Word: taxed
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...Capitol Hill aren't keeping busy. On the contrary, since they took control of both legislative chambers in 2006, party leaders have devoted a lot of time and energy passing bills, on everything from global warming and children's health care to embryonic-stem-cell research and a windfall tax on oil companies. Now it's true that they knew their efforts were in vain - that their bills either had no chance of passing, or they would force President Bush to deliver on his veto threat, as he has done twice on legislation to expand the State Children's Health...
...Traditionally, the first two years of any new presidency are the most productive in terms of legislation. In his first term, Bush used his political capital to pass the Medicare Prescription Drug Program, No Child Left Behind, the Patriot Act and tax cuts. In 1993 Clinton passed the Family and Medical Leave Act, the Brady Handgun Bill and the "Don't ask, don't tell" policy, and he created AmeriCorps. If Senator Barack Obama wins, this would be the first time that Democrats control both branches of government since the Clinton era, and the potential (and pressure) to complete lots...
...would likely be enacted; not only does the Republican agree with Democrats on key issues such as global warming, immigration and stem-cell research, but he has spent nearly three decades in the Senate. McCain has said that if elected, he would move to pass $1 trillion in corporate tax cuts and make Bush's income tax cuts permanent, cut wasteful government spending and pass a gas tax holiday, and seek to allow offshore drilling to help ease the energy crisis - almost none of which has support from Democrats. Obama has said he would pass two new economic stimulus packages...
...There are also the perennial issues that the next Administration must deal with, such as the budget and supplemental war funding (which, if McCain wins, will be one of the most contentious measures). Two other annual thorns - Band-Aid fixes for a middle-class tax hike known as the alternative minimum tax and an ever growing increase in fees paid by Medicare to doctors - could see permanent solutions next year, though such moves would require a serious look at the tax code and reforming entitlements, both tall orders. "These are big problems. I think these are core policy issues...
...original version of this story contained a quote by John McCain's economics adviser, Douglas Holtz-Eakin, that some have misinterpreted as suggesting that McCain is not really a tax cutter. The quote has been amended to make clear that when Holtz-Eakin said "I stand corrected," he was referring to his previous statements that Obama raises taxes, not that McCain cuts them...