Obama Backs Tax Extenders Bill; House Debate Expected Over Offsets

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The House is expected today to pass an Obama administration-supported $31 billion bill that would extend a series of expiring tax cuts such as the research and development tax credit and pay for them by cracking down on tax havens and taxing carried interest as ordinary income. The legislation (H.R. 4213) will come to the floor under a closed rule that does not permit any amendments, although Republicans will be allowed to offer a motion to recommit the bill. The administration announces its support for House passage, saying the legislation will provide relief to families and businesses struggling in the current economic downturn.