Legislation from Senators Jeff Sessions (R-AL) and Claire McCaskill (D-MO) to establish discretionary spending caps may get a third vote this week in the Senate after falling one vote short of the needed 60 votes last week. The bipartisan proposal seems to be gaining momentum after getting 56 votes in January during the debt ceiling increase debate.
Temporary Tax Extensions Avoid “The Hurt Locker” – The Senate passed H.R. 4691, a 30-day extension of several expired tax breaks and unemployment and health-care benefits, last week after reaching a deal with Senator Jim Bunning (R-KY). He had blocked the vote because the $10 billion measure was not paid for. Under the deal the Senate considered a Bunning amendment to offset the cost; the proposal was voted down.
Highway to Nowhere – Sen. Jim Bunning (R-KY) has blocked a vote on temporarily extending unemployment and COBRA benefits, the Medicare “doc fix” as well as some surface transportation programs funded through the Highway Trust Fund because the $10 billion cost is not offset. He wants unused economic stimulus funds to cover the cost. The Department of Transportation has furloughed 2,000 workers in response.
CNBC’s Steve Liesman attended the “Avoiding a Government Debt Crisis” conference convened by the Peterson-Pew Commission on Budget Reform yesterday and came away more than a little depressed.
As D.C. slowly emerged from under the white blanket of the blizzard, discussion turned today to how the U.S. can rise out of a sea of red ink. Three fiscal experts, all members of the Peterson-Pew Commission on Budget Reform, testified before the Senate Budget Committee today on the need for the U.S. to set fiscal goals now to stabilize the debt and place the nation on a more sustainable fiscal course.
The Blue Dog Democrats, fresh off of attaining long-sought statutory PAYGO rules, are now setting their sights on capping discretionary spending. They plan to offer a proposal that goes beyond the spending freeze called for in the president’s budget.
No Limit to Ploys in House Rules – The House raised the debt limit to $14.3 trillion on Thursday using a procedure that allowed members to approve the increase without a direct roll call vote on it.
UPDATE: We will begin Tweeting just after 9pm.
A proposal to form a bipartisan commission to address the nation’s mounting long-term debt just fell short of the 60 votes needed for approval in the Senate. The vote on the Conrad-Gregg amendment to the debt limit increase was 53 in favor to 46 opposed. The vote tally detailing how Senators voted is available here.
