|
 |
 |
|
OVERNIGHT MONEY: Payroll tax, jobless benefits talks land on weekend agenda
FRIDAY'S BIG STORY:
Everybody's working through the weekend: Senate Democrats launched their first offer on federal unemployment insurance that would cap benefits at 93 weeks, a proposal that landed with a thud among Republicans on Thursday.
The offer to Republicans on the payroll tax conference committee is meant as an opening salvo from which lawmakers can negotiate a compromise between the GOP-proposed 59 weeks and the Democrats' 93 — leaving them 34 weeks apart — with time ticking away before the current law expires at month's end.
With no more conferee meetings scheduled and no votes lined up in the House and Senate on Friday, staffers are expected to work through the weekend as Democrats and Republicans continue to wrangle over the bill's contents.
Two days after their last public meeting, in which the two sides battled over how to pay for their proposals, Democratic and Republican conferees privately huddled separately on Thursday.
For their part, Republican conferees deemed the Democratic offer a joke not long after they received it this morning, noting that President Obama had essentially called to cap the number of weeks at 79.
Speaker John Boehner (R-Ohio) on Thursday continued to press the GOP argument that Democrats were intentionally dragging their feet on the payroll tax cut.
Democratic leaders this week, like Senate Majority Leader Harry Reid of Nevada, have shot back that Republicans are looking to end the tax relief to throw a wrench into the economy’s recovery.
WHAT ELSE TO WATCH FOR
U.S.-Egypt relations: With Egypt threatening to put American NGO workers on trial, relations with the United States are under strain. Under Secretary of State for Economic Affairs Robert Hormats will face questions about economic ties with Egypt — a huge beneficiary of U.S. foreign aid — at the Peterson Institute for International Economics on Friday.
Building a rapport: Federal Reserve Chairman Ben Bernanke will deliver remarks via webcast to the National Association of Home Builders's International Builders's Show on Friday. Bernanke came under fire from some lawmakers in Congress for producing a white paper recommending greater federal intervention to shore up the housing market. Home builders have been more upbeat as of late on the condition of the housing market, which is showing signs of a sustained recovery.
Another look at housing: The Senate Banking, Housing and Urban Affairs subcommittee on Housing, Transportation and Community Development heads to New Jersey for a field hearing on foreclosures, which continue to weigh down the housing market's recovery.
LOOSE CHANGE
Convention time: House Majority Leader Eric Cantor (R-Va.) will address Washington and Lee University’s Republican mock convention in Lexington, Va., on Friday.
Line-item avenue: Several senators — including Sens. John McCain (R-Ariz.), Tom Carper (D-Del.), Mark Udall (D-Colo.) and Dan Coats (R-Ind.) — filed their line-item veto proposal as an amendment to the $109 billion transportation bill under consideration in the Senate. With the support of the White House and 43 co-sponsors, the provision has a chance to get through the upper chamber.
"Yesterday’s strong, bipartisan vote in the House signals that the time is now to move forward with common-sense legislation that ensures greater accountability for federal spending in both the executive and legislative branches of our government," Carper said.
"With federal deficits as large as the ones we continue to face, we need to change the way we do business in Washington," he said. "We need to be willing to take an idea that has worked in many states, modify it and see if it might work in our nation's capitol, too."
BREAKING THURSDAY
Long haul for a housing settlement: President Obama hailed a landmark deal struck Thursday with the nation’s largest banks over alleged foreclosure abuses, arguing it will help millions of people dealt a blow by the sagging housing market.
Under the agreement reached Thursday, large banks — including JPMorgan Chase, Bank of America and Citigroup — are expected to pay approximately $26 billion to cover refinancing costs for homeowners and reimburse them for shoddy foreclosure practices.
Stepping it up for the STOCK Act: The House and Senate have overwhelmingly approved legislation banning insider trading by members of Congress, and it appears that a conference committee will be required to settle differences between the two.
Democrats are unhappy with how House Majority Leader Eric Cantor (R-Va.) modified the version originally passed in the Senate by a vote of 96-3, and are demanding a conference committee be established to settle differences between the two.
"We're pushing very hard for conference. We think conference is very important," said Rep. Louise Slaughter (D-N.Y.), the original author of the Stop Trading on Congressional Knowledge (STOCK) Act.
Buddy, can you spare a dime?: The U.S. Postal Service announced Thursday that it lost $3.3 billion in the first three months of the fiscal year as the agency continues to hemorrhage money. The majority of the losses, some $3.1 billion, occurred because the USPS had to pre-fund its retirement plan. The USPS said it's up to Congress to stop the losses.
ECONOMIC INDICATORS
Trade Balance: The Department of Commerce releases the latest data on exports and imports of U.S. goods and services.
Treasury Budget: The Treasury Department releases its monthly budget data, which is used mostly by the market for year-over-year changes in receipts and outlays.
Michigan Sentiment: Thomson Reuters/University of Michigan Surveys puts out its February report on consumer confidence.
WHAT YOU MIGHT HAVE MISSED
— Podesta Group snags Judiciary Committee’s chief of staff
— Treasury eyes speedier exit from bank bailout
— First-time jobless claims near four-year low
— Conrad at peace with Reid keeping budget off floor
Catch us on Twitter: @VickoftheHill, @peteschroeder, @elwasson and @berniebecker3
Tips and feedback, This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Most Viewed RSS Feed »
