Congressional Budget Battle Update:
PHCC-Supported Estate Tax Amendment Defeated
The Senate’s final narrow (50-49) passage of its FY 2014 budget resolution early Saturday morning came after a series of amendments were offered, several of interest to PHCC. Unfortunately, a PHCC-supported amendment calling for permanent repeal of the death tax proposal was defeated 46-53.
The Senate also considered an amendment designed to repeal the new health care law offered by Senator Ted Cruz (R-TX). The amendment was defeated (45-54). The Senate, however, passed an amendment to repeal a 2.3 percent tax on medical devices. The tax went into effect on Jan. 1, 2013 and is intended to raise $30 billion in the next decade to help fund the new health care law.
House and Senate budget resolutions set broad spending and revenue goals and make deficit estimates. By law, Congress is expected to come up with a Senate/House compromise by mid-April. However, there is little chance of any compromise between the budget resolution the House passed, and budget resolution the Senate passed this past weekend. The Administration is expected to send its budget to Capitol Hill on April 8.