The Senate agreed to add, by unanimous consent, a package of tough penalties for tax shelter promoters proposed by Michigan Senator Carl Levin, who spearheaded an investigation into the design and marketing of abusive shelters last year.

Treasury Secretary John Snow praised the Senate action, calling it: "an important step toward ending the burden of the tariffs currently being imposed on US exports. We will continue our efforts to work with Congress to ensure that legislation is signed into law that will help us comply with our WTO obligations, is as close to budget neutral as possible, and will strengthen our economy and help manufacturers and other job creators."

"I'm delighted the American Senate has seen the necessity and wisdom of providing a solution to this problem, " said Tony Rice, secretary general of ICOMIA. "We look forward to the House of Representatives coming to a similar solution."