Markets overseas on Monday reacted to a potential US recession with near panic, and American stocks saw a sharp drop today when they reopened, providing further incentive to Congressional leaders hoping to develop an economic stimulus plan [3] this week.

Stocks later erased their losses, after the Federal Reserve cut a key interest rate by 3/4 of a point. Lawmakers are meeting with President Bush today to talk about a package of tax rebates, incentives and other measures meant to stave off a recession. They hope to have a plan developed by the State of the Union speech next Monday. Senate Majority Leader Harry Reid [4] (D-Nev.) has said he thinks Congress can pass a stimulus plan by March 1.

Several high profile issues may be pushed to the wings as the economy takes over the spotlight, but that doesn’t mean we’re not keeping an eye on things for you here at Congresspedia. FISA reform, defense appropriations and children’s health care will all see votes this week. There’s more below the fold, including committee schedules for the week.

The Senate will again take up reform of the Foreign Intelligence Surveillance Act [5] this week. A stop gap reform measure expires next week, so the Senate’s time is running out. Reid is advancing one version of the bill, approved by the Intelligence Committee, that includes immunity for telecom companies who helped the administration spy on Americans without warrants.

Several Democrats remain opposed to the bill, and are pushing for a version passed by the Judiciary Committee that lacks the immunity provision. Bush has threatened a veto of any legislation that doesn’t include immunity, and Republicans in the Senate will likely push for the Intelligence version. There’s been some discussion of a month-long extension of the current stop-gap, which would push the debate past the politically volatile Super Tuesday primary elections on February 5.

On Wednesday, the House will again attempt to override Bush’s veto of an State Children’s Health Insurance Program [6] expansion, though the vote is expected to fail. Democrats are planning to turn the issue into an election year fight over the economy and children’s health care, as some states will begin to cut back on benefits provided by SCHIP.

The 2008 Defense spending bill [7], which Bush vetoed in December, was approved by the House last week, and the Senate will likely vote on the measure with little contention.

Several other issues to look for in the coming weeks:

• Mortgage Lending Crisis: The Senate and House may finally compromise on a reform bill that would provide some relief to borrowers. One obstacle is oversight, since some lawmakers want to tighten lending standards.
• Food Safety: administration officials are talking about potential impacts of several legislative proposals, including an expansion of FDA power to collect import user fees at the border. The fees would pay for the inspection of food and drug shipments.
• Climate Change: The House Energy Committee in the coming weeks may introduce a mandatory greenhouse gas emissions cap-and-trade bill.
• Military Spending: Defense Secretary Robert Gates is expected to unveil his budget priorities for FY 2009
• Oversight: The House will examine the destruction of CIA tapes, which depicted the interrogation of several terrorism suspects following the 9/11 attacks.
• Consumer Protection: The Senate will move forward with its own version of a House bill that limits the amount of lead in children’s toys.
• Fired US Attorneys: Investigations by the House and Senate ethics committees and the Department of Justice continue into the forced resignation of nine US attorneys.

The House is not in session Thursday or Friday, as Republicans conduct policy retreats, but here are the committee schedules we were able to find for the rest of the week:

Hearings Schedules:

January 23, 2007

Senate

• House Committee on Appropriations, Subcommittee on State, Foreign Operations, and Related Programs [8]
  Hearing on Foreign Assistance in the 21st Century: Proposals for Reform and Restructuring -- Jan 23, 2008 at 10 a.m.
• House Committee on Transportation and Infrastructure, Subcommittee on Water Resources and Environment [9]
  Hearing on Progress Toward Improving Water Quality in the Great Lakes -- Jan 23, 2008 at 10 a.m.
• House Committee on Armed Services, Subcommittee on Oversight and Investigations [10]
  To continue hearings on A Continuing Dialogue: Post-Surge Alternatives for Iraq (Part 2) -- Jan 23, 2008 at 1 p.m.

