WASHINGTON — Congress returns from its August recess this week after a month of campaigning and faces a laundry list of issues to tackle, including extending dozens of expired tax breaks and approving legislation to avoid a government shutdown after Sept. 30.

But Capitol Hill observers contend that any significant tax legislation will be bumped to the lame-duck session after the elections or more likely punted to early 2013, given how little time the lawmakers have.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.