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Congressional deal on highway bill, student loan rate almost done

June 29, 2012

An amazing thing happened while most of us were distracted by the Supreme Court rulings this week on immigration and health care.

Congress actually did some work. Really!

House of Representatives in session

Before the Representatives and Senators break for the July 4 recess, they are expected to vote on a $120 billion highway bill to pay for construction of roads and bridges for the next two-plus years.

The infrastructure measure also contains provisions to keep the student loan interest rate at 3.4 percent for another year and extend for five years the National Flood Insurance Program.

UPDATE: The House this afternoon (June 29) passed the bill by a 373 to 52 vote. Every voting Democrat supported the bill; the 52 nays were all Republicans. The Senate passage tally was 74 to 19, with 23 Republicans joining every Democrat to pass the measure. Sen. Olympia Snowe (R-Maine) voted present. The bill is on its way to President Obama for his signature.

The Congressional Budget Office (CBO) says the combo deal would reduce the federal deficit by $16.3 billion over 10 years.

To reach the deal, Republicans dropped their demands for inclusion of the contentious Keystone XL pipeline and limits on regulation of toxic waste generated by coal-fired power plants. Democrats surrendered on environmental protections and biking, pedestrian and safety programs.

What the heck is happening?

Nov. 6 is fast approaching and public opinion of Capitol Hill remains historically low.

So in a better-late-than-never attempt to show that they can govern, Senators and Representatives have shelved their hyper-confrontational tactics a bit to make deals on some legislation.

It might not quite be a miracle, but even Senate Minority Leader Mitch McConnell (R-Ky.) acknowledged the rarity of the situation: "For some of our members, it's almost an out-of-body experience."

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The More Tax Posts tab at the top of this page will take you to, well, more tax posts. You also can search below for a tax topic. 

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TO WRAP UP 2026

It’s over! With October’s extended filing deadline behind us, it is now time to focus on year-end moves to reduce your 2026 tax bill. 

You’ll find ways to do just that on the Tax Tips page (see the More Tax Posts drop-down menu at the top of the blog), as well as the separate tax tip pages for each month, notably October through December. If you’re on the Tax Tips page, you’ll find a monthly list at the end of this column. If you’re on another blog page, you can head straight to the October tips; at the bottom of that tips page you’ll find links to all the other 11 months’ collections of tax advice.

Not to spoil what you’ll find in that tax advice, but it does cover such things as tax deductions for charitable donations, investment moves that could reduce tax due, and ways to max out your tax-favored retirement savings. 

Finally, as the year winds down, things get hectic. There are lots of other things to occupy our time, like the much more fun upcoming holidays. But don’t lose sight of taxes, since timing is key. To be of use, most tax moves must be made by the end of the tax year. That’s Thursday, Dec. 31, which also is the last business day of the year. 

So that you don’t miss that final tax year deadline, also keep an eye on the countdown clock below. It will keep you on top of just how much time is left to make important, tax-saving moves. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

Comments
  • I wonder if there ever will be times when education won’t be that expensive. Our society has so many talented kids who not only cannot afford to graduate the university they want, but they also can’t even take a loan. But let’s take a look at those who loaned money. They are stuck with paying off. IS that fair? I don’t think so. So is there a solution? In any case, we all should be really careful with loans, as no matter how fast and convenient this online tool is, you should think over once again before applying for fast cash online. It helped me many times , but debt is always a debt

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