Cloakroom: Taxmageddon Edition

Josh Robbins / July 29, 2012

House Cloakroom: July 30 – August 3

Analysis: This week, the House will take up its bill to avoid Taxmageddon. HR 8 would extend the Bush-era rates for a year and provide for a fast track process to consider tax reform next year. The fiscal cliff represents a real threat to our economy. Find more on the tax increase it will impose on your family here.

Major Floor Action:

• HR 8 – Job Protection and Recession Prevention Act of 2012
  

Major Committee Action:

• The House Armed Services Committee will hold a hearing on the “Impact of Sequestration on Defense.”
• The House Small Business Committee will hold a hearing on the “Impact of CFPB in Small Business.”
• The House Oversight and Government Reform Committee will hold a hearing on the “Tax Aspects of Affordable Care Act Enforcement.”
• The House Transportation and Infrastructure Committee will hold a hearing on the “Review of Amtrak Operations.”
• The House Energy and Commerce Subcommittee on Energy and Power will hold a hearing on “Clean Air Act Implementation.”
  

Senate Cloakroom: July 30 – August 3

Analysis: This week the Senate will begin by considering a circuit court nomination, despite Minority Leader Mitch McConnell’s (R-KY) invoking the Thurmond Rule. The Thurmond Rule, which is also known as the Leahy Rule because of past support by Senate Judiciary Committee Chairman Patrick Leahy (D-VT), is a Senate tradition that the chamber stops allowing judges through within six months of a presidential election. Heritage’s Brian Darling has a more in-depth explanation here. After voting on the judge, the Senate will return to consideration of the Cybersecurity bill. This bill differs from the House-passed version in that it contains an onerous regulatory scheme. Heritage’s Paul Rosenzweig has policy analysis here.

Major Floor Action:

• Nomination of Rovert E. Bacharach, of Oklahoma, to be a United States Circuit Judge for the Tenth Circuit
• S 3414 – CSA2012 (Cybersecurity Bill)
  

Major Committee Action:

• The Senate Banking, Housing and Urban Affairs Committee will hold a hearing on the “CFPB Report to Congress.”
• The Senate Agriculture, Nutrition and Forestry Committee will hold a hearing on “MF Global and Accountability in the Futures Market.”
• The Senate Foreign Relations Committee will hold a hearing on “Next Steps in Syria.”
• The Senate Commerce, Science and Transportation Committee will hold a hearing on the “Taxation of Internet Sales.”
• The Senate Appropriations Subcommittee on Defense will hold a markup of the Fiscal 2013 Defense Appropriations bill.

After this week, Congress will leave for the August recess. Congress and the Cloakroom will return in September.