The Week Ahead In Beltway Drama: June 13-17

Tyler Durden's picture

All the key events in this week's beltway soap opera.

Monday, June 13

  • 12:30 pm – House Majority Leader Cantor (R-VA) news briefing. 
  • 1:45 pm – President Obama speaks on the economy. Following a factory tour in North Carolina. 
  • 2:00 pm – Republican Town Hall on the Economy.  Sens. Coburn (R-OK) and Sessions (R-AL) and Rep. Ryan (R-WI) will speak. Coburn was an intial member of the “Gang of Six” but has parted ways; Sen. Sessions and Rep. Ryan are the senior Republicans on the Senate and House budget committees. 
  • 8:00 pm -- Republican presidential candidates debate.  Participants include: Minnesota Rep. Michele Bachmann, businessman Herman Cain, former House Speaker Newt Gingrich, Texas Rep. Ron Paul, former Minnesota Gov. Tim Pawlenty, former Massachusetts Gov. Mitt Romney and former Pennsylvania Sen. Rick Santorum.  Mitt Romney has led in most recent polls for the Republican nomination. While he trails President Obama by an average of 6 points in recent general election polling, a few polls have shown him to lead the president, including one last week from ABC News which showed him up by 3 points. 

Tuesday, June 14

  • VP Biden leads fiscal talks.  This time the focus is likely to be on discretionary spending, which we expect to be capped for multiple years as part of the eventual debt limit compromise.  The pace of talks has increased in light of recent weak economic data. That said, we have not yet seen many signs that the content of the talks has changed in response to recent data, except for a trial balloon floated last week by the administration regarding an employer-side payroll tax cut; so far, the congressional response to that proposal has been tepid. 
  • Potential votes on ethanol, a “clean” debt limit increase, and Dodd-Frank. The Senate will continue to consider the reauthorization of the Economic Development Administration (EDA), the same bill that Sen. Tester (D-MT) hoped to amend with a delay of the debt interchange restrictions in Dodd-Frank. This week the bill could become a target for additional amendments, including a repeal of the Dodd-Frank Act (offered by Sen. Demint, R-SC) and a clean increase in the debt limit with no spending cuts (potentially offered by Sen. Paul, R-KY).  On Tuesday, the Senate looks likely to vote on an amendment from sponsored by Sens. Coburn (R-OK) and Feinstein (D-CA) to repeal the 45/cent gallon tax credit for ethanol, and the 54/cent gallon tariff. Repeal seems unlikely, but it is possible that competing measures that would phase down the value of the credit and tie it to the price of oil could pass. 
  • Trade Subcommittee Chair Brady speaks on trade deals. Trade agreements with Colombia, Panama, and South Korea have lost a little momentum due to the ongoing disagreement over extending the Trade Adjustment Assistance (TAA) program as a quid pro quo.  That said, most observers still expect the deals to be agreed to this year, albeit not by July as originally hoped. 
  • Fiscal conference.  Fed Chairman Bernanke, NEC Director Sperling, Sen. Warner (D-VA) and Rep. Ryan (R-WI) will speak. Hosted by the Committee for a Responsible Federal Budget. 

Wednesday, June 15

  • VP Biden leads another round of fiscal talks…
  • Fed and OCC testify on financial safety and soundness. Fed Senior Assoc. Dir Foley and OCC Dep. Controller Wilson testify in the Senate Banking Committee.  Following a variety of conflicting reports on potential capital surcharges, this hearing could provide some additional news on that front. 
  • CFTC Chair Gensler testifies on Dodd-Frank implementation.  In the Senate Agriculture Committee. 
  • Defense Sec. Gates and Joint Chiefs Chair Mullen testify on FY12 defense budget. In the Senate Appropriations Committee. 
  • Treasury Sec. Geithner testifies on international financial regulation.  In the House Financial Services Committee. 
  • Balanced budget constitutional amendment.  The House Judiciary Committee will vote on a resolution to amend the constitution to require a balanced budget and to limit spending to 20% of GDP.  It would allow those rules to be waived with three fifths of each chamber of Congress (in the case of the deficit prohibition, raising the debt limit, or a tax increase) or two thirds (in the case of the 20% of GDP spending limit).  The provisions could also be waived in time of war, though there is no similar allowance for economic weakness.
  • Nuclear Regulatory Commission Chair and members testify on US nuclear review. They will present preliminary results of their safety review of US facilities following the Fukushima emergency.

Thursday, June 16

  • VP Biden leads a third round of fiscal talks this week…
  • House takes up Patent Reform bill?  The House is readying a patent reform bill for consideration, but it may be pushed until next week given a fairly crowded schedule this week.

