The House meets at 10 a.m. for speeches and noon for legislative work, and is expected to start on H.R. 1315, the Consumer Financial Protection Safety and Soundness Improvement Act.

This bill would make it easier for the new Financial Stability Oversight Council (FSOC) to overrule regulations issued by the Consumer Financial Protection Bureau (CFPB). Both entities were created in last year's Dodd-Frank financial reform bill.

Rep. Waters is accused of violating ethics rules by steering TARP funds to a bank in which her husband invested

The Senate will take up Republicans' "cut, cap and balance" deficit-reduction plan on Thursday and hold a preliminary cloture vote on the legislation Saturday morning, Senate Majority Leader Harry Reid (D-Nev.) said Wednesday.

"I am committed to allowing a full and fair debate on this bill," said Reid. "I want the proponents and opponents of this bill to have time to air their views."

The Senate passed the Military Construction and Veterans Affairs (VA) appropriations bill on Wednesday in 97-2 vote. 

H.R. 2055, the Military Construction, Veterans Affairs and Related Agencies appropriations bill, would increase funding for the VA by 5.8 percent and cut military construction spending by $2.6 billion to reflect anticipated base closures and realignments.

Since reaching the floor last week, the bill has survived two attacks from Republican senators who argued that the Senate ought not be working on appropriations bills without first passing a budget for fiscal year 2012 that would lay down spending parameters.

Prior to the final vote, the Senate also considered several amendments — including one offered by Sen. Tom Coburn (R-Okla.) that would have required veterans who collect benefits and treatment for injuries they claim were caused by war-time herbicides like Agent Orange to prove a causal relationship between their illness and the chemical, based on proximity.

Members of the House on Wednesday afternoon approved a resolution expressing support for a one-year extension of import sanctions against Myanmar, formerly Burma. The House passed H.J.Res. 66 by voice vote.

The non-controversial measure was brought up under a suspension of House rules, requiring a two-thirds vote.

Rep. Mica said Senate Democrats would be blamed for an FAA shutdown if the Senate doesn't accept the House bill.

Sen. Bernie Sanders (I-Vt.) took to the Senate floor Wednesday to criticize the bipartisan Gang of Six deficit-reduction proposal. 

Assistant Senate Majority Leader Dick Durbin (D-Ill.) suggested on Wednesday that the upper chamber will take up Republicans' “cut, cap and balance” proposal later in the day.

“We are going to move this afternoon to a debate on our budget and particularly the debt ceiling we face on Aug. 2,” said Durbin from the Senate floor. 

The House on Wednesday approved a rule allowing consideration of H.R. 2553, which would extend airport and airway taxes for about six weeks. These taxes help fund the Federal Aviation Administration (FAA) but will expire on Friday unless extended.

The rule for the bill was approved in a 242-178 vote, and members were expected to debate and vote on the extension later Wednesday.

But while the bill is cast as an extension of FAA taxes through Sept. 16, it would also make key changes to the Essential Air Service program (EAS), which subsidizes air service in smaller communities. The EAS program costs about $200 million per year.