Senate Cloture Vote Monday

Senate Democratic leaders have scheduled a vote on Monday evening to break a filibuster on a bill to extend unemployment benefits and the homebuyers tax credit. If they get the 60 votes to end debate, the Senate should be able to pass the extension bill (H.R. 3548) next week — possibly on Monday. Republican senators have halted any action on H.R. 3548 for the past few weeks because the Democrats won't let them offer several unrelated amendments. One amendment calls for a sunset of the $700 billion Troubled Asset Relief Program and another involves the scandal involving the ACORN community group. After Monday's votes, Republican senators can still hold up passage for three more days. The extension bill will have to go back to the House of Representatives for a final vote. Supporters are hoping the House will not make any changes. Meanwhile, Democrats have added more tax items to the tax bill, including changes in the net operating loss carryback rules to make it more generous for businesses. But the bill still extends the $8,000 first-time homebuyer tax credit from December 1 through April 30 and gives buyers with a binding contract an extra 60 days to close. It also creates a new $6,500 tax credit for move-up buyers. The current homebuyers tax credit expires November 30.