Looking /node/6536 at the House Democrats' legislative agenda for the 110th Congress, a muddled picture emerges of the plan's composite fiscal outcome. The Washington Post points out today that the House Democrats propose tens of billions of dollars in additional spending for revamping the military, tightening port and border security, fully funding first responder needs, increasing college tuition deductions, promoting renewable energy, and expanding incentives for personal savings accounts.

Shrill election year claims regarding tax policy in a Democratic 110th Congress may be having as muted an effect on voters as credit-taking for the stock market surge and low unemployment. Democrats are no longer talk about rolling back the Bush tax cuts on the wealthy. They are silent about whether or not to extend these cuts, which do not expire for another two years, and say they would push for higher taxes on corporations, particularly oil companies, by eliminating breaks and urging a crackdown on "loopholes," the Wall Street Journal reports.

About-face! From BNA ($): Political considerations were one of the factors the Internal Revenue Service considered when deciding to delay enforcement actions for Hurricane Katrina victims--but not the main concern, Commissioner Mark Everson said in a news briefing Oct. 27. The upcoming November elections played only a small role in the decision to once again postpone the Oct. 16 deadline for about 1.2 million victims to file their 2005 tax returns, he said.

Regardless of the outcome of the midterm elections, Sen. Chris Dodd (D-CT) will take over as Senate Banking Committee chair or ranking member, succeeding retiring Sen. Paul Sarbanes (D-MD). Says the National Journal, Dodd has been a champion of the federal government’s terrorism risk insurance program and can be expected to defend it against Bush Administration attacks. He is likely to be a strong voice on behalf of consumer and investor protection and against deceptive lending and credit card marketing practices.