Sen. Carl Levin, D-Mich., has reportedly predicted that Congress will soon begin debating both Democratic and Republican proposals on extending the Bush tax cuts, perhaps as early as this Thursday.

Levin, whose brother Sander chairs the tax-writing House Ways and Means Committee, told the political blog Talking Points Memo on Tuesday that the debate would begin this week, but the blog later added that campaign finance legislation would be debated first.

Still, anticipation is building on the dueling proposals, and whether the two sides will cut a deal or compromise before the November elections on extending the tax cuts to those making over $250,000 a year.