Thursday, May 15, 2008

DAILY FISCAL POLICY REPORT -- May 15, 2008

War Supplemental -- House and Senate Action Today: The House is scheduled to vote on a $183.7 billion war supplemental spending package today. The Senate Appropriations Committee will begin work on marking up companion legislation also today. but it's unlikely a bill will reach President Bush by the Memorial Day break. House Amendments to Bill.

Unemployment Insurance -- House, Senate Approps Votes Slated: The full House and the Senate Appropriations Committee are scheduled to vote on an amendment to the war supplemental to extend UI benefits. The House bill provides a 13-week extension in most states, 20 weeks in with the highest unemployment rates -- it's 33 weeks in the Senate version. The percentage of workers who exhaust unemployment benefits currently is 36 percent, higher than at the beginning of any of the past five recessions.

Tax Policy -- Ways and Means to Mark Up Extenders: The extenders package covers dozens of tax credits and breaks, costing $57 billion. On top of that, , GOP members of the panel are expected to propose a one-year AMT unpatch, unpaid for, during the mark up. H.R. 6049 Energy and Tax Extenders Bill Summary. JCT Scoring.