Wednesday May 16, 2012 Happening Now

Speaker John Boehner is drawing a line in the sand on spending, and pledging a fight on the debt limit. This promises to be an ugly battle at the end of the year when the Bush tax cuts are set to expire, large automatic cuts due to kick in, and a new budget is being drawn up. Boehner says he won't accept any tax increases - only spending cuts.

Busy day on Capitol Hill where both sides are pushing for legislation that many see as "just politics."

Meantime, a Republican written bill to protect women from violence is up for a vote in the House today. The White House is threatening a veto.

Still Congress did manage to pass legislation on the import-export bank this week.

The House Financial Services subcommittee has hearings scheduled today where the billions of dollars in losses at JP Morgan will come up. We'll monitor that.

1000EDT -- The House meets for morning hr debate and 1200EDT to consider H.R.4970, the "Violence Against Women Reauthorization Act of 2012" and to begin consideration of H.R.4310, the "Natl Defense Authorization Act for FY 2013."

1000EDT -- House Financial Services Financial Institutions and Consumer Credit Subcmte holds hearing on "The Impact of the Dodd-Frank Act: What It Means to be a Systemically Important Financial Institution." Deputy Asst Treasury Secy for Financial Institutions Lance Auer, Fed Reserve Board's Div of Banking Supervision & Regulation dir Michael Gibson, Univ of PA Prof Scott Harrington, US Chamber of Commerce's Center for Capital Markets Competitiveness VP Thomas Quaadman, MetLive Americas pres William Wheeler, and Brookings Institution fellow Douglas Elliott testify. LIVE

1200EDT -- House Armed Services Cmte Ranking Member Adam Smith and Rep Amash hold a press conference on "their bipartisan strategy to prevent the indefinite detention of and use of military custody for individuals detained on US soil, including US citizens, and ensure access to due process and the Fed court system, as the Constitution provides." LIVE

1400EDT -- House Oversight and Investigations Subcmte votes on whether to subpoena documents from HUD related to the agency's administration of the HOME Investment Partnership Program. FNC TAPE SPRAY

President Obama meeting with small business owners today at 10:30am.

Mitt Romney returns to Florida for a two day swing through the state. He'll be holding campaign events and doing a lot of fundraising. Florida considered vital to Romney's November strategy.

Super PAC Crossroads GPS (run by Karl Rove) is spending $25M on ads in 10 states targeting President Obama. Those ads should start showing up soon.

Vice President Biden coming out swinging this morning. We got prepared remarks and he goes after Romney for what he calls mean business practices. He'll give economic remarks at M-7 Technologies in Youngstown, OH at Noon.

Major development in the fight against Alzheimer's disease. In addition to the feds trying to get a *huge* study together of older Americans, doctors will begin prophylactic treatment of some families where *everyone* gets the disease (sometimes as young as 50). It is the first time scientists will try new drugs as a VACCINE for Alzheimers.

OJ Simpson is asking for a new trial based on what he's calling bad lawyering. We may add Bob Massi on that.

In the John Edwards campaign finance trial, the list of possible witnesses today include Rielle Hunter, Andrew Young and Edward's daughter. We could find out today if he will take the stand in his own defense! The Defense team also says they *could* rest their case as early as today.

They found the black box in that Indonesia plane crash. You'll remember the Russian made plan hit the side of a volcano on its test flight. All aboard died.

Clint Henderson is the Executive Producer for “Happening Now” and an avid traveler. Follow his adventures on Twitter, ClintPHenderson, and Instagram, clintpage1.