Disgraced Rep. Charlie Rangel, D-N.Y., receives his sanction at 12:00 p.m. ET from the House Ethics Committee for violating House rules. Rangel refused to particpate in his ethics trial, but the panel will announce his punishment whether he is there or not.

The House Republicans hold a press conference in the afternoon to discuss the results of their Wednesday afternoon leadership elections.

The Bowles-Simpson Debt Commission meets at 2:00 p.m. ET to discuss a proposal to reduce the federal budget deficit. The recommendations are due by December 1.

Progressive lawmakers Sen. Bernie Sanders, I-Vt., and Rep. Lynn Woolsey, D-Calif., hold a press conference to discuss their alternative to the commission's proposal. Sanders and Woolsey object to the cuts to entitlement programs that other deficit reduction committees say are necessary to long term financial stability.

A clutch of senators hold a press conference to repeal the military's "Don't Ask, Don't Tell" policy as part of the FY2011 Defense Appropriations Act. The senators feel that abandoning the policy is the right thing to do and say that the military will be largely unaffected by the change. Critics say rescinding the policy will hurt unit discipline and morale.

Sen. Michael Bennet, D-Colo., discusses the DISCLOSE Act at a 10:30 a.m. ET newser. The bill would require third party campaign ads to disclose their major donors. Bennet was rumored to be on the short-list to head the Democratic Senatorial Campaign Committee, his caucus' fundraising and recruiting organization, for the 2012 election cycle. He reportedly declined the position last week.

Senate Minority Leader Mitch McConnell, R-Ky., addresses the 2010 Federalist Society convention at 9:00 a.m. ET. Organizers are billing the event as "the first major center-right gathering since the midterm elections."

We'll be covering all these stories and more, so stay with Fox News for all the latest.