The Senate meets at 9:30 a.m. and will spend the first hour on the controversial nomination of Richard Cordray to be the director of the Bureau of Consumer Financial Protection. Democrats plan a 10:30 a.m. cloture vote on the motion to proceed to Cordray's nomination.

If cloture fails (as it might, given GOP opposition to Cordray and the bureau itself), the Senate will consider a motion to proceed to the Middle Class Tax Cut Act, S. 1944. That bill is the revamped Democratic proposal to extend payroll taxes.

The Senate unanimously cleared a six-month extension of funding for national flood insurance before adjourning Wednesday night. 

S. 1958, which cleared by a voice vote, was penned by Sen. David Vitter (R-La.) and ensures stability for the National Flood Insurance Program (NFIP) through May 31, 2012 by inuring it from  the tumultuous political atmosphere expected for the remainder of the month. The bill now goes to the House for approval. 

The House on Wednesday evening quickly approved seven suspension bills by voice vote, after having debated them briefly on Monday.

Most of the bills related to land use, and none were controversial during Monday's debate.

The House also debated a bill that would ban a few dozen synthetic drugs that have effects similar to marijuana. Some Democrats objected to the bill by saying it would make medical research more difficult, and said the government already has the authority to ban dangerous substances.

A voice vote was objected to on the floor, which likely means a roll call vote will be needed Thursday. The bill is a suspension bill, which means a two-thirds vote will be needed for passage.

The House on Wednesday passed legislation that would require Congress to approve all major federal regulations with an effect of $100 million or more, a Republican attempt to rein in what they see as the expanding regulatory burden faced by companies across the country.

The Regulations from the Executive in Need of Scrutiny (REINS) Act, H.R. 10, was approved in a mostly party-line vote. The bill passed 241-184, and only four Democrats joined Republicans.

The House on Wednesday voted to reject all five Democratic amendments to H.R. 10, a bill that would require Congress to approve all major rules having an impact of $100 million or more.

Only seven amendments in total were made in order, and by voice vote, the House approved one from Rep. Pete Sessions (R-Texas) that would require agencies submitting rules to Congress to assess anticipated jobs gained or lost because of the rule.

Sen. John McCain (R-Ariz.) suggested on Wednesday that the Russian people could follow the example set by Arabs this spring in casting off oppression and human rights violations imposed by their government.

“I have said that the demand for dignity, and justice, and democracy that is shaking the Arab world to its foundations will not be confined to that one region alone," said McCain speaking of the Middle East. "[I]t will demonstrate to others that the frustrations, and indignities, and lack of hope that they may feel today need not be the realities that they endure tomorrow.”

Top Democrats from the House and Senate said Wednesday that Congress should not leave for the Christmas break until an agreement is reached to extend the payroll tax cut and other outstanding issues.

“We should not go home for the holidays without passing a middle-income payroll tax cut and unemployment insurance and SGR,” House Minority Leader Nancy Pelosi (D-Calif.) said on the House floor. SGR refers to the so-called sustainable growth rate of Medicare reimbursement, which both parties have said needs to be addressed before they leave.

Majority Leader Eric Cantor (R-Va.) told House members that they could have to stay in Washington to finish up Congressional business — including a vote on extending the payroll tax cut — before returning home for the holidays.

"Beginning next Monday, the House will not adjourn again until we have concluded our legislative business for the 1st Session of the 112th Congress. While our goal is to complete all legislative business by Friday, December 16, Members are advised to keep their schedules flexible into the weekend of the 16th," Cantor said in an email. "Saturday and Sunday sessions are possible."

Senate Majority Leader Harry Reid (D-Nev.) said earlier Wednesday that the Senate would not adjourn until the payroll tax cut extension was brokered.

Iowa Sen. Chuck Grassley, the ranking Republican on the Senate Judiciary Committee, on Wednesday called for the resignation of Assistant Attorney General for the Criminal Division of the Justice Department Lanny Breuer, suggesting he helped to cover up the botched “Fast and Furious” gun-walking operation.

“It is past time for accountability at the senior levels of the Justice Department,” Grassley said on the Senate floor. “That accountability needs to start with the head of the Criminal Division, Lanny Breuer. I believe it is time for him to go.