This Week In Washington DC, Sep 18, 2014

This Week In Washington DC

Top 5 Stories

1.      The House approved President Obama's plan to equip and train members of the Syrian opposition as part of the administration's strategy against ISIS. The president emphasized the US will not deploy ground troops in Iraq, despite Joint Chiefs of Staff Chairman Gen. Martin Dempsey's refusal to rule out the possibility.

Look ahead: Even absent a U.S. infantry presence, experts say small special forces teams could operate alongside Iraqi troops, providing guidance and calling in air support.

2.      The House approved a continuing resolution to fund the government through Dec. 11 and reauthorize the Export-Import Bank through June 2015.

Look ahead: The Senate is scheduled to begin consideration of the stopgap funding measure this afternoon; a vote on passage could occur several hours later.

3.      The Federal Reserve announced plans to conclude the central bank's monthly asset purchases in October, but left unchanged its forward guidance that the federal funds rate should remain near zero for "a considerable time" after the end of quantitative easing.

Look ahead: Fed officials increased slightly their projections for the benchmark rate at the end of 2015, suggesting a swifter rate rise than had previously been forecast.

4.      The Census Bureau reported the national poverty rate dipped from 15% in 2012 to 14.5% last year—the first decline since 2006—as more Americans obtained full-time employment, and the child-poverty rate decreased from 21.8% to 19.9%.

Look ahead: The decline is attributable to population growth, as the number of Americans living at or below the federal poverty line was unchanged and household incomes remained flat.

5.      Scottish voters head to the polls today in a referendum on independence from the United Kingdom, weighing national identity against economic certainty. Nationalists argue Britain has deprived Scotland of its share of oil and gas revenues, but are accused of relying on an unduly optimistic assessment of the industry.

Look ahead: A vote for independence could create risks, but also opportunities, in Edinburgh, Royal Bank of Scotland and Lloyd's Bank have threatened to shift their legal bases to London.

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