Republicans aren't likely to win a legislative battle to extend all of former President George W. Bush's tax cuts, a House conservative leader conceded Monday.

Rep. Tom Price (Ga.), the chairman of the conservative Republican Study Committee (RSC), acknowledged that the the Bush tax cuts, which are set to expire at the end of the year, won't be extended in their entirety, as GOP leaders have called for.

"No, I don't see it," Price said on CNBC when asked if there was any chance that all of the Bush tax cuts could be extended.

Republicans in the House and Senate, including members like Price, have pushed the Democrats in control of the House and Senate on taxes, warning voters during the summer campaign season that Democrats would raise taxes.

President Obama and congressional Democrats have said they wish to extend all of the Bush tax cuts with the exception of the breaks for households earning over $250,000 a year and individuals earning over $200,000 per year. Democrats would let those high-end tax cuts expire, a move that Republicans have attacked, reasoning that they would harm small-business owners who treat their company's income as their own.

The expiring tax cuts are setting up a pitched political battle over the tax rates this fall. House Speaker Nancy Pelosi (D-Calif.) said on Sunday that "it would be [her] hope" to hold a vote on the tax cuts — which would presumably let high-income tax rates rise — before Election Day. But holding that vote before what's expected to be a tough election for Democrats could put endangered incumbents and other centrist Democrats in a tough position on the issue of taxes.

Republicans are finding themselves in a bit of a tough situation of their own over the taxes, too, facing questions over how to pay for the hole in the budget that would be created by extended cuts. Extending allcraziness. They're going to increase taxes on virtually every single American, they're going to try to pass their national energy tax, and they're going to do some favors for unions — 'card-check,' facilitating union formation all across this country."

--Cross-posted from Blog Briefing Room. 

The Senate on Monday effectively postponed legislation providing more than $16.1 billion next year to state Medicaid programs.

The vote to table the bill was 95 to 0. 

The Medicaid proposal, part of a $26 billion proposal designed to help states weather a tough economy, ran into trouble Monday when the Congressional Budget Office estimated the package would add $5 billion to the budget deficit.

Democratic leaders say they'll tweak their proposal to pay the entire tab. A vote on the revised bill is expected as early as Wednesday. 

--Cross-posted from Healthwatch.

Federal Reserve Chairman Ben Bernanke expects consumer spending to pick up at a modest pace during the next several quarters as incomes increase and credit becomes more available. 

A sluggish job market has continued to drag down consumer confidence, leaving the economy with “a considerable way to go” until a full recovery is reached, Bernanke said Monday during a speech in Charleston, S.C. 

He estimated it will take a "significant amount" of time to restore about 8.5 million jobs lost during the recession.

"After a precipitous decline in late 2008 and early 2009, the U.S. economy stabilized in the middle of last year and is now expanding at a moderate pace," he said.

A stalled small-business bill could see floor action this week, a leading Senate Democrat said Monday. 

Senate Majority Leader Harry Reid (D-Nev.) suggested this afternoon that a deal on the small-business lending and tax bill is in the offing and could allow for the Senate to pass the measure before the August recess, which begins at the end of the week. 

"We're pretty close to having an agreement on that," Reid said on the floor today. "The Republican leader has checked with his people on a number of issues. I have to check with mine. But I think we're headed to that we can have a number of votes and complete that matter before we leave here."

The bill ran out of steam late last week when Democrats and Republicans reached an impasse over amendments. 

Democratic and Republican aides have said they are still trying to reach an accord on the legislation that will create a $30 billion lending fund to help community banks lend to small businesses.

If the Senate completes the measure this week, the House would likely consider it sometime after it returns in mid-September. 

The Senate bill that would extend enhanced federal Medicaid payments to states would raise the deficit by almost $5 billion, according to a Congressional Budget Office estimate obtained by The Hill. 

The $16.1 billion cost of the Medicaid FMAP (Federal Medical Assistance Percentages) increase is fully offset, but other provisions of the bill would add $4.891 billion to the deficit over 10 years. Lobbyists and health policy analysts say the score might doom a proposal that was already failing to attract support from moderate Republicans. 

A cloture vote is expected around 5:30 p.m.

--Cross-posted from Healthwatch. 

U.S. securities regulators are investigating possible insider trading at BP after the Gulf of Mexico oil spill. 

The Securities and Exchange Commission is conducting a preliminary look into whether anyone illegally profited from trading on the information, according to a story first reported Monday by Reuters. 

The SEC is reportedly also investigating if BP disclosed information relating to the risks on its Gulf oil rigs. The company's stock price has dropped steadily since the oil spill. 

In a 2009 annual report, BP said there were operational risks, including oil spills. 

"Failure to manage these risks could result in injury or loss of life, environmental damage, or loss of production and could result in regulatory action, legal liability and damage to our reputation," the report said.

BP said last week that the SEC and the Justice Department were conducting "informal inquiries into securities matters arising in relation" to the explosion at the offshore drilling rig.

Treasury Secretary Timothy Geithner on Monday said the government will "move as quickly as possible" to write and enforce new rules over the financial world.

In prepared remarks for a speech in New York City, Geithner said the government would look to "streamline and simplify" federal regulations as agencies begin implementing changes under financial overhaul legislation enacted in July. President Obama signed into law a 2,300-page bill that consolidates agencies, creates new ones and requires hundreds of new rules and studies in an effort to prevent or mitigate financial crises.

The changes will take years to implement fully.

"The rule writing process traditionally has moved at a frustrating, glacial pace. We must change that," Geithner said.

Geithner suggested financial firms should move on their own to change policies.

“Don’t wait for Washington to draft every rule before you start changing how you do business. Get out ahead of the process and out in front of your competitors," Geithner said. "Find new ways to improve disclosure for your consumers. End hidden fees. Don’t push people into loans they can’t afford."

Growth cooled in the nation's manufacturing sector in July for the third straight month.

The manufacturing index fell to 55.5 last month from 56.2 in June, still above analysts' expectations but reflecting an economy that is growing more slowly, according to the Institute for Supply Management on Monday. Any reading above 50 indicates expansion.

During the past several months, the manufacturing sector has bolstered the economic recovery as the job market has struggled to expand. 

The July employment report is set for release on Friday.

The Obama administration on Monday thanked the U.S. Chamber of Commerce and National Federation of Independent Business for praising legislation aiming to boost small businesses.

The administration's comments come even as the associations, two of the largest business groups in the country, have not strongly lobbied Congress to support the bill. The legislation includes a range of tax incentives and a $30 billion fund to promote small business loans.

In a letter to the two associations, Valerie Jarrett and Larry Summers thanked the groups for joining community banks and others, "that have expressed praise or support" for the bill.

The bill has been caught up in Senate debate for months and failed to pass a key procedural vote on Thursday. Senate Democrats may try hold another vote on the legislation this week, while Democrats and Republicans spar on how amendment swill be considered. The Obama administration has been trying to rally support behind the legislation.

"We appreciate your support for this bill and look forward to working with you to help pass this important piece of legislation," Jarrett and Summers wrote.

Susan Eckerly, senior vice president at NFIB, recently praised the lending fund and tax incentives and said the legislation, "may help some small businesses." But she also said it did not tackle the industry's "most pressing problems."

"Small business owners are worried about the threat of increased taxes, new healthcare mandates, higher energy costs and more regulations from Washington. Small businesses need to know if the individual tax rates are going to remain at current levels or increase. They need to plan for the estate tax. And now they have to calculate how much the new healthcare law will cost their business. All of these issues make it that much harder for businesses to survive and grow," Eckerly said in a statement on July 22.