House of Representatives
Today, Reps. Paul Ryan (R-WI) and Chris Van Hollen (D-MD), the two leading members of the House Budget Committee, introduced a bill to give the President expedited rescission authority, a cousin of the line-item veto. The Expedited Line-Item Veto and Rescissions Act would allow the President to submit discretionary spending items to Congress to cancel after spending bills have been passed. If brought to the floor, these cancellations would get an up-or-down vote in Congress.
News flash: Congress has a huge checklist to take care of. Many expiring tax provisions need to be dealt with, along with other temporary policies and the FY 2012 budget.
Doesn't this sound a lot like last year? Back in 2010, lawmakers had to deal with the 2001/2003 tax cuts, the doc fix, the AMT patch, unemployment insurance, tax "extenders", and FY 2011 appropriations -- in addition to a whole host of other non-budget-related issues -- in December.
Today, Representatives Heath Shuler (D-NC) and Mike Simpson (R-ID) held a press conference to release a new letter to the Super Committee signed by 100 members of the House. The letter was a bipartisan effort, with roughly equal representation on each side, and calls for a $4 trillion package with everything on the table, including entitlement reforms and revenues.
In what was basically a formality, this morning the House of Representatives approved a super short-term continuing resolution (CR) to keep the government funded through October 4. This should clear the way for approval of a slightly less short-term CR that would fund the government through November 18.
Clutch Goals -- The U.S. Women’s Soccer team scored an improbable victory over Brazil on Sunday in the Women’s World Cup, overcoming a scoring and manpower deficit with a last-minute goal and sealing the victory through penalty kicks. A similar storyline is playing out in Washington involving a different deficit -- the federal budget deficit. It looks as if negotiations to raise the statutory debt limit and reduce the deficit will also come down to the wire.
More Fireworks in Store – Washington, DC celebrated Independence Day on Monday night with its annual fireworks display on the National Mall. Though the traditional pyrotechnics may be out of the way, lawmakers returning to work today could produce more fireworks in the nation’s capital.
Except in Miami – The Miami Heat weren’t hot enough, but Washington saw record temperatures last week. Capitol Hill may warm things up this week as well as both chambers are in session together for the first time this month and the Biden group looks to pick up the pace of its debt limit/deficit reduction negotiations. CRFB will also add some sizzle with a big conference this week.
Yesterday, according to Congressional Quarterly (subscription required), Reps. Jim Cooper (D-TN) and Frank Wolf (R-VA) sent around a “Dear Colleague” letter, pledging their support for the Gang of Six’s efforts to create a comprehensive bipartisan deficit reduction plan based on the Fiscal Commission recommendations.
Pawlenty of Ideas – GOP presidential candidate Tim Pawlenty gave a speech in Chicago on Tuesday where he laid out his fiscal and economic policy agenda. Among his proposals are reforming the tax code by eliminating many tax breaks (see our ideas for tax expenditures) while reducing tax rates. He also called for a balanced budget amendment to the U.S.