This Week In Washington
Top 5 Stories This Week
1.
Amid increasing Democratic
opposition to expedited deportations of Central American minors, President
Obama met with members of the Congressional Hispanic Caucus, while White House
officials briefed senators on the administration's response to the surge.
Look ahead: The White House cited
Monday's expedited deportation of 38 Honduran women and children as evidence
that those who cross the U.S. border illegally "will not be welcomed to
this country."
2.
The United States imposed new,
targeted sanctions against major Russian banks and energy and defense companies,
but the administration stopped short of employing sector-based sanctions. The
European Union agreed to halt European Investment Bank lending for
public-sector projects in Russia, and to push for an end to new loans by the
European Bank for Reconstruction and Development.
Look ahead: Russian President
Vladimir Putin warned that the sanctions, which for the first time target key players
in the Russian economy, will backfire on the Obama administration by harming
bilateral relations and the interests of U.S. companies.
3.
Israel has invaded (land, sea and
air)Gaza searching for underground tunnels after a comprehensive cease-fire—intended
to allow delivery of supplies to Gaza— was apparently broken by mortar fire
from militants.
Look ahead: Hostilities continue,
though negotiations for a lasting truce continue in Egypt.
4.
The House approved on a 367-55 vote
a $10.9 billion Highway Trust Fund bill authored by Ways and Means Committee
Chairman Dave Camp, R-Mich., which would be funded through $6.4 billion in
gains from pension-smoothing, $3.5 billion from customs fees, and $1 billion
from a special fund dedicated to addressing leaking underground storage tanks.
Look ahead: Senate Majority
Leader Harry Reid is eyeing consideration of three highway fund proposals: the
House-passed bill, a competing measure from the Senate Finance Committee, and a
shorter-term offering from Sen. Barbara Boxer, D-Calif.
5.
Federal Reserve Chair Janet
Yellen delivered the semiannual Monetary Policy Report to Congress this week, resisting
House Republicans' calls for disclosure of her weekly conversations with
Treasury Secretary Jacob Lew and rejecting as "a grave mistake" a
proposed formula to guide monetary policy.
Look ahead: Yellen advised the
Senate Banking Committee that while the labor market is improving, "a high
degree of monetary policy accommodation remains appropriate" until it
becomes clear that the economy is on a solid footing.
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