This week's R&P Report from NWYC.com ...

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Vol. 13 No. 1-37

Monday, December 14, 2009

REVIEW

Health Care LegislationSenate: (H.R.3590) House: (H.R.3962)
The Senate’s floor debate on its version of the health legislation has stalled while Democratic leaders wait for a Congressional Budget Office analysis of their latest batch of proposals. That report is expected this week.

A group of five moderate Democrats and five liberal Democrats reached an agreement in talks aimed at finding a compromise on the “public option,” or government-run health care plan. Senate lawmakers will now consider a proposal that would open Medicare to uninsured Americans from ages 55 to 64 and would effectively scrap an earlier government-run insurance plan to compete with private insurers.

Neither chamber has ruled out the possibility of staying in session during part of their scheduled break in order to vote on health care legislation.

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$446.8 Billion Spending Bill: The Senate is temporarily shifting its attention away from health care to a year-end omnibus spending bill. The six-bill package combines funding for the fiscal year that began Oct. 1. (H.R.3288)

Guantánamo Detainees: The GOP is planning to use various tactics, including amendments and motions to recommit, to attempt to reverse President Obama’s decision to try some Guantánamo detainees in federal district courts. A GOP motion to bar the use of funds to release or transfer the detainees was defeated earlier in a 2010 omnibus spending measure. (H.R.3288)

Financial Regulations: The House began the amendment process for a bill that would overhaul the nation’s financial regulations. It would authorize the use of $4 billion in bailout funds for housing relief and include language that would require secured creditors of failing institutions to take losses when the failing company is being overseen by the government. (H.R.4173)

Defense Bill Pay-As-You-Go: The House Blue Dog Coalition is pushing for language that would put the pay-as-you-go budget principle into law if the Defense bill is brought to the floor with an expected $2 trillion debt limit increase attached. The law would require new mandatory spending or tax cuts to be offset by savings or revenue increases elsewhere in the budget. (H.R.3226) Click here to express your opinion on this issue.

Electronic Waste: A Senate panel approved legislation that seeks ways to encourage more recycling of electronic products such as computers, mobile phones and televisions. (S.1397)

PREVIEW

Estate Tax: Congress could be unable to prevent the scheduled repeal of the estate tax before it disappears for one year beginning Jan. 1, 2010. However, Congress could come back in 2010 and pass a retroactive law that would “repeal the repeal” creating difficulties for estate planners.

The Obama administration wants to extend the current estate tax structure indefinitely, and legislation passed by the House last week would do just that. But Senate Democratic leaders, consumed by the health care debate, say it is unlikely that they will be able to take up the bill. (H.R.4154) Click here to express your opinion on this issue.

Copenhagen Summit: President Obama will not be taking an enacted climate change bill with him this week to international negotiations in Copenhagen. He plans to attend the end of the conference on Dec. 18. House-passed cap and trade legislation is stalled behind health care in the Senate. (H.R.2454)

The Senate is expected to continue work on health care, spending bills and a bill to modify first-time homebuyers’ credit for armed service members. The House is scheduled to continue work on financial regulations, spending bills and Guantánamo detainees measures.

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