Negotiations between the House and Senate regarding the 2007 Farm Bill reauthorization broke down on Thursday evening. That forced lawmakers in both houses to approve a one-week extension of the 2002 version, which had already been extended one month.
The debate remains the same: how to offset $10 billion in increases, and whether to enact a $2.5 billion tax package. House members have balked at tax breaks, while questions remain over the support for farm subsidies.
And here’s one from this week’s Congresspedia preview:
Following calls by President Bush to voluntarily reduce carbon emissions, the Senate Finance Committee this week will hear testimony on the taxation implications of cap-and-trade programs, which place limits on carbon emissions but also gives credits to organizations that produce carbon lower levels. Those credits can then be purchased or traded in a market-system.
The Senate Environment Committee last year approved legislation—America’s Climate Security Act of 2007—to establish a cap-and-trade program, and the full chamber is expected to begin debate on the measure in early June. President Bush has opposed such a program of mandatory emissions caps, and prefers a technology-based approach. He’ll face pressure to sign any climate legislation approved in Congress this year, which many see as more favorable to business than anything that will come during the next administration.
Enjoy your Pennsylvania media frenzy today dear readers.