Two top Republicans are probing how the Securities and Exchange Commission (SEC) ignored its top lawyer's "seemingly obvious" conflicts of interest with Bernie Madoff. 

The lawmakers' concern stems from $1.5 million in funds tied to Madoff that the family of the former SEC lawyer inherited. 

In a letter sent to SEC Chairman Mary Schapiro Thursday, House Oversight Committee Chairman Darrell Issa (R-Calif.) and Sen. Chuck Grassley (R-Iowa) said the apparent conflicts of interest were "alarming." Grassley is the ranking member of the Senate Judiciary Committee.

The letter marks the latest push by Republicans for more details about how the SEC came to learn that David Becker, former SEC general counsel, inherited money from a Madoff account, and how the agency decided Becker could work at the agency in the wake of the Madoff scandal.

Eight Republican senators vowed on Thursday to hold up bills that contain new spending and funding for duplicate federal programs. 

Sens. Tom Coburn (Okla.), John McCain (Ariz.), Jim DeMint (S.C.), John Ensign (Nev.), Ron Johnson (Wis.), Rand Paul (Ky.), Mike Lee (Utah) and Kelly Ayotte (N.H.) sent a letter to their fellow lawmakers announcing their intentions if legislation doesn't meet certain criteria. 

The letter said that holds would be put on bills that don't offset new spending for creating a new agency, program, office or activity, and that those costs must be covered by eliminating an existing program or function or reducing the authorized funding level of ongoing spending. 

"Before we can get our fiscal house in order, Congress first has to stop making the problem worse," Coburn said in a statement. "I'm pleased so many of my colleagues have agreed to withhold consent from bills that borrow and spend new money, duplicate existing programs, violate the Constitution or are not a legitimate role of the federal government."

The House on Monday approved a controversial bill that would repeal two IRS reporting requirements, after three hours of tense debate in which Democrats said the Republican bill would raise taxes on middle-class Americans.

The bill, H.R. 4, was approved in a 314-112 vote. Every Republican and 76 Democrats supported the bill, which would eliminate language establishing IRS reporting requirements for companies and property owners on transactions valued at $600 or more.

The U.S. and Mexico are close to settling a dispute over access to U.S. roads, according to the White House

Improvement in the services industries was better than expected last month, recording 14 straight months of growth while fueling the economic recovery and job creation beyond the manufacturing sector, according to a Thursday report. 

The Institute for Supply Management’s index of non-manufacturing businesses, which covers between an estimated 80 to 90 percent of the economy, increased to 59.7 percent last month, the highest level since August 2005. The rate was 59.4 percent in January and 57.1 percent in December. 

A reading greater than 50 signals growth. 

After a slew of positive economic news this week, ISM's report comes ahead of February's monthly employment report from the Labor Department, which could show upward of 200,000 in job gains last month. 

Budget panel ranking member Jeff Sessions took Transportation Secretary LaHood to task over a proposed 62 percent spending increase.

Sen. Bill Nelson (D-Fla.) said Thursday that he might ask for additional time to work out a way to keep billions in high-speed rail funds depending on how the state's Supreme Court rules. 

The Florida Supreme Court is expediting the issue with a hearing on a lawsuit that challenges Gov. Rick Scott's (R) refusal of $2.4 billion in federal money for the proposed high-speed rail project between Tampa and Orlando.

With a deadline looming on Friday for Scott to reconsider his decision, Nelson said he might request more time for the state based on the result from the hearing. 

"We're expecting an imminent decision," Nelson said during a Senate Budget Committee hearing. "I could ask for another extension depending on what happens."

Initial jobless claims continued to fall at the end of February, dropping another 20,000, to 368,000, for the week ending Feb. 26, the Labor Department reported Thursday.

The positive numbers for the weekly indicator may bode well for Friday's unemployment report, which will be watched closely for signs of further economic recovery.

The four-week moving average also fell, by 12,750, to 388,500. That figure is intended to more accurately represent the overall unemployment picture, as it should smooth out week-to-week volatility.

The economy now is experiencing nearly 100,000 fewer initial claims than one year ago, and the jobless claims have now dropped for two straight weeks.

Thursday’s Big Story:

Remember that fiscal 2011 spending bill the House passed some days back? It’s safe to say the Obama administration isn’t a fan.

In fact, officials from up and down the administration fanned out on Wednesday to blast the House measure that cuts billions and billions of dollars in spending over the last seven months of this fiscal year.