WASHINGTON, DC-Monday evening it appeared that a controversialand fiercely debated $848-billion tax cut package would pass in theSenate. All that remains, barring an eleventh hour surprise, is thepolitical posturing, not that that hasn’t been going in full forcesince the beginning.
More than 70 Senators have voted to pass the legislation, morethan enough to move it to the next stage, which is to the House forconsideration. That is expected to happen by mid-week. It ispossible that House Democrats could derail the package, but thepolls showing broad support by much of the country will surelyfactor into their decision.
Much of the package focuses on extending the tax breaks passedunder the Bush administration, for which Republicans have fiercelyadvocated, and Democrats have decried as adding to theever-mounting budget deficit. Most of the 11 votes against thepackage in the Senate were by Democrats.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
