Four things to watch during the lame duck Congress

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/ CBS

Now that the elections are over, Congress returns to Washington today for the first time since September and lawmakers are facing a long to-do list that includes preventing the American economy from falling into a tailspin. But the "fiscal cliff" is just one of several items of unfinished business. Below, a list of the things to watch before the 112th Congress recesses for the year:

Fiscal Cliff:

"Fiscal cliff" is such common terminology these days that it could receive entry into Webster's Dictionary, and it's a term that's not likely to go away until Congress averts the anticipated economic devastation. The pressing issues are a combination of tax cuts set to expire on December 31 and automatic budget cuts to go into effect on January 1. The combined actions are estimated to cost taxpayers $500 billion next year alone.

With Congress back in town and President Obama back in Washington for his first full week after his reelection, the first high-level meeting between the executive and legislative branches is scheduled for Friday at the White House. The meeting between the president and Congressional leaders will launch formal discussions on how to move forward.

The president will also host a series of additional meetings this week. One will be with progressive and labor leaders on Tuesday, including AFL-CIO head Richard Trumka and Justin Ruben of the liberal grassroots organizing group MoveOn. Wednesday Mr. Obama will huddle with leaders corporate leaders, including CEOs of Aetna, Xerox, Walmart, Chevron and General Electric. 

Central to the debate as Mr. Obama campaigned, and reinforced since his reelection, that families making more than $250,000 should pay a higher percentage of their income in taxes. Republicans have long opposed raising taxes but recent statements by House Speaker John Boehner and other Republicans could mean some movement is possible.

Tax cuts set to expire at the end of the year include the Bush-era tax rates that reduced the tax rate for all earners; the Alternative Minimum Tax which is an additional tax to ensure the wealthy paid taxes but is likely to hit millions of middle class taxpayers because of inflation; the payroll tax, which would also impact middle class earners; and the Medicare reimbursement rate for doctors who would see a 27 percent reduction in reimbursements for seeing Medicare patients.

• With campaign over, Obama gets down to business
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The other element of the "fiscal cliff is the so-called sequester. The automatic, across-the-board spending cuts would reduce government spending by about $100 billion next year. Republicans are protesting cuts to defense programs while Democrats decry cuts to social programs. (Retirement programs Social Security and Medicare are not included in cuts.)

Benghazi:

Now that Congress is back in town, lawmakers are able to act on weeks of demands inquiring about the September 11 attacks on the U.S. Consulate in Benghazi that killed four Americans. A timeline of what agencies knew and what response was taken is the subject that several committees will address during closed hearings and meetings over the next four days. Top-ranking members of the State Department, the CIA, the FBI and the Office of National Intelligence will testify.

The sudden resignation of CIA Director David Petraeus due to an extramarital affair has thrown a wrench in the investigation. He was supposed to testify on the CIA's response to the attack this week, but acting director Mike Morell will take his place, causing some members of Congress to protest. "I don't see how in the world you can find out what happened in Benghazi before, during, and after the attack if General Petraeus doesn't testify," Sen. Lindsey Graham, R-S.C., said on "Face the Nation" Sunday.

Sen. Dianne Feinstein, D-Calif, who leads the Senate Intelligence Committee, said she has questions for Petraeus and might call him in to testify despite his departure from the intelligence agency.

The only public hearing is set for Thursday, when Secretary of State Hillary Clinton was asked to testify before the House Foreign Affairs Committee Thursday, but she will not attend as she will be traveling overseas.

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[sjc_1]

Concentrate on the Fiscal Cliff and get the job done! Republicans spent most of their time trying to repeal health care more than 30 times! The definition of insanity is doing the same thing over and over, but expecting a different result.

[frankothemountain]

Well, 1/2 the country would call Barack a lame duck President. Depends on how you look at it. Obama STILL likes to blame his shortcomings on others, and will do so for 4 more years.

[ottercorp]

Congress had better get over being so "lame". In two years we the voters will cure this lameness with a swift boot out through the Congressional door.

[frankothemountain]

Having the 2 parties "fight" each other is perfectly normal, and downright American. This is by design, and preserves the union by not letting one party go hog wild with their agenda. If there is gridlock, that only means an extremist is "in control". Just because 1/2 the country supposedly favors this man, it does not mean the other 1/2 just submits. Get over yourselves. There was plenty of time to address spending and debt in the last 4 years, but Obama can't get anything done because he doesn't want to get anything done. He had a Democratic congress for his 1st 2 years in office and still could not produce a budget. Whatever already.

[Someone-With-A-Brain]

Really? Because you just had that chance and failed. Clearly everybody likes who's in there even though nothing gets done. Step 1 was to change the top leadership who don't lead, that failed, the Republican governor from the Democrat state didn't get elected, instead the Democrat president from the split country who doesn't lead got reelected. Obama clearly cares nothing about being bipartisan and working together. If he did he would've done that the term he could get reelected. Since now he can't be reelected and doesn't have to worry about that part of the politics he can do whatever he wants. It's not congress' fault. The House has passed budgets and the Senate has refused them. I'm sure the Senate's done the same. They both pass bills from only the point of view of the party in control of each side and the other refuses. Obama is supposed to get them to compromise and work together to pass bipartisan bills, but he's not interested in doing that either, he likes what the Democrats are doing in blaming the other side and continuing on their merry way. Congress could probably work together if encouraged to do so. Based on what Boehner said the House might try now. Then again, he told Obama to lead them, and he clearly hasn't for the past four years. We'll see. I still don't think you should blame congress necessarily though.

Also, voting in Democrats won't help. The beginning of Obama's term he had a one-party system (sound familiar Russia?) and what was their landmark legislation? Something that's now killing jobs. Keep that in mind in two years and I'll be eternally grateful. I'll also be glad I'll actually have a real say in keeping those who are fiscally responsible in office.

[JoseofTexas]

It amazes me how they manage to avoid the number one issue getting world-wide attention which is marajuana legalization. They could remove it from schedule I, create a national marijuana tax, and go home early for Christmas saying they actually did something. But somehow they will manage to keep the mainstream press (ie: like CBS News) from mentioning it as anything of sigficance.

[jeannutson]

The Benghazi attack certainly confirms the serious threat and danger American diplomats faces and are more likely to face especially in the Arab states as a form of vengeance,multiplying the many tough challenges that already exists internally which could provide a tough hurdle for Washington in the days ahead.

[Someone-With-A-Brain]

Especially when they have guards who aren't from their country or aren't able to carry live ammo and are denied greater security in a primarily Islamic nation on 9/11.