Senate to Begin Debate on Tax Plan
The Washington Post reports:
Senate leaders are planning to begin debate on a far-reaching tax package as soon as Thursday as rank-and-file Democrats warm to an agreement between the White House and Republicans to extend a host of expiring tax cuts and pump fresh cash into the economy.
Democrats were still angry Wednesday about what they viewed as President Obama's capitulation to GOP demands to preserve tax cuts for the wealthiest Americans, particularly a deal to exempt estates worth as much as $10 million from a revived inheritance tax. But lawmakers said the magnitude of the concessions Obama won came into sharper focus Wednesday as the White House highlighted independent forecasts predicting that the package could create as many as 2.2 million jobs next year.
For a second day in a row, White House officials made the rounds on Capitol Hill, stressing the economic significance of their deal with Republican leaders to preserve tax cuts that are set to expire on New Year's Eve, extend long-term unemployment benefits through next year, and create major new tax breaks for businesses and individuals aimed at spurring investment and consumer spending.
While Vice President Biden and House Democrats met into the evening, White House budget director Jacob Lew and senior Treasury adviser Gene Sperling held an afternoon session to field questions from Senate Democrats, who were more accepting of the package than they were a day earlier in a meeting with Biden, participants said.
"Members are more open today as they read the analyses of this package," said Sen. Richard J. Durbin (Ill.), the chamber's No. 2 Democrat. Citing prominent liberals such as John Podesta, head of the Center for American Progress, and Robert Greenstein, executive director of the Center on Budget and Policy Priorities, who endorsed the White House plan, Durbin said, "These are people that progressives respect and go to, and they've said positive things."
Durbin added that "I just loathe" parts of the deal, such as the provision on the estate tax. But he said: "I understand the predicament that we're in."
Biden faced a far tougher crowd in the House, where a fractious caucus dominated by angry liberals is emerging as the bigger legislative obstacle to the tax plan. During a two-hour meeting, dozens of lawmakers lined up to interrogate the vice president about the deal - almost all of them speaking in opposition, participants said.
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