Senate Finance might mark up bill on Bush tax cuts

The Senate Finance Committee is entertaining the idea of marking up legislation before the August break that would extend the middle-class tax cuts enacted under President George W. Bush. The bill might also be used to extend other measures. 

The Finance Committee is holding an informal meeting on Thursday afternoon to talk about that subject, among others, said Sen. Jon Kyl (R-Ariz.), who is a member of the committee.

Committee member Tom Carper (D-Del.) said the issue was raised at a meeting Tuesday morning.

“We had some discussion in the Democratic Caucus today,” he said. “We’re going to meet with Republican colleagues Thursday and talk about, ‘is that feasible?’”

Senate Finance Republicans last week urged Committee Chairman Max Baucus (D-Mont.) to mark up legislation on the Bush tax cuts to strengthen consumer confidence in the economy.

The idea gained momentum Monday after a Baucus staffer agreed with Republican counterparts that a markup should occur before lawmakers adjourn for the summer break, several sources told The Hill.

However, hosting a markup on the bill could have political consequences for Democrats facing tough elections. Some believe the meeting will become a venue for Republicans to slam Democrats for raising taxes on the wealthy, which they contend will also hit small businesses.