Administration supports House passage of H.R.8 as another positive
step on the way to passage of the President's tax relief plan. H.R.
8 is consistent with the objectives of the President's tax relief
plan, which lowers the tax burden on families, small businesses, and
family farms and promotes fairness and economic growth by phasing
out and eliminating the unfair death tax that results in the double
taxation of a family's hard-earned assets. The Administration looks
forward to working with Congress to achieve a result that best embodies
the objectives of the President's plan.
law that would reduce receipts is subject to the pay-as-you-go requirements
of the Balanced Budget and Emergency Deficit Control Act. Accordingly,
H.R. 8, or any substitute amendment in lieu thereof that would also
reduce revenues, will be subject to the pay-as-you-go requirement.
The Administration will work with Congress to ensure that any unintended
sequester of spending does not occur under current law or the enactment
of any other proposals that meet the President's objectives.