Leading the Past WeekWhile the Senate was on recess, the House was in, but staffs from both budget committees were hard at work trying to put together a budget deal. By the end of the week, rumors were circulating that a deal that would modestly raise the $967 billion discretionary spending level under the sequester by $34 billion to $1.001 trillion for FY2014, with the increase being distributed evenly across domestic and defense spending. While this would still be a decrease in defense spending from the last fiscal year, it would be $17 billion more than anticipated under FY2014 sequester levels.While it remains to be seen if negotiators can come together on a budget deal, the week did close with a better than expected jobs report. The economy added 203,000 jobs in November with the unemployment rate dropping to 7 percent. This successful jobs report was viewed by some as a potential key factor for the Federal Open Market Committee (FOMC) discussion later this month focusing on when, and how, to wind down the Fed’s quantitative easing program.Legislative BranchSenateSenate Expected to Vote on Watt this Week, Yellen by End of the YearAccording to sources familiar with Senate leadership’s plans for… Read full this story
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