CONFERENCES, MEETINGS AND EVENTS FOR DECEMBER 2009

CONFERENCES, MEETINGS AND EVENTS FOR DECEMBER 2009

link ...

Upcoming Conferences, Events, and Financial Meetings Dec. 2009 with links ... Will Update ...

All Past and Current Articles are listed to the right side of this blog ...

Iraqi general assassinated

Iraqi general assassinated

BAGHDAD (AFP) – A senior Iraqi army officer has been shot dead in front of his home west of Baghdad, an interior ministry official said on Wednesay.

Brigadier General Riad Abdel Majid, an inspector for the defence ministry, "was killed in Ghazaliya by unknown persons who opened fire on him while he was in front of his house," the official said.

The attack took place late Tuesday, he added.

Members of the security forces are the main targets of an insurgency in Iraq launched by various jihadist groups including Al-Qaeda following the US-led invasion of the country in 2003.

Vietnam set for middle income status: World Bank

Vietnam set for middle income status: World Bank

Dec 22, 2009

The World Bank said it had approved its biggest ever loan to Vietnam as it virtually endorsed the once war-ravaged Southeast Asian nation's impending elevation to middle income status.

The 500 million dollar loan was the first to the fast-growing communist country from the bank's low-interest lending arm, the International Bank for Reconstruction and Development (IBRD), which provides credit to mainly middle income nations.

Vietnam has set itself a 2010 target of embracing middle-income status.

Until now, World Bank support to Vietnam had come from the International Development Association (IDA), which provides interest free loans to the world's poorest countries.

The newly approved loan is aimed at supporting a program of public investment reforms in Vietnam, the Washington-based bank said in a statement.

"This is a significant milestone for Vietnam, a country which will have moved from the category of highly indebted country to middle income status in less than seven years," said World Bank Vice President for the East Asia and Pacific region Jim Adams.

The World Bank declared Vietnam IBRD-eligible in late 2007 but the Vietnamese government has requested a gradual transition to borrowing from the bank on IBRD-only terms.

It will continue to access IDA funds indefinitely.

The World Bank begins to provide IBRD lending when countries hit a per capita income of 1,025 dollars for two consecutive years, virtually endorsing them as middle income level economies.

International donors at a meeting in Hanoi earlier this month pledged a 33-percent increase in aid to Vietnam for next year of more than eight billion dollars.

Officials said the gathering may have been the last in its current form before the country of about 86 million people officially attains middle-income status.

The World Bank said its loan "is aimed at addressing" weaknesses in public investment processes highlighted during recent "macroeconomic turbulence."

It is the first of two single-tranche operations that will support the country's stimulus program in response to the economic crisis, the bank said.

Over the last two years, Vietnam has experienced a succession of shocks starting with massive capital inflows in 2007, a surge in commodity prices in 2008 and export declines as a result of the global economic crisis.

Stimulus measures adopted in late 2008 and supplemented in early 2009 contributed to strong growth, projected to be 5.2 percent this year, the bank said.

World Bank country director for Vietnam Victoria Kwakwa said the quality of Vietnams future growth would depend on reforms to beef up public investment processes.

The areas to be strengthened under the reform program include environmental screening of publicly funded infrastructure projects as well as strengthening public financial management and regulatory framework for private participation in infrastructure, the bank said.

Source: AFP Global Edition

US Freezing Assets of Iraq-based Insurgent Group

"The Treasury action is based on an executive order targeting insurgent and militia groups and their supporters. Any assets the group may have under U.S. jurisdiction are frozen"

December 22, 2009

US freezing assets of Iraq-based insurgent group

WASHINGTON – The Treasury Department is freezing the assets of an Iraq-based insurgent group that has conducted or supported violent raids against U.S. and coalition forces.

The department said Tuesday that since April, the group, Jaysh Rijal al-Tariq al-Naqshabandi, has launched attacks using armor-penetrating grenades, rockets, and improvised explosive devices. It also said the group intended to overthrow the government of Iraq and reinstate the Baath Party that controlled the country during Saddam Hussein's rule.

The Treasury action is based on an executive order targeting insurgent and militia groups and their supporters. Any assets the group may have under U.S. jurisdiction are frozen.

http://news.yahoo.com/s/ap/20091222/ap_on_go_ca_st_pe/us_treasury_assets_frozen

Obama delays Hawaii vacation over Senate vote

Obama delays Hawaii vacation over Senate vote

December 22nd, 2009

Obama was already on his Hawaii vacation at this time last year.

