OVERNIGHT MONEY: Senate stalled on small-business tax-cut bill

Senate Republicans say they don't have text of the Landrieu amendment and that Reid's actions block all other amendments from being offered. 

Reid has said the Senate will vote on the House-passed small-business tax cut, which he has derided as a giveaway to the likes of Kim Kardashian and Paris Hilton. 

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At the same time, Sens. Dick Durbin (D-Ill.), Mike Enzi (R-Wyo.) and Lamar Alexander (R-Tenn.) are still pushing for a vote on their online sales tax amendment, a measure they say will even the playing field between brick-and-mortar businesses and Internet retailers. 

A Senate aide said, if the amendment were to get a vote, it would likely have to be tomorrow.

The three senators took to the floor on Wednesday to push their measure, and said they were trying to show Reid they had the necessary votes. 

There is the question as to whether Republicans will yield back time — if they don't, the next vote is Friday. If they do, we might have some roll-call votes on Thursday, a Democratic aide said.

We'll see how that plan goes. 

Reid took to the floor tonight and shot barbs at his GOP colleagues, arguing they don't want to vote on the small-business bill and are offering unrelated amendments simply because it is backed by President Obama and could help the economy, which, in turn, could help the president's reelection hopes. 

"More Republican obstruction comes with the added bonus of sticking it to the middle class," Reid said. 

Meanwhile, there are some bipartisan efforts in the works.

Sens. Rob Portman (R-Ohio) and Claire McCaskill (D-Mo.) plan to offer an amendment to the measure that would simplify how tariffs are applied. 

“Job creators are seeking relief from high tariffs to provide the certainty necessary to hire workers and grow their companies, but the process needs to be reformed," Portman said.  

"This measure will enhance accountability and simplify the process by allowing the experts at the International Trade Commission to make the determination about which tariffs qualify.”

Senate Democrats have touted a recent report saying the their small-business tax bill would create about 630,000 jobs among small businesses.

The proposal would give small businesses a 10 percent tax cut in exchange for hiring new workers or raising employee pay. It will also allow businesses to fully deduct the cost of significant investments made in 2012. Current law caps the write-off of those costs at 50 percent.


ECONOMIC INDICATORS

Initial Claims: The Department of Labor releases its weekly filings for jobless benefits, which have started to tick down again, although slowly. 

Mortgage Rates: Freddie Mac releases weekly data on fixed-rate mortgages, which have hit historic lows in recent weeks. 

Export Prices-Import Prices: The Commerce Department releases its June report tracking trends in exports and imports, with the export data worth watching for indications that a strengthening competitive position at home and/or strengthening economies overseas are boosting U.S. growth. Imports provide an indication of domestic demand, but given the severe lag of this report relative to other consumption indicators, it is not particularly valuable.

Treasury Budget: The Treasury Department releases its June budget data, which is used mostly by the market for year-over-year changes in receipts and outlays.


WHAT YOU MIGHT HAVE MISSED

— House votes 244-185 to repeal Obama healthcare reform law
— House not expected to vote on postal reform before August recess
— House panel defeats Dem effort to prevent food stamp cuts
— Committee defeats sugar amendment to farm bill
— Farm bill faces 100 amendments at markup
— Fed officials weighing stimulus
— Grassley places hold on Treasury nominees over whistleblower concerns
— CBO: Pentagon projected budget to exceed spending caps
— Union chief blasts GOP governor for comparing IRS to Gestapo
— White House eases sanctions on Burma
— Lawmakers demand accountability after customer cash vanishes from another bankrupt firm
Retail groups intensify push for online sales tax
— Rogers blasts Reid on spending bills, warns of shutdown crisis
Reid rejects GOP request to vote on Obama’s tax plan
— Obama orders help for small businesses
—Trade deficit shrinks in May 


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