May 20th, 2010
05:14 PM ET
5 years ago

Congress raises curtain on tax and spending bill

New York (CNNMoney.com) – Congress on Thursday previewed a grab-bag bill of spending and tax measures that is likely to be a flash point in the debate over the federal debt.

The legislation would extend a host of tax breaks, give continued relief to the unemployed, delay cuts to doctors' Medicare reimbursements, provide support for job growth and fund disaster relief, among other things.

Congress' budget scorekeepers haven't finished estimating the total cost of the bill and the amount of revenue it would raise through pay-for measures. But the pay-fors are not likely to cover even half of the total cost, which could top $150 billion.

The bill, a melded version of proposal passed earlier by the House and Senate, won't be free of opposition on either side of the aisle. There is pressure to pay for more of the bill's provisions, and there is strong disagreement over some of the pay-fors that are included.

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Filed under: Congress
soundoff (13 Responses)
  1. Hammerer

    Have you noticed, not a word on jobless, increased this week, economy, debt nearing $13 trillion, market dropping like a rock and where is our leader? On tour?

    May 20, 2010 05:32 pm at 5:32 pm |
  2. independent

    Congress needs to cut the spending part, or cut the tax breaks part.

    The rest of us can't afford the 'bipartisan' horse-trading where one party wants to stimulate the economy through low-income spending, and the other want to stimulate the economy (if you can believe it) through more tax cuts.

    We need both these animals pulling the economic cart in the same direction.

    May 20, 2010 05:35 pm at 5:35 pm |
  3. Rick McDaniel

    More runaway spending, which is the only thing Obama knows how to do well.

    May 20, 2010 05:36 pm at 5:36 pm |
  4. Mark from Louisiana

    Forget about open-heart surgery or cutting-edge cancer treatments. Under Obamacare, you might have a hard time finding a hamburger. A statement released by White Castle, the Ohio-based burger chain, highlights how damaging Obamacare would be to small businesses and to Americans' job prospects.

    White Castle reports that a single provision of Obamacare would cut its net income in half - and then some. Jamie Richardson, a White Castle executive, says, "We’ve been working on this internally from a number of different perspectives. One [provision] that has [us] the most concerned is the $3,000 penalty that kicks in when an employee’s portion of a premium exceeds 9.5% of Household Income." Richardson elaborates, "In present form, this provision alone would lead to approximate increased costs equal to over 55% of what we earn annually in net income (based on [our] past 4-year average). Effectively cutting our net income in half would have [a] devastating impact on the business - cutting future expansion and more job creation at least in half. Sadly, it makes it difficult to justify growing where jobs are needed most - in lower income areas." And that's all from just a single provision in a 2,700-page act.

    May 20, 2010 05:42 pm at 5:42 pm |
  5. grrace

    After reading this article, it seems very very important to get passed. Many people will benefit. Rename the article "Tax Cuts and Investment Bill."

    May 20, 2010 05:46 pm at 5:46 pm |
  6. Boycott Rush`s Sponsors

    Lets pay as you go,not spend on the credit card like little Ronald Reagan and triple the debt like he did and leave the bill for Dems to pay.

    May 20, 2010 05:55 pm at 5:55 pm |
  7. stevegee

    How about we close the curtain on the Democrat-controlled Congress? This November, vote American, vote Republican! It's our only hope; otherwise we're going to be just like Greece real soon.

    May 20, 2010 06:09 pm at 6:09 pm |
  8. ajax

    Here's a concept.Put people back to work so they won't have to draw unemployment and they can pay taxes!!!

    May 20, 2010 06:11 pm at 6:11 pm |
  9. phoenix86

    Democraps on a borrow and spend binge. Be ready for the upcoming unemployment and inflation hangover.

    May 20, 2010 06:13 pm at 6:13 pm |
  10. Sniffit

    This one is going to provide no end of entertainment. Let the tantrums begin GOPers!

    May 20, 2010 06:14 pm at 6:14 pm |
  11. rachel

    Shocker! The white house and the congress don't care about the debt.

    May 20, 2010 06:51 pm at 6:51 pm |
  12. Henry Miller, Libertarian, Cary, NC

    "...delay cuts to doctors' Medicare reimbursements..."

    Weren't those reimbursement cuts supposed to be part of what was supposed to make Obama's health care welfare thing "reduce the deficit?"

    Yet another ObamaLie.

    May 20, 2010 07:58 pm at 7:58 pm |
  13. Brenda

    Hey CNN.......Where is your investigation/report on why Obama, Pelosi and Reid have not passed a budget yet.

    This should have been done around April 15. Yet, no budget. Why is that???

    Is it because there is no way that they will be able to pass a budget with the amount of money that they are spending-–unless they raise taxes or create the new VAT tax.

    Therefore, they are going to wait until AFTER the elections.

    Do your job CNN-–investigate and report.

    May 20, 2010 08:27 pm at 8:27 pm |