(CNN) - He was already relaxing on the beaches of Hawaii last year at this time, but President Obama said Tuesday his annual vacation to the Aloha State won't begin this year until the Senate passes the health care bill.

"I will not leave until my friends in the Senate have completed their work," Obama said Tuesday. "My attitude is that if they're making these sacrifices to provide health care to all Americans then the least I can do is be around to provide them any encouragement and last-minute help where necessary. That's the deal."

A final vote on the Senate health care bill is currently scheduled for 7 pm ET on Christmas Eve, though it could come earlier in the day if Republicans yield some of their debate time.

White House press secretary Robert Gibbs said Tuesday the president's actual vacation plans won't be determined until the vote has taken place.

Hassani: current oil prices are able to cover the expenses of 2010 budget

December 23, 2009

Hassani: current oil prices are able to cover the expenses of 2010 budget

A member of the Commission on oil and gas in the House of Representatives, Monday, the imports of Iraqi oil are able to meet the financial budget for 2010, noting that "the price of 62,5 per barrel, which the Council of Ministers in accordance with appropriate international oil prices."

The Deputy Chairman of the Commission on oil and gas in the Lower House Speaker Abdul Hadi al-Hassani told (Voices of Iraq) that "imports of Iraqi oil resources are able to meet exchange financial budget for 2010", adding that he does not expect "significant shortfalls in the financial budget for 2010."

The Hassani, "the price approved by the government, estimated at U.S. $ 62,5 per barrel appropriate to cover exchange balance of financial resources", pointing out that Iraq is exporting two million barrels a day, "and the current price of oil is $ 70 per barrel, it is expected that the deficit in the fiscal budget of the 2010 limited. "

Hassani was likely to be "vote on the financial budget for 2010 this week.

The House of Representatives ended two weeks before the second reading of the draft federal budget for the public in 2010, amounting to more than 83 trillion dinars, about $ 75 billion.

Fiscal Rules more Common Recently - IMF

Fiscal rules more common recently - IMF

Economics 12/22/2009 9:17:00 PM

WASHINGTON, Dec 22 (KUNA) -- Fiscal rules have become more "common" in recent years although the financial crisis has "strained" these rules in many cases, the International Monetary Fund (IMF) reported here Tuesday.

This came in a paper by the IMF that assesses the usefulness of fiscal rules in supporting fiscal consolidation, examines the "evolution" of rules using a new database spanning the whole Fund membership and "explores" fiscal frameworks that could be adopted as countries emerge from the crisis.

This work is part of the IMFs ongoing analytical research on economic strategies to be adopted after the crisis, as requested by the G-20 and the IMFC.

According to the paper, fiscal rules have become more "common" in recent years, with almost 80 countries having "national or supranational rules in place in early 2009".

It added that "the need to address the current global crisis has strained the rules in many cases".

"Going forward and looking beyond the crisis, rules-based frameworks can be useful in anchoring expectations regarding fiscal sustainability, but they have to reflect country circumstances," it stressed.

The paper indicated that in countries facing "large" fiscal consolidation needs, a "rules-based framework that can guide policy over the long-run could be designed and announced at an early stage".

It noted that in recent years, an increasing number of countries, "especially members of currency unions and emerging market economies, have relied on fiscal rules to guide fiscal policy".

The Funds paper affirmed that going forward, interest in fiscal rules is likely to increase further "as countries seek to develop exit strategies to meet the fiscal challenges arising from the financial crisis".

(end) si.bs KUNA 222117 Dec 09NNNN

Next Year Iraq to Double Oil Supply to China to 300,000 bpd

Iraq to double oil supply to China to 300,000 bpd

22 December 2009

LUANDA/BEIJING -- Iraq will more than double crude oil supplies to China next year to over 300,000 barrels per day, Iraq"s oil minister said.

Iraqi oil minister Hussain al-Shahristani told Reuters about the supply target on Tuesday on the sidelines of an OPEC meeting in Luanda.

China is the world"s No.2 oil consumer and has recorded the fastest fuel demand growth among all countries this year.

Chinese imports from Iraq have already increased nearly three fold in the first 11 months of this year, which saw average daily imports at about 144,000 bpd, according to Chinese customs data.

