Blog: The Fine Print / Revenue & Spending

Iraq Supplemental Delayed Over Discretionary Cap Disputes

Jun 8, 2006 by Adam Hughes*

The FY 2006 emergency supplemental bill to fund war efforts in Iraq and Afghanistan was held up this afternoon because of a dispute over where the Senate should set the discretionary spending limits for FY 2007 appropriations bills. According to CQ Today, a spokeswoman for Senate Appropriations Committee Chairman Thad Cochran (R-MS) "confirmed that a resolution 'deeming' a Senate fiscal 2007 spending cap had not been resolved. She said it would be difficult to reach agreement on a final bill without a deeming resolution attached to it."

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OMB Watch Statement on Estate Tax Vote

Jun 8, 2006 by Adam Hughes*

OMB Watch released the following statement on the vote to table the estate tax repeal debate:

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Senate Rejects Motion to Proceed on Estate Tax Repeal

Jun 8, 2006 by Guest Blogger

The Senate just completed a procedural vote on repeal of the estate tax, and the motion was not agreed to. The Republican leadership would have needed 60 votes in order to proceed with consideration of full repeal of the estate tax; the final vote count was 57-41.

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Estate Tax Vote Expect This Morning

Jun 8, 2006 by Adam Hughes*

The Senate is expected to vote on a motion to proceed to H.R. 8 - full repeal of the estate tax. The vote will likely be very close with Republicans needing 60 votes to begin debate on full repeal. If the vote passes, the Senate will likely reject a full repeal, but may pass a awful so-called compromise that pretty much just as bad as full repeal. For details on the probable breakout of the vote, see my post from yesterday over at TPM Cafe. Senate vote will be on C-SPAN 2.

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Special Guest Posting at TPM Cafe

Jun 7, 2006 by Adam Hughes*

Today I wrote a "Special Guest" blog posting on the estate tax repeal effort at TPM Cafe - a highly trafficed political blog. TPM Cafe Post: Insanity Week on Capitol Hill In it I discuss a possible vote outcome for the cloture vote tomorrow. Check it out and avail yourself of the opportunity to add comments at TPM Cafe.

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Monthly Budget Review

Jun 7, 2006 by Guest Blogger

The Congressional Budget Office has released their Monthly Budget Review. During the first eight months of FY 2006 (remember the fiscal year begins October 1) the government incurred a deficit of $223 billion, which is $50 billion lower than the deficit amount recorded for this period last year. Outlays for Social Security and net interest payments on the debt grew by about $3 billion each, and defense spending was up $2 billion. Receipts for the month of May this year were substantially higher than receipts last year. The report says:

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And the Hits Just Keep on Coming

Jun 7, 2006 by Guest Blogger

A new batch of hits in the press today urging the Senate to back away from giving a huge tax cut to the very richest families in the country by repealing or gutting the estate tax:
  • Miami Herald - Don't Repeal the Estate Tax
  • Kansas City Star - Is Repealing the Estate Tax Irresponsible? YES
  • Philadelphia Inquirer - Fantastical Tales of the 'Death Tax'
  • NPR Commentary: Robert Reich - Estate Tax Pyramid Scheme
  • Cleveland Plain Dealer - Repeal of Estate Tax Would Be Too Costly for America

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Estate Tax Issue Grabs Headlines Around the Country

Jun 6, 2006 by Guest Blogger

The estate tax issue is moving fast and furious in the press this week. In addition to articles and editorials posted here yesterday, a new list of contenders for the public's attention has been added today - all supportive of keeping the tax. Check out the list below:
  • Washington Post - Death and Taxes
  • New York Times - The Estate Tax, Back on the Agenda
  • Seattle Post-Intelligencer - " target="_blank">Estate Tax: The True Cost of Repeal
  • USA Today - Wealthy Can't Avoid Death - But Will They Evade Taxes?

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Call Your Senators: Estate Tax Vote This Thursday

Jun 6, 2006 by Guest Blogger

A vote on the estate tax is expected for this Thursday. Republicans do not have enough votes to invoke cloture on legislation to repeal the estate tax, a point which was reiterated by Sen. Charles Grassley (R-IA) yesterday. Also, it was reported that a Senate GOP leadership aide said Monday if Democrats defeat cloture on a motion, Frist will not bring up a compromise bill. If Democrats allow debate then a compromise may be considered.

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Estate Tax In The News

Jun 5, 2006 by Adam Hughes*

Since the vote will likely happen this Thursday, the estate tax has been widely covered by the media. A few select articles and releases are below. The one by Robert Kuttner which appeared in the Boston Globe is especially good.
  • Boston Globe: Estate Tax Debate a Chance for Democrats to Pounce
  • Philadelphia Inquirer: The Estate Tax: Death to the Phony Spin
  • Los Angeles Times: Effort to Repeal Estate Tax Said to Be Faltering
  • Free Market News Network: Estate Tax Repeal = Big Oil Windfall
  • New York Times: Shameless in the Senate

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