A powerful trade group has teamed up with 150 business associations in urging the Senate to quickly pass a bill that would renew a slew of expired tax breaks.
The National Association of Manufacturers sent a letter signed by more than 150 business groups to the Senate on Tuesday pressing lawmakers to reach an agreement and pass the $85 billion tax extenders measure, which stalled out over a fight about floor debate procedures.
“The lack of timely action to extend these provisions injects instability and uncertainty into the economy and weakens confidence in the employment marketplace.”
On Tuesday, bill author, Senate Finance Committee Chairman Ron WydenRon WydenOvernight Finance: Dems want ObamaCare subsidies for extra military spending | Trade battle: Woe, Canada? | Congress nears deal to help miners | WH preps to release tax plan Schumer: Senate Russia probe moving too slowly Lighthizer unanimously approved by Senate panel MORE (D-Ore.) said he is continuing to work with Republicans on amendments, but still didn't sound open to a medical device repeal.
Last week, Senate Republicans halted the tax package's progress after Senate Majority Leader Harry ReidHarry ReidWeek ahead: House to revive Yucca Mountain fight Warren builds her brand with 2020 down the road 'Tuesday Group' turncoats must use recess to regroup on ObamaCare MORE (D-Nev.) blocked their attempts to offer amendments.
Republicans wanted to repeal ObamaCare's medical device tax and nix a wind production tax credit from the measure.
While Republicans and Democrats generally support the measure, the bill got caught up in the broader fight over floor procedures and the ability of the minority to offer amendments.
Whether Wyden can forge an agreement with Republicans remains to be seen.
But business groups argue that the delay will weigh on confidence and could hurt growth.
"The extension of the expired provisions should not be delayed until the end of the year since companies are making decisions right now related to taxes that will have an immediate impact on the economy," the business groups wrote.
Bernie Becker contributed.