The House voted Thursday to continue the estate tax – an attempt to foil the Bush-era cuts that would have led to the expiration of the estate tax in 2010. But complications remain.
Lawmakers are looking for savings in Medicare. But Congress has shown little heart for that, especially given the powerful seniors lobby.
In a $3.5 trillion spending plan released Thursday, the White House proposes $17 billion in cuts – including some items that President Bush also tried to ax.
This week is about the budget, as he issues his first, hosts a ‘fiscal responsibility summit.’
A government mired in debt combined with a recession will make the path to recovery difficult for the president-elect.
The budget deficit doubled in the past year, escalating the finger-pointing in Congress.