Congress working up to last minute to get important legislation through

POSTED: Wednesday, June 27, 2012 - 9:00am

UPDATED: Wednesday, June 27, 2012 - 9:00am

Congress is scrambling to meet some important deadlines before its holiday break next week.

If you're paying for college, live in a flood zone or if you're looking for work these deadlines could affect you.

Money to create or save two million transportation jobs runs out at the end of this week if Congress doesn't pass a highway bill by Saturday. "These are innovative, 21st century projects that will change the U.S. transportation landscape," said Rep. Maxine Waters, California.

Senate Majority Leader Harry Reid says that highway deal needs to be in place today to make that deadline. "Senator Reid and I have an understanding we think will be acceptable to the House," says Senate Minority Leader Senator Mitch McConnell.

It may include an agreement to keep student loan rates from doubling on July first.

Reid says that deal's "basically done" - paid for by raising the cost of pension insurance for companies, and reducing Stafford Loan Subsidies.

"We want to make higher education affordable for every young person who is willing to work for it," said President Barack Obama.

Federal flood insurance runs out at the end of next month - and Democrats say there's a holdup.

"One Republican Senator now wants to hold up flood insurance because he wants a vote on when life begins; does it begin in the -- in conception. We're not going to do that," said Senate Majority Leader Senator Harry Reid.

Congress is pushing the envelope again.

Lawmakers are expected to work into the weekend to avoid facing constituents next week empty handed.

"Congress never gets everything done, but they'll get just enough done to justify punting a few things over until later in the summer," said Marty Kady, Politico.

Also scheduled this week, a vote expected tomorrow on whether to hold Attorney General Eric Holder in contempt for failing to turn over documents in the "fast and furious" gun-running operation.

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