In addition to cutting taxes, Congress will consider an end-of-year spending bill. As of this writing little is known about what it will include. It is likely to blast “defense” spending and may also include an $81 billion disaster aide package. Since the disaster aide is “emergency” funding it does not need to be offset with other cuts, but goes straight to the National debt. Congress' continued refusal to cut spending is why the tax bill is not as good as it could be since Congress’s refusal to cut spending limits its ability to cut taxes.
It will be interesting to see if the fiscal conservatives who bailed at cutting taxes will oppose the spending package.
The disaster bill also makes cotton eligible for the price loss coverage program. For more on why that is a bad idea see here.
As of this writing, it looks like the bill will not contain a renewal of Section 702 of the FISA Act which has been used to justify warrantless surveillance in all Americans, but that could change. More details on the spending bill will be provided as they become available.
The House will also consider H.R. 3312, which exempts certain smaller bank holding companies from enhanced supervisions under the Dodd-Frank Act. The House will also consider H.R. 4015, which imposes new regulations on proxy advisory firms.
The House will also consider a number of bills under suspension of the rules, including :
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H.R. 3759– Instructs the federal bureaucracy to develop a strategy to support family caregivers. I guess cut the taxes and leave them alone isn't an option.
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H.R. 4881– Reauthorizes the Federal Fire Adonis Trianon and federal grants to free fighters. Another example of federal interference in matters left to states and local communities.
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