Budget Resolution

• Senate Version: $3 trillion budget; $18 billion more in discretionary funding than the Bush budget. Provides a $35 billion "Stimulus 2.0" package, $13.4 billion in energy tax cuts, and $13 billion in education tax cuts. Projects FY09 deficit of $350 billion. Balances budget by 2012, assuming expiration of all Bush 2001/2003 tax cuts. Includes no reconciliation instructions
• House Version: $3 trillion budget; $23.6 billion in discretionary funding over and above the president's topline. Likely to include reconciliation instructions for a $70.3 billion, paid-for, one-year AMT fix by July 15; offset renewable-energy tax breaks; and a delay in a scheduled 10 percent cut in Medicare payments to physicians. Highlights. Budget numbers.
• Schedule: Senate Budget Committee -- Opening Statements today 2:30 p.m.; Mark-up tomorrow, 10 a.m. House Budget Committee -- "Members Day" today, 11:00 a.m.; Mark-Up tomorrow

Energy Tax -- Budget Reconciliation The House-passed Renewable Energy and Energy Conservation Tax Act of 2008, a $18.1 billion measure -- paid for largely by repealing the tax code Section 199 manufacturing deduction for certain oil and gas producers -- may be covered in House budget reconciliation instructtions. If that happens, the GOP may counter with an amendment to ope ANWR to drilling. Bill summary.