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Wednesday, March 21, 2007
House Budget Resolution: Summary and Resources
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:
Posted by Dana Chasin
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