WASHINGTON, DC-The midnight oil was burning low on Capitol Hill as the House approved a fiercely debated $848-billion tax cut package. The vote was 277 for and 148 against. Reports noted the bipartisan nature of the tally, with 139 Dems and 138 Republicans supporting the legislation. All that remains now is a trip to the White House for President Barack Obama’s signature.
As GlobeSt.com reported after the Senate passed the bill on Monday, much of the package focuses on extending the tax breaks passed under the Bush administration, for which Republicans have fiercely advocated, and Democrats have decried as adding to the ever-mounting budget deficit. Most of the 11 votes against the package in the Senate were by Democrats.
Other elements of the package extend unemployment insurance through 2011 along with a new 2% payroll tax reduction for all workers. Energy and other tax breaks that were expiring this year have also been folded into the package.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
