The Week Ahead: Nov. 14-20, 2011

November 14, 2011 12:59 AM
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via a special arrangement with Informa Economics, Inc.

FY 2012 spending | Stopgap spending bill | Super Committee | Farm bill talks

NOTE: This column is copyrighted material, therefore reproduction or retransmission is prohibited under U.S. copyright laws.

Fiscal 2012 funding bills, another Continuing Resolution (CR) bill, a House vote on a balanced-budget amendment, stepped-up focus on the Nov. 23 deadline for the Super Committee to come up with at least $1.2 trillion in debt reduction over ten years and continued behind-closed-door sessions on farm bill negotiations highlight this week in Washington as House members return from their weeklong recess. (Note: The deadline for the Super Committee is really Nov. 21 because panel members must have any report to read 48 hours prior to voting on it.)

Both chambers also will have to deal with passing another stopgap spending measure before the current continuing appropriations expires Nov. 18.

The House will debate a balanced-budget amendment. The legislation would require a two-thirds vote from each chamber of Congress, and it must also be ratified by three-fourths of the state legislatures.

The House will also debate a Senate amendment to a bill (HR 674) to repeal the 3 percent withholding on certain payments the government makes to certain vendors. The House passed its version Oct. 27 on a 405-16 vote. Before passing the bill 81-14 Nov. 10, the Senate added an amendment offered by Sen. Jon Tester (D-Mont.) that would give tax credits to businesses who hire veterans.

The House will also consider the conference report on Agriculture, Commerce, and Justice and Transportation and Housing and Urban Development minibus appropriations.

The Senate today will begin debate of a second three-bill FY 2012 spending package (HR 2354) which includes funding for energy and water development, financial services and general government, and Department of State and foreign operations. The legislation, which is using the House-passed energy and water development bill, includes funding for the federal government's energy and water programs, the Treasury Department — including the Internal Revenue Service — and the government's foreign assistance programs.

Meanwhile, the Senate could act on the conference report on the first minibus (HR 2112) which includes funding for USDA and the Food and Drug Administration. The key issue is which amendments will end up in the final legislation.

This week's Washington-related agenda: The agenda for congressional committees features hearings on the impact of regulations, energy and environmental issues.

Monday, Nov. 14

Economic reports: Selected Interest Rates (Federal Reserve).
USDA reports:
Export inspections (AMS) | Wheat Outlook (ERS) | Feed Outlook (ERS) | Livestock and Meat Trade Data (ERS) | Aquaculture Data (ERS) | Crop Progress (NASS) | US Agricultural Trade Data Update (ERS).

Tuesday, Nov. 15

Brazil: Markets are closed in Brazil.
Credit rating agencies: The European Commission is scheduled to propose in Brussels changes to its rules on credit rating agencies, infrastructure, safety, and security.
Effect of public market regulations on job creation: Subcommittee hearing. House Oversight and Government Reform — Subcommittee on TARP, Financial Services and Bailouts of Public and Private Programs.
Economic impact of fiscal policy: Committee policy. Senate Budget Committee. Witness: Doug Elmendorf, director, Congressional Budget Office.
Fannie Mae and Freddie Mac oversight: Committee oversight hearing. Senate Banking, Housing and Urban Affairs Committee.
Fannie Mae and Freddie Mac executive pay legislation: Committee markup. House Financial Services Committee. HR 1221 – Equity in Government Compensation Act of 2011.
Small business health insurance tax credit: Subcommittee hearing. House Ways and Means — Subcommittee on Oversight.
US development assistance to China: Subcommittee hearing. House Foreign Affairs — Subcommittee on Asia and the Pacific.
Derivatives rules changes; SEC regulation of cost-benefit analysis: Subcommittee markup. House Financial Services — Subcommittee on Capital Markets and Government Sponsored Enterprises will mark up pending legislation.
Energy reports: Weekly National Petroleum Report (API).
Economic reports: Producer Price Index | Retail Sales | Expire State Mfg. Survey | Business Inventories | ICSC-Goldman Store Sales.
USDA reports: Sugar and Sweeteners Outlook (ERS).

