House-Senate conferees today approved a budget resolution that calls for freezing estate taxes at the 2009 level and also calls for increasing funding for the State Children’s Health Insurance Plan by up to $50 billion over 5 years..
Sen. Kent Conrad, chairman of the Senate Budget Committee and a chief negotiator of the compromise budget resolution, told reporters he expects Congress to approve the document by Thursday night.
The House and Senate each has passed its own version of the budget resolution. Members of a conference committee have been working to come up with a compromise version that can be submitted for approval by both chambers and then sent to President Bush for his approval.
The budget resolution is a document that sets guidelines for congressional action on budgets over the next 5 years.
The resolution has no direct effect on government spending, but, in theory, it can ease passage of appropriations measures that meet resolution guidelines.
Current law would phase out the estate tax by 2010, then bring the tax back to 2001 levels in 2011.
The estate tax provision in the budget resolution conference report approved today would freeze estate tax levies at the levels the current law would impose in 2009.