Tales from the Trail

It is clear that House Financial Services Committee Vice Chairman Jeb Hensarling is proud of his credentials as a fiscal conservative.

He may have more competition for that label after the November election swept in members of the Tea Party. But he sees that as a good thing.

Hensarling eased into the position of  House Republican Conference chair after avoiding an internal battle for the fourth highest slot in House Republican leadership when Michele Bachmann, who started the congressional Tea Party Caucus, stepped aside.

We asked him at the Reuters Future Face of Finance summit how his Tea Party colleagues are fitting in on Capitol Hill.

"I guess well. We wouldn't have the majority were it not for the Tea Party. I think most Republicans embrace the core message of the Tea Party," Hensarling said.

The suspense has been suspended.

The Senate has ruled out voting on healthcare before the August recess, which puts the brakes on the momentum that President Barack Obama has tried to build.

White House enforcer Rahm Emanuel tells NPR he thinks there will be healthcare legislation by the end of the year for Obama to sign into law.

Wishing rarely makes it so in Washington, and all the pre-recess White House arm-twisting did not produce legislation before the break.