Frist Sets Oct. 26 Deadline for Budget Cuts

Senator Frist (R-TN) and Senate Budget Chariman Judd Gregg (R-NH) announced today the deadline for the budget committee to report a bill cutting entitlement programs by $35 billion would be pushed back to October 26. The original deadline for the spending cuts to be reported was this coming Friday, September 16. While Frist and Gregg did not mention the other two parts of the reconciliation package this year (yet another tax cut bill costing approximately the same as the amount of money approved so far by Congress for hurricane relief, and legislation to raise the country's debt limit by $781 billion), many suspect the deadlines for those bills will move back by a similar period to late October, early November. Yet it isn't entirely certain the tax cut bill will move forward this year. The delay in the spending reconciliation bill and the fact Frist did not directly address the tax cut legislation may signal tax cuts primarily benefiting upper-income Americans in the aftermath of Hurricane Katrina are politically untenable. This would threaten the extension of a number of provisions of President Bush's tax cut package. Below is a chart of a few of the most likely to be included in the bill this year should Congress proceed.
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