Today is Labor Day, a federal holiday. The economy dominates the week’s political developments and news coverage, leading up to the White House’s proposals Wednesday for a new not-a-stimulus bill and President Obama’s press conference on Friday.
President Obama joins union leaders and picnickers at the annual Laborfest in Milwaukee today. On Wednesday, the President travels to Cleveland to announce tax cuts and other economic proposals, such as the intriguing idea of permanently reauthorizing the R&D tax credit. Friday, White House news conference.
Congress spends one more week on recess, the Senate reconvening next Monday and the House next Tuesday. The federal fiscal year draws to close at the end of September. Number of appropriations bills passed and enacted into law: zero.
There’s one committee hearing this week: A House Energy and Commerce subcommittee field hearing Wednesday in Newark, “Protecting School-age Athletes from Sports-related Concussion Injury,” with testimony on H.R.1347, the Concussion Treatment and Care Tools Act.
Executive Branch: Vice President Joe Biden is in Toledo, Ohio, to march in the Labor Day parade with Gov. Ted Strickland. Larry Summers, chairman of the White House Council of Economic Advisers, is in Beijing this week. Director Michael Bromwich of the Bureau of Ocean Energy Management, Regulation and Enforcement continues “fact-finding forums” on deepwater drilling, Tuesday in Houston, Friday in Biloxi.
Economic Reports: The Federal Reserve releases its Beige Book reviewing economic conditions on Wednesday. Consumer credit data also come out. On Thursday, the Department of Commerce announces the July trade balance, data “eagerly awaited” by economists, Marketwatch reports. Friday, the July wholesale inventory figures are released.
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