Senate Finance Committee Chairman Max Baucus (D-MT) was expected to introduce the bipartisan tax reform framework late on December 9. According to our sources, the bill still will include the 35% rate and $5 million exemption agreed to by President Obama and congressional Republicans. Senate Majority Leader Harry Reid (D-NV) confirmed that he intends to schedule the bill for a cloture vote on Saturday, December 11.

Meanwhile, House Democrats passed a non-binding resolution opposing consideration of the compromise in the lower chamber. The Obama administration expressed confidence that the bill would pass both chambers regardless of the angst expressed by frustrated progressives.