NASE Blogs

Washington Watch Editor's Note: Bin Laden, Small Biz Research, Debt Ceiling

May 06, 2011

Posted by Kristin Oberlander - Congress is back in session Monday after a two-week break in their home districts. They returned to the news of the death of Osama bin Laden. Expect that to dominate the news cycles this week as details on the raid continue to emerge.

Top lawmakers in the House and Senate will continue with their efforts to stick to the legislative agenda. Senate Majority Leader Harry Reid (D-Nev.) sought to end debate on a long-stalled small business bill that would provide funding to research and development, as well as educational outreach for those programs. Previously, Reid moved to vote on a number of amendments to the bill (S 493), but was unsuccessful in obtaining the needed votes.

Treasury Secretary Timothy F. Geithner announced he will work to manage federal finances this week in order to avoid the U.S. hitting its $14.3 trillion debt ceiling in May. He cautions, however, that if congressional action to raise the debt ceiling is not taken, the federal government will likely default on its obligations in early August. Vice President Joe Biden is scheduled to meet this week with congressional leaders to begin discussions around debt reduction.

Stay tuned to the NASE's free newsletter, Washington Watch, for the latest updates on these legislative issues. Sign up for weekly updates here.