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SheepDog-One's picture

Bread and circus shows from the puppets. I dont really care I dont watch any of it anymore.

PaperBear's picture

Michele Bachmann ?

Oh yeah, was it not she who said Ron Paul had no business running for president or something on those lines ?

Her district's voters must kick her to the curb in the next election.

the not so mighty maximiza's picture

She really is a blow up doll with allot of hot air.

PaperBear's picture

I cannot wait to watch Ron Paul rip into Mitt Romney.

snowball777's picture

In the tussle that ensues from everyone attempting to pin his healthcare scarlet letter on his sleeve, BaaachMaannn and Herm the Sherm Cain (well what do you think he's smoking?) will collide and be knocked unconscious; only the astute will note much difference in their subsequent debate performance.

Cruel Aid's picture

I see Biden is busy this week... Good call!

John Stewart

Ancona's picture

Finally, something to replace All My children.

knukles's picture

Which need the most adult supervision?

buchesky's picture

Great summary.  Very useful information.

PaperBear's picture

I cannot wait to watch Ron Paul also rip into Michele Bachmann. Ah hell, Ron Paul will probably rip into all of these puppets.

optimator's picture

Ms Bachmann, who can't spell her name correctly, has the credentials Dr. Paul hasn 't.  She's worked on the right farm when she was 18.

ebworthen's picture


Full of sound and fury, signifying nothing.


buchesky's picture

Great summary.  Very useful information.

Helmholtz Watson's picture

"Following a factory tour in North Carolina." 

All it needs is a "Mission Accomplished" banner and it's the perfect photo op.



Stuck on Zero's picture

More trade deals?  It's an act of drilling more holes in the bottom of the Titannic.  Obama touring a factory in North Caolina?  They must have had it brought in specially from China.  This days list of DC comedy acts is astounding.

snowball777's picture

8:00 pm -- Republican presidential candidates debate


But do they have...a BUS?

DNB-sore's picture

Just in the news because the Dutch government is sleeping when things develop and wake when it is to late;

Jan Kaas the Jager (translated JK the Chaser); must bailout greece because if we don't it will cost us (the netherlands) 10's of billions.

months ago he stated the Netherlands was making money on the lendings that were sure. So when the lendings are not sure why put in some more.


Please give him a 5000€ bonus for the the "good" work till now and give him also a holliday in Greece for the next months so he can see the unfolding consequence of his policy that is in line with the rest of the Euro-believers

Mask included or he will be gutted within the hour

zaknick's picture

Evil incarnate. Why can't the earth open up and swallow Amerikkka and let us all live in peace. Why the fuck not???

Trade Subcommittee Chair Brady speaks on trade deals. Trade agreements with Colombia, Panama, and South Korea have lost a little momentum due to the ongoing disagreement over extending the Trade Adjustment Assistance (TAA) program as a quid pro quo.  That said, most observers still expect the deals to be agreed to this year, albeit not by July as originally hoped. 

An Amerikkkan GMO lemon, subsidized by zionista funny money, costs less than a small farmer in Colombia can produce it for. Now with this "FTA" Cargill, ADM, Monsanto, Syngenta, Dreyfuss (the grain horsemen of the GMO apocalypse) will be able to dump all their subsidized, carcinogenic crap in Colombia. The same thing happened with NAFTA and Mexico. The peasants were unable to compete with the imports and ended in the KKK gulags in Amerikkka.

Scum o' the earth this country is.

LRC Fan's picture

They had a segment on CNBS about this factory tour.  Immelt and the CEO of American Express apparently wrote an op-ed in the WSJ today giving the 5 things "we" need to do to get "our" economy back on track. 

One was "put construction workers back to work."  I shit you not.  Another was "cut red tape."  So, ummm let's cut red tape by having Obama take up time, energy, and money touring a fucking plant and harping on about how "the recovery will take time."  Got it. 

A third point was that we need to "facilitate lending to small business."  After all, without unlimited access to credit, we all know every business would quickly go under, causing unemployment to rocket up to 25%+.  Have we already forgotten the painful lessons of 2008?  More credit=more jobs.  God bless the USA!

lolmao500's picture

Good to see that Paul in the senate is pushing a bill to force congress to show their true hand on the debt ceiling vote...

Ripped Chunk's picture

NHL Finals or the Repub bitch fest ??? Decisions, decisions

earnyermoney's picture

Easy decision. NHL Finals if you want to see some dedication to winning a piece of hardware.