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The Federal Open Market Committee (FOMC) decided at its scheduled meeting held on October 29 to lower the target rate for federal funds to 1% from 1½% set at its unscheduled meeting of October 8, 2008. In making its decision to reduce the target, the FOMC stressed the following factors: (1) the pace of economic growth appears to have slowed markedly owing importantly to a softening of consumer spending; (2) business equipment spending and industrial production have weakened; (3) economic slowdowns abroad have dampened the prospects for U.S. exports; (4) intensified strains in financial markets are also likely to further reduce spending; and (5) inflation prospects have improved due to declines in energy and other commodity prices. The next schedule meeting of the FOMC is set for December 11, 2008.

The Senate follows a well-established routine on the opening day of a new Congress. This report discusses the various opening-day procedures, including the swearing in of new members, administrative business, and election of the President pro tempore.

This report presents, first, recent developments and a brief history, economic rationale, and legal background leading to the establishment of the GSP. Second, the report presents a discussion of the U.S. implementation of the GSP. Third, the report presents an analysis of the U.S. program's effectiveness and the positions of various stakeholders. Fourth, implications of the expiration of the U.S. program and possible options for Congress are discussed.

The U.S. military is building up forces on the U.S. territory of Guam to increase deterrence and power projection for possible responses to crises and disasters, counterterrorism, and contingencies in support of South Korea, Japan, the Philippines, Taiwan, or elsewhere in Asia. But the defense buildup on Guam is moderate. Guam's role has increased with plans to withdraw some U.S. forces from Japan and South Korea. The buildup will cost $10.3 billion, with Japan contributing about 60% ($6.1 billion).

This report summarizes the Foreign Sovereign Immunities Act (FSIA) and jurisdiction in cases against foreign defendants and analyzes the recent court of appeals decision. This report examines the legal bases for those dismissals.

This report provides a detailed history of mental health parity legislation, including a discussion of bills introduced in each Congress, and accompanying legislative action, including hearings, markups, and floor votes. This legislation is in response to concerns about the coverage of mental health benefits in group health plans, which is often much more restricted than the coverage of physical illness. Updated October 29, 2008.

This report discusses military pay and benefits. Debate continues over what kinds of pay and benefit increases are best for improving recruiting and retention. Of particular interest is the balance between across-the-board pay raises on the one hand, and ones targeted by grade, years of service, and occupational skill, on the other; and between cash compensation on the one hand and improvements in benefits such as housing, health care, and installation services on the other.

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The National Aeronautics and Space Administration (NASA) conducts U.S. civilian space and aeronautics activities. For FY2009, the Administration requested $17.614 billion for NASA, and increase of 1.8% from the FY2008 appropriation of $17.309 billion. The President's 2004 Moon/Mars Vision for Space Exploration is the major focus of NASA's activities. Issues for Congress regarding this goal include the development of new vehicles for human spaceflight, plans for the transition to these vehicles after the space shuttle is retired in 2010, and the balance in NASA's priorities between human space exploration and the agency's activities in science and aeronautics.

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This report discusses the United States counterterrorism cooperation with China after the terrorist attacks on September 11, 2001. This effort raised short-term policy issues about how to elicit cooperation and how to address China's concerns about military action (Operation Enduring Freedom). Longer-term questions have concerned whether counterterrorism has strategically transformed bilateral relations and whether China's support has been valuable and not obtained at the expense of other U.S. interests.