Jul 1, 2010
Third Time’s Not a Charm
Consider this…
Earlier this year, Congress passed a massive health care bill which is now law. In very short order, Congress is expected to approve a massive overhaul of the rules governing the financial services sector – known as the Wall Street Reform bill.
So you might ask why did the Senate spend nearly eight weeks and try multiple times to close off debate on a relatively modest package of tax provisions (about $12 billion a year over ten years) that aren’t new, are pretty popular, and are merely extensions of current law?
The short answer is 60 votes, concerns about deficit spending and controversy over how to pay for these tax provisions…Needless to say, House Democrats are not amused. What does this mean going forward?