Up for Debate This Week: Farm Legislation, Tax Relief, and a Water Bill Veto Override

WASHINGTON, Nov. 5 /PRNewswire-USNewswire/ -- This is the WashingtonWatch.com federal legislative update for the week of November 5, 2007 . This week the Senate will debate H.R. 2419, the Farm Bill Extension Act of 2007. It would...


WASHINGTON, Nov. 5 /PRNewswire-USNewswire/ -- This is the WashingtonWatch.com federal legislative update for the week of November 5, 2007 .

This week the Senate will debate H.R. 2419, the Farm Bill Extension Act of 2007. It would provide for the continuation of federal agricultural programs through fiscal year 2012. Its passage would cost about $125 per U.S. family.

A related bill was recently introduced in the Senate. S. 2302, the Food and Energy Security Act of 2007, would cost the average U.S. family a little under $5,000. The large difference in cost estimates between the two bills is because the estimate for S. 2302 includes "baseline" spending on farm programs, where the estimate for H.R. 2419 includes only changes in spending.

The House will consider H.R. 3996, the Temporary Tax Relief Act of 2007. It would amend the Internal Revenue Code regarding the alternative minimum tax, the discharge of mortgage indebtedness, and tax administration, and it would extend certain expiring tax credits, deductions, and other tax incentives. Passage of the bill would save the average U.S. family a little over $130.

The President recently vetoed H.R. 1495, the Water Resources Development Act of 2007. It would have spent about $180 per U.S. family on conservation and development of water and related resources, and it would have authorized the Secretary of the Army to construct various projects for improvements to rivers and harbors of the United States . The bill passed with sufficient margins to override the veto, and Congress may override the veto soon.

Displayed below are select new, updated, and passed items with their cost or savings per family.

SOURCE WashingtonWatch.com