Congress could get the final language on the South Korea free trade agreement to consider for debate as early as March. 

Once the legal language is completed, the Obama administration will release the agreement to the public next month and then it will be sent to Capitol Hill for ratification shortly thereafter, The Wall Street Journal first reported on Thursday. 

Negotiations between the United States and South Korea were completed in December, with several changes being made to the agreement originally forged in 2007. 

Douglas Elmendorf, the director of the Congressional Budget Office, signaled Thursday that an overhauled tax code could be more effective at raising revenue.

“A tax code with a broader base and lower rates is one that we would expect to be more conducive to economic growth,” Elmendorf said at a Senate Budget Committee hearing. 

Defense Secretary Robert Gates on Thursday waded into the battle over 2011 spending and said that if Congress fails to provide new appropriations this year for the Pentagon, America’s security will be at risk.

In strong terms, Gates said that simply extending the continuing resolution that runs out March 4 would serve to "hollow out" the military. It would result in cuts to operations, maintenance, training and readiness, he said.

"I have a crisis on my doorstep," Gates said.

Sens. Tom Coburn (R-Okla.) and Mark Warner (D-Va.) on Thursday introduced a bill that would end the automatic printing of every bill and resolution that is introduced. Currently, paper copies are printed and delivered to each member's office.

The Treasury Department took an initial step Thursday to position itself against the rapidly approaching debt ceiling, announcing it will reduce the size of one of its programs to free up more space for borrowing elsewhere.

Over the next eight weeks, the Treasury will shrink the size of its Supplementary Financing Program from its current $200 billion size to just $5 billion. The program, created in 2008, allows the Treasury to issue short-term notes and place the funds into accounts with the Federal Reserve.

The downsizing is being done "to preserve flexibility in the conduct of debt management policy," said Mary Miller, the Treasury's assistant secretary for financial markets. The Treasury similarly wound down the program when it neared the debt limit in 2009.

Senate Republicans on Thursday announced their final committee assignments, which are still subject to the approval of the full Senate. 

The Senate Appropriations Committee added six freshmen to the panel — Mark Kirk (Ill.), Dan Coats (Ind.), Roy Blunt (Mo.), Jerry Moran (Kan.), John Hoeven (N.D.) and Ron Johnson (Wis.) — charged with looking at the federal budget's issues. 

There were four freshmen added to Senate Banking — Pat Toomey (Pa.), Kirk and Moran. Johnson and Rob Portman (Ohio) had previously been assigned seats on the Senate Budget panel. 

Coats, Toomey and Mike Lee (Utah) are joining the Joint Economic Committee. 

A bipartisan pair of senators is introducing legislation that would do away with a yearly budget in favor of a two-year process.

Sen. Johnny Isakson (R-Ga.) — who is pushing the bill with Sen. Jeanne Shaheen (D-N.H.) — has been calling for a biennial budget cycle since coming to the Senate six years ago. But Isakson signaled that, given the current concern over the federal deficit, the measure might have a better shot this time around.

Senate Democrats finalized committee assignments on Thursday, including Appropriations and Budget, two panels expected to play a major role in spending decisions in the 112th Congress, according to documents obtained by The Hill.  

Sen. Kay Hagan (N.C.) joined the Senate Banking, Housing and Urban Affairs Committee, Sen. Ben Cardin (Md.) was added to Senate Finance, freshman Sen. Chris Coons (Del.) got a spot on the Senate Budget Committee and Sen. Bernie Sanders (I-Vt.) was added to the Joint Economic Committee. 

Senate Appropriations is as follows: Daniel Inouye (Hawaii) - Chairman; Patrick Leahy (Vt.), Tom Harkin (Iowa), Barbara Mikulski (Md.), Herb Kohl (Wis.), Patty Murray (Wash.), Dianne Feinstein (Calif.), Dick Durbin (Ill.), Tim Johnson (S.D.), Mary Landrieu (La.), Jack Reed (R.I.), Frank Lautenberg (N.J.), Ben Nelson (Neb.), Mark Pryor (Ark.), Jon Tester (Mont.), Sherrod Brown (Ohio). 

Conrad says his panel might have to take action absent a negotiation between the White House and lawmakers.