AP Global

Chinese-led Group Initials Deal for Iraq Oil Field

December 22, 2009

Chinese-led group initials deal for Iraq oil field

BAGHDAD — A consortium led by China's top oil producer initialled a deal with Iraq on Tuesday to develop the southern Halfaya oil field, oil ministry spokesman Assem Jihad told AFP.

"Yes, they signed the contract today," he said of the group made up of China National Petroleum Corp. (CNPC) and which also includes France's Total and Malaysia's Petronas.

The three companies are aiming to increase production at Halfaya, which has proven reserves of 4.098 billion barrels of oil, to 535,000 barrels per day (bpd).

They will receive fees of 1.40 dollars per barrel extracted.

CNPC has a 50-percent stake in the project, while Petronas and Total each have 25 percent.

Iraq auctioned Halfaya to the consortium on December 11, the first day of a two-day oil field auction which dramatically increased the country's projected crude production to 12 million bpd within seven years.

einnews

First Iraqi bank on American base opens at JBB

First Iraqi bank on American base opens at JBB

13th Sustainment Command (Expeditionary) Public Affairs

12/21/2009 - JOINT BASE BALAD, Iraq --

Contractors and Iraqi entrepreneurs throughout Joint Base Balad, Iraq now have access to the Al Warka Bank, after the opening of a branch Dec. 17 at the Iraqi Free Zone.

"The importance of today can't be understated," said Brig. Gen. Paul L. Wentz, commanding general of the 13th Sustainment Command (Expeditionary) out of Fort Hood, Texas. "This is the first Iraqi bank to be opened on an American base. We're thrilled that they've chosen Joint Base Balad to open another branch."

Wentz said the bank opening is an important symbol for the independence and sovereignty of Iraq, as well as the growth and stability of the institution.

The Al Warka Bank is one of the largest financial institutions in Iraq, with 120 branches and 350 ATMs located throughout the country, said Maj. David M. Foster, the officer in charge of the Iraq-Based Industrial Zone, with the 13th ESC.

The bank is considered by the Central Bank of Iraq to be the first private bank in Iraq and was established in 1999, he said.

"It feels real good to finally get the bank done," said Foster, a Newport Beach, Calif., native. "The process has taken almost two years."

Said Saleh Mohammed, the regional manager of Al Warka Bank for the Salah ad Din province, said through an interpreter if contractors or Iraqi entrepreneurs open an account at this branch, it is just like opening an account at any other branch in Iraq.

"We are so glad to open another branch here at JBB, because we are going to have all the contractors and local nationals invest at the bank to make it easy for them," he said.

Mohammed, who works at the Iraqi Bazaar and prefers to go by his first name, said through an interpreter he is happy about the bank opening because it is a good way for Iraq to begin replacing American currency with Iraqi money.

Mohammed also said he likes the ATM, as it allows them easier access to their money. The debit card the bank provides can be used throughout Iraq and helps business because the Iraqi Bazaar will start accepting them as well, he said.

Foster said the banks are fee-based, offering services such as foreign currency exchange, money wiring, letters of credit, electronic funds transfers, and savings and checking accounts.

He said the bank will provide services to Iraqis who work at JBB who may not have access to them in their local communities, and will give them the opportunity to learn how to use the banking services Al Warka provides.

Said Saleh Mohammed said the Iraqi bank will also help the local economy by providing jobs.

Bank administrators plan to open another bank in Tikrit, Said Saleh Mohammed said. The process should be go smoother this time, using JBB as a model, he said.

"We would like to thank everyone that helped open this bank, especially the Iraqi-Based Industrial Zone," said Said Saleh Mohammed. "Hopefully, we're going to be able to help the Iraqis and the Americans."

Foster said he was excited to watch the new business open.

"It has been a long journey to be here today," he said. "We've had to overcome numerous obstacles. With the help of various Army, Air Force, and state department organizations, we were able to overcome those obstacles."

http://www.army.mil/-news/2009/12/19/32134-first-iraqi-bank-on-american-base-opens-at-jbb/

155th (Extraordinary) Meeting of the OPEC Conference

155th (Extraordinary) Meeting of the OPEC Conference

No 13/2009
Luanda, Angola
22 December 2009

The 155th (Extraordinary) Meeting of the Conference of the Organization of the Petroleum Exporting Countries (OPEC) convened in Luanda, Angola, on 22 December 2009, under the Chairmanship of its President, HE Eng. José Maria Botelho de Vasconcelos, Minister of Petroleum of Angola and Head of its Delegation, and its Alternate President, HE Germánico Pinto, Minister of Mines and Petroleum of Ecuador and Head of its Delegation.

