Line Items: Overtime Edition
Crunch Time – The Washington Redskins kept their playoff hopes alive with a come-from-behind victory in sudden-death overtime over the Baltimore Ravens on Sunday. Policymakers in Washington also look to be headed into overtime as the fiscal cliff negations almost certainly will cause the House of Representatives to go beyond its original target adjournment date of December 14. President Obama and House Speaker John Boehner initiated what they hope will be a game-winning drive on Sunday with a face-to-face meeting. Hopefully, things won’t resort to sudden-death.
Under the Gun not to Go Over the Cliff – Policymakers face just 19 days until we reach the fiscal cliff. Politico points out some of the scenarios for reaching a resolution as time runs short. The Wall Street Journal reports that talks between President Obama and Speaker Boehner appear to be progressing. And CRFB released a new brief outlining principles for a sound deal that includes a two-step process for achieving a comprehensive deficit reduction plan. Meanwhile, a new Gallup poll shows that 70 percent of Americans want policymakers to compromise and get a fiscal cliff deal done. Keep up on the fiscal cliff with our Fiscal Cliff Resource Page.
Disaster Aid Enters the Ball Game – On Friday, the White House formally requested from Congress that it appropriate $60.4 billion for disaster relief efforts associated with Hurricane Sandy. The administration also is asking that the funds not be offset. The request adds a new layer to the larger debate over federal spending. CRFB has written before on the need for more responsible, and proactive, in budgeting for disasters.
Key Upcoming Dates (all times are ET)
- House Energy & Commerce Committee hearing on Implementation of PPACA's Exchanges and Medicaid Expansion at 10 am.
- Consumer Price Index data for November released
- Third estimate of third quarter GDP figures released
January 1, 2013
- The "fiscal cliff" occurs, including the expiration of the 2001/2003/2010 tax cuts and across the board spending cuts the following day
- 113th Congress will convene
- Unemployment statistics for the month of December released
- Consumer Price Index data for December released
- President Obama publicly sworn in for his second term (a private swearing in will occur on Sunday the 20th, the technical inauguration date)
- Advance estimate of fourth quarter GDP figures released