By Vicki Needham and Erik Wasson - 01/14/14 07:08 PM EST
WEDNESDAY'S BIG STORY:
It's budget time: The House is expected on Wednesday to approve a $1.1 trillion omnibus spending bill to fund the government through September, despite opposition from some conservative groups.
The compromise legislation contains policy wins for Republicans and Democrats.
House and Senate lawmakers generally seemed receptive to the 1,582-page bill that was released late Monday and it is expected to clear both chambers before the end of the week, ahead of a weeklong congressional break.
House Appropriations Committee Chairman Hal Rogers (R-Ky.) said the "bill covers so many things that are important to our members."
Rep. Paul Ryan (R-Wis.), who negotiated the budget deal last month with Sen. Patty Murray (D-Wash.) that paved the way for this measure, plans to back the the bill.
“They did a good job, they kept it clean and they hit their numbers,” Ryan said.
Still, some conservative GOP members will probably vote against the bill after several groups said they would keep track of how lawmakers voted on the measure, including Heritage Action and the Club for Growth.
The Club statement said it opposes the bill because “it funds ObamaCare, plusses up other wasteful programs, and contains dozens of policy riders that can only be described as earmarks.”
Meanwhile, House Minority Whip Steny Hoyer (D-Md.) said he is on board, while Rep. Nita Lowey (D-N.Y.) called the measure a win for liberals.
Republican leaders worked throughout Tuesday to address concerns in the hopes of producing a strong bipartisan vote.
Meanwhile, some expressed frustration at the lack of time they have to look over the massive measure.
But Speaker John Boehner (R-Ohio) stood by his decision to get the bill done fast.
“I would like to have more time,” he said at a press conference following a House GOP conference meeting. “But we’re in a situation where the government is in fact going to run out of money.”
The $1.012 trillion bill was posted online and emailed to members on Monday evening.
Senate Minority Leader Mitch McConnell (R-Ky.) predicted enough Republicans would support it.
“My assumption is it will be passed,” he told reporters. “You'd have to talk to members of the Appropriations Committee, but my understanding is a number of them are intent to vote for the bill.”
WHAT ELSE WE'RE WATCHING
Volcker: The House Financial Services Committee will hold a Wednesday hearing about how the Volcker Rule could affect jobs and economic growth.
On Tuesday, the Commodity Futures Trading Commission (CFTC) announced that regulators had finalized an interim rule that would exempt financial institutions holding collateralized debt obligations containing so-called trust preferred securities from the new Dodd-Frank requirement.
The new rule comes just weeks after regulators finalized a multi-year effort to implement the Volcker Rule.
Inside look: On Wednesday, the Federal Reserve will offer a little look-see into the economy with the release of its latest Beige Book, which could provide a glimpse into how businesses were feeling as the economy produced a disappointing December's jobs report.
Hold on tight: A Senate Banking subcommittee will talk to experts on Wednesday about what could happen if banks decide to cut out the middleman and, instead, decide to buy and hold physical commodities themselves.
Raskin gets a vote: The Senate Finance Committee will vote on a few nominations on Wednesday, including Sarah Bloom Raskin to become deputy secretary of the Treasury. Raskin, if she's eventually confirmed by the full Senate, would become the first female No. 2 at Treasury. She is currently on the Federal Reserve Board as she awaits confirmation.
Looking for a deal: House Agriculture Committee ranking member Rep. Collin Peterson (D-Minn.) said Tuesday he is open to considering a farm bill dairy compromise.
"I don't really have a problem if it works," he said. "If you come up with something that actually works and I'm upset, that's fine."
MBA Mortgage Index: The Mortgage Bankers Association releases its weekly report on mortgage application volume.
Producer Price Index (PPI): The Labor Department will release its December report that tracks the prices of goods at the wholesale level. The market tracks the PPI closely because it represents prices for goods that are ready to sell to consumers.
WHAT YOU MIGHT HAVE MISSED
— Transit debate roils infrastructure funding hearing
— Fed takes closer look at banks' commodity business
— Seasonal hiring up, holiday sales in line with forecasts
— Top Republican slams IRS leaks
— Watchdog Common Cause picks new leader
— Dems on Financial Services push for poverty hearings
— Rogers touts pro-coal provision in omnibus bill
— House chairman wants transportation bill by August
— Spending bill delays flood insurance rate increases
— Financial regulators facing meager boost in spending deal
— $571B Defense bill reverses pension cuts for disabled veterans
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