business & the economy
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The Week of July 13
The floors of Capitol Hill are busy with spending matters this week. While the House churns through two more of its twelve spending bills for fiscal year 2010 - a $33b Energy and Water bill and $24b for Financial Services - senators will wade into lengthy debate over the $690b defense authorization bill, HR 1390. The "authorization" bill doesn't write the check for the military ("appropriations" bills do that), but it does okay what can go into an appropriations bill for next year. One budgetary item that will slow up passage is a $2b allotment for F-22 fighter planes: the Pentagon says it doesn't need the extra planes; the administration doesn't want to pay for them; but lawmakers in the homestates that build F-22s are pushing to buy them anyway.