The House Budget Committee has begun its mark-up of committee chair John Spratt's (D-SC) FY 2008 Budget Resolution "Mark." Spratt's plan differs only slightly from the budget resolution drawn up by Senate Budget Committee chair Kent Conrad (D-ND), currently being debated on the Senate floor. Notably, however, Conrad does not call specifically for any tax cuts extensions, while Spratt assumes extensions of several expiring provisions, including:

• the 10 percent bracket
• marriage penalty relief
• the child tax credit
• "moderate" estate tax reform
• state and local sales tax deductibility

Regarding spending, the Center on Budget caluclates:

• CBO's baseline for domestic discretionary is $405.5 bn.
• Spratt provides $417.8 bn. -- $12.3 bn. over baseline
• Conrad provides $412.7 bn. -- $7.2 bn. over baseline
• President Bush requested $392.5 bn.

The President's budget projected a federal budget surplus in 2012 of $61 bn.; Spratt's Mark projects a $153 bn. surplus that year; the Senate figure is $132 bn. Spratt assumes a one-year AMT patch; the Senate Budget Resolution provides for a two-year patch. For more details on Spratt's proposed House Budget Resolution:

• Key Features of the Chairman's Mark
• Overview of the Chairman's Mark
• Legislative Text
• Tables of Functional Area Numbers