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Leaders of the appropriations committees in the U.S. House of Representatives and Senate are asking the budget negotiators for a top-line spending number by November 22 and before Thanksgiving to allow sufficient time to craft a 2014 omnibus package to prevent another continuing spending resolution.

Once Congress returns to Washington after the Christmas break, there will only be seven working days before funding runs out again. The good news is that the House has unveiled a 2014 schedule that indicates the chamber will be in session for 113 days next year, which is a 13-day increase from the schedule this year.

Senate Finance Committee Chairman Max Baucus (D-Mont.) is expected to release his most detailed proposals yet to rewrite the tax code, including potentially big changes to how corporations are taxed. While the House and Senate may agree on broad goals – lower rates and scrapping loopholes – there has been scant evidence of any specific proposals, and the clock is running out on time to complete tax reform in 2013.

Baucus is expected to release "discussion drafts" this week that will address corporate taxation, one of the areas of the tax code where there is some common ground between Democrats and Republicans.

Posted in: Legislative News
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