GradeGov insider news

Congress made history, but tomorrow is a mystery!

The 111th Congress made the history books this year. The Pelosi/Reid lead Congress failed to pass for the first time ever:

--A budget resolution that serves as a blueprint and guideline for Congressional spending for the year

--A single appropriations bill through both Houses of Congress. These 12 approps. bills, when married together, make up the full funding of our Federal Government for the year

The History:
The formal Congressional budget process was created in 1974 when Congress passed the Budget and impoundment act. Every year since then Congress has passed a budget through one or both Houses of Congress... Not this year!

The formal appropriations process was created in 1866-67. Every year since then Congress has passed at least some or all of the appropriations bills through both Houses of Congress....Not this year!

This Congress has failed to enact some or all of the Bush tax cuts of 2001 and 2003 that are set to expire Dec. 30, 2010. This prompts payroll admins all over America to start increasing withholding (take more money from your pay check) to cover the tax increases that result from failing to extend all or part of the Bush tax cuts.

The Mystery:
Will Congress extend some or all of the Bush tax cuts before year's end? If so when and how much? This is the mystery that puts many in America in a state of anxiety.

Stay tuned,