The Senate today voted 81 to 19 to pass the tax cut compromise legislation that President Obama negotiated with GOP leaders. It will now head to the House for consideration in an effort to enact it before the end of the lame duck session on January 4.
Before they passed the plan, Senators considered an amendment by Sen. Bernie Sanders (I-VT), who spoke out against the bill for nine straight hours last week, that would have replaced the payroll tax credit with an extension of the Make Work Pay Credit, imposed an estate tax of 45 percent on estates worth more than $3.5 million and provided a cost-of-living-adjustment of $250 to seniors, veterans and the disabled dependent on government benefits. It failed 57 to 43.
The Senate will now take up consideration of the omnibus spending act, which must be completed by Saturday to avoid a government shutdown. Though Republicans have been saying since the elections that passing the tax cut extensions would lead to a cessation of their stalling tactics, Sen. Jim DeMint (R-SC) promised to force the entire omnibus bill — all 2,000+ pages — to be read aloud as a stall tactic.
The House — where the Democratic Caucus voted that they had no confidence in the plan just last week — is expected to take up the Senate legislation despite ongoing concerns by many liberal Democrats over the payroll tax holiday that the failed Sanders amendment was intended to address. Despite the opposition, the legislation is expected to pass the House with the support of Republicans and moderate Democrats.
