The Week Ahead: Deficit talks redux

President Obama will meet again with congressional leaders Monday after Sunday evening’s meeting failed to produce a deal on raising the debt ceiling.

With the clock ticking toward the Aug. 2 deadline, leaders will focus this week on reaching a compromise. Obama will hold a news conference Monday morning to address the issue.

ADVERTISEMENT
Talks hit a stumbling block over the weekend when Speaker John Boehner (R-Ohio) released a statement Saturday night saying he backs a more modest deficit-reduction package than Obama had proposed, scuttling the possibility of a grand bargain that would include broad tax reforms.

A senior administration official said late Saturday night that Boehner walked away from the table over raising taxes on the wealthiest Americans. Boehner said he refused to raise taxes, and Obama refused to give on entitlement reform. The White House disputed that last charge.

Before Sunday night’s meeting began, Obama was asked whether the leaders can get a deal in 10 days. He responded: "We need to." Several lawmakers have said if a deal is not reached by July 22, it will not have time to get through the necessary legislative procedures to pass Congress.

Sunday night’s meeting lasted about 75 minutes and ended with leaders agreeing to meet again Monday.

In other news, California holds a special election to replace former Rep. Jane Harman (D-Calif.) on Tuesday, and second-quarter fundraising reports are due to the Federal Election Commission on Friday.


Monday, July 11

Obama holds a press conference at 11 a.m. to address the deficit talks.

General Electric CEO Jeffrey Immelt will address the annual Jobs for America Summit at the Chamber of Commerce. Chamber President and CEO Thomas Donohue will also speak. The Chamber will release its second quarterly Business Outlook Survey, which asks Chamber members about what policies they see as driving economic growth and why they are or aren’t hiring new employees.

The AFL-CIO will also host a jobs forum Monday: “The Jobs Crisis — Moving to Action: A Dialogue Between Workers and Policymakers.” Participants include Center for American Progress’s Heather Boushey, Rep. Sandy Levin (D-Mich.) and AFL-CIO President Richard Trumka.

The White House will host a South Lawn Series event to highlight first lady Michelle Obama's Let’s Move! initiative in Native American communities and to celebrate the sport of lacrosse. D.C. area and Native American students will participate in lacrosse stations on the South Lawn. Administration officials, representatives from the National Museum of the American Indian and lacrosse stars Danny Glading, Matt Danowski, Brett Bucktooth and Jenny Collins will also be in attendance.

On Monday and Tuesday, the White House will host a Hispanic Policy Conference on the administration’s efforts as they relate to the Hispanic community. The first day of the conference will be held at the White House. The second day’s events will take place primarily at the Department of Health and Human Services.

Former Speaker Newt Gingrich (R-Ga.) will address the conservative Family Leader group in Iowa City, Iowa. The group is expected to be an influential player in next year’s caucuses.

Rep. Barney Frank (D-Mass.) speaks at the National Press Club at 10 a.m.


Tuesday, July 12

Voters in California’s 36th district will head to the polls to vote for Democrat Janice Hahn or Republican Craig Huey to fill former Rep. Jane Harman’s (D) seat.

Obama will award the Medal of Honor to Sgt. 1st Class Leroy Arthur Petry, U.S. Army, for his actions during combat operations in Afghanistan in May 2008.

The Chamber holds a conference on controlling healthcare costs at 9 a.m. Tuesday. House Majority Leader Eric Cantor (R-Va.) will keynote, and White House Deputy Chief of Staff Nancy-Ann DeParle and Congressional Budget Office Director Douglas Elmendorf are scheduled to speak.

Health and Human Services Secretary Kathleen Sebelius will testify before the House Budget Committee on “Medicare’s Future: An Examination of the Independent Payment Advisory Board.” Representatives from the American Action Forum, the Galen Institute and the Georgetown Public Policy Institute will also testify. The hearing will begin at 10 a.m. in 210 Cannon.

A House Foreign Affairs subcommittee will hold a hearing on "Promoting Peace? Re-examining U.S. Aid to the Palestinian Authority." The hearing will begin at 10 a.m. in 2172 Rayburn.


Wednesday, July 13

Federal Reserve Chairman Ben Bernanke will testify before the House Financial Services Committee on the semiannual Monetary Policy Report. The hearing will begin at 10 a.m. in 2128 Rayburn.

The House Ways and Means Committee and Senate Finance Committee will hold a joint hearing to review the tax treatment of debt and equity in the context of a tax-code overhaul. Witnesses are yet to be announced. The hearing will begin at 9 a.m. in HVC-210 of the Capitol Visitors Center.

The House Budget Committee will hold a hearing on "Medicare and Social Security: The Fiscal Facts. The Sustainability of America's Health and Retirement Security Programs." Richard Foster, the chief actuary of the Centers for Medicare and Medicaid Services, and Stephen Goss, the chief actuary of the Social Security Administration, will testify. The hearing will begin at 10 a.m. in 210 Cannon.


Thursday, July 14

Elizabeth Warren, the architect of the Consumer Financial Protection Bureau, testifies before the House Oversight Committee. The hearing begins at 9:30 a.m. in 2154 Rayburn.

Bernanke testifies before the Senate Banking Committee at 10 a.m. in 538 Dirksen.

A House Education and the Workforce subcommittee will hold a hearing on "The Fair Labor Standards Act: Is It Meeting the Needs of the Twenty-First Century Workplace?" The hearing will begin at 10 a.m. in 2175 Rayburn.

The House (Select) Intelligence Committee will hold a closed hearing on "China's Strategic Ambitions." The hearing will begin at 10 a.m. in HVC-304 in the Capitol.

Federal Communications Commission Chairman Julius Genachowski, Federal Trade Commission Commissioner Edith Ramirez and Lawrence Strickling of the National Telecommunications and Information Administration will testify before a House Energy and Commerce joint subcommittee on "Internet Privacy: The Views of the FTC (Federal Trade Commission), the FCC (Federal Communications Commission), and NTIA (National Telecommunications and Information Administration)." The hearing will begin at 11 a.m. in 2123 Rayburn.


Friday, July 15

Second-quarter fundraising reports are due to the Federal Election Commission by midnight.


—Emily Goodin, Russell Berman and Sam Youngman contributed.