the Senate is poised to approve extends for two years Bush-era federal Income Tax cuts Republicans made a priority of getting for all income levels. At the top of objections from Liberal Democrats was...

Obama Tax Cut Deal More Expensive Than Stimulus: CBO
WASHINGTON — President Barack Obama is predicting congressional approval of the tax-cutting Compromise he has reached with Republican leaders, but he's not ruling out that unhappy Democrats will make some changes in the mammoth Legislation. In an interview with NPR released Friday, Obama said that despite a rebellion by many Democrats against his tax deal, it will pass because "nobody – Democrat or Republican – wants to see people's paychecks smaller on Jan. 1 because Congres...

Tax bill hits 60 in Senate vote
WASHINGTON (AP) — Legislation to avert a Jan. 1 increase in Income Tax rates has gained 60 votes in the Senate, the level needed to advance toward a final vote. The roll call is continuing, and the test vote is not final. But the Bipartisan show of support is a strong indication the measure will be passed and sent to the House, possibly as early as Tuesday. The bill provide a two-year reprieve in the Tax Increases that are scheduled to take effect on Jan. 1 at all income levels. It also re...

Obama tax deal faces key vote (AFP)
WASHINGTON (AFP) – President Barack Obama's Compromise deal with Republicans to avert a massive New Year's tax hike was expected to clear a key US Senate hurdle Monday on the uncertain road to final passage. Senators were to vote around 3:00 pm (1900 GMT) to end debate on the agreement, which extends Unemployment Benefits by 13 months and adds two years to middle-class Tax Cuts passed in 2001 and 2003 but due to expire January 1. Obama angered many of his Democratic allies by bow...

Tax deal passes Senate test vote
WASHINGTON — A Bipartisan bloc of senators easily propelled President Obama’s Tax Cut Compromise over a key procedural hurdle yesterday, clearing the way for a final Senate vote as early as today, and setting the stage for a potential showdown later this week among divided Democrats in the House. A looming Jan. 1 deadline — when Bush-era tax cuts are set to expire, raising taxes for most Americans — brought Democrats and Republicans together in the Senate to advance Obam...

TAX CUTS MOVE AHEAD IN SENATE
President Obama speaks Monday. WASHINGTON — The Controversial $900 billion tax package President Obama negotiated with Republicans cleared a major hurdle in the Senate on Monday, setting the stage for passage later this week. The fate of the Legislation in the House is uncertain. The measure the Senate is poised to approve extends for two years Bush-era federal Income Tax cuts Republicans made a priority of getting for all income levels. At the top of objections from Liberal Democrats was...

Tax cuts move ahead in Senate
President Obama speaks Monday. WASHINGTON — The Controversial $900 billion tax package President Obama negotiated with Republicans cleared a major hurdle in the Senate on Monday, setting the stage for passage later this week. The fate of the Legislation in the House is uncertain. The measure the Senate is poised to approve extends for two years Bush-era federal Income Tax cuts Republicans made a priority of getting for all income levels. At the top of objections from Liberal Democrats was...

Fed to review $600B bond-buying program at meeting
FILE -- In a Nov. 23, 2010 file photo Federal Reserve Chairman Ben Bernanke... WASHINGTON (AP) - After launching a much-criticized $600 billion bond-buying program last month to bolster The Economy, the Federal Reserve is now taking stock of how it's working. Fed Chairman Ben Bernanke and his colleagues will gather Tuesday for their last scheduled meeting of 2010, and no policy changes are expected. Instead, Fed policymakers will examine the effectiveness of the unfolding program and discuss t...

House Dems stew over Obamas handling of tax deal
WASHINGTON (AP) — The struggle over Tax Cuts is seriously straining President Barack Obama’s relationship with House Democrats, who have backed him on key issues even when it cost them politically. Expressing hurt and bewilderment, Democratic lawmakers say Obama ignored them at crucial negotiating moments, misled them about his intentions and made needless concessions to Republicans. The president has responded that he acted honorably and drove the best bargain he could. But even his...

First Senate vote expected on Obama-GOP tax deal
WASHINGTON (AP) — Senators get their first chance Monday to vote on the tax-cut deal struck by President Barack Obama and Republicans, but whatever the outcome of the test vote, the White House expects the bill to pass by year's end. "Everybody understands what it would mean for The Economy if we don't get this done," Obama adviser David Axelrod said Sunday. The No. 2 Senate Democrat, Dick Durbin of Illinois, said a "good cross-section" of senators in his party are ready to accept the de...

Tax bill hits 60 in Senate vote (AP)
WASHINGTON – Legislation to avert a Jan. 1 increase in Income Tax rates has gained 60 votes in the Senate, the level needed to advance toward a final vote. The roll call is continuing, and the test vote is not final. But the Bipartisan show of support is a strong indication the measure will be passed and sent to the House, possibly as early as Tuesday. The bill provide a two-year reprieve in the Tax Increases that are scheduled to take effect on Jan. 1 at all income levels. It also reduc...