House

• Select Committee on Energy Independence and Global Warming [11]
  Hearing entitled "Cap, Auction and Trade: Auctions and Revenue Recycling Under Carbon Cap and Trade," 9:30 a.m., 2128 Rayburn.
• House Committee on Financial Services [12]
  To consider extension of a committee consultant contract, 9:30 a.m., 2128 Rayburn.
• House Committee on Appropriations, Subcommittee on Defense [8]
  Executive, hearing on Army Contracting Task Force, 10 a.m., and Executive, on DOD Outsourcing GAO, 3:30 p.m., H-140 Capitol.
• House Committee on Appropriations, Subcommittee on State, Foreign Operations, and Related Programs [8]
  Hearing on Foreign Assistance in the 21st Century: Proposals for Reform and Restructuring, 10 a.m., 2359 Rayburn.
• House Committee on Armed Services [10]
  Hearing on Assessment of U.S. Strategy and Operations in Afghanistan and the Way Ahead, 10 a.m., 2118 Rayburn.
• House Committee on the Budget [13]
  Hearing on the Congressional Budget Office's Budget and Economic Outlook, 10 a.m., 210 Cannon.
• House Committee on Education and Labor [14]
  Hearing on Investing in Early Education: Paths to Improving Children's Success, 10 a.m., 2175 Rayburn.
• House Committee on Energy and Commerce, Subcommittee on Health [15]
  Hearing on H.R. 1232, Veterinary Public Health Workforce Expansion Act of 2007, 10 a.m., 2322 Rayburn.
• House Committee on Energy and Commerce, Subcommittee on Oversight and Investigations [15]
  Hearing entitled "Combating Nuclear Proliferation: The Effectiveness of the Department of Energy's Initiatives for Proliferation Prevention (IPP) Program," 10 a.m., 2123 Rayburn.
• House Committee on Foreign Affairs, Subcommittee on International Organizations, Human Rights, and Oversight and the Subcommittee on the Middle East and South Asia [16]
  Joint hearing on the Proposed U.S. Security Commitment to Iraq: What Will Be In It and Should It Be a Treaty? 10 a.m., 2200 Rayburn.
• House Committee on Oversight and Government Reform, Subcommittee on National Security and Foreign Affairs [17]
  Hearing on Fortress America Abroad: Effective Diplomacy and the Future of U.S. Embassies, 10 a.m., 2154 Rayburn.
• House Committee on Small Business [18]
  Hearing entitled "Limited Health Care Options for Small Businesses in the Small Group Market," 10 a.m., 2360 Rayburn.
• House Committee on Transportation and Infrastructure, Subcommittee on Water Resources and Environment [9]
  Hearing on Progress Toward Improving Water Quality in the Great Lakes, 10 a.m., 2167 Rayburn.
• Permanent Select Committee on Intelligence, Subcommittee on Terrorism, Human Intelligence, Analysis and Counterintelligence [19]
  Executive, hearing on China, 10 a.m., H-405 Capitol.
• House Committee on Armed Services Subcommittee on Oversight and Investigations [10]
  To continue hearings on A Continuing Dialogue: Post-Surge Alternatives for Iraq (Part 2), 1 p.m., 2212 Rayburn.
• House Committee on Homeland Security, Subcommittee on Transportation Security and Infrastructure Protection [20]
  To mark up the Chemical Facility Anti-Terrorism Act of 2008, 1:30 p.m., 311 Cannon.
• House Committee on Transportation and Infrastructure, Subcommittee on Coast Guard and Maritime Transportation [9]
  Hearing on Transportation Workers Identification Credentials--Follow-Up, 2 p.m., 2167 Rayburn.

January 24, 2007

Senate

• Senate Committee on Energy and Natural Resources [21] and Senate Committee on Veterans’ Affairs [22]
  To hold oversight hearings to examine the report of the Veterans' Disability Benefits Commission, focusing on veterans disability compensation. SD-562 -- Jan 24, 2008 at 9:30 a.m.
• Senate Committee on Finance [23]
  To hold hearings to examine stimulus that makes sense relating to strengthening America's economy. SD-215 -- Jan 24, 2008 at 10 a.m.
• Senate Committee on Health, Education, Labor, and Pensions [24]
  To hold hearings to examine S.1843, to amend title VII of the Civil Rights Act of 1964 and the Age Discrimination in Employment Act of 1967 to clarify that an unlawful practice occurs each time compensation is paid pursuant to a discriminatory compensation decision or other practice. SD-430 -- Jan 24, 2008 at 10 a.m.
  S. 1843: Fair Pay Restoration Act
• Senate Committee on the Budget [25]
  To hold hearings to examine Congressional Budget Office budget and economic outlook. SD-608 -- Jan 24, 2008 at 10 a.m.
• Senate Committee on Agriculture, Nutrition, and Forestry [26]
  To hold hearings to examine the nomination of Ed Schafer, of North Dakota, to be Secretary of Agriculture. SR-328A -- Jan 24, 2008 at 2 p.m.