This Week In Washington, Dec 12th

This Week In Washington

Top 5 Stories This Week

1.      The budget agreement reached by House Budget Chairman Paul Ryan and Senate Budget Chairwoman Patty Murray includes a $63B spending increase for 2014 and 2015, but offsets these gains with $85B in deficit reductions over the next decade, a move that could make it palatable to conservatives.

Look ahead: The House is expected to pass the deal, and Senate Republicans say it is likely to pass the upper chamber, as well.

2.      Leaders of the House and Senate Armed Services Committees announced a compromise bill that includes some changes to the handling of sexual assault, but falls short of the amendment offered by Sen. Kirsten Gillibrand.

Look ahead: The House could vote as early as Thursday on the bill, but it could instead occur Friday.

3.      The Senate confirmed Patricia Millett to serve on the U.S. Court of Appeals for the D.C. Circuit, and later confirmed Rep. Mel Watt, D-N.C., as director of the Federal Housing Finance Agency. The body confirmed Cornelia Pillard for the D.C. Circuit early Thursday morning.

Look ahead: Majority Leader Harry Reid, threatened to hold the Senate through the weekend to confirm the remaining presidential nominees.

4.      The Federal Reserve, SEC, FDIC, CFTC, and OCC adopted the Volcker Rule, a critical provision of the Dodd-Frank financial-reform law that aims to seeks to reduce risk-taking among banks.

Look ahead: Banks have until July 21, 2015 to come into compliance with its regulations.

5.      House and Senate negotiators conceded a final farm bill will not be ready this year, but expressed optimism agreement could be reached next month.

Look ahead: House Agriculture Committee Chairman Frank Lucas filed a short-term extension of the legislation through the end of January.

Twitter:

@themeyersgroup