TPMDC Bailout
State Of The Union
State Of The Union: Obama's Point-By-Point Romney Refutation
President Barack Obama
President Obama's State of the Union address was premised on two political bets: that there's a broad national appetite, spanning conservative and liberal ideologies, for certain populist reforms; and that Republicans in Congress are too deeply committed to opposing his agenda to back those reforms along side him.
His speech was peppered with the sorts of proposals that play well across the country. But after executing a three year plan of partisan opposition to his full agenda, Republicans can't possibly support them -- and that puts them on the steep side of an election Obama is framing while Republican presidential hopefuls tear each other down.
It was also sharp-elbowed. It read in a way as a series of critiques of the GOP's most prominent rhetorical attacks on Democratic priorities, and as a piecemeal rebuttal of the talking points his most likely general election opponent Mitt Romney has levied against him in a bid to shore up support among Republican base voters.
PERMALINK | COMMENTS | RECOMMEND RECOMMEND (0)Topics: 2012, 2012 elections, Bailout, Barack Obama, John Boehner, Medicare, Mitch McConnell, Mitt Romney, State Of The Union, Taxes, Warren Buffett
Mitt Romney
Chrysler CEO: On Bailouts, Romney Was 'Smoking Illegal Material'
Mitt Romney
CNN Money brought up Mitt Romney's 2008 New York Times op-ed arguing against bailouts for auto companies during an interview Friday with Fiat-Chrysler CEO Sergio Marchionne.
When asked whether his company "could have stood on its own two feet and come back without this government money?" Marchionne responded:
PERMALINK | COMMENTS | RECOMMEND RECOMMEND (0)Topics: Bailout, Mitt Romney
Bailout
As Chrysler Pays Up, Democrats Call On Republicans To Say Sorry
Mitt Romney
Could Republicans be in for a hard time next year now that the auto industry is struggling back to its feet? Democrats say yes. On a Tuesday morning conference call with reporters, former Democratic Govs. Jennifer Granholm (MI) and Ted Strickland (OH) said voters in their states are enjoying thousands of new jobs thanks to the auto industry bailout Republicans (these days, anyway) love to hate.
And with Chrysler completing its repayment of $7.6 billion in federal loans six years early, Democrats say the Republicans running for president -- all of whom slammed the bailout program, they say -- have found themselves on the wrong side on what has turned out to be a successful jobs program.
PERMALINK | COMMENTS | RECOMMEND RECOMMEND (0)Topics: 2012 elections, Bailout, Barack Obama, Democrats
Roundup
TPMDC Morning Roundup
Strategists: 2012 White House Hopefuls Will Bash Any Bipartisan Budget Accord
The Hill reports: "If lawmakers strike a bipartisan deal on the budget, Republicans who are eyeing a White House bid will likely condemn it, according to GOP strategists. While staunch conservatives in the House want any agreement to include a defunding of the healthcare law, that's not a deal the White House will sign off on. Given that the crop of probable presidential hopefuls have universally derided the law, there is little chance that any of them will fully support such a budget accord."
Obama's Day Ahead
President Obama and Vice President Biden will receive the presidential daily briefing at 10 a.m. ET, and Obama will meet with senior advisers at 10:30 a.m. ET. Obama and Biden will meet at 3 p.m. ET with Secretary of State Hillary Clinton.
Topics: 2012 Presidential Primaries, 2012 elections, AARP, Bailout, Barack Obama, Budget, Michele Bachmann, Mike Pence, Roundup, Steve King, TARP
Economy
In New Study, Two Economists Argue That Bush And Obama's Intervention Prevented Depression
Pres. Obama and Fmr. Pres. George W. Bush
So has the Obama economic program been working? While the economy certainly continues to have problems, the Obama administration -- and some members of the Bush administration -- have consistently argued that things would have been worse without their intervention. And now, two economists have published a study arguing in favor of that very idea, saying that there's quantitative evidence that the interventions of the Obama and Bush administrations helped avert a depression.
As the New York Times reports, a new economic paper from Princeton professor and former Fed vice chair Alan S. Blinder and Moody's chief economist Mark Zandi argues that the combination of financial reforms such as TARP, bank stress tests and emergency lending by the Fed, plus the stimulus, have indeed saved the economy from far worse problems.