Wednesday, Nov. 16

No interest rate change seen at Bank of Japan.
President Obama visits Australia:
President Obama begins a two-day visit to Australia to mark the 60th anniversary of the ANZUS alliance. He will hold talks with Julia Gillard, the prime minister.
Financial crisis prevention: The issue of how to prevent another global financial crisis is addressed at the Cato Institute’s Annual Monetary Conference in Washington. Robert Zoellick, president of the World Bank, is among the speakers.
MF Global: MF Global asks a bankruptcy court to approve its use of cash for operations.
U.S.-China Economic and Security Review Commission: Business meeting.
Fannie Mae and Freddie Mac executive compensation: Committee hearing. House Oversight and Government Reform Committee.
Impact of insurance regulations on jobs: Subcommittee hearing. House Financial Services — Subcommittee on Insurance, Housing and Community Opportunity.
Oil and natural gas development on federal lands and waters: Committee oversight hearing. House Natural Resources Committee.
Innovation in weather forecasting: Subcommittee hearing. Senate Commerce, Science and Transportation — Subcommittee on Oceans, Atmosphere, Fisheries, and Coast Guard.
Congressional approval of major new regulations: Committee markup. House Rules Committee. HR 10 – Regulations from the Executive in Need of Scrutiny Act of 2011.
Impact of infrastructure investment on the manufacturing sector: Committee hearing. Joint Economic Committee. The session will focus on the potential impact of infrastructure investment on job creation, particularly in the manufacturing sector, and will review proposals that would improve the current transportation system.
Regulatory improvement lessons from the U.K.: Committee hearing. Senate Budget Committee.
Energy reports: Weekly Petroleum Status Report (EIA) | Weekly ethanol plant production (EIA).
Economic reports: Weekly mortgage applications (Labor Dept.) | MBA Purchase Applications | Consumer Price Index | Industrial Production | Housing Market Index | Treasury International Capital.
USDA reports: Livestock, Dairy and Poultry Outlook (ERS) Meat Price Spreads (ERS) | Broiler Hatchery (NASS) | Turkey Hatchery (NASS).

Thursday, Nov. 17

Greece: Euro-zone finance ministers will decide whether to pay their part of the next tranche of aid to Greece.
ASEAN leaders meet in Bali: Leaders of the 10 members of the Association of Southeast Asian Nations (ASEAN) hold a summit in Bali, Indonesia (until November 19).
Oversight and government reform legislation: Committee markup. House Oversight and Government Reform Committee.
Impact of agricultural regulations: Subcommittee hearing. House Small Business — Subcommittee on Agriculture, Energy and Trade.
Solyndra: Subcommittee hearing. House Energy and Commerce. Energy Secretary Steven Chu will testify on the Solyndra company loan guarantee. Chu will give his views on the failed company before the Subcommittee on Oversight and Investigations at 9 a.m.
Economic Impact of Tax Code Overhaul: Committee hearing. Joint Economic Committee hearing to examine the potential effects of overhauling the tax code on business investment and job creation.
EPA science assessment: Subcommittee hearing. House Science, Space and Technology — Subcommittee on Energy and Environment hearing titled "Fostering Quality Science at EPA: The Need for Common Sense Reform."
Transportation: Weekly Traffic of Major Railroads (Assn. Of American Railroads).
Energy reports: Weekly US underground natural gas stocks (EIA).
Economic reports: Jobless Claims (Labor Dept.) | Housing Starts | Weekly Mortgage Rates (Freddie Mac) | ICI weekly money market mutual fund data | | Phila. Fed Survey.
USDA reports: Export Sales (FAS) | Grain Transportation Report (AMS) | Sugar: World Markets and Trade (FAS) | Canned Deciduous Fruit (FAS).

Friday, Nov. 18

Federal Reserve: San Francisco Fed's John Williams speaks about recovering from crises.
Arctic National Wildlife Refuge (ANWR), jobs, energy and deficit reduction: Committee oversight hearing. House Natural Resources Committee.
Economic reports: Leading Indicators.
USDA reports: Dairy Products Prices (NASS) | Peanut Prices (NASS) | Cattle on Feed (NASS) | Milk Production (NASS).

Sunday, Nov. 20
Spain holds election:
The country holds a general election, in which the opposition center-right Popular party is expected to win.
Deadline for Greece to submit budget.
U.S.-China trade talks: The US-China Joint Commission on Commerce and Trade begins two days of negotiations in Chengdu, China. The US delegation will be pressing for greater access for US exports and also discussing intellectual property rights, investment and innovation.

NOTE: This column is copyrighted material, therefore reproduction or retransmission is prohibited under U.S. copyright laws.






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