The Senate won’t act on the tax extenders package until after the Memorial Day recess but is expected to wrap up work on a $58.8 billion war supplemental tonight but
Senate Majority Leader Harry Reid (D-Nev.) said he expects to receive the tax cuts and social spending package from the House in pieces on Friday and wanted to spend some time looking over the bills before acting, meaning unemployment benefits and COBRA insurance will expire. He expects to take up the legislation on Monday, June 7.
Later tonight, after dispensing with the war spending and disaster aid bill, Democrats and Republicans are planning to offer a series of unanimous consent agreements, but objections are expected to be raised in each case.
The House has been working out the final details of the tax extenders measure that started at a cost of $200 billion, shrank to $143 billion over Wednesday night and was slashed again tonight to about $95 billion.
The first House bill would cost $95 billion and would extend unemployment insurance and expired tax breaks and be offset by the foreign tax and carried interest provisions in the original bill.
The second bill would extend the “doc fix,” a term that refers to delaying a cut in Medicare reimbursements to doctors.
COBRA health insurance and the federal medical assistance percentage under Medicaid would no longer be part of either package but would probably come up after the recess for a separate vote.
Later in the Senate, Democrats will offer a 14-day, $4 billion extension of expiring programs including unemployment insurance, COBRA, the Medicare “doc fix”, small business loans, flood insurance and poverty guidelines, which isn’t paid for.
Republicans are then expected to offer an alternative, probably based on a bill by Sen. Chuck Grassley (R-Iowa), that would pay for a short-term extension of programs using stimulus money.