Consumer confidence plunged to its lowest level in a year, below what was expected and a possible signal that Americans could pull back on spending. 

Sentiment dropped to 66.5 in early July, down from 76 in June, the lowest level since September 2009, according to Thomson Reuters/University of Michigan consumer sentiment index released Friday. 

As the job market continues to struggle to create openings for the nation’s unemployed, Americans expressed doubt about their incomes rising in the next year. 

Consumer spending is a key driver of the economy, and a decrease in consumption could impair the nation’s recovery. 

Sens. Pat Roberts (R-Kan.) and Mike Johanns (R-Neb.) have introduced legislation that repeals the new healthcare mandate requiring small businesses and charities to submit 1099 reporting forms to the IRS for purchases over $600. 

Rep. Dave Camp (R-Mich.), the ranking member on the tax-writing Ways and Means Committee, sent a letter to Treasury Secretary Timothy Geithner on Thursday asking him to clarify an earlier statement he made that dividends would not be taxed at ordinary income rates next year, which is scheduled to occur. 

On CNBC’s “Kudlow & Company” last week, Geithner said that tax rates on dividend and capital gains would not exceed 20 percent next year, even though dividends are scheduled to be taxed at rates as high as 39.6 percent. 

Congress finalized sweeping financial overhaul legislation on Thursday, handing President Obama a major legislative victory.

Senate Majority Whip Dick Durbin (D-Ill) was unsure on Thursday if the small business jobs bill would pass his chamber before the August break. 

"There's still a major issue that we have to work out," he told reporters. "A 60th vote."

House Appropriations Republicans are pushing for passage of a $58.8 billion supplemental spending bill that mirrors Senate-passed legislation over a more expensive House measure. 

House Appropriations ranking member Jerry Lewis (R-Calif.) introduced a measure Thursday that he called a "clean" bill to provide funding for the wars in Iraq and Afghanistan and disaster assistance. 

If the Republican bill isn't brought up for consideration, Lewis said he may seek to amend another spending bill in full committee.

"If the Democrat leadership of the House would just let our clean supplemental come to the floor, the bill could be on the president’s desk and the funding could be in the hands of our military commanders by next week," he said. 

House Ways and Means Chairman Sandy Levin (D-Mich.) could rescind tax breaks for U.S. multinational companies to help pay for a $22 billion green energy jobs bill he hopes to markup next week, several sources told The Hill. 

Levin initially wanted to pay for the bill by repealing oil and gas tax breaks. But Senate resistance to using those provisions has apparently forced him to look elsewhere for offsets.  

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A draft of the Ways and Means green energy jobs bill costing approximately $22 billion surfaced in the Capitol and along K Street on Thursday.  

The draft is by no means the bill that Ways and Means Chairman Sandy Levin (D-Mich.) hopes to mark up next week, but rather a list of ideas that could be incorporated in the final legislation.