Daily Tax Update - September 15, 2008

HOUSE LEADERS MAY INTRODUCE A NEW STIMULUS BILL THIS WEEK:  House Democratic leaders could introduce a new economic stimulus package this week. A Democratic leadership staff person said, “It could be unveiled as early as [this] week” and the bill could have “a heavy focus on jobs.” House Majority Leader Steny Hoyer has said that the stimulus package would focus on infrastructure, unemployment, and the low-income home energy assistance program. The bill may also include loan guarantees for US automakers as well. 

• Today, Sen. Carl Levin said, “I think the uncertainty about the future of the market just confirms the need for the economic stimulus package. We have to give people the confidence that this economy can be restored.”
• The new stimulus package is expected to provide about $50 billion in aid. Democrats want to pass the bill this month. Congress is scheduled to adjourn September 26^th but that date could slide into October.  
• Meanwhile, Senate Majority Leader Harry Reid said that the energy tax bill (S. 3478) introduced last week by Finance Committee Chairman Max Baucus and ranking member Charles Grassley is “must-pass” legislation. Reid said that Congress should pass the energy tax bill before the tax extenders package.

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