Here's a good update on most pressing issues that we are facing today from National Center for Policy Analysis.
Immigration. The Senate voted 68-32 last week to overhaul the nation's immigration system. The Senate-passed bill would give a "path to citizenship" to some 11 million immigrants who are illegally living in the United States, boost border security, and create a new system for immigrants who want to come to the United States. The President praised the Senate vote from his trip in Africa. "The bipartisan bill that passed today was a compromise. By definition, nobody got everything they wanted. Not Democrats. Not Republicans. Not me," the President said.
The immigration debate now shifts to the House of Representatives where GOP leaders have made it clear they will be drafting their own bill, not simply taking up the Senate-passed bill. Instead of a comprehensive bill, the House Judiciary Committee has been looking at passing several single-issue immigration bills. Many House Republicans have said they would like to vote on border security before addressing complex immigration and amnesty questions. House Democrats have largely opposed this piecemeal approach. House Speaker John Boehner is playing his cards close to the vest, only implying that any immigration legislation ought to pass with majorities of both parties.
Meanwhile, President Obama called on the House to pass an immigration reform bill before they go on vacation in August.
Student loans. Because Congress failed to intervene, interest rates for some federal student loans will double from 3.4% to 6.8% today. One wonders why Congress is involved in setting student loan interest rates at all. Nevertheless, back in May, the House of Representatives passed legislation to tie student loan interest rates to the market, instead of artificial rates set by Congress. The Senate hasn't acted so far, but there have been some Senate efforts to tie the interest rates to the 10-year Treasury note. Senate Democrats want to cap the rates for individual loans. Whatever the Senate does, it will likely be retroactive to July 1.
Debt ceiling. Because of higher-than-expected revenues along with budget sequester cuts, Congress won't face a decision on raising the debt limit until sometime this fall. The Wall Street Journal published a great piece on three possible options related to the debt ceiling: (1) triple bank shot- 10% chance; (2) epic fiasco- 25% chance; or (3) punt- 65% chance.
Budget. The differences between the House-passed budget and the Senate-passed budget are unlikely to be resolved anytime soon because of GOP concerns about a House-Senate conference committee. Republicans are resisting the move to go to conference because they fear it will result in a final budget with tax increases. That leaves a $91 billion difference between House and Senate discretionary spending limits. In other words, the Senate has $1.058 trillion to spend, while the House only has $967 billion to work with. As Congress begins to take up the various appropriations bills to fund the government, the two chambers will need to find a common number to work from.
Obamacare update. The White House is recruiting Hollywood celebrities and professional athletes to help sell Obamacare. This is not new. Back in 2010, House Democratic Whip Steny Hoyer (D-MD) said the White House would need to sell Obamacare just like Coca-Cola sells soda pop. Ideas for catchy jingles can be sent to 1600 Pennsylvania Avenue, NW, Washington, D.C. 20500.
Tax reform. In a sign that Congress may be serious about reforming the tax code, Senate Finance Committee Chairman Max Baucus (D-MT) and ranking Republican Orrin Hatch (R-UT) sent a letter to their colleagues proposing a "blank slate" approach to tax reform. "We plan to operate from an assumption that all special provisions are out unless there is clear evidence that they: (1) help grow the economy, (2) make the tax code fairer, or (3) effectively promote other important policy objectives," the senators wrote.
Keystone pipeline update. In a speech to hundreds of environmentalists last week, President Obama said that he will not approve the Keystone XL pipeline if it "significantly exacerbated the problem of carbon pollution." What, exactly, does that mean for the future of the job-creating pipeline? Your guess is as good as mine.
IRS Scandal update. The House Oversight and Government Reform Committee decided last week that IRS employee Lois Lerner gave up her Fifth Amendment rights when she read a statement declaring her innocence during a May 22 hearing. Look for the Committee to call her back to testify sometime soon.
No comments:
Post a Comment