March 20, 2008 04:02 PM | | Bookmark and Share

Last week, the House and Senate both passed their own versions of the fiscal year 2009 federal budget resolution. There are some important differences between them that must be worked out by a House-Senate conference committee, which will negotiate a final resolution to be passed by both chambers. Even though the budget resolution is not law and is not binding, it does serve as a blueprint for the tax and spending policies that Congress will pursue in the coming year. This blueprint can also include procedural rules that make it easier or more difficult to pass certain types of legislation.

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