Folks outside of agriculture are taking a different view of the vote on an amendment that would have ended an important ethanol tax break. Congressional Quarterly said Wednesday that only 13 Republicans lived up to the purest interpretation of the Americans for Tax Reform pledge to oppose proposals that would raise revenue for the Treasury – that by voting not to proceed to consideration of the Coburn amendment. But 34 Senate Republicans – according to CQ – voted to raise taxes when they favored the amendment. Editor David Hawkings suggested that would be a hot topic of conversation for the Biden budget summit – which convened for a session Wednesday morning – as revenue had been a big sticking point in the negotiations. While Biden said revenues have to be part of the deal – GOP leaders had said tax increases or any revenue raisers that look like tax hikes could not be part of a final agreement.
The Vice President’s budget summit is pushing to frame a deal by July 4th to allow ample time for Congressional debate ahead of August 2nd – the date the Treasury Department says will mean default unless it has the power to borrow above the current 14.3-trillion dollar debt ceiling.