His Excellency António Paulo Kassoma, Prime Minister of the Republic of Angola, formally addressed the Conference.

The Conference welcomed the Minister of Oil and Gas Affairs of Bahrain; the First Undersecretary of the Ministry of Petroleum of the Arab Republic of Egypt; the Minister of Energy and Mineral Resources of Indonesia; and the Minister of Oil and Gas of the Sultanate of Oman; attending the Meeting as Observers.

The Conference considered the report of the Ministerial Monitoring Sub-Committee, whose Members the Conference again commended for their continued and appreciated efforts on behalf of the Organization, as well as other presentations and administrative matters. The Conference also exchanged views on, inter alia, recent multilateral developments on environment matters, in particular the 15th Session of the Conference of the Parties of the UNFCCC.

Having reviewed the oil market outlook, including the overall demand/supply projections for the year 2010, in particular the first and second quarters, the Conference observed with great concern that, whilst the worst of the recession appears to be over, the world economy remains confronted with the deepest, most wide-spread contraction since the 1940’s. For the first time since the early 1980’s, world oil demand has declined for the second, successive year.

Moreover, although asset market prices have rebounded and economic growth has resumed in some parts of the world, it is not yet clear how strong or durable the recovery might be. With the world still faced by shrinking industrial production, low private consumption and high unemployment, the Conference once again decided to maintain current oil production levels unchanged for the time being. In taking this decision, Member Countries repeated their commitment to the individually agreed production allocations, as well as their readiness to rapidly respond to any developments which might place oil market stability and their interests in jeopardy. The Secretariat is to continue closely monitoring the market, keeping Member Countries abreast of developments as they occur. The situation will be reviewed at the next Ordinary Meeting of the Conference.

In taking the above decision, Heads of Delegation reiterated OPEC’s statutory commitment to providing an economic and regular supply of petroleum to consuming nations whilst stabilizing the market and realizing the Organization's objective of maintaining crude oil prices at fair and equitable levels, for the future well-being of the market and the benefit of both producers and consumers.

In the interests of oil market stability, the Conference renewed its call on non-OPEC producers/exporters to cooperate with the Organization to support oil market stabilization, the restoration of market equilibrium being a burden which OPEC Member Countries are unable to bear alone.
The Conference confirmed that its next Ordinary Meeting will be held on Wednesday, 17 March 2010, in Vienna, Austria.

The Conference approved the Budget of the Organization for the year 2010.

The Conference expressed its sincere gratitude to His Excellency Dr. José Eduardo Dos Santos, the President of the Republic of Angola, as well as to the Government and the People of Angola for the warm hospitality extended to Conference participants and for the excellent arrangements made for the Meeting.

In addition, the Conference recorded its special thanks to HE Eng. José Maria Botelho de Vasconcelos, Minister of Petroleum, and his Staff for their warm hospitality and the excellent arrangements made for the Meeting.

Finally, the Conference passed Resolutions that will be published on 22 January 2010, after ratification by Member Countries.

http://www.opec.org/opecna/Latest%20Stories/OPECSecretariat.asp

"The economy started 2009 with a whimper, but it is going to end with a bang," economists predict ...

Recovery on track to strengthen at end of 2009

How? when? 10 more days?

Tuesday December 22, 2009


WASHINGTON (AP) -- The economy started the year in free-fall but is on track to end 2009 on stronger footing.

After a record four straight quarters of declines, the economy returned to growth in the July-to-September period.

The government is expected to estimate the economy expanded at a 2.8 percent pace in the third quarter when it releases its final projection of last quarter's growth on Tuesday at 8:30 a.m. EST.

And many analysts think the economy appears headed for an even better finish in the current quarter.

The economy is probably growing at nearly 4 percent in the October-to-December quarter, analysts say. If they're right, that would mark the strongest showing since 5.4 percent growth in the first quarter of 2006 -- well before the recession began.

The government will release its first estimate of fourth-quarter economic activity on Jan. 29.

"The economy started 2009 with a whimper, but it is going to end it with a bang," economists Paul Ashworth and Paul Dales of Capital Economics predict.

Yet even such growth wouldn't be enough to quickly drive down the unemployment rate, now at 10 percent. High unemployment and tight credit for both consumers and businesses are expected to continue to weigh on the economic recovery. Many economists predict the economy's growth will slow to a pace of around 2 or 3 percent in the first three months of 2010.

