A preliminary report released by President Obama's fiscal commission proposes spending cuts and dramatic changes to Social Security.

Mortgage applications increased last week as the refinancing and purchase indexes rose behind consistently low mortgage rates. 

Overall applications were up 5.8 percent for the week ending Nov. 5, behind by a 6 percent increase in applications to refinance home loans and a 5.5 percent rise in purchase applications, the third straight week that the purchase index has increased, the Mortgage Bankers Association said Wednesday. 

The conventional purchase index increased 5.4 percent to its highest level since May of this year, on a seasonally adjusted basis. 

"Although mortgage rates were little changed following the Federal Reserve's decision to purchase $600 billion of Treasury bonds over the next eight months, mortgage applications increased last week," said Michael Fratantoni, MBA's vice president of Research and Economics. "The increases in purchase applications we have seen over the past couple of weeks align with the better-than-expected news from October's employment report and other data indicating some improvement in the economy's growth prospects."

Democratic Rep. Allyson Schwartz (Pa.) voiced her support Wednesday for Rep. Chris Van Hollen's bid to move into the House Budget Committee's ranking spot. 

In a letter to Democratic lawmakers today urging their support for Van Hollen, Schwartz said she backed his candidacy "because I believe that Chris’ leadership, commitment to taking on the toughest fights, and clear vision would serve House Democrats well on the Budget Committee."

Schwartz is first in line to take over as ranking member following House Budget Chairman John Spratt's loss in South Carolina. 

"I serve with Chris on Ways and Means, and I have seen first hand that he has the right skills and right ability to serve as ranking member of the House Budget Committee."

Rep. Chris Van Hollen (D-Md.) is asking his colleagues for their support in his bid to move into the ranking member's spot on the House Budget Committee. 

The move would put Van Hollen into the middle of the spending battle expected to ensue with incoming House Budget Chairman Paul Ryan (R-Wis.) at the helm. 

The Budget Committee "will be a central front in this national conversation about how to accelerate job creation and economic growth," Van Hollen said Wednesday in letter. "This will not just be a fight over numbers. It is ultimately a debate about who we are and the future direction of our country."

Ryan has proposed his own budget plan that includes changes to Medicare and Social Security, the tax code and healthcare. 

"Our Republican colleagues have made clear their plan to use the budget process to provide a $700 billion tax cut for the wealthiest Americans by adding to our national debt and slashing education and other investments that are necessary for America to compete in the global economy," Van Hollen wrote to his colleagues. 

Senator-elect Rand Paul (R-Ky.) pushed back Tuesday night on reports that he is no longer opposed to earmarks, adding that he would "advocate for Kentucky though the committee process within the context of a balanced budget." 

"I will not put earmarks on bills but I will advocate for things Kentucky needs through the committee process when we deliberate on what are the most important projects. But that's not earmarking and I won't do earmarking," Paul told CNN's Wolf Blizter tonight. 

That leaves Paul walking a very fine line on spending and earmarks. Although some earmarks are added to unrelated legislation, most are pushed through the appropriations committee, where Paul says he would "advocate" for Kentucky. 

Congressional leaders are insistent that they know where money is needed in their states and that they are in control of federal spending, not the executive branch. 

Rep. Chris Van Hollen (Md.), the outgoing chairman of the Democratic Congressional Campaign Committee, will seek the top Democratic post on the House Budget Committee, a source close to the congressman told The Hill.

Van Hollen now serves in the appointed post of assistant to the Speaker in the Democratic leadership, but his future was uncertain as party leaders jostle for a decreasing number of top posts in the minority.

The Maryland Democrat spent Tuesday calling members of the Budget Committee and the broader Democratic caucus. He received "overwhelming and uniformly positive responses" and plans to announce his candidacy for the ranking member position Wednesday, the source close to the lawmaker said.

Budget hawk Rep. Jeff Flake (R-Ariz.) criticized Senate Minority Leader Mitch McConnell (R-Ky.) on Tuesday for opposing an earmark ban. 

"Looks like someone didn't get the message last week," Flake tweeted Tuesday. 

A longtime appropriator, McConnell has been forthright about his belief that Congress controls the purse strings and can decide where money is spent. He's also argued that eliminating earmarks won't save much money or provide the spending cuts needed to chip away at the burgeoning deficit.

"Every president would like for us to appropriate all the money and send it to them and let them spend it in any way they want to," McConnell said Sunday on NBC's "Meet the Press." "The earmark issue is about discretion — about an argument between the executive branch and the legislative branch over how funds should be spent."

Flake is trying to land a spot on the House Appropriations Committee and has the backing of probable chairman, Rep. Jerry Lewis (R-Calif.).

Job creation remained slow in September as the economy struggles to pick up pace, a government report showed Tuesday. 

Job openings decreased in September for the second straight month, down by 163,000 to 2.93 million. The number of hires increased, while layoffs decreased, the Labor Department said today. 

The economy added 151,000 jobs in October but the unemployment rate remained stuck at 9.6 percent. 

Job creation increased in manufacturing, education and construction, while leisure and hospitality and professional and business services had the largest decrease in job openings.

Employers added 4.19 million workers in September, up 34,000 from the previous month. Companies fired less people, dropping to 1.79 million from 1.86 million a month before. Government agencies fired 203,000 workers, including those related to the Census. 

Holiday hiring could provide a temporary boost: Several retail chains have said they plan to hire about 40,000 people. 

Democrats and Republicans joined together on Tuesday to pledge that Congress will approve relief to the alternative minimum tax during the lame-duck session. 

Senate Finance Chairman Max Baucus (D-Mont.), ranking member Chuck Grassley (R-Iowa), House Ways and Means Chairman Sandy Levin (D-Mich.) and ranking member Dave Camp (R-Mich.), on Tuesday vowed to "do everything possible" to enact AMT relief for more than 20 million taxpayers. 

"We believe the letter received from the committees will be very helpful," the Internal Revenue Service said today in a statement emailed to The Hill. 

The cost to patch the tax will run more than $60 billion and would ensure that more than 20 million taxpayers — including those making less than $250,000 annually — won't see tax increases.

In a letter to IRS Commissioner Douglas Shulman, the lawmakers said the agency should "take all steps necessary to plan for changes" to present law. 

"We plan to do everything possible to enact AMT relief legislation in a form mutually agreeable to the Congress and the president," the letter said. "We urge the Internal Revenue Service to take all steps necessary to plan for changes that would be made by the legislation."