City Council passes a measure to reduce the BPT but not eliminate it. The margin of passage is not veto-proof. Opponents claim that Council is on a holiday spending spree, and that other taxes will go up when budget time comes around.
Street intends to veto the newly passed measure. He's particularly annoyed that this discussion is taking place in a vacuum, before the announcement of the new budget and 5-year plans.
Ben Waxman at YPP thinks that the current state of BPT discussions/amendments indicates that Council has decided not to pursue this issue seriously for now, and/or that it has been neutralized as an issue in the 2007 mayoral race... There's still theoretically a special session next week at which this could be discussed, though, so well have to see whether he's right.