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1099 and Continuing Debate Action on the Hill

1099 and Continuing Debate Action on the Hill

Tax reporting provision repeal passes out of committee.

Of interest to farmers and other small-businesses is the repeal of the 1099 business tax reporting provision in the health care overhaul. The repeal passed the House Ways and Means Committee early Thursday.  Meanwhile, on the floor of the U.S. House, Representatives spent much of Thursday debating amendments to the Continuing Resolution to fund the federal government through September.  While several hundred amendments to the Continuing Resolution were offered, a few did make it to the House floor for spirited debate.

The fate of the CR in the Senate is unclear.  Senate Democrats and Republicans don't agree on key issues. They are tens of billions of dollars apart on federal spending levels for the remainder of this fiscal year. And they most likely won't get down to debating the Continuing Resolution until after the Presidents Day recess which is scheduled for all of next week.

Already, some in the Senate would like to make revisions to the House's fiscal 2011 spending bill.  But that will take time. So, observers expect much wheeling and dealing against a possible government shutdown and a need to raise the debt limit.  

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