Tuesday, April 28, 2009

 

Agreement Reached on FY10 Budget Plan

The House Budget Committee has announced that Senate and House negotiators have reached an agreement on a federal budget plan for fiscal year 2010. Highlights of the plan:

  • Discretionary spending set at levels between the House and Senate versions - $10 billion lower than the President’s proposal;
  • Includes reconciliation instructions on education investment and healthcare reform. This requires committees to report legislation by October 15 if legislation cannot be achieved through normal procedures;
  • Permanently extends the middle-income tax cuts adopted in 2001 and 2003 including the 10% bracket, child tax credit, and marriage penalty relief;
  • Indexes the alternative minimum tax to inflation (AMT) – so Congress won’t have to pass a temporary change each year;
  • Extends estate tax exemptions at 2009 levels and indexes exemptions for future years.

The full House and Senate are each expected to vote on the fiscal year 2010 budget conference agreement this week.


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