Senate Cancels July 4 Recess

Senate Majority Leader Harry Reid, D-Nev., announced on June 30 that the Senate will remain in session following the July 4 holiday in order to continue negotiations on deficit reduction and other legislation impacting the economy. The Senate was originally scheduled to have the entire week of July 4 off but Reid reconsidered after President Obama chastised lawmakers in a June 29 speech (TAXDAY, 2011/06/30, W.1) for taking time off during a time of severe economic stress.

“We will be in session next week, with our first vote on July 5th,” said Reid from the Senate floor. “There is still so much to do to put Americans back to work, cut our deficit, and get our economy back on track.”

Obama reiterated in his speech that the date for a default on U.S. debt is August 2, and that federal lawmakers might need to cut short their congressional recess periods if an agreement is not reached soon. Following Reid’s announcement, Senate Democrats and Republicans continued to spar over the issue of raising taxes as a means to help reduce the deficit.

By Jeff Carlson, CCH News Staff

AUTHOR

Wolters Kluwer Tax and Accounting

Wolters Kluwer Tax and Accounting is a leading provider of software solutions and local expertise that helps tax, accounting, and audit professionals research and navigate complex regulations, comply with legislation, manage their businesses and advise clients with speed, accuracy and efficiency. Wolters Kluwer Tax and Accounting is part of Wolters Kluwer N.V. (AEX: WKL), a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2016 annual revenues of €4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide. Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).

All stories by: Wolters Kluwer Tax and Accounting