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The Week Ahead...
Sunday, March 1, 2009
1:30 PM
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Congress
will vet
President Obama's fiscal year
2010 budget
outline this week, as
lawmakers invite cabinet officials up to Capitol Hill to discuss the
White House's various proposals.
The House Budget Committee will kick things off on Tuesday when
Office of Management and Budget Director Peter Orszag testifies
before the panel to discuss the president's fiscal agenda.
Appearing on ABC's This Week this morning,
Orszag
defended OMB's
economic
growth assumptions following the Department of Commerce's
recently announced
6.2 percent contraction in GDP during the fourth quarter of 2008.
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"Our
forecast is entirely in line with, for example, the Congressional
Budget Office's once you include the effects of the recovery act,"
Orszag told This Week, adding that "a lot" of the
administration's deficit reduction plan relies on the proposed
$2 trillion in
federal savings via spending cuts and tax hikes. |
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Orszag
acknowledged that the president's cap-and-trade proposal for
greenhouse gas emissions would result in higher energy bills for
households, but asserted that the average family would come out ahead
when set against the backdrop of the overall budget.
"Let's
also count the benefits that families get through Pell Grants, the
benefits that they'll receive through constraining health care costs,
the benefits that they get from weatherizing their homes, and so on,"
Orszag said. "All in, this budget makes the vast majority of American
families much better off."
The OMB
director also discussed earmark reform, saying that the White House is
going to work with Congress on reducing their number and creating more
transparency in the earmarking process, but did not provide specifics.
When
asked about the thousands of earmarks contained in the omnibus
appropriations bill (see below), Orszag responded that the legislation
is "last year's business" and that the administration wants to "just
move on."
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The
Senate gavels in on Monday and will immediately turn to the
FY 2009
omnibus appropriations package (H.R. 1105) for debate
only. Work on amendments and roll call votes will not begin until
Tuesday.
Despite
Republican objections with the bill's earmarks and spending
levels, House Democrats easily secured
passage of
the omnibus last week (without amendment).
Mum was
the word on Friday with respect to Senate Republican Leader Mitch McConnell's
(R-KY) amendment strategy on the omnibus, although
he has
indicated that his caucus would likely propose trimming the
legislation's eight percent boost in spending over last year's topline
level. In addition, look for earmark hawk Tom Coburn (R-OK) to target
pet projects in the package.
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Across
the Capitol, the House is slated to complete consideration of the
Helping Families Save Their Homes Act (H.R.
1106), legislation that would allow bankruptcy courts to modify
the terms of certain mortgages on principal residences during
bankruptcy proceedings. The bill would also permanently increase the
amount of deposits insured by the FDIC and the National Credit Union
Administration from $100,000 to $250,000, and modify other terms of
both deposit insurance programs.
House
leaders have allowed for the consideration of four floor amendments
to H.R. 1106:
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John Conyers (D-MI) - Would require courts to use FHA appraisal
guidelines where the fair market value of a home is in dispute,
among other provisions.
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Tom Price (R-GA) - Would provide that if a homeowner who has
had a mortgage modified in a bankruptcy proceeding sells the home
at a profit, the lender can recapture the amount of principal lost
in the modification.
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Gary Peters (D-MI) - Would provide that, in the case of a
debtor whose home is in foreclosure, the debtor could meet the
pre-filing credit counseling requirement by receiving counseling
either before filing or up to 30 days after filing.
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Dina Titus (D-NV) - Would require a servicer that receives an
incentive payment under the Hope for Homeowners program to notify
all mortgagors under mortgages they service who are "at-risk
homeowners" (as such term is defined by the Secretary), in a form
and manner as shall be prescribed by the Secretary, that they may
be eligible for the HOPE for Homeowners Program and how to obtain
information regarding the program.
The
chamber is also scheduled to take up the District of Columbia House
Voting Rights Act (H.R. 157),
a bill that would expand the number of House seats from 435 to 437 --
beginning in the 112th Congress -- to accommodate a representative
from the District of Columbia, and one new at-large member that
eventually will be assigned to a state based on the next
congressional apportionment following the 2010 census.
The
Senate passed a
D.C. voting
bill last week containing at least one noticeable difference with
the House version -- the second seat would go to Utah. This and any
other distinctions between the two versions must be reconciled in a
conference following House passage of H.R. 157. |
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At
presstime, the following cabinet officials were scheduled to testify
this week on President Obama's FY 2010 budget:
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OMB Director Peter Orszag -
House Budget Committee on Tuesday at 10:00 AM in 210 Cannon; Senate
Budget Committee on Wednesday at 9:30 AM in 608 Dirksen; and House
Ways and Means Committee on Wednesday at 2:00 PM in 1100 Longworth.
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Treasury Secretary Tim Geithner
- House Ways & Means Committee on Tuesday at 12:30 PM in 1100
Longworth; Senate Finance Committee on Wednesday at 10:00 AM in 215
Dirksen; and House Budget Committee on Thursday at 10:00 AM in 210 Cannon.
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© Copyright
Capitol Hill Reports, Inc. (2009). No claim to original government
works.
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