Sens. Jim DeMint (R-S.C.), Mike Lee (R-Utah) and Rand Paul (R-Ky.) this week introduced legislation that would exempt gold and silver coins declared by the federal or any state government as legal tender from taxation.

The Sound Money Promotion Act, S. 1287, is meant to build on what the sponsors see as a reaction to overspending by the federal government and the falling value of the dollar. The senators said that in May, Utah became the first state to recognize these coins as legal tender within the state, and said 12 other states, including South Carolina, are considering similar measures.

Sen. Jeff Sessions on Wednesday threatened to derail the Senate's planned recess to protest Democrats’ lack of a budget plan.

The Senate on Wednesday defeated an amendment in a 44-55 vote that would have prevented the International Monetary Fund (IMF) from using $108 billion in U.S. monies to bail out foreign nations. 

The author of the amendment, Sen. Jim DeMint (R-S.C.), said he is concerned that the IMF is using U.S. funds to rescue irresponsible nations and banks. He said the U.S. can no longer afford to offer such aid. 

The legislation would allow some minor executive nominees to be dealt with on the committee level.

Senate Majority Leader Harry Reid (D-Nev.) on Wednesday battered Republicans for what he characterized as their attempt to end Medicare in its current form. 

"Their ideological budget would end Medicare as we know it, once again subjecting seniors to the rising costs of healthcare," said Reid from the Senate floor. "Democrats refuse to let that happen."

Democrats will never give in to Republican designs for the program, said Reid. 

Senate Minority Leader Mitch McConnell (R-Ky.) on Wednesday said Democrats' approach to the looming budget crisis has been "astonishing" and closer to a parody than an actual negotiation.

"This isn't a negotiation," said McConnell. “It’s a parody … the Democratic approach to this debate has been astonishing.”

Senate Republicans on Wednesday morning said they would push for a balanced-budget amendment to the Constitution that they hope will lead to congressional passage this year and allow U.S. states to consider the amendment before the end of the year.

"The American people are demanding that Congress debate and pass a balanced-budget amendment to the Constitution," Sen. Orrin Hatch (R-Utah) said. "They're going to get that debate, and I am confident that if congressmen and senators listen to their constituents, the citizens of this nation are going to have an opportunity to ratify a balanced-budget amendment his year."

Senate Judiciary Committee Chairman Patrick Leahy (D-Vt.) indicated Tuesday that he would prefer to have the Senate approve the House-passed version of the patent reform bill, rather than hold what could be a more complicated House-Senate conference on the legislation. But this possibility is leading opponents of the measure to press for a conference in order to make what they say are needed changes to the bill.

In an email to members of the committee, Leahy stressed that several groups support quick passage of the House bill, H.R. 1249, and said there is "growing support for the Leahy-Smith American Invents Act," referring to Rep. Lamar Smith (R-Texas), the chairman of the House Judiciary Committee.

Senate Majority Leader Harry Reid (D-Nev.) managed to strike a deal with Republican senators Tuesday night that allowed him to schedule a vote on final passage on legislation that would streamline the judicial confirmation process in the Senate. The Senate meets at 9:30 a.m. to begin this work.

As part of the deal, Reid pushed through a series of amendments by unanimous consent, and agreed to votes on Republican amendments that will occur Wednesday prior to the vote on the underlying legislation.

The Presidential Appointment Efficiency and Streamlining Act of 2011 is a timesaving measure designed to eliminate the need for executive nominees for minor posts in the government to be confirmed by the Senate as a whole. Instead, it would allow the process to be dealt with on a committee level.