Senate Democrats unveiled a new continuing resolution spending bill on Sunday evening, H.R. 3082–the Full-Year Continuing Appropriations Act, 2011–and plans to vote on the measure on Tuesday. Senate Majority Leader Harry Reid, D-Nev., invoked cloture Sunday night on the new continuing resolution that would keep the government running until March 4, 2011. Reid’s original $1.2 trillion omnibus spending bill was defeated on Dec. 16 due to lack of Republican support and included measures that would have stretched until Sept. 30, 2011.
The new continuing resolution contains no specific language regarding the Securities and Exchange Commission (SEC), which means the SEC remains under its FY 2010 budget through March 4.
Former Congressman Bill Frenzel (R-Minn.) predicted in an interview Dec. 17 that following the failure of the omnibus appropriations bill that it would leave it to the 112th Congress to address the Federal budget.