Appropriations

President Obama will lay out his long-term vision for reining in the federal deficit with a Wednesday speech.

The details of the long-term continuing resolution are being hammered out between congressional negotiators.

Peter Orszag, the former director of the Office of Management and Budget (OMB), talks about his transition from DC to Wall Street.

The outlook for industrial nations is looking rosier, with Germany and the U.S. leading the way.

Corporate profits likely rose to record levels last quarter.

The GOP 2012 budget resolution, if passed, would give appropriators a top line of $1.019 trillion to spend in 2012, the House Budget committee spokesman said Wednesday.

This so-called 302(A) allocation is not immediately apparent in the budget documents released Tuesday by the committee.

The $1.019 trillion is $72 billion less than 2010 spending levels, which were $1.091 trillion, and $109 billion below President Obama's 2011 request, which was never enacted.

The GOP 2012 budget resolution assumes the GOP is victorious in its fight on 2011 spending and is able to get $61 billion in cuts compared to 2010 this year. Spending would then decrease another $11 billion next year under the plan being presented by House Budget Committee Chairman Paul Ryan (R-Wis.).

This week, all eyes will be on Capitol Hill to see if lawmakers can hammer out a spending agreement that will yet again avert a government shutdown.

The current continuing resolution will fund the government through April 8, and Republicans and Democrats are still haggling over a long-term spending package. With conservatives pushing for deep cuts and contentious policy riders as part of any agreement, Congress still has work to do if it wants to keep the government up and running for the rest of the fiscal year.

Next year’s budget will also be a hot topic this week, as House Budget Committee Chairman Paul Ryan (R-Wis.) is slated to unveil his 2012 budget resolution on Tuesday. Ryan will likely propose changes to Medicare and Medicaid, but will stop short of specific recommendations on Social Security.

Senate Majority Leader Harry Reid said the GOP should entertain a Democratic offer to cut $20 billion in spending.

Senate Majority Leader Harry Reid (D-Nev.) offered a glimmer of hope Tuesday for a budget compromise by saying Democrats would consider policy riders House Republicans want in a spending bill needed to avert a government shutdown.

“We’ll have a look at the policy riders — there aren’t very many that excite me,” Reid said. “In fact, we have already started having a look at them.”

House conservatives want the deal on a six-month continuing resolution to include amendments defunding Obama’s healthcare reform, Planned Parenthood and the Environmental Protection Agency’s ability to regulate greenhouse gases.

Harry Reid said "mainstream Republicans" need to "rejoin Democrats" to cut a spending deal to avert a government shutdown.

The big economic story this week will be Friday’s update to the unemployment rate. In February, the Labor Department reported the jobless rate dipped slightly, to 8.9 percent from 9.1, marking the first time unemployment fell below 9 percent since April 2009. Financial markets and policymakers will be watching Friday’s report for indications that the economy is continuing to recover from the recession.

The extensive debate on how to overhaul the nation’s housing finance system in the wake of the sub-prime mortgage crisis will also be a major talking point on Capitol Hill this week.

Early in the week, House Republicans will roll out several bills that would start to wind down mortgage giants Fannie Mae and Freddie Mac. A hearing on the bills by a subcommittee of the House Financial Services Committee is scheduled for Thursday, with a markup to come the following week.

Open-ended fast by activists and ex-Rep. Hall will protest proposed cuts to domestic and international food programs in H.R. 1.

Republicans and Democrats debate if there's "progress," then lay blame for lack of it at each other's feet.

GOP leader disputed Sen. Charles Schumer's claim that the negotiations over spending cuts are going well, calling it "farfetched."