Lawmakers push for package to renew tax breaks just through the end of the year

By Chad Pergram-Capitol Hill

Fox News is told a coaliation of lawmakers is trying to convince House leaders to vote later this week on a plan to re-up a number of tax breaks which lapsed and extend them. Remarkably, the renewal of the breaks would only run through the end of this year.

Republicans were floored last week when President Obama issued a veto threat on a $400 billion potential package which had been worked out between Democrats and Republicans on both sides of the Capitol.

We are being told by two sources that it's not a done deal that the House would move the plan, but supporters are trying to gin up interest in an effort to force a vote later this week and that the Rules Committee could meet to prep the plan for floor action as early as Tuesday

The original tax plan idea would have included breaks for major businesses, research and development and write-offs for capital, but the new idea to create a patch which would run only through the end of the year would be an effort to blunt disruption for the new tax season, simultaneously giving people the chance to make the claim for those breaks over the next few weeks.

Most major breaks expired at the end of last year and haven't been renewed.

President Obama threatened a veto last wek because he viewed the plan as favoring corporations. The president wanted extensions of the child tax creidt and earned-income tax credit (EITC) beyond the end of 2017.

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Renewal of Highway Trust Fund in peril

Per Chad Pergram:

House Republicans are doubling-down on the reauthorization of the Highway Trust Fund. The House GOP leadership is insistent it will not take the Senate-version of the bill…which only re-ups the plan through December, not May of next year. Senate Environment and Public Works Committee Chairwoman Barbara Boxer (D-CA) was insistent that the House do that. And time is running short…which means the Highway Trust Fund may go belly-up in August…and it could cost the economy 800,000 construction jobs.

The Speaker’s Office says it will in essence ignore the Senate-approved plan and re-pass its version of the bill tomorrow.

From Mike Steel, spokesman for House Speaker John Boehner (R-OH):

“The Senate-passed highway bill contains a critical error, and is not fully offset through December 19. The only responsible course is for the Senate to pass the original House-passed highway bill, which we will soon send back to them.”  

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