Daily Policy Note for December 10, 2012
RPC Brief
Legislative Notice: S. 3637, the “Transaction Account Guarantee” Extension Bill: S. 3637 will temporarily extend the Transaction Account Guarantee (TAG) program until December 31, 2014. It would instruct the Federal Deposit Insurance Corporation (FDIC) to estimate the expected losses due to the program’s extension for each calendar year and to collect an amount equal to the expected losses by September 30 or each calendar year. The bill would require the FDIC to charge assessments in addition to the assessments that that the FDIC would otherwise collect, but does not specify how this would be done. The current TAG program is set to expire on December 31, 2012.
GOP Weekly Address
Senator Rubio: Jobs and the Middle Class: In the Weekly Republican Address, Florida Senator Marco Rubio, says, "Americans are struggling to find or keep middle class jobs for two reasons: because our economy is not creating enough of these jobs and because too many of our people don't have the education or skills required for the jobs that are being created."
Senate GOP Committee News
Senate Committee on the Budget: Sessions Comments on New CBO Report: “President Obama talks a lot about a ‘balanced plan’ for deficit reduction, but there is one simple question the White House won’t answer: how do you plan to balance the budget?”
Today’s Headlines
Politico: Senators Wary of Filibuster ‘Nuclear Option’: Influential senators, fearful of Majority Leader Harry Reid’s threat to jam filibuster changes through the Senate early next year, have begun back-channel talks to avoid what critics dub the “nuclear option.”
The New York Times: New Taxes to Take Effect to Fund Health Care Law: For more than a year, politicians have been fighting over whether to raise taxes on high-income people. They rarely mention that affluent Americans will soon be hit with new taxes adopted as part of the 2010 health care law. The new levies, which take effect in January, include an increase in the payroll tax on wages and a tax on investment income, including interest, dividends and capital gains. The Obama administration proposed rules to enforce both last week.
The Washington Post: Chinese Company Buys Battery Maker That Got Recovery Funds: Wanxiang America, the U.S. arm of a Chinese automotive parts giant, won the bidding for a bankrupt Massachusetts-based lithium battery manufacturer that was once hailed as a cornerstone of President Obama’s quest for American dominance in electric vehicles and battery technology.
Key House Action
No votes are expected in the House today.
Speaker Boehner: Bowles: We Have to Cut Spending: While President Obama is demanding tax rate hikes on small businesses, former Clinton White House Chief of Staff and Democrat Erskine Bowles told CBS Face the Nation, "We have to cut spending." Bowles, whose proposal to the Joint Select Committee on Deficit Reduction is the basis for the latest Republican plan to avert the fiscal cliff, said the president's plan "won't solve the problem."
Polling Numbers
The Hill: Hill Poll: Majority says Deficit Talks are Doomed: “Strong majorities, however, oppose proposals that have been part of early talks — particularly Obama’s request for unilateral authority to raise the debt ceiling. According to the poll, 59 percent reject the president’s demand that Congress give up power to set the country’s borrowing limit.”
Economic News
Wall Street Journal: Consumer Spending Wobbles: U.S. consumer spending, a rare pillar of economic strength in recent months, is showing signs of weakening. American consumers helped carry the economy through a spring slowdown and appeared to power a summer resurgence in growth. But in recent weeks government data have shown spending was slower over the summer than previously believed, and it has started off the final three months of the year on an even weaker footing.
Floor Schedule for Monday, December 10
At 2:00 p.m., Majority Leader Reid will be recognized. Following the Leaders’ remarks, the Senate will be in Morning Business until 5:00 p.m., with Senators permitted to speak up to 10 minutes each.
At 5:00 p.m., the Senate will resume consideration of motion to proceed to S. 3637, the Transaction Account Guarantee bill, for 30 minutes of debate, equally divided.
At 5:30 p.m., the Senate will vote on cloture on the motion to proceed to S. 3637.
A Look Ahead
Legislative possibilities for this lame duck work period include: Transaction Account Guarantee (TAG) program extension, Nomination of Carol J. Galante, of California, to be an Assistant Secretary of Housing and Urban Development, Hatch Resolution of Disapproval re: TANF Waiver Authority, Payroll tax cut, traditional tax extenders bill, extension of 2001/2003/2009 tax relief, debt limit increase, sequestration for FY2013, Doc Fix/Medicare extenders, Violence Against Women Act reauthorization, Hurricane Sandy disaster funding, FISA extension, Intelligence Reauthorization, nominations, tax treaties, and public lands package.
Birthdays
John Boozman