Growth in the final quarter is expected to be driven by companies restocking depleted inventories. Stocks of goods were slashed at a record pace during the recession. So even the smallest pickup in customer demand will force factories to step up production and boost overall economic activity in the final quarter.

Stronger sales of exports to foreign customers, as well as spending by U.S. consumers and businesses, also will help underpin fourth-quarter growth.

It's been a wild ride for the economy this year. In the first three months, it shrank at a pace of 6.4 percent -- its worst downhill slide in 27 years.

The recession eased in the second quarter, with the economy dipping at a pace of just 0.7 percent. A return to growth in the third quarter signaled the end of the worst and longest recession since the 1930s.

But much of the third quarter's growth was supported by government stimulus spending. The Cash for Clunkers rebates and an $8,000 tax credit for first-time homebuyers buoyed sales of cars and homes. The clunkers program ended in August, though the tax credit has been extended and expanded beyond first-time buyers.

It's unclear how the recovery will fare once the government withdraws stimulus programs put in place to combat the financial crisis and the recession. If consumers pull back on spending, the economy could tip back into recession.

Ashworth and Dales predict the recovery will slow, with the economy's growth fading to just 1.5 percent in 2011.

Against that backdrop, the Federal Reserve pledged last week to keep interest rates at a record low to help the recovery gain traction.

Faced with the prospects of high unemployment well into the 2012 presidential election year, President Barack Obama wants the government to take further steps to put Americans back to work. The House last week passed some provisions that Obama has pushed to aid job growth. But it didn't include new tax breaks for small businesses that hire.

The administration credits its $787 billion package of tax cuts and increased government spending with improving employment, though Republicans argue it did not help much.

http://finance.yahoo.com/news/Recovery-on-track-to-apf-2679594626.html?x=0

Obama to meet with small and community bankers

Tuesday December 22, 2009

Obama to discuss economy, lending, financial regulation with small and community bankers

WASHINGTON (AP) -- President Barack Obama will discuss the economy, lending to small businesses and financial regulation when he sits down at the White House with representatives of a dozen small and community banks.

Obama scheduled Tuesday's session as a follow-up to a similar meeting he held last week with some of the nation's top bankers.

At that meeting, Obama implored bankers to help keep the fragile recovery from faltering by increasing lending to small businesses and supporting a rewrite of financial regulations. Those bankers said afterward that they got Obama's message.

On Tuesday, "the president will reiterate to attendees that we all have a stake in getting the economy back on track, from the government to the small and large financial institutions to the private sector," White House spokeswoman Jennifer Psaki said.

Obama plans to discuss the need to increase lending to small businesses, the housing foreclosure crisis "and the importance of passing financial reform to local communities," she said.

The House recently passed a bill that would overhaul the system of financial regulation by granting the government new powers to split up companies that threaten the economy, creating an agency to oversee consumer banking transactions and bringing transparency to shadow financial markets that have escaped federal oversight. The Senate Banking Committee is working on its version of the measure.

Critics say banks are using deposits to buy securities instead of lending money. Bankers and analysts say the industry is just following the road map for managing its finances early in a recovery, when the risk of borrowers defaulting remains high.

According to the Federal Reserve, loans by the nation's 8,000 banks fell 8 percent to $6.7 trillion in the past year, and some analysts expect them to keep falling at least through next year.

Obama sees unlocking tight credit markets as one way to tackle a national unemployment rate clinging to double digits.

November's unemployment rate was 10 percent, down slightly from 10.2 percent in October. Obama argues that jobs will be created if small business owners -- who employ the majority of U.S. workers -- get the money they need to expand their operations.

Among those invited to meet with Obama in the Roosevelt Room of the White House are Deborah Chequeta Wright, chairman and CEO of Carver Federal Savings Bank of New York, N.Y.; Mark Schroeder, president of German American Bancorp of Jasper, Ind.; and James McPhee, president of Kalamazoo County State Bank of Schoolcraft, Mich.

