CONGRESS STRUGGLES TO PASS PRIORITY BILLS BEFORE ADJOURNMENT

News Date December 18, 2007

       The House and Senate are preparing to adjourn by December 21 and are facing a packed agenda this week. Lawmakers are struggling to pass an omnibus appropriations package for FY08, comprehensive energy legislation, Alternative Minimum Tax (ATM) relief, and terrorism risk insurance.
       The House is expected to begin debate December 17 on a massive $500 billion omnibus appropriations package. The budget legislation is needed because Congress has only passed one out of the eleven annual appropriations bills for FY08. The federal government has been operating under a continuing budget resolution since the fiscal year began October 1 and this temporary measure expires on December 21. The omnibus appropriations bill will also include language to continue certain farm bill programs on a short-term basis. The language will provide continuing authority through March 15, 2008, for most programs in the 2002 farm bill in order to avoid budgetary changes before the new bill can be completed. It will not extend the 2002 commodity support programs to the 2008 crop year. Program provisions for the 2008 crop will be included in the new farm bill.
       Lawmakers are also rushing to finalize a comprehensive energy bill that was passed by the Senate last week (see separate story). Another priority for lawmakers is Alternative Minimum Tax (ATM) relief legislation. The measure would keep the AMT from hitting millions of taxpayers by increasing the exemption amounts to $66,250 for joint filers and $44,350 for single filers for tax year 2007.  (Contact: Charlie Ingram)