Congress Leaders Steam Toward Possible Tax Vote Showdowns in August

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Leaders of the House and Senate continue to move forward with divergent plans for addressing the Bush-era temporary tax cuts, with leaders of both chambers setting up votes that may not come until the beginning of August. In the House, Republicans will offer bills to extend the 2001 and 2003 tax cuts for all taxpayers for one year and set up a process for overhauling the tax code, while in the Senate, Democrats will put forward a package that will extend the tax cuts for families earning $250,000 or less, consistent with President Obama's plan.