President Bush sent a $2.9 trillion FY2008 budget proposal to Congress last week containing the extension and expansion of several small business benefits and programs supported by the U.S. Chamber.

The proposed budget makes permanent the president's first term tax cuts, provides a one-year fix for the alternative minimum tax (AMT), doubles the current Section 179 small business annual expensing amount indexed to inflation, and eliminates the deficit by 2012. Chamber Vice President and Chief Economist Martin Regalia said, "The budget's overall approach is largely in sync with the Chamber's priorities."

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