The Federal Budget's Future In 2011 Looks Grim
So rather than remind everyone about what did or didn’t happen in 2010 when it comes to revenues, spending, Deficits and Debt, it’s far more interesting and fun to predict what’s likely to happen next year. 1. In general, 2011 is going to be very disappointing as far as the federal Budget is concerned. Anyone who thinks there are going to be major changes in the outlook for federal spending and revenues will be very unhappy. Gridlock and stalemate are going to be the words mos...

First Senate vote expected on Obama-GOP tax deal
In this image provided by CBS, White House Senior Advisor David Axelrod talks about Tax Cuts on CBS's Face the Nation in Washington Sunday, Dec. 12, 2010. Senators get their first chance Monday to vote on the tax-cut deal struck by President Barack Obama and Republicans, but whatever the outcome of the test vote, the White House expects the bill to pass by year's end. "Everybody understands what it would mean for The Economy if we don't get this done," Obama adviser David Axelrod said Sunday. T...

First Senate vote expected on Obama-GOP tax deal
(12-13) 07:42 PST WASHINGTON (AP) -- House Majority Leader Steny Hoyer says the House will follow the Senate in taking up the tax-cut deal worked out by President Barack Obama and Republicans, but that House Democrats unhappy with the Compromise will get a chance to amend it. Hoyer says there was "much consternation" in the House over the deal because it extends Tax Cuts for the wealthy and gives breaks to those facing estate taxes. He suggested possible amendments could address the Estate Tax...

First Senate vote expected on Obama-GOP tax deal
WASHINGTON—Senators get their first chance Monday to vote on the tax-cut deal struck by President Barack Obama and Republicans, but whatever the outcome of the test vote, the White House expects the bill to pass by year's end. "Everybody understands what it would mean for The Economy if we don't get this done," Obama adviser David Axelrod said Sunday. The No. 2 Senate Democrat, Dick Durbin of Illinois, said a "good cross-section" of senators in his party are ready to accept the deal. The ...

Dem Senators Want Last-Minute Changes To Tax Deal
WASHINGTON (AP) — The tax package negotiated by President Barack Obama and GOP lawmakers is headed toward passage in the Senate even as House Democrats consider changes to the Estate Tax. The bill could be passed and sent to the House by Tuesday. The Senate voted 83-15 Monday evening to advance the package, which would provide a two-year reprieve from Tax Increases scheduled to take effect on Jan. 1 at all income levels. “This proves that both parties can in fact work together to g...

Democrats Signal Tax Deal Will Pass House
Odds the House will pass a White House tax deal rose Sunday as top Democrats signaled they will allow a vote on the bill and a White House official predicted passage. "We're not going to hold this up at the end of the day," Rep. Chris Van Hollen, D-Md., the incoming ranking member of the House Budget Committee and an ally of House Speaker Nancy Pelosi, D-Calif., said twice on "Fox News Sunday." Van Hollen said Democrats plan to put "to the test" the question of whether Republicans will block t...

House Dems stew over Obama's handling of tax deal
House Speaker Nancy Pelosi of Calif., left, and others, look on as President Barack Obama signs the Healthy, Hunger-Free Act of 2010, during a ceremony at Harriet Tubman Elementary School in the Columbia Heights neighborhood of Washington, Monday, Dec. 13, 2010. The struggle over Tax Cuts is seriously straining President Barack Obama's relationship with House Democrats, who have backed him on key issues even when it cost them politically. Expressing hurt and bewilderment, Democratic lawmakers s...

Tax cut bill easily clears Senate hurdle
Source: MSNBC WASHINGTON — Far-reaching Legislation to avert a Jan. 1 income-tax increase for millions won overwhelming support in a Senate test vote on Monday, backed by an uneasy and unusual alliance between the White House and lawmakers in both parties. Even before the vote was complete, President Barack Obama said the show of support "proves that both parties can in fact work together to grow our economy and look out for the American People." Senate passage, expected within a day or two, wou...

First Senate Vote Expected Monday on Tax Compromise Bill
Monday, December 13, 2010 By Hope Yen, Associated Press White House Senior Advisor David Axelrod talks about Tax Cuts on CBS's Face the Nation in Washington on Sunday, Dec. 12, 2010. (AP Photo/CBS, Chris Usher) Washington (AP) - Senators get their first chance Monday to vote on the tax-rate deal struck by President Barack Obama and Republicans, but whatever the outcome of the test vote, the White House expects the bill to pass by year's end. "Everybody understands what it would mean fo...

Obama applauds Senate test vote on tax cut plan
(12-13) 14:45 PST WASHINGTON (AP) -- President Barack Obama is praising a test vote in the Senate supporting the Compromise tax plan he negotiated with Republicans. He says it proves both parties can work together. The president spoke at the White House on Monday after the Senate surpassed the 60-vote threshold it needed to advance the Legislation toward final passage. A vote that would send the proposal to the House is expected Tuesday. Obama says the plan would help create jobs by providing ...

Obama applauds Senate test vote on tax cut plan
President Barack Obama is praising a test vote in the Senate supporting the Compromise tax plan he negotiated with Republicans. He says it proves both parties can work together. The president spoke at the White House on Monday after the Senate surpassed the 60-vote threshold it needed to advance the Legislation toward final passage. A vote that would send the proposal to the House is expected Tuesday. Obama says the plan would help create jobs by providing 13 months of jobless benefits to the un...