Economics/Trade

House Minority Whip Steny Hoyer (D-Md.) on Thursday again pressed Republicans to drop plans for passing a bill that would prioritize federal payments in the event that the debt ceiling is reached.

Earlier this month, the chamber's majority leader, Rep. Eric Cantor (R-Va.), said the GOP would soon move a bill that would require the federal government to prioritize interest service payments on the national debt if the debt ceiling is hit. The goal of the bill would be to ensure that the U.S. stays current on its interest payments, even though prioritizing federal payments this way could mean temporary cuts to other programs.

House Majority Leader Eric Cantor (R-Va.) assured Democrats on Friday that Republicans would bring forward a bill to ensure the government does not default on its debt.

"We do intend to consider a bill that will ensure we meet our legal obligations and do not default on our debt, which I'm sure the gentleman agrees with me … is the responsible thing to do," Cantor said on the House floor in a discussion with Minority Whip Steny Hoyer (D-Md.).

Senate Minority Leader Mitch McConnell (R-Ky.) criticized President Obama for not doing enough to address entitlement reform in his 2014 budget.

“It’s just another left-wing wish list. Well, let me clarify: a wish list with an asterisk,” McConnell said on the Senate floor Wednesday. “The president seems prepared to finally concede this time that at least something needs to be done to save entitlements from their inevitable slide toward bankruptcy.”

Senate Majority Leader Harry Reid (D-Nev.) said Wednesday that “the rich are willing” to pay more in taxes in order to replace the automatic spending cuts, known as sequestration.

Reid was urging his colleagues to come together to replace the sequestration cuts.

“We can repair the damage done, and put Americans back to work,” Reid said. “We must replace the sequester with a balanced approach to deficit reduction. Such a balanced approach – one that asks the richest among us to contribute their fair share to deficit reduction – would avert cuts that hurt American families, harm military readiness and hinder our economic recovery. … The rich are willing to do this.”

Sen. John Thune (R-S.D.) said that he would be looking for three things in President Obama’s budget, which will be released Wednesday.

“It strikes me at least, that as the president releases his budget the fundamental question that ought to be asked is what does his budget do to increase jobs, grow the economy, and increase take home pay?” Thune said on the Senate floor Tuesday.

Senate Minority Leader Mitch McConnell (R-Ky.) said Tuesday that President Obama’s 2014 budget sounds like a “warmed-over version of last year.”

“It sounds like the White House just tossed last year’s budget into the microwave,” McConnell said on the Senate floor Tuesday. “I sincerely hope it’s not just a warmed-over version of last year's [budget]. Because if it is — what a colossal waste of time.”

Sen. Al Franken (D-Minn.) said Monday that he hoped newly confirmed Securities and Exchange Commission (SEC) head, Mary Jo White, would change how credit rating agencies are compensated.

“Every senator here saw it in their state,” Franken said. “The [financial] crisis profoundly affected the everyday lives of millions of people around the country in so many ways. … People lost their homes, they lost their jobs and they lost their health insurance."

Sen. Chuck Grassley (R-Iowa) warned Marilyn Tavenner Monday that she would have to answer tough questions at a Senate Finance Committee hearing later this week.

Travenner is President Obama’s nominee to head the Centers for Medicare and Medicaid Services (CMS) and the Senate Finance Committee will hear testimony from her on Tuesday. She is currently the Acting CMS Administrator.

Rep. Eric Cantor told Republicans that the House would soon pass legislation prioritizing payments if the U.S. hits debt ceiling.

Sen. Tim Kaine (D-Va.) said Tuesday that he would introduce his first bill when the Senate returns next week.

Kaine said the Troop Talent Act would help transition military services members from active duty to the civilian workforce and allow military training to be applied toward certifications or licenses required for some jobs.