House Buyout Bill Gets Cool Reception from Senate

The U.S. House of Representatives’ tobacco-buyout plan, added to pending tax legislation, is likely to be defeated in the U.S. Senate, the Wall Street Journal reported June 8.

The House Ways and Means Committee is currently considering the tax bill, aimed at resolving a trade dispute between the U.S. and the European Union. Key senators from both parties said the tax bill is sure to fail if the tobacco buyout is attached.

“I would not support it,” said Sen. John McCain (R-Ariz.), who favors a buyout bill that also gives the Food and Drug Administration authority to regulate the tobacco industry.

Senate Finance Committee Chairman Charles Grassley (R-Iowa), added, “I’ve got a view that it’s OK to give the FDA the opportunity to regulate, but when it comes to a buyout, taxpayers should not pay. We paid once for a buyout and there’s got to be some limit on the number of times that we have a buyout.”

Source: JoinTogether Online