Senate Searches For Agreement on Economic Stimulus Plan

The Senate returned form the Thanksgiving recess still in a deadlock over plans to provide an economic stimulus packaged for a sagging economy. Prior to recess, a bill reported out of the Finance Committee on a party line vote failed to achieve the votes necessary to overcome a procedural objection. As the congress reconvened after Thanksgiving, leaders continued negotiations over the economic stimulus package while the Senate took up railroad legislation and a farm bill. The House of Representatives previously passed its own version of economic stimulus legislation. Both the House-passed bill and the measure reported in the Senate contain provisions for accelerated depreciation of capital assets. AWO has sought an exemption from the accelerated depreciation for the inland and coastal towboat, tugboat and barge industry because of concerns that such incentives could lead to overbuilding in an industry already dealing with an excess of capacity. As negotiations continue over the economic stimulus package, AWO is continuing to seek support from Senators for language that would exempt the entire industry- both inland and coastal- from the accelerated depreciation provisions. Source: AWO Letter