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Dollars & Sense
This week, all eyes in Congress have turned to the Surface Transportation Reauthorization Bill. Commonly known as the Highway Bill, this measure will define how our nation's highways and transit systems are built and funded for the next four years. The House and Senate are each diligently working on separate versions of the bill which they hope to reconcile and complete by the end of the month.
Next week, all eyes will turn again to budget issues as the President is slated to unveil his FY 2013 budget proposal to Congress on Monday, Feb. 13. In the meantime, the House Committee on Appropriations is holding its first set of FY 2013 budget hearings this week, with the hopes of passing the 12 annual spending bills by October. The overall spending budget for the year has already been set at $1.047 trillion, a result of the negotiations over last summer's vote to raise the debt ceiling. This puts Congress significantly ahead of where it was in the appropriations process at this time last year and furthers the possibility that Congress could approve all FY 2013 spending bills before the start of the new fiscal year on October 1. This is something that Congress has failed to do for several years in a row.
Lingering in the back of everyone's mind is the looming expiration of the Payroll Tax Cut on February 29. In December, Congress agreed to a temporary, two-month extension of the Payroll Tax Cut after a great deal of debate. It is expected that both the House and the Senate will reach a deal that will late through the end of the year, saving the average American working family $1,000 in tax breaks.
This week, all eyes in Congress have turned to the Surface Transportation Reauthorization Bill. Commonly known as the Highway Bill, this measure will define how our nation's highways and transit systems are built and funded for the next four years. The House and Senate are each diligently working on separate versions of the bill which they hope to reconcile and complete by the end of the month.
Next week, all eyes will turn again to budget issues as the President is slated to unveil his FY 2013 budget proposal to Congress on Monday, Feb. 13. In the meantime, the House Committee on Appropriations is holding its first set of FY 2013 budget hearings this week, with the hopes of passing the 12 annual spending bills by October. The overall spending budget for the year has already been set at $1.047 trillion, a result of the negotiations over last summer's vote to raise the debt ceiling. This puts Congress significantly ahead of where it was in the appropriations process at this time last year and furthers the possibility that Congress could approve all FY 2013 spending bills before the start of the new fiscal year on October 1. This is something that Congress has failed to do for several years in a row.
Lingering in the back of everyone's mind is the looming expiration of the Payroll Tax Cut on February 29. In December, Congress agreed to a temporary, two-month extension of the Payroll Tax Cut after a great deal of debate. It is expected that both the House and the Senate will reach a deal that will late through the end of the year, saving the average American working family $1,000 in tax breaks.
"...one of the top appropriations lobby shops in Washington" -The Hill, February 10, 2011
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