Q: What has the House passed?
A: The House, controlled by Republicans, passed a bill in August that would extend for one year the expiring tax cuts and begin a process for overhauling the tax code. It was silent on extending tax credits from the 2009 stimulus law for low-income families and college students. The House has also passed bills that would delay automatic spending cuts by replacing them with other cuts.
Q: What has the Senate passed?
A: The Senate, which has a slim Democratic majority, passed a bill in July that would extend the tax cuts for one year on incomes up to $200,000 for individuals and $250,000 for married couples. It also extended tax credits from the 2009 stimulus law for low-income families and college students. It was silent on the estate tax because of disagreements among Democrats, and it didn’t address the automatic spending cuts.