This Week on Capitol Hill

Congress could go out with a bang this week - okaying a $700 billion safety-net for Wall Street - before hitting the campaign trail on Friday. Before they take off, though, lawmakers will have to wrap up a budget tide-over bill, while also aiming to cram in energy fixes, a second stimulus package and popular tax extenders.

The mother of all bailouts: After putting out Wall Street fires at mortgage giants Fannie and Freddie and insurance behemoth AIG, the federal government decided last week it needs to fund a bailout to end all bailouts. The administration is asking Congress to give it the go ahead to buy up to $700 billion in mortgage-backed securities (the bum debt that has finance firms teetering) over the next two years. Congress is on board, but Democrats may also add some demands of their own - like limiting the golden parachutes of CEOs - which could slow up passage of a final bill.

09's budget: Fiscal year 08 runs out next Tuesday, but with 09's budget far from finalized, Congress will have to pass a "continuing resolution" to keep the government running at 08 funding levels.

A second stimulus: Democrats are still eager to give Main Street another boost, passing a second - $50 billion - cash injection to stoke spending. Unlike an earlier bill which mailed checks to taxpayers, this time an economic boost would come in the form of transportation infrastructure spending, cash to help states with Medicaid costs, home heating help and a possible expansion of food stamp coverage.

Retooling Detroit: Tacked on to any of the bills above, Congress may also loan out $25 billion to the auto industry to help carmakers transition from building gas-guzzling to gas-light vehicles.

Energy: The House passed an energy package last week, mixing up off-shore drilling measures with $18 billion in incentives for alternative energy, a mandate to use renewable energy for electricity production, and taxes on the oil industry. The Senate may pick up the House's bill this week and patch in a measure to curb oil speculation, but Hill watchers are skeptical about its ability to pass.

Taxes: The alternative energy tax incentives may, however, get folded into a larger unwieldy tax extender bill that congressional leaders will try to wrangle this week. A pile up of popular tax breaks - including research and development credits and middle-class cover from the Alternative Minimum Tax - are set to expire this year, unless Congress rolls them over. House members and senators are all for extending the tax perks, but they still disagree on how much they should be paid for by offsets elsewhere in the budget.

As if Congress didn't have enough on its plate, lawmakers may also try to shove in votes to extend flood insurance, to approve parity for mental health coverage, and to bar credit card practices that some find unfair to consumers.

If you want to let your Congressfolk know where you stand on any of the issues above, you can email them through Congress.org, because...

Hey, it's your democracy too.

- teamJoe

Next update: If Congress can't tie up all its loose ends this week, you'll hear from us next Monday. Otherwise, we'll be back at you after November 4. Don't forget to vote!