The report also finds that while the financial reforms alone would have been been stronger than the stimulus alone, the whole is not directly comparable to the sum of the parts in isolation, "because the policies tend to reinforce each other."
PERMALINK | COMMENTS | RECOMMEND RECOMMEND (1)Topics: Bailout, Barack Obama, Economy, Financial Reform, Stimulus, TARP
Financial Reform
One Down, One To Go: House Passes Historic Wall Street Reform Bill
Rep. Barney Frank (D-MA) and House Democratic Leadership.
By a vote of 237-192, the House of Representatives this afternoon voted to pass final legislation dramatically changing the rules that govern the financial industry. Nineteen Democrats joined 173 Republicans in opposing the legislation, which, in addition to limiting the risky practices that lead to the 2008 collapse, will create a new federal agency dedicated to protecting consumers from predatory financial products, and bring to a close the Troubled Asset Relief Plan -- the bailout program created by the Congress in the midst of the financial crisis. Three Republicans voted for the bill, and four members (two Democrats, two Republicans) did not vote.
The Senate is set to take up identical legislation shortly after they return from next week's Independence Day recess. Democrats had hoped to send the Wall Street reform bill to President Obama by weeks end, but last minute hiccups in the Senate -- objections of key Republicans and the death of Robert Byrd -- ultimately made that impossible.
PERMALINK | COMMENTS | RECOMMEND RECOMMEND (0)Topics: Bailout, Barney Frank, Chris Dodd, Financial Reform, House of Representatives, Senate, TARP, Wall Street
Financial Reform
Collins 'Inclined' To Support Wall Street Reform
Sen. Susan Collins (R-ME)
Scott Brown's playing cute, but his fellow moderate Republican Susan Collins says she's basically ready to vote for Wall Street reform.
"Based on my initial review of the conference review, I'm inclined to support it," Collins told reporters this afternoon after a Senate vote. "I believe that it will improve the regulation of financial institutions and much needed transparency to the process, and that it will help prevent the kinds of risky practices that triggered this recession.
PERMALINK | COMMENTS | RECOMMEND RECOMMEND (0)Topics: Bailout, Financial Reform, Maria Cantwell, Robert Byrd, Susan Collins, TARP, Wall Street
Financial Reform
GOPers So Opposed To Wall Street Regulation That They Voted For Bailout Continuation
Sen. Chris Dodd (D-CT) speaks with Sen. Richard Shelby (R-AL) on Capitol Hill.
Republicans have spent the better part of two years distancing themselves from bailouts and hitting Democrats for supporting them. But given a choice between continuing the 2008 bank bailout and regulating Wall Street, several Republicans voted last night (and almost all of them will ultimately vote) to keep the bailout alive.
Last night, in a scramble to save the bill in the wake of Sen. Scott Brown's (R-MA) objections to the conference report, Democrats worked with moderate Republicans to figure out a new way to pay for Wall Street reform. What they came up with was pretty simple: end the TARP legislation (i.e., the much-maligned bank bailout) early. Every Republican negotiator on the conference committee objected, some vociferously.
Sen. Judd Gregg (R-NH) called it "fraud on the American people."
Not to be outdone, Sen. Mike Crapo (R-ID) called it "smoke and mirrors."
PERMALINK | COMMENTS | RECOMMEND RECOMMEND (0)Topics: Bailout, Bob Corker, Financial Reform, Judd Gregg, Mike Crapo, Republicans, TARP, Wall Street
Republicans
Their Dirty Little Secret: GOP Senators Say Bailouts Worked -- Just Please Don't Tell Anyone!
Senators John Cornyn (R-TX), John McCain (R-AZ), Bob Bennett (R-UT), and Judd Gregg (R-NH)
Perhaps the most fascinating political conundrum of the 2010 election is one faced by GOP senators, almost all of whom voted for TARP and supported some of the other bailouts in the thick of the financial crisis. The good news is that, for all their shortcomings, the bailouts did the trick, preventing a deeper economic crisis. The bad news is those bailouts are now considered political poison by the tea partying conservative base.
That puts Republicans in a strange position: unable to say the legislation failed, but at pains to distance themselves from their vote nonetheless. Over the past couple days, I've asked a number of GOP senators whether, nearly two years later, they think the bailout bill was effective. Their answers were revealing.
