Earlier today, the 112th Congress convened and Republican John Boehner was officially sworn in as the 61st Speaker of the House, giving the GOP a majority vote in the House for the first time in 4 years. While no significant legislation was addressed today, federal spending is sure to be a high priority, and highly contested, issue on the docket in the coming weeks. Republicans have remained adamant in their promises to significantly cut spending levels but have been vague in their targets aside from exempting military spending, a reality which has left many on both sides of the aisle uncertain and curious as to where these cuts will come from. The coming weeks will certainly be an intriguing time to watch and see as to how and where the new Congress plans to curb government spending and what effect their actions will have on the economic recovery.
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