Category : Senate

CSM: Senate forges deal on $820 billion stimulus

Senate negotiators struck a $780 billion deal on Friday that eases the path for a massive economic recovery program. With amendments, the plan comes to $820 billion ”” just $1 billion more than the plan passed by the House late last month, but it differs in several respects.

The bipartisan compromise, endorsed by three Republican senators, gives President Obama a bare working majority in the Senate. If all Democrats back the plan, as expected, those three Republican votes are just enough to ensure a win, despite strong GOP opposition.

Key elements of the plan, which cover a vast range of federal spending, include: $116 billion in infrastructure improvements; $88 billion in new funding for education; $40 billion for the development of clean energy; $23 billion for programs to help those most hurt by the economic downturn; and $14 billion for healthcare, including $3 billion to jump-start a plan to computerize health records.

The plan includes a tax cut of up to $1,000 for working couples. An amendment adopted this week would add a tax credit of $15,000 for home purchases.

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Posted in * Economics, Politics, Economy, Office of the President, Politics in General, President Barack Obama, Senate, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--, The Fiscal Stimulus Package of 2009

A Washington Post Editorial: President Obama should heed calls for a more focused stimulus package

However, ideology is not the only reason that senators — from both parties — are balking at the president’s plan. As it emerged from the House, it suffered from a confusion of objectives. Mr. Obama praised the package yesterday as “not merely a prescription for short-term spending” but a “strategy for long-term economic growth in areas like renewable energy and health care and education.” This is precisely the problem. As credible experts, including some Democrats, have pointed out, much of this “long-term” spending either won’t stimulate the economy now, is of questionable merit, or both. Even potentially meritorious items, such as $2.1 billion for Head Start, or billions more to computerize medical records, do not belong in legislation whose reason for being is to give U.S. economic growth a “jolt,” as Mr. Obama himself has put it. All other policy priorities should pass through the normal budget process, which involves hearings, debate and — crucially — competition with other programs.

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Posted in * Economics, Politics, Economy, Office of the President, Politics in General, President Barack Obama, Senate, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--, The Fiscal Stimulus Package of 2009

Barack Obama: The Action Americans Need

By now, it’s clear to everyone that we have inherited an economic crisis as deep and dire as any since the days of the Great Depression. Millions of jobs that Americans relied on just a year ago are gone; millions more of the nest eggs families worked so hard to build have vanished. People everywhere are worried about what tomorrow will bring.

What Americans expect from Washington is action that matches the urgency they feel in their daily lives — action that’s swift, bold and wise enough for us to climb out of this crisis.

Because each day we wait to begin the work of turning our economy around, more people lose their jobs, their savings and their homes. And if nothing is done, this recession might linger for years. Our economy will lose 5 million more jobs. Unemployment will approach double digits. Our nation will sink deeper into a crisis that, at some point, we may not be able to reverse.

That’s why I feel such a sense of urgency about the recovery plan before Congress. With it, we will create or save more than 3 million jobs over the next two years, provide immediate tax relief to 95 percent of American workers, ignite spending by businesses and consumers alike, and take steps to strengthen our country for years to come.

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Posted in * Economics, Politics, Economy, House of Representatives, Office of the President, Politics in General, President Barack Obama, Senate, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--, The Fiscal Stimulus Package of 2009

As Nominee Trips, Health Care Drive Suffers a Setback

The abrupt collapse of Tom Daschle’s cabinet nomination on Tuesday undercut President Obama’s mission to expand health care by depriving him of an unusually well positioned architect for a big legislative campaign and leaving him without a backup plan.

Mr. Daschle’s decision to withdraw his candidacy for secretary of health and human services could slow the president’s drive to reshape the nation’s health care system as the White House searches for a replacement, and it could allow Congress to step into the vacuum during that delay, analysts said.

But the White House insisted that Mr. Daschle’s departure would not stop the effort to cover the uninsured and rein in health costs, a goal that is “bigger than one person,” as the press secretary, Robert Gibbs, put it. “We’re looking for a new nominee,” Mr. Gibbs said, “but the problem has existed for quite some time, and the work toward a solution to make health care more affordable won’t stop or won’t pause while we look for that nominee.”

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Posted in * Culture-Watch, * Economics, Politics, Health & Medicine, Office of the President, Politics in General, President Barack Obama, Senate

Tom Daschle Withdraws

Posted in * Culture-Watch, * Economics, Politics, Health & Medicine, Office of the President, Politics in General, President Barack Obama, Senate

Stimulus is Too Heavy on Spending, Say Growing Number of Senators

President Obama is stressing bipartisanship when it comes to the $900 billion economic stimulus plan being considered in the Senate, and he may get it — in unity of opposition.