PERMALINK | COMMENTS | RECOMMEND RECOMMEND (2)Topics: Bailout, Bob Bennett, John Cornyn, John McCain, Judd Gregg, Lamar Alexander, Republicans, Senate
Chris Dodd
Senate Debate On Wall Street Reform Begins In Earnest
Sen. Chris Dodd (D-CT) and Sen. Richard Shelby (R-AL)
With the passage of an amendment this afternoon to change the way the Democrats' proposed Wall Street reforms would wind down failed financial institutions, the debate is truly, finally, on. Now all that's left is for Democrats to blast through 100 or so separate amendments in the next few days to meet their goal of finishing up work on the bill by early next week.
That wouldn't be so hard under ideal circumstances: Democratic and Republican negotiators could sift through the pile, eliminate redundancies, toss out non-germane proposals, combine others into a managers amendment, and hold up or down votes on the remaining batch.
But in this highly partisan atmosphere, a single objection at a key moment could set things back for days, and that would leave Democratic leadership forced to choose between pushing back their deadline, or retracting their promise to allow an open amendment process.
PERMALINK | COMMENTS | RECOMMEND RECOMMEND (0)Topics: Audit the Fed, Bailout, Chris Dodd, Democrats, Filibuster, Financial Reform, Mitch McConnell, Republicans, Senate, White House
Financial Crisis
Pelosi: Bush Admin Barred Officials From Briefing Congress On Impending Financial Crisis in Fall 2008
Speaker of the House Nancy Pelosi (D-CA) speaks alongside Treasury Secretary Henry Paulson
Nearly two years after the Wall Street meltdown drove the U.S. economy to the brink of collapse, and forced the U.S. government to prop up major financial institutions with hundreds of billions of dollars, House Speaker Nancy Pelosi now claims that the Bush Administration prohibited its own top officials who were handling the emerging crisis from briefing Congress until a complete financial collapse was only hours away.
In little-noticed statements to reporters over the last few weeks, Pelosi has alleged that the Bush administration knew well in advance of its intervention that the financial crisis would hit, and that Congress would need to authorize a historic and unpopular bailout - but that top officials, including then-Treasury Secretary Henry Paulson, told her that they had been barred from briefing Congress about true extent of the crisis.
PERMALINK | COMMENTS | RECOMMEND RECOMMEND (8)Topics: Bailout, Barack Obama, Chris Dodd, Financial Crisis, George W. Bush, Hank Paulson, Nancy Pelosi, Republicans, TARP
Financial Reform
The Republican Duo Behind The Demise Of The Financial Reform Filibuster
Sen. George Voinovich (R-OH) and Sen. Susan Collins (R-ME)
The GOP's bid to block debate on Democrats' financial regulatory reform bill ended with a whimper. After a three day standoff--during which they voted repeatedly, and to a number, to sustain their filibuster--the Republicans acknowledged that they'd be unable to extract further concessions behind closed doors, and agreed, unanimously, to allow the bill to come to the floor.
That decision didn't please everybody. In a statement announcing that bipartisan negotiations had reached an impasse, Sen. Richard Shelby (R-AL)--the ranking member on the Banking Committee, and the Republicans' top financial reform negotiator--said that the common ground he'd found with Democrats was "not sufficient to garner my support for moving this bill to the Senate floor." And last night, after a meeting of the GOP caucus, Sen. Tom Coburn (R-OK) told reporters that he planned to vote against proceeding to debate again...but he never got the chance.
So who was pushing for the filibuster to end--and why?
PERMALINK | COMMENTS | RECOMMEND RECOMMEND (0)Topics: Bailout, Bob Corker, Chris Dodd, Democrats, Filibuster, Financial Reform, George Voinovich, Olympia Snowe, Republicans, Richard Shelby, Senate, Tom Coburn
Financial Reform
Why The Financial Reform Impasse Is Different From Health Care Gridlock
Sen. Chris Dodd (D-CT) speaks with Sen. Richard Shelby (R-AL) on Capitol Hill.
At a superficial level, the impasse over financial reform looks an awful lot like the early days of the health care fight, with Republicans and Democrats meeting privately to reach an elusive, perhaps impossible compromise. And we all remember how that story ended. But peer closely and the two stories are different in so many ways, politically and philosophically, that it's hard to imagine this turns into health care redux.