Executive Order -- Amending Executive Order 12425

The White House

Office of the Press Secretary

For Immediate Release December 17, 2009

Executive Order -- Amending Executive Order 12425

EXECUTIVE ORDER

AMENDING EXECUTIVE ORDER 12425 DESIGNATING INTERPOL
AS A PUBLIC INTERNATIONAL ORGANIZATION ENTITLED TO
ENJOY CERTAIN PRIVILEGES, EXEMPTIONS, AND IMMUNITIES

By the authority vested in me as President by the Constitution and the laws of the United States of America, including section 1 of the International Organizations Immunities Act (22 U.S.C. 288), and in order to extend the appropriate privileges, exemptions, and immunities to the International Criminal Police Organization (INTERPOL), it is hereby ordered that Executive Order 12425 of June 16, 1983, as amended, is further amended by deleting from the first sentence the words "except those provided by Section 2(c), Section 3, Section 4, Section 5, and Section 6 of that Act" and the semicolon that immediately precedes them.

BARACK OBAMA

THE WHITE HOUSE,
December 16, 2009.

CHECK THIS OUT ...

http://www.freerepublic.com/focus/f-chat/2411476/posts

and go here and scroll down to read the bill ~

http://74.125.93.132/search?q=cache:_DDrwPkEXNcJ:www.icann.org/en/psc/annex9.pdf+international+organizations+immunities+act+1945&cd=1&hl=en&ct=clnk&gl=us

Grandkids May Benefit as Estate Tax Lapse Cuts Taxes (Beware ~ it could become retroactive later)

Grandkids May Benefit as Estate Tax Lapse Cuts Taxes

Dec. 21 (AP) -- Wealthy individuals who give their fortunes to grandchildren will see taxes on those gifts drop to 35 percent due to the expiration of the estate tax on Jan. 1.

Current levies on gifts to grandchildren or later generations, known as the generation-skipping tax, are scheduled to expire for one year along with the federal estate tax because Congress abandoned efforts to extend both last week.

That means individuals may transfer assets next year to younger generations and pay a single 35 percent gift tax, compared with three sets of taxes each as high as 45 percent. Higher taxes return in 2011 unless Congress acts sooner.

“It’s been prohibitive for making direct gifts to grandchildren,” said Neil Tendler, a tax principal in the Family Office Group at Rothstein Kass based in Roseland, New Jersey, of the expiring taxes.

The opportunity to transfer wealth at a steep tax discount has left lawmakers and estate planners trying to deal with the consequences of the law expiring, said Carol Harrington, head of the personal wealth division at the Chicago law firm McDermott Will & Emery LLP.

Those who make gifts early in 2010 may find they owe additional taxes if Congress makes the law retroactive as some lawmakers have said they’ll do.

“There are some people who will take that bet” that Congress won’t act, Harrington said. “It could be a pretty big advantage if Congress is so dysfunctional that retroactivity is no better than a 50-50 bet.”

Avoiding Taxes

The generation-skipping tax originally was designed to prevent the wealthy from avoiding taxes when they die, the Congressional Budget Office said in a report to lawmakers Dec. 18. The total tax on gifts to grandchildren have been so high that very few estates have made such transfers, according to the report.

Under current law a gift of $10 million to a grandchild would face total taxes of about $8 million, including available exemptions, said Matt Brady, head of the Wealth Advisory group of Barclays Wealth in the Americas. The same gift will be taxed in 2010 at a rate of 35 percent, or about $3.5 million. In cases where no more exemptions are available, the total tax may be worth more than the gift itself, Harrington said.

If Congress extends the taxes retroactively, there likely will be lawsuits challenging their constitutionality, although a 1994 Supreme Court case allowed some retroactive taxes, said Tom Karsten, senior managing partner at Karsten Tax and Financial Management based in Fort Worth, Texas.

Tax Extension

Senate Finance Committee Chairman Max Baucus, a Democrat from Montana, and Charles Rangel, chairman of the tax-writing House Ways and Means Committee and a Democrat from New York, said they are working to extend the estate and generation skipping tax in 2010.

The House of Representatives adopted legislation Dec. 3 to make the current estate and generation skipping tax rates permanent. The House is adjourned until Jan. 12. In the Senate, 11 Democrats earlier this year backed all 40 Republicans in seeking a lower 35 percent rate on estates valued at more than $10 million per couple.

Clint Stretch, a principal at the Washington consulting firm Deloitte Tax LLC, said promises by legislators to act in January probably won’t be kept.

“History would say they don’t get their act together that quickly,” Stretch said. “I could easily see a scenario where addressing this problem is much longer than January; it could be as long as April or May.”

Karsten said the longer Congress delays, the longer the odds of a retroactive reinstatement.

“The longer it goes on the greater potential that Democrats could say we don’t need to fix it,” he said. “In an election year they can say: ‘we didn’t pass this legislation, this was passed during the Bush administration.’”


AP