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The Focus of Today's Session will be
S.1637, the Jumpstart Our Business Strength Act

6:35 P.M.

Senator Reid and Senator McConnell are speaking about the progression of the Jumpstart Our Business Strength Act.  Senator Reid has repeatedly stated that he believes the minority is deserving of a vote on Senator Harkin's overtime amendment. 

5:35 P.M.

The Senate adopted the a 2nd degree amendment by Senator Grassley on extenders and a 2nd degree amendment to include an extension of the 5-yaer NOLs, which was left out of the broader extender amendment. The Senate also accepted the Bunning-Stabenow manufacturing deduction amendment.

4:50 P.M.

Senator Don Nickles took a few minutes to speak about the CBS '60 Minutes' interview with Richard Clarke that aired yesterday.  He questioned Mr. Clarke's motivation in coming forward at this time with these allegations and also wondered why, as a member of President Clinton's administration, he did not personally do more to prevent a terrorist attack from occurring in the U.S. During the CBS interview, Mr. Clarke was very critical of the Bush Administration's approach to preventing terrorism, and claimed that they did not do enough to protect America. 

4:25 P.M.

Senator Harkin of Iowa is speaking about overtime regulations.  He is expected to offer an amendment regarding this issue during debate of S.1637.  Senator Harkin has been an outspoken advocate of preventing the administration from changing the overtime regulations.  During debate of the Senate Omnibus appropriations bill Senator Harkin offered an amendment to block new overtime regulations from taking affect, and despite being passed, this amendment was stripped during conference. 

3:45 P.M.

For a significant part of the afternoon the Senate has been in a Quorum Call.  Senators are allowed to come to the Senate floor to speak on S.1637 if they so desire.  There are no votes scheduled for today's session; a vote is scheduled to take place tomorrow. 

2:15 P.M.

Senator Baucus, Ranking Member of the Finance Committee, is speaking about unemployment and consumer confidence.  The Senator has also related stories of manufacturers in his home state of Montana who need this bill to pass. 

12:25 P.M.

Senator John Cornyn of Texas is talking about the importance of marriage as an institution and about the benefits of marriage to children.  The Senate Judiciary Committee, of which Senator Cornyn is a member, will be holding a hearing later this week on the Federal Marriage Amendment.

12:15 P.M.

Senator Tom Daschle is beginning this week by talking about the need to protect overtime pay.

12:00 P.M.

The Senate convenes today at noon for a period of morning business, after which consideration of the the Jumpstart Our Business Strength (JOBS) Act, S.1637, will begin.  Introduced by Senator Grassley of Iowa, the Jumpstart Our Business Strength Act (also referred to as the Foreign Sales Corporation/Extraterritorial Income or FSC/ETI bill) would repeal an export tax subsidy ruled to be illegal by the World Trade Organization while offering new corporate tax relief over a period of ten years. Last fall the European Union threatened to impose sanctions on the U.S. if the tax code was not altered to be in compliance with the WTO’s ruling. No roll call votes are scheduled for today.