By Peter Schroeder - 03/26/12 09:41 AM EDT
Among those that will be offered as substitute amendments will be the main Democratic alternative, offered by Budget Committee ranking member Chris Van Hollen (Md.). On the right, the Republican Study Committee will put forward its plan to balance the budget within 10 years, while the Progressive Caucus will throw in its two cents from the left. The Congressional Black Caucus will also offer a budget alternative.
None of the alternative proposals is expected to succeed, but they will serve as competing visions for how Uncle Sam should handle its finances.
The House is also expected to sign off on the Senate-approved version of a capital-formation bill dubbed the Jumpstart Our Business Startups (JOBS) Act. By a wide margin, the House approved the bill, only to see the Senate tweak it following concerns from Democrats that it lacks sufficient investor protections.
GOP leaders have indicated they are OK with those changes, and are expected to push the bill across the finish line to President Obama, who supports it.
Obama is traveling to the nation’s newest trade partner, South Korea, for a nuclear summit with about 50 other world leaders. The United States implemented a trade agreement with South Korea on March 15.
Obama will meet with President Lee Myung-bak, and the two are expected to talk about gathering international support for sanctions against North Korea.
As Tax Day draws near, Rep. Dave Camp (R-Mich.), chairman of the House Ways and Means Committee, is planning this week to mark up a 20 percent tax cut for small businesses. House Republican leaders have said they wish to pass the measure around the time Americans pay their taxes next month.
The U.S. Chamber of Commerce will welcome a number of influential public figures in the world of finance Wednesday, as it hosts its annual summit on capital markets. Sen. Chris Coons (D-Del.) and Rep. Scott Garrett (R-N.J.) will be the Capitol Hill contingent to appear before the business lobby. Richard Cordray, the appointed director of the Consumer Financial Protection Bureau, and Gary Gensler, chairman of the Commodity Futures Trading Commission, will represent the regulators.
Cordray will testify before the House Financial Services Committee on Thursday, where he will deliver the semiannual report on his agency.
Treasury Secretary Timothy Geithner will be a regular presence on Capitol Hill, appearing before three groups of appropriators in two days. On Tuesday, he will discuss with House appropriators the Treasury’s international efforts, following that by discussing the Treasury’s budget request before a separate subcommittee. He will spend Wednesday afternoon with a Senate Appropriations subcommittee, talking about the Treasury’s efforts to fight foreclosures and deal with mounting student-loan debt.
Labor Secretary Hilda Solis will defend her department’s budget request before House appropriators Wednesday, and Agriculture Secretary Tom Vilsack will do the same before Senate appropriators Thursday.
The Joint Economic Committee will be talking about the Federal Reserve on Tuesday. The vice chairman of the panel, Rep. Kevin Brady (R-Texas), has introduced sweeping legislation to overhaul the central bank, and will lead a discussion on whether Congress should alter its mandate to protect the value of the dollar.
Speaking of the Fed, Chairman Ben Bernanke will be wrapping up his series of lectures to college students on the Fed’s role in the financial crisis with a pair of talks Tuesday and Thursday. And Rep. Ron Paul’s (R-Texas) Financial Services subcommittee on Domestic Monetary Policy and Technology will explore the Fed’s intervention into the European debt crisis, hearing from New York Fed President William Dudley on Tuesday.