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Debt Ceiling and Budget Negotiations Could Force More Spending Cuts for Historic Preservation Funding
Historic Preservation Blog from PreservationDirectory.com - National Trust for Historic Preservation, public policy legislation, debt ceiling, spending cuts historic preservation funding, Historic Preservation Fund
Contributed By: National Trust for Historic Preservation
Website: http://www.preservationnation.org/resources/newsletters/trustee-bulletin/Public-Policy-Weekly-Bulletin-2-1-1-2-2-3-5.html

Budget negotiations dominated again the week on Capitol Hill as the House held a largely symbolic vote this week on raising the debt ceiling by $2.4 trillion to give GOP members a chance to state their opposition for the record on any increase in the ceiling without accompanying tax reform and spending reductions.  As expected, the debt-ceiling resolution was overwhelmingly defeated by a vote of 97-318. 

Just how far apart the two sides are in terms of reaching a deal was underscored this week by the positions on both sides regarding any tax increases.  Democrats continue to insist that tax increases, along with entitlement cuts are needed to address the debt crisis, while GOP members have made any tax increases non-negotiable. 

In terms of breaking the tax deadlock, the final outlines of a budget deal may reside with House Majority Leader Eric Cantor’s draft jobs and pro-growth tax bill which could end up setting the bar for deciding which ‘tax expenditures’ (in the forms of credits and deductions) may be on the table for elimination in any final budget deal.  Fortunately, the federal rehabilitat tax credit is not among the incentives targeted in the Cantor bill, which is likely to focus on the bigger tax expenditures that have greater revenue-saving potential. 

On the spending side of things, however, preservation funding may be pressed just to hold on to current funding levels for the Historic Preservation Fund (HPF) in FY'12.  House appropriators will be marking up the FY'12 Interior Appropriations bill next month and establish benchmark funding levels for the HPF at that time.   

Reprinted with permission from the National Trust for Historic Preservation


Keywords: National Trust for Historic Preservation, public policy legislation, debt ceiling, spending cuts historic preservation funding, Historic Preservation Fund

Posted: June 5, 2011
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