Returning lawmakers make Capitol a campaign stage
By JIM ABRAMS
Associated Press
September 8, 2008
Page 2 of 2
Pelosi says she will introduce a bill in September that would mirror the Senate's drilling compromise, but only as part of a proposal that makes oil companies pay higher taxes and more government royalties, and increases renewable energy and mass transit subsidies.
Republicans were not impressed. "The reality is that this will be a political document," Rep. Thaddeus McCotter, R-Mich.
Lawmakers are under pressure to extend more than $50 billion in tax breaks, including for renewable energy, that either expired at the end of 2007 year or that run out at the end of this year. They also must again fix the alternative minimum tax to prevent millions of mainly upper-middle income earners from being slapped with an additional $2,300 in taxes on average.
Republicans have objected to Democratic proposals to raise taxes on some corporate and investment income to pay for extending the energy, business and education tax breaks as well as the $60 billion AMT fix.
The House and Senate are also trying to work out compromises on bills to fund Amtrak and revamp a federal flood insurance program facing new challenges this hurricane season. They could also vote to replenish the highway trust fund, the source of revenue for federal projects. It is running out of money because of lower gasoline tax revenues this summer.
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