Senate Minority Leader Mitch McConnell, R-Ky., said he “can’t believe that the president isn’t embarrassed about” the stimulus packages that have passed the House and the Senate appropriations and finance committees.

The Senate is set to take up debate on the plan Monday afternoon. Republicans insist it won’t go through in its current form.

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Posted in * Economics, Politics, Economy, House of Representatives, Office of the President, Politics in General, President Barack Obama, Senate, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--, The Fiscal Stimulus Package of 2009

Politico: Partisan Breakdown on the Stimulus?

Loath to criticize a president who enjoys stratospheric approval ratings and the good tidings of most Americans, Republicans on the Hill are instead framing their overwhelming opposition to the stimulus bill as a vote against a congressional Democratic leadership that is far less popular than Obama.

“It’s not so much his effort, it’s what the House has done with this bill, what Pelosi has done with this bill,” explained Rep. Kay Granger (R-Texas), a veteran member of the Appropriations Committee.

Rep. Patrick McHenry (R-N.C.), a young conservative firebrand, was more blunt when asked what happened to Obama’s honeymoon: “Ask Pelosi.”

Sen. Kit Bond (R-Mo.), a senior appropriator, said that “several people” registered complaints to Obama that the GOP had not been consulted in the development of the bills now being marked up in the Finance and Appropriations committees.

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Posted in * Economics, Politics, Economy, House of Representatives, Office of the President, Politics in General, President Barack Obama, Senate, The Fiscal Stimulus Package of 2009

Senate Confirms Geithner for Treasury Post

Timothy F. Geithner was confirmed Monday night by the Senate as the secretary of the Treasury after a sizable bipartisan majority concluded that his experience in government and finance outweighed concerns about recent disclosures that he had been delinquent in paying about $34,000 in taxes.

The vote was 60 to 34. The tax controversy delayed Mr. Geithner’s confirmation and kept him from taking office just after President Obama was inaugurated last Tuesday, as initially hoped. In a desultory two-hour debate, opponents in both parties cited the tax issue as their reason to vote against him, though a couple of populist senators objected to Mr. Geithner’s leading role in the government bailouts of financial institutions over the last few months.

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Posted in * Economics, Politics, Economy, Office of the President, Politics in General, President Barack Obama, Senate, The Fiscal Stimulus Package of 2009

Housekeeper and Taxes Are Said to Derail Kennedy’s Bid

Problems involving taxes and a household employee surfaced during the vetting of Caroline Kennedy and derailed her candidacy for the Senate, a person close to Gov. David A. Paterson said on Thursday, in an account at odds with Ms. Kennedy’s own description of her reasons for withdrawing.

The account emerged 14 hours after Ms. Kennedy announced that she was taking her name out of contention for the Senate seat vacated by Hillary Rodham Clinton, and as Mr. Paterson, according to two Democrats told of his thinking, was leaning toward selecting Representative Kirsten E. Gillibrand, an upstate lawmaker in her second term in Congress.

Hard feelings toward Ms. Kennedy were clearly building among the governor’s staff on Thursday, after a dramatic evening in which she was reported to be dropping out, then wavering, then ultimately, shortly after midnight on Thursday, issuing a statement ending her candidacy.

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Posted in * Culture-Watch, * Economics, Politics, Law & Legal Issues, Politics in General, Senate

Caroline Kennedy Withdraws her Bid to be NY Senator

Posted in * Economics, Politics, Politics in General, Senate

Senate votes 52-42 to release additional TARP funds to Treasury

Posted in * Economics, Politics, Economy, Politics in General, Senate, The September 2008 Proposed Henry Paulson 700 Billion Bailout Package

Hillary Clinton Says U.S. Must Not ”˜Give Up’ on Mideast Peace

Secretary of State-designate Hillary Rodham Clinton signaled on Tuesday that the United States would try to increase its diplomatic contacts with Iran and Syria, and she declared that the vision of Israelis and Palestinians co-existing in peace and prosperity must not be abandoned.

Despite the “seemingly intractable problems” in the Middle East, “we cannot give up on peace,” Senator Clinton said before the Senate Foreign Relations Committee, which is considering whether to confirm her selection as President-elect Barack Obama’s top diplomat.

Mrs. Clinton said America must recognize Israel’s right to defend itself from Hamas rockets but cannot ignore the suffering of Palestinians citizens, as well as Israelis. “Real security for Israel, normal and positive relations with its neighbors” as well as genuine security for Palestinians must continue to be America’s ideal, she said.

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Posted in * Culture-Watch, * Economics, Politics, * International News & Commentary, America/U.S.A., Defense, National Security, Military, Israel, Middle East, Politics in General, Senate, Violence, War in Gaza December 2008--