The Wall Street Journal looks at the looming possible compromise between the Democrat-run Congress and President Bush on fixing the Alternative Minimum Tax. "Congressional Democrats are eager to keep the AMT from ensnaring millions more middle-class taxpayers. They also must find a way to cover the estimated $50 billion cost of scaling back the tax this year. In recent days, Bush administration officials have signaled they may not oppose a likely method of covering those costs: raising taxes on the nation's wealthiest citizens... The Bush tax cuts have accelerated the AMT's reach into the middle class."
One Gulf Coast Democrat in the House has vented to the press about his frustration with how slowly House Democratic leaders are moving to boost hurricane recovery efforts.
House Financial Services chair Barney Frank doesn't have direct oversight over trade, but his comments yesterday that Democratic lawmakers are too concerned about globalization to support major trade legislation "show how difficult it will be to reach a compromise satisfying rank-and-file members while keeping open the possibility of further trade deals," says the Financial Times.