Perhaps the most important distinction is the politics. Republicans just don't want to go down killing Wall Street reform legislation. That's why they've softened their tone, and that's why they say they're confident they'll ultimately be able to vote for a bill. No doubt they don't mind a bit of delay--every day spent negotiating is another day the Senate doesn't address climate change, immigration, the coming Supreme Court nomination and on and on. But they can't keep up a weeks-long ruse that they're negotiating in good faith, when in fact they aren't, like they did on health care.
PERMALINK | COMMENTS | RECOMMEND RECOMMEND (0)Topics: Bailout, Chris Dodd, Democrats, Financial Reform, Reg Reform, Republicans, Richard Shelby, Senate
Financial Reform
Corker: GOP Could Be Accused Of Moving Goalposts On Financial Reform
Sen. Bob Corker (R-TN)
Sen. Bob Corker (R-TN) isn't just whacking his party's leadership for mischaracterizing the Democrats' financial reform bill. He's also warning that Republican tactics could backfire.
"I think that's a great point. If you focus on [the liquidation fund], and you make that issue all of your focus, and they fix it, which they can do so readily... I think it could in fact make it look [like the GOP is moving the goalposts]," Corker told reporters last night, after a vote on the Senate floor.
PERMALINK | COMMENTS | RECOMMEND RECOMMEND (0)Topics: Bailout, Bob Corker, Democrats, Financial Reform, Mitch McConnell, Republicans, Senate
Roundup
TPMDC Morning Roundup
Obama: Al-Qaida Would 'Have No Compunction' About Using A Nuke
President Obama said Sunday that the "single biggest threat to U.S. security" would be the possibility of a terrorist organization obtaining a nuclear weapon: "We know that organizations like al-Qaida are in the process of trying to secure nuclear weapons or other weapons of mass destruction, and would have no compunction at using them."
Obama's Day Ahead
President Obama will arrive at the Washington Convention Center, to attend the Nuclear Security Summit, at 10:15 a.m. ET. He will hold a bilateral meeting with King Abdullah II of Jordan at 10:45 a.m. ET; a meeting with Prime Minister Mohammed Najib Abdul Razak of Malaysia at 11:45 a.m. ET; a meeting with President Viktor Yanukovich of Ukraine at 12:55 p.m. ET; a meeting with with President Serzh Sargsian of Armenia at 1:30 p.m. ET; and a meeting President Hu Jintao of China at 2:30 p.m. ET. He will welcome Heads of Delegation to the National Security Summit at 5 p.m. ET, and hold a working dinner at 6:30 p.m. ET.
Topics: 2010 elections, Bailout, Barack Obama, Climate Change, Cloture, Filibuster, Harry Reid, Joe Biden, Nuclear nonproliferation, Roundup, TARP
John McCain
McCain: Obama Suspended His Campaign Too!
Sen. John McCain (R-AZ)
Sen. John McCain (R-AZ), under fire in a GOP primary for his support for the bailout, is now claiming, inaccurately, that Barack Obama joined him in suspending his presidential campaign to address the 2008 financial crisis.
As we told you, the Arizona Republic reported Monday on an interview its editorial board had conducted with the senator:
PERMALINK | COMMENTS | RECOMMEND RECOMMEND (4)Topics: Bailout, Barack Obama, Financial Crisis, John McCain, Wall Street
John McCain
McCain Rewrites Own History On Bailout Vote
Sen. John McCain (R-AZ)
It's no secret that in seeking to fend off a conservative primary challenger, Sen. John McCain (R-AZ) has been scrambling to his right faster than you can say "cap-and-trade." But now, in a bid to explain his vote for the bailout, the Arizona senator is flat out rewriting history.
McCain said recently that he only voted for the $700 billion package because Henry Paulson and Ben Bernanke misled him, by assuring him it would focus on the housing meltdown, rather than on Wall Street. But that appears to be directly contradicted by the record.
PERMALINK | COMMENTS | RECOMMEND RECOMMEND (1)Topics: Bailout, Financial Crisis, George W. Bush, John McCain, TARP, Wall Street
Bailout
Poll Shows Wide Support For New Taxes On Bailed-Out Financial Sector
President Barack Obama
A Rasmussen poll shows fertile ground for a populist initiative currently being pursued by President Obama: bank taxes and regulation.
