UPDATE 1-Obama tax cut bill hits snag in U.S. House

(Updates with more details)

WASHINGTON, Dec 16 (BestGrowthStock) – The Democratic-led U.S.
House of Representatives handed President Barack Obama’s tax
deal a setback on Thursday when it delayed debate and votes on
the measure.

But a senior member of the House Rules Committee, Democrat
James McGovern, called the delay “a little bump” and said the
House could resume consideration of it later on Thursday.

The delay came after Democrats scrambled to find the votes
of majority of the full House to pass a proposed rule for
consideration of the tax cut bill already approved by the
Senate on Wednesday.

A senior Democratic aide said party leaders would
“probably need to redo” the proposed rule, which sets the terms
for consideration of the measure on the House floor, including
possible amendments and time limits.

Ethan Siegal of The Washington Exchange, a private firm
that tracks Washington for institutional investors, said
rejection of the rule would be “a major hiccup but not the end
of the game.”

“I would expect that parts of the Democratic leadership
that support the deal, and other Democrats and the White House
will figure out a way to get it done,” Siegal said.

(Reporting by Thomas Ferraro and Donna Smith; editing by
Jackie Frank)

UPDATE 1-Obama tax cut bill hits snag in U.S. House