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Monday, May 19, 2008
DAILY FISCAL POLICY REPORT -- May 19, 2008
Among the major outstanding fiscal issues likely to see congressional action this week, in advance of the Memorial Day recess:
Budget Resolution -- An FY09 Budget by Friday?: The budget resolution conference committee is expected to meet to hash out the FY09 budget resolution. Conferees and leaders are hoping to approve the budget before lawmakers leave town for the Memorial Day recess. If it is approved, it will mark the first time since 2000 that Congress has been able to agree on a budget blueprint in an election year. Story.
War Supplemental -- Senate Action This Week: Senate Majority Leader Harry Reid (D-NV) has indicated that the Senate will begin debate on a $193 war funding bill this week. The Senate will take up the House version of the bill and offer Senate Appropriations Committee language to replace the recently-passed House amendments on domestic spending and war policy. The Senate's bill contains $10 billion more in domestic funding but does not offset the cost of an expansion of the GI Bill. A final vote on the bill is not expected before the Memorial Day recess.
Taxes -- Extenders to Hit House Floor?: The House this week will take up a $57 billion tax bill extending and expanding a range of incentives dealing with renewable energy production, conservation, and individual and business tax breaks. The measure does not include a one-year fix for the alternative minimum tax, because that would cost $62 billion and Democrats have not identified the appropriate offsets.
Housing --- Senate Banking Mark-Up Set for Tomorrow:The Senate Banking Committee is slated Tuesday to mark up its measure that would provide new oversight to mortgage giants Fannie Mae and Freddie Mac, with language that would use the two's assets to fund a proposal to insure up to $300 billion in new mortgages for financially troubled borrowers. A deal on the bill could result in passage of an overall package that would also reform the FHA's mortgage insurance program and provide housing-related tax breaks.
Posted by Dana Chasin
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