Washington, D.C. House Democrats said Monday they would not relent in their dispute with the Senate on a major tax relief package, increasing odds that businesses could lose out on critical tax breaks and millions could get hit by the alternative minimum tax this year.
House Majority Leader Steny Hoyer, D-Md., suggested it might be next year before consensus can be reached on a tax initiative that includes adjusting the AMT, providing tax relief to disaster victims and extending tax credits for renewable energy development, business investment and individual education and child care costs.
The House had intended to adjourn for the year on Monday. But that plan abruptly changed when lawmakers rejected the $700 billion financial bailout legislation, forcing congressional and administrative leaders to regroup.
The House now plans to reconvene on Thursday, perhaps giving lawmakers another shot at the tax bill.