Bicameral Agreement Addresses Taxes, Trade, Health

BICAMERAL AGREEMENT ADDRESSES TAXES, TRADE, HEALTH

Legislation unveiled today renews tax cuts, fixes Medicare fee schedule for docs

U.S. Senators Chuck Grassley (R-Iowa) and Max Baucus (D-Mont.) today struck an agreement with the House of Representatives on bipartisan, bicameral legislation to extend expired and expiring tax, health, trade, and other provisions. The legislation will also eliminate an expected cut in Medicare's payments to physicians in 2007. Grassley and Baucus, the Chairman and Ranking Democrat on the Senate Finance Committee, had unveiled their own legislation yesterday to address expiring provisions. It is expected that the House will take up the new bicameral bill late today.

"This is a good agreement," Grassley said. "It continues tax relief without interruption. It stabilizes access to doctors for Medicare beneficiaries. It moves Medicare toward linking payment with quality and preserves Medicare beneficiaries' access to rehabilitative therapy.

It gives new access to farmers including those in Iowa to the growing Vietnamese market. These are things that need to get done. It's good to see them moving forward." "This is not a perfect bill, but it renews tax cuts Americans need right now, like the college tuition deduction, and makes sure that Medicare and Medicaid patients will have access to care next year. It makes certain that more U.S.-made goods will get into Vietnam's markets as well," said Baucus. "Next year we need to tackle expiring tax cuts earlier, so Americans won't have to wonder whether Congress will come through. We must also finish a job that this bill leaves undone, and cover shortfalls in the State Children's Health Insurance Program."

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http://finance.senate.gov/sitepages/grassley.htm