Today in Washington D. C. - July 19, 2008

The House and Senate are not in session. On Monday ( Sept 22), the House will return at 10:30 a.m and the Senate will reconvene at 3:00 p.m. Last night, Treasury Secretary Hank Paulson, Federal Reserve Chairman Ben Bernanke, and SEC Chairman Chris Cox met with congressional leaders to discuss potential legislation to address the current financial crisis. Members of Congress will be considering the proposals through the weekend and will likely begin working on legislation next week.

On Tuesday, the Senate will begin consideration of H.R. 6049, the vehicle for the tax extenders compromise. Three amendments will be offered: a substitute amendment from Finance Committee Chair Max Baucus (D-MT) and Ranking Member Chuck Grassley (R-IA) containing energy tax credits, a Reid amendment with an alternative minimum tax (AMT) fix paid for with tax increases, and a Baucus-Grassley amendment with an AMT fix not including tax increases. All three amendments will need 60 votes to be adopted.

Senate Budget Committee Chairman Kent Conrad (D-ND) will be allowed a point of order against the Baucus-Grassley amendment, which can be waived with 60 votes. After amendments have been considered and voted on, the Senate will vote on final passage of the bill.

From Senate & News Sources: Several Senate aides report that the (Gang of 20) bipartisan group of senators who sought a compromise in the rancorous energy debate won't introduce their bill before lawmakers adjourn for the elections. Leading Edge News reports,

"Since the group won't offer a bill, it's unclear how the energy debate will unfold days before the scheduled Sept. 26 adjournment. Since consideration of the bill was expected to play a significant role in the debate, some senior aides expected Democrats would scrap next week's energy debate, in light of the packed scheduled before the recess and the heightened focus on the economic downturn. But no decisions have been announced, according to a Democratic leadership aide.

Democrats, under pressure to lift a nearly three-decade-old ban on drilling, seemed open to the plan to deflect criticism that they were standing in the way of finding more domestic supplies. But many Republicans criticized the plan, raising concerns that by offering a compromise to Democrats and their presidential candidate Barack Obama, it would blunt a potent election-year attack that has gained traction at the polls. GOP presidential candidate John McCain opposed the plan, and Democrats were preparing to attack the Arizona senator for standing in the way of a bipartisan compromise. . . . Lawmakers have run into roadblocks as the election-year dynamics have shifted. For instance, in a dramatic reversal, the House passed a Democratic energy bill this week that allowed coastal states to drill more than 50 miles off their shores. Plus Democrats are signaling that they will not try to renew the offshore drilling ban after it expires on Oct. 1."

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