Business

OVERNIGHT MONEY: House turns focus to IRS, tax bills

by Vicki Needham and Bernie Becker - 02/24/14 6:39 PM ET

TUESDAY’S BIG STORY:

The House returns on Tuesday — from, all told, two weeks away — and will dive right into what Republicans are calling “Stop Government Abuse” week.

One of the five bills that the House is scheduled to consider Tuesday is the bipartisan-sponsored Taxpayer Right to Know Act, introduced by Rep. James Lankford (R-Okla.) with Rep. Jim Cooper (D-Tenn.).

{mosads}That measure would force each federal agency to place a report online each year in the hopes of catching, and eliminating, duplications in the bureaucracy.

Lankford, who’s running to replace Sen. Tom Coburn (R-Okla.) this year, says that the Government Accountability Office reports that tens of billions of dollars a year could be saved by getting rid of that sort of waste.

The House is back in the afternoon and will begin voting around 6:30 p.m.

The House is also expected to vote this week on other measures that have some midterm buzz to them, including a flood insurance measure co-sponsored by Rep. Bill Cassidy (R-La.), who’s challenging Sen. Mary Landrieu (D-La.). That measure was introduced by Rep. Michael Grimm (R-N.Y.).

A bill to delay the rules proposed in the wake of last year’s IRS targeting controversy, sponsored by Ways and Means Committee Chairman Dave Camp (R-Mich.), is also on the docket.

WHAT ELSE WE’RE WATCHING

Risk insurance: The Senate Banking Committee on Tuesday is set to discuss reauthorizing the Terrorism Risk Insurance Act, which went into place after the Sept. 11, 2001, attacks to create a government backstop for insurance claims stemming from terrorist actions. The law, which has been extended several times in the past 12 years, is set to expire at the end of this year.

Budget focus: The Senate Budget Committee on Tuesday will discuss the broader effects of the federal budget on families and communities with think tank experts and educators in advance of the scheduled March 4 release of the White House’s fiscal 2015 budget.

More manufacturing, please: President Obama on Tuesday will hold an event highlighting new steps in partnership with the private sector to boost advanced manufacturing, strengthen defense capabilities and create high-quality jobs to bolster the middle class.

The president will announce two new manufacturing innovation institutes led by the Defense Department and supported by combined federal and private-sector commitments of $280 million. The Detroit-area consortium of businesses and universities will focus on lightweight and modern metals manufacturing, while the Chicago group will concentrate on digital manufacturing and design technologies.

ECONOMIC INDICATORS

S&P/Case-Shiller 20-City Index: Home prices may have ticked up in December in the nation’s 20 largest metropolitan areas, a housing price index report could say on Tuesday.

FHFA Housing Price Index: The Federal Housing Finance Agency will release its measure of prices for December on single-family homes.

Consumer Confidence: The Conference Board will release its February report, which can be helpful in predicting shifts in consumer spending.

WHAT YOU MIGHT HAVE MISSED

— IRS threatened with subpoena

— Pentagon budget slashes benefits

— Report: Hagel plans to reduce size of Army to pre-WWII levels

— Obama to propose 1 percent pay raise for federal workers

— Pharmaceutical companies express concerns about Canada revoking drug patents over their usefulness

— Bipartisan group of senators urges major agreement with Japan

— House struggling to find deal on flood insurance bill

— Russian economic official presses for improved US ties

— Swiss bankers called to testify on tax evasion