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Monday, July 31, 2006
'Trifecta' Passed
In the wee hours of Saturday morning, the House passed, by a margin of 230 to 180, a collection of tax cuts (AKA "extenders"), an estate tax cut, and a minimum wage increase from $5.15 to $7.25. Known as the "trifecta", the bill is now in the lap of the Senate as the House voted and quickly left town for its August recess.
The question now is: Are the "sweeteners" in this bill going to cause enough Democrats to jump ship and vote for an estate tax gutting?
From the Washington Post:
But the maneuvering by House and Senate GOP leaders to package the measures over the objection of some Senate chairmen caused severely bruised feelings. Lawmakers from both parties said last night that the legislation could easily collapse in the Senate, underscoring Democratic contentions that Congress has become dysfunctional.
"It's a risk," said House Majority Leader John A. Boehner (R-Ohio), "but I think it's the only way to proceed."
Democrats were incensed that the GOP leadership would couple the minimum wage hike, the first increase since 1997, with an estate tax cut that would reduce federal revenue by $268 billion over the next decade, to the overwhelming benefit of the country's richest families.
"This is beyond cynical. This is disgraceful," said Rep. Jim McGovern (D-Mass.).
Senate Minority Leader Harry M. Reid (D-Nev.) signaled he would try to scuttle the tax bill next week. "Republicans have made perfectly clear who they stand with and who they are willing to fight for: the privileged few," he said.
Posted by Craig Jennings
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