Economics/Trade

Sen. Orrin Hatch (R-Utah) called Democrats’ Bring Jobs Home Act “misleading” and “political.”

“There is an utter lack of seriousness with this proposal,” the ranking member on the Finance Committee said. “On the surface this might sound reasonable … but as far as tax policy goes, this is a joke.”

Senate Minority Leader Mitch McConnell (R-Ky.) said Democrats are pulling a “Thelma and Louise” by driving the U.S. economy off the fiscal cliff.

“At a moment when more Americans are signing up for disability than finding jobs, Democrats said they think it’s a good idea to drive the country off what economists are calling America’s fiscal cliff this coming January,” McConnell said on the floor Thursday morning. 

More than three dozen House Democrats introduced a resolution on Wednesday that says any agreement to replace the sequester should not cut any social programs, and should reduce the deficit solely by increasing taxes and cutting defense.

And in a sign of how hard it could be for both parties to reach a deal to replace the sequester, the resolution also calls for something Republicans would surely oppose: increased federal spending.

Sen. Dick Durbin (D-Ill.) sent a letter Wednesday applauding banks for following his advice and voluntarily adopting a disclosure form designed to make checking account terms and fees easier for consumers to understand.

“Citi’s and Town and Country Bank’s decision to voluntarily adopt a simple and clear fee disclosure form will help their customers and shows that transparency and fairness are a good business plan,” Durbin said. “Giving consumers clear, upfront and accurate information about the fees that they will be charged will allow consumers to make sound financial decisions. 

Sen. Orrin Hatch (R-Utah) introduced a bill Wednesday addressing President Obama’s decision to waive work requirements in the Temporary Assistance for Needy Families (TANF) law.

Hatch said the Preserving Work Requirement for Welfare Programs Act would have a companion measure introduced in the House by Rep. Dave Camp (R-Mich.).

The House approved the bill in a 414-2 vote, with two Democrats voting against the legislation. 

Senate Majority Leader Harry Reid vowed to change the filibuster rules next year if Democrats retain control of the chamber.

Senate Majority Leader Harry Reid (D-Nev.) filed new tax legislation Tuesday concluding floor business for the day.

The Middle Class Tax Cut Act would extend the Bush-tax rates on family income up to $250,000 and set a top rate of 20 percent for capital gains and dividends, The Hill reported.

After the Senate fails again to advance the Disclose Act on Tuesday afternoon, it will immediately consider legislation that would discourage U.S. companies from hiring overseas, and encourage them to hire domestically.

The Bring Jobs Home Act, S. 3364, is sponsored by Sen. Debbie Stabenow (D-Mich.), who said her bill is needed to stop giving tax breaks to companies that move jobs overseas.

Senate Budget Committee ranking member Jeff Sessions (R-Ala.) said on Tuesday that he would seek to hold the Senate to spending bills that comply with limits agreed by Congress last year, and warned that Senate Democrats appear to be preparing bills that together would exceed those limits by $14 billion.

Sessions said on the Senate floor that under the Budget Control Act (BCA), the House and Senate must pass annual budgets, or if they don't, they must file spending levels for various committees at the 2012 baseline set by the Congressional Budget Office. Because the Senate has no plans to pass a budget, Senate Budget Committee Chairman Kent Conrad (D-N.D.) filed those numbers in late March.