Daily Tax Update - March 12, 2008

SENATE PASSES SHORT TERM FARM BILL EXTENSION: Today, the Senate agreed by unanimous consent to pass a bill that extends the 2002 farm bill until April 18. Senate Majority Leader Harry Reid (D-NY) said that negotiators were still working on the bill. The House is expected to pass the same extension some time this week. The farm bill (H.R. 2419) has stalled since the Senate passed its version in December, mainly due to disagreements between the House and Senate and the White House about offsets.

  • Yesterday, ranking minority member Chuck Grassley (R-IA) said, “We haven't been able to come up with acceptable offsets that the administration can agree to. We haven't been able to find a structure for the Finance Committee's assistance. . .and the House hasn't even named conferees. So we haven't even begun to engage in the very serious substantive policy issues that get us to finality.”
  • Today, Finance Committee Chairman Max Baucus (D-MT) said, “Extending the current farm bill gives me and gives other negotiators more time to work out an agreement that will really serve America’s farming families. . .And I’ll keep defending vital Finance Committee provisions in the Senate bill–particularly the permanent disaster relief program that America’s farmers so desperately want and need.”

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