Given the massive continuing demands of Gulf Coast hurricane recovery, I do not believe it is now the time for a full repeal of the federal estate tax. Nor do I believe that the true costs and deficit impact of the backloaded proposals offered to date have been honestly represented to the American taxpayer.

I do, however, support exempting most family farms and small businesses from the tax entirely and I support raising the individual exemption. And so, I support and remain committed to seeking a fiscally responsible bill that provides reform and stable tax relief for all taxpayers in a more certain and stable way for the future. I will continue to work closely with my colleagues in the days and weeks ahead to achieve this more balanced result.