House Ways and Means Chairman Sandy Levin (D-Mich.) said on Wednesday that the Senate would take the lead in extending tax cuts enacted by President George W. Bush. 

The unlikely duo of AFL-CIO President Richard Trumka and former Treasury secretary Robert Rubin told reporters on a conference call Wednesday that the estate tax — which has lapsed since the beginning of the year — should be put back in place before the August congressional break.

When asked why they both support reinstating the tax despite past differences, Trumka joked, “The reason we agree is Bob has finally seen the light.”

Rubin and Trumka have often clashed, with labor leaders warning Democrats to distance themselves from the free-trade policies advocated by Rubin and other Democrats with ties to Wall Street. During the 2008 presidential campaign, Trumka prepared a slideshow presentation arguing it was “hard to tell the difference” between the policies of Rubin and then-Treasury Secretary Henry Paulson, who served under a Republican president.

Both Rubin and Trumka said restoring the tax would be “sound policy.”

Senate Finance Chairman Max Baucus (D-Mont.) is considering marking up legislation that would extend at least some of the tax cuts enacted by President George W. Bush, his aide told The Hill. 

The nation’s rail and bus transit systems need almost $80 billion in improvements to get the system into a good state of repair.

A new study by the Federal Transit Administration (FTA) released Wednesday estimates it would cost $77.7 billion to shore up the nation’s rail and bus lines and another $14.4 billion a year to maintain the systems. 

While most of the $77.7 billion backlog can be attributed to rail, more than 40 percent of the nation’s buses are also in poor to marginal condition, according to the report. 

The study — the National State of Good Repair Assessment — is a follow-up to the 2009 Rail Modernization Study report to Congress and provides an analysis of the costs required to improve the nation’s rail and bus transit systems.

Senate Small Business Chairwoman Mary Landrieu (D-La.) on Wednesday said her chamber will pass legislation by the end of the week that creates a $30 billion lending pool for small businesses and provides approximately $12 billion in tax relief for these organizations. 

A new study by the Center for Agricultural and Rural Development shows a reduction in the ethanol tax credit proposed by the House Ways and Means Committee and removing tariffs on the fuel will have a negligible affect on domestic production because mandates require increased use of renewable fuels. 

The federal government's full support for the financial system surged to $3.7 trillion over the last year.

A move by Senate Republicans to push the unemployment benefits extension vote to Wednesday incensed Senate Democratic leaders Tuesday night. 

Senate Majority Leader Harry Reid (D-Nev.) said he wanted everyone to understand the Republican strategy to use up all of the 30 hours of debate time allotted for the $34 billion measure. 

"Now, I hope the American people understand how callous this is," Reid said in a statement. "People are desperate, can't make house payments, car payments, can't pay for kids' food.  And they are having us wait for 30 hours after cloture's been invoked."

Regardless of the delay, the six-month extension of unemployment benefits for more than 2.5 million Americans, is still expected to clear Congress on Wednesday.