Budget Resolution -- The Final Lap

• House: The House adopted its budget resolution by 212-207 after rejecting the GOP substitute amendment by a vote of 157-263, which 38 Republican members opposed -- it sought to reduce mandatory spending by $412.4 billion over five years. The Progressive Caucus budget lost 98-322; the Black Caucus bill was rejected 126-292.
• Senate: After 15 hours of vote-a-rama, the Senate passed its own resolution, 51-44, in party-line vote -- except for Sen. Bayh (D-IN), who voted against it and Maine Sens. Snowe (R) and Collins (R) who voted in favor. The Senate rejected 47-52 a GOP proposal to extend the remaining tax cuts enacted under the 2001 and 2003 laws, such as the lower rates for capital gains and dividends.

Taxes -- Enforcement Bill on Government Contractors: Sens. Barack Obama (D-IL) and John Kerry (D-MA) and Reps. Rahm Emanuel (D-IL) and Brad Ellsworth (D-ID) introduced a bill, the Fair Share Act of 2008, yesterday to prevent government contractors from avoiding payroll taxes by setting up overseas "shell" businesses. Bill summary. Federal Contracting -- Delinquency Bill Clears Panel: A bill to prohibit companies delinquent in their tax bill from contracting with the federal government was voice-vote approved by the House Oversight and Government Reform Committee. The comnpanion bill is in the Senate Homeland Security and Governmental Affairs Committee. Bill summary. Housing -- Forstalling Foreclosures: Bills have been introduced by Rep. Barney Frank (D-MA) in the House -- to refinance up to $300 million in new guarantees for troubled subprime loans at risk of default -- and Sen. Chris Dodd in the Senate -- a similar bill providing up to $400 billion in refinancing. 5.82 percent of outstanding home loans were in delinquency in the fourth quarter of 2007, with another 2.04 percent of mortgages in some stage of foreclosure.