The recent proposal to tax the 50-largest banks, as a way to recover losses from the bailouts, is favored by a margin of 56%-28%. A relatively heavier tax on larger banks and financial institutions was also favored by a margin of 49%-28%. Respondents also favored limitations on how big a bank can get, by a margin of 45%-33%, and approved of limits on the type of investments banks can make by a margin of 49%-29%. People also favored taxing bonuses paid by large financial companies, at a higher rate than other income, by 55%-25%.
From the pollster's analysis: "These attitudes come from a nation angry about the bailouts. While Congress was debating the initial bailout funding, just 24% of voters liked the idea. Just 35% initially favored a bailout for General Motors and opposition to that bailout grew over time."
PERMALINK | COMMENTS | RECOMMEND RECOMMEND (0)Topics: Bailout, Barack Obama, Polls, TARP
Roundup
TPMDC Morning Roundup
Obama To Announce 'Financial Crisis Responsibility Fee'
President Obama will formally unveil today his proposed "Financial Crisis Responsibility Fee," a fee on 50 of the largest financial firms, in order to recoup taxpayers' money from the TARP bailout. The proposal is aimed at raising $90 billion over the next ten years, and will bring the total cost to the government of the bailout down to $117 billion, including both the fee and money that has been paid back..
Obama's Day Ahead
President Obama and Vice President Biden will receive the presidential daily briefing at 10 a.m. ET. Obama will meet at 10:30 a.m. ET with senior advisers, and at 11:05 a.m. ET with Secretary of Veterans Affairs Eric Shinseki. At 11:50 a.m. ET, he will deliver remarks to announce the new financial crisis responsibility fee, to be levied on large financial institutions. He will have lunch at 12:05 p.m. ET with Vice President Biden. At 1:45 p.m. Et, he will deliver remarks at the opening session of the Forum on Modernizing Government. He will receive the economic daily briefing at 2:15 p.m. ET, and meet at 3 p.m. ET with Secretary of the Treasury Tim Geithner. At 5:05 p.m. ET, he will deliver remarks at the House Democratic Caucus retreat.
Topics: Bailout, Barack Obama, China, Google, Haiti quake, Hillary Clinton, Iraq, John Cornyn, Nancy Pelosi, Rick Perry, Roundup, TARP, Timothy Geithner
Roundup
TPMDC Morning Roundup
Obama To Announce Bank Fee Proposal Tomorrow
President Obama will reportedly announce tomorrow that he is proposing a new fee on bailed-out financial firms, with the goal of recovering $120 billion in taxpayers' money used to prop up the corporations during the economic crisis. The proposal comes as banks that were rescued by the government a year ago are now enjoying profits and about to pay heavy bonuses to their executives.
Obama's Day Ahead
President Obama will receive the presidential daily briefing at 9 a.m. ET. He will meet at 9:30 a.m. ET with Speaker Nancy Pelosi (D-CA) and Senate Majority Leader Harry Reid (D-NV), and with other members of the Democratic leadership in the House and Senate at 10 a.m. ET. At 2:30 p.m. ET, he will tour the Joint Apprenticeship and Training Committee Center in Lanham, Maryland, and he will deliver remarks at 2:55 p.m. ET on clean energy jobs. He will meet with senior advisers at 4 p.m. ET, and receive the economic daily briefing at 4:30 p.m. ET.
Topics: Abortion, Bailout, Barack Obama, Bart Stupak, Byron Dorgan, Diana DeGette, Eric Cantor, Health Care, Joe Biden, Roundup, Stupak amendment, TARP
DCCC
DCCC Radio Ads Hit House GOPers On Wall Street Reform
In the midst of the health care debate, the Democratic Congressional Campaign Committee is rolling out a new set of radio ads on a different big issue, Wall Street accountability -- specifically targeting House GOPers who voted against the recent financial regulation package.
"October 2008, the last months of the Bush presidency. The big banks and financial institutions almost collapsed, putting our entire economy at risk. Remember?" the announcer says. "We all know we should never let this happen again. That's why what our Congressman ________ did last week is so disturbing."
The ads are targeting GOP Reps. Joe Wilson (SC), Dan Lungren (CA), Mary Bono Mack (CA), Lee Terry (NE) and Charlie Dent (PA) -- all of whom voted for the final version of the Wall Street bailout last year.
