Daily Tax Update - February 5, 2008

SENATE CONTINUES DEBATE ON ECONOMIC STIMULUS BILL: Yesterday, the Senate voted 80-4 to proceed with debate on the underlying House economic stimulus bill.  Senate Democrats are trying to secure 60 votes for the Finance bill, plus low-income heating aid and House-passed mortgage lending provisions. Tomorrow, Senate Democrats will try to attach the Finance proposal to the House bill, plus House-passed language raising conforming loan limits on Fannie Mae and Freddie Mac as well as loan limits for Federal Housing Administration-backed mortgages. If the vote on the Finance measure fails, Democratic leaders could still try to attach the more popular provisions, such as the tax rebates for seniors and veterans.

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