This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Analysis: Dog of year in Congress whimpers to end

If the prospect is for a one-month extension of farm programs, there has been virtually no public discussion about the dozens of tax provisions due to expire at year's end.

Some originally were placed into law only temporarily to mask their true impact on the deficit. Now, they are renewed periodically, and temporarily, because the cost of permanent extensions could be prohibitive.

Among the more obscure is a provision that allocates to Puerto Rico and the U.S. Virgin Islands the proceeds of a $13.25-per-gallon federal excise tax on imported rum. Without action by Congress, the amount to be turned over would fall to $10.50 per gallon.

Other items allow racehorse owners to write off their investments relatively quickly, and permit residents in nine states that have no income tax to claim a federal deduction for the state sales tax they pay.

Concern over milk prices, tax breaks and payments to doctors all cross party lines.

Not so unemployment benefits, a Democratic priority.

"I don't see much appetite on our side for continuing this extension of benefits," Rep. Tom Cole, R-Okla., told reporters.

Obama and Democrats do.

Benefits for 1.3 million workers unemployed for longer than six months expire Dec. 28, and that would be the case for 1.9 million more people in the first half of next year.

Boehner said he was waiting to review any proposal the White House would like to make. Pelosi announced that an extension would be a requirement for House Democrats to vote in favor of a budget deal.

Then there's the annual defense bill, which has passed Congress like clockwork each year since John F. Kennedy was in the White House.

This time, it's mission not yet accomplished.

___

EDITOR'S NOTE a¿¿ David Espo is AP's chief congressional reporter.

Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
3 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs