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Congresspedia Preview: This Week in Congress (April. 12 - 18, 2008)

By Conor Kenny
Created 04/14/2008 - 10:41

By Congresspedia assistant editor Avelino Maestas [1]

As Americans rush to finish their tax returns on Tuesday, Congress is also hustling to finish the Farm Bill and a housing crisis package while gearing up for fights over Iraq War funding.

The 2002 Farm bill is set to expire on April 18th, and members of both chambers are scrambling to work out an extension [2]. Substantial debate remains, however, over the bill's overall price tag: the $10 billion increase initially floated has been countered by House Agriculture Chairman Collin Peterson (D-Minn.), who, with the support of House Republicans, wants to limit the increase to $5.5 billion.

Peterson’s proposal would also strip out a disaster relief program championed by Senate Finance Chairman Max Baucus [3] (D-Mont.) and Senate Budget Chairman Kent Conrad [4] (D-N.D.). Peterson cited "pay as you go" rules as his reason for opposing the program. On the flip side, Charles Rangel [5] (D-N.Y.) was upset that his proposed food stamps increase, coupled with tax breaks for farmers, was left out of the Senate version.

(More on this weeks' legislation and a complete list of this week's committee hearings after the jump.)

A few cracks are already starting to appear in the Senate's compromise housing stimulus bill [6] as the House begins to draft its own version. The Senate's bill - which included tax breaks and credits for existing and future homeowners, assistance for local governments, and homebuilders and homeowners - also includes tax breaks for companies and individuals who invest in green energy.

However, the Senate’s renewable energy breaks would cost $6 billion over the next 10 years, and are not offset by reductions elsewhere in the budget. That will be a problem for House Democrats, who are striving to abide by pay-go rules.

Three other housing-related bills will be highlighted in Congress this week:
* In the Senate, Christopher Dodd [7] (D-Conn.) wants to allow the Federal Housing Authority to refinance up to $400 billion for borrowers who will see their mortgage payments jump after interest rates are reset. In the House, three bills will be introduced:
* Rep. Mike Castle [8]’s (R-Del.) legislation could make it easier for loan servicers to let borrowers refinance to lower-cost loans, by preventing those invested in loan-backed securities from suing the servicer.
* Rep. Maxine Waters [9] (D-Calif.) bill goes a step further, preventing lenders from foreclosing on mortgages only after it determines the borrower can’t refinance.

Following last week’s circus of testimony on the Iraq War [10], discussion will soon turn to the next round of supplemental funding. President George W. Bush [11] has told Congress to limit spending in the supplemental to war-related costs, and has also said legislators should avoid placing conditions on the funding or calling for troop withdrawals.

Many members are balking at the President’s demands, however, and plan to include provisions to extend unemployment benefits to the newly jobless.

April 14, 2008

Senate

House

April 15, 2008

Senate

House

April 16, 2008

Senate

House

April 17, 2008

Senate

House



Source URL:
http://www.prwatch.org/node/7207