Wednesday: Terrorism insurance, defense bill

The House will vote to extend the Terrorism Risk Insurance Act, while the Senate debates the defense spending bill.

The House will consider a six-year extension of the Terrorism Risk Insurance Act, which expires Dec. 31. It includes controversial revisions to the 2010 Dodd-Frank financial industry overhaul that Democrats will likely oppose.

{mosads}The Terrorism Risk Insurance program provides business groups a backstop in the event of a catastrophic attack. The program was created in the aftermath of the Sept. 11, 2001, attacks, when insurance costs skyrocketed for building and stadiums in major cities that could be terrorist targets.

The House may also consider legislation under suspension of the rules.

The Senate starts at 9:30 a.m. and will debate a House-passed $585 billion defense spending bill.

On Tuesday night, Senate Majority Leader Harry Reid (D-Nev.) filed cloture on the motion to concur with the House of the National Defense Authorization Act (NDAA).

Some Republicans oppose the measure because it contains “earmarks” for wilderness spending, but Reid has said it is must-pass legislation before the Senate can adjourn for the year.