Debate on Extenders Offsets to Hit Senate Floor Early This Week

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The Senate could begin consideration tomorrow on legislation (H.R. 4213) to extend dozens of popular tax cuts through 2010, but passage of the measure in its current form is not guaranteed after leaders previously postponed debate due to a lack of votes. The current Senate schedule has the chamber returning to work Monday to debate and vote on three judicial nominations, and an aide to Senate Majority Leader Reid says “we do hope to move [extenders] early next week.” A major concern is how the bill is paid for, particularly offsets to a change in the tax treatment for carried interest and a provision to make it more difficult for S corporations to avoid employment taxes.