The Finance Committee has postponed their markup of the $69 billion tax cut bill, originally scheduled to take place at 10:00 this morning. The markup was postponed because Grassley did not have the support of Republican Olympia Snowe (R-ME), who is opposed to the extension of low tax rates for capital gains and dividends. Apparently committee-only negotiations are taking place to possibly remove the $11 billion, one-year extension to placate Snowe, however this move raises the ire of a number of panel Republicans, especially Sens. Lott (R-MS) and Kyl (R-AZ).

The House will be voting tomorrow on the $54 billion budget reconciliation measure. The vote is expected to be close, as a number of moderate Republicans have voiced their concerns over cutting Medicaid, including the ANWR provision, and/or not effectively cutting the deficit by passing the bill along with a proposed tax reconciliation measure. All Democrats are opposed to the bill. You need to call your representatives today and talk to them about voting against the budget reconciliation bill. You can reach them by calling 1-800-426-8073.

Grassley's $68.8 billion tax package will face tough opposition in the Senate Finance Committee, and there is a chance the measure will be stalled in committee due to the opposition of Sen. Olympia Snowe (R-ME). Snowe specifically objects to the extension of the tax cut in dividends, and views the inclusion, along with other Democrats, as unnecessary. If Snowe votes with the Democrats, the measure will stall in committee. Ranking member Max Baucus (D-MT) said he doubts Grassley has the votes to approve the package. New York Times: Tax Proposal By G.O.P. Would cut $70 Billion (11.9.2005)