This Week’s Update

This week’s Washington Update covers: taxes; financial services; energy and environment; defense; transportation; and technology.

This Week in Congress

  • House – The House approved the “STEM Jobs Act” (H.R. 6429). Under suspension of the rules, the House also approved the “DHS Accountability Act of 2012” (H.R. 5913) and the “Medical Preparedness Allowable Use Act” (H.R. 5997).

 

  • Senate – The Senate began consideration of the “National Defense Authorization Act for Fiscal Year 2013” (S. 3254), several amendments were approved. The Senate also approved the motion to proceed to the “Convention on the Rights of Persons with Disabilities Treaty” (Treaty Doc. 112-7).

 

  • Fiscal Cliff Update – Treasury Secretary Timothy Geithner and Rob Nabors, the White House director of legislative affairs, met with Congressional leadership on Thursday to set forth President Obama’s proposed plan to deal with the fiscal cliff which would ultimately achieve about $1.6 trillion in new revenue. The proposal has two steps: first, allow the Bush-era tax cuts to expire on top earners, along with raising rates on dividends and capital gains, netting $960 billion; second, it would overhaul the tax code (presumably next year) which is estimated to net another $600 billion.

 

  • The President also proposed an end to congressional approval of debt ceiling increases. Under this plan, the President would have the authority to unilaterally raise the debt ceiling at any time. Congress could pass a resolution of disapproval, but it would require a two-thirds vote of both chambers to pass, and could still be vetoed

Next Week in Congress

  • House – The House will consider several bills under suspension of the rules, including the “Eliminate Privacy Notice Confusion Act” (H.R. 5817).

 

  • Senate – The Senate will continue consideration of the “National Defense Authorization Act for Fiscal Year 2013” (S. 3254).

 

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