Senate Republicans Settle for Small Package of Tax Credits
WASHINGTON — Senate Republicans, all but conceding that they will be unable to pass the House’s $80-billion tax cut, said Tuesday it is more likely that a small package of expiring tax credits favored by business would be the only tax measure to be approved before the 105th Congress adjourns.
The credits, known as “extenders,†amount to about $1.6 billion. Senate procedural rules require most controversial legislation to get 60 votes to overcome a filibuster. There are 55 Republicans in the Senate, and five to 10 moderate GOP senators oppose using projected budget surpluses for the tax cuts, which the House bill does.
“It’s going to be hard to get 60,†said Sen. Don Nickles of Oklahoma, the No. 2 Republican in the Senate. “The only other tax bill in play would be the extenders.â€
Nonetheless, Nickles said a vote was planned for Tuesday on the House tax bill, which would benefit married couples, working senior citizens, people with savings accounts and small business operators, among others. The House passed it Saturday, 229 to 195.
Most Democrats support President Clinton’s contention that it is unwise to use predicted surpluses to cut taxes until Social Security’s future solvency is guaranteed. Clinton has vowed to veto any tax cut that uses surplus dollars.
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