PERMALINK | COMMENTS | RECOMMEND RECOMMEND (0)Topics: Bailout, DCCC
Roundup
TPMDC Morning Roundup
Administration To Slash Bailout Cost Estimate
The Obama administration is set to cut the estimated cost of the TARP bailout program, to at least $200 billion less than the $341 billion estimate in August, and is looking at using some of the savings for new job creation efforts. The lowered cost has come from fast repayments by big banks, and less spending on some rescue programs than was originally thought.
Obama's Day Ahead
President Obama and Vice President Biden will receive the presidential daily briefing at 9:45 a.m. ET, and the economic daily briefing at 10:15 a.m. ET. Obama will meet with senior advisers at 10:45 a.m. ET. Obama and Biden will meet with Turkish Prime Minister Recep Tayyip Erdogan at 11:30 a.m. ET, and they will have a working lunch at 12:15 p.m. ET. Obama and Biden will meet at 3:30 p.m. ET with Gen. Stanley McChrystal and Ambassador Karl Eikenberry. AT 7:30 p.m. ET, the President and First Lady will host a holiday reception for members of Congress.
Topics: Afghanistan, Bailout, Barack Obama, Karl Eikenberry, Roundup, Stanley McChrystal
Roundup
TPMDC Morning Roundup
Obama: U.S., Allies, Discussing Sanctions Against Iran
At a press conference in South Korea, President Obama said that the United States and allies could have a package of sanctions against Iran "within weeks." "We weren't going to duplicate what has happened with North Korea," said Obama, "in which talks just continue forever without any actual resolution to the issue."
Obama's Day In South Korea
President Obama visited U.S. Embassy staff and their families in Seoul, South Korea, at 10:10 a.m. local time (8:10 p.m. ET last night). He participated in an arrival ceremony at the Blue House, at 11 a.m. He held a bilateral meeting with South Korean President Lee Myng-bak at 11:15 a.m., with an expanded bilateral meeting at 11:50 a.m., and a joint press conference at 12:30 p.m, and a working lunch at 1:10 p.m. Obama delivered remarks to service-members at at Osan Air Base at 3:20 p.m., and departed South Korea at 4:05 p.m. (2:05 a.m. ET). He will arrive in Anchorage, Alaska, at 9:40 a.m. ET, will depart form Anchorage at 11:40 a.m. ET, and arrive at Andrews Air Force Base in Washington at 6:05 p.m. ET.
Topics: Bailout, Barack Obama, Dick Lugar, Iran, Joe Biden, Karl Rove, NRCC, NRSC, Roundup, Sarah Palin
Roundup
TPMDC Morning Roundup
Kyl Prefers Opt-In Over Opt-Out; Thune Condemns Any Public Plan
The Hill reports Senate Minority Whip Jon Kyl (R-AZ) said he would much prefer an "opt-in" public option for state, over the opt-out model being offered by Democrats. Sen. John Thune (R-SD) expressed surprise at this, as it implies acceptance of a public option at all. "I'd be really surprised if Sen. Kyl votes for anything that includes a government plan," said Thune. "[Democrats] have to come up with a way for this to not look like what it is, but at the end of the day it still is what it is, which is a government plan."
Obama's Day Ahead
President Obama will deliver remarks at an 11 a.m. ET Congressional Gold Medal ceremony, honoring former Sen. Edward Brooke (R-MA), the first black Senator since Reconstruction. Obama will have lunch with Vice President Biden at 12 p.m. ET, and the two of them will host a 1:20 p.m. ET meeting with the co-chairmen of the President's Intelligence Advisory Board and the senior leadership of the intelligence community. At 2:30 p.m. ET, Obama will sign the National Defense Authorization Act for Fiscal Year 2010. Obama and Biden will meet at 3:10 p.m. ET with Secretary of Defense Robert Gates. Obama will attend a commemorative tree planting at 5:30 p.m. ET, and he will deliver remarks at a 6:05 p.m. ET reception, commemorating the enactment of the Matthew Shepard and James Byrd, Jr. Hate Crimes Prevention Act.
Topics: Bailout, Barack Obama, Health Care, Hillary Clinton, Jill Biden, Joe Biden, John Thune, Jon Kyl, Michelle Obama, Pakistan, Public Option, Roundup, Timothy Geithner
Roundup
TPMDC Saturday Roundup
Obama: Big Banks Must Help Small Businesses
In this weekend's YouTube address, President Obama talked about his administration's commitