Key Financial Issues

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Key Financial Issues Congress Faces After Post Mid-Term Election

Chito Paulo

FIN/370

November 11, 2010
Louann M. Schloss

Key Financial Issues Congress Faces After Post Mid-Term Election

The article I will that I analyze was published in SFGate.com on November 4, 2010. The article “Lame-duck Congress faces key financial issues” was authored by Kathleen Pender. This article discusses the agenda that the Congress will have to tackle during their next session on November 15, 2010. Members of the Congress have to reconvene after a general election or mid-term election. This session usually happens in an even-numbered years. When Congress reconvenes during this period, some members have lost their bids for re-elections, but are still able to attend the post election session. These members are called lame-ducks. When these lame-duck members attend the reconvening of Congress, this session has come to be called lame-duck session of the U.S. Congress. Some of the urgent issues that Congress will have to solve are federal employment benefits that will expire November 30, 2010 and the Bush-era tax cuts, which will be over at the end of December. On June 2, 2010, Congress decided to extend the unemployment benefits until November 30, 2010, without a solution on where to obtain the funds to pay for these unemployment benefits because without identifying the source of fund, payment for these benefits will only increase the deficit. During this session members of the Congress will battle once more whether to extend these unemployment benefits or will let it expire. For now, nobody knows if Congress will extend these benefits, but there are three situations that can provide an indicator of what will happen. The current Congress will still have a majority of Democrats through the end of this lame-duck session so the benefits might get extended. The second indicator is based on one of the themes of the last election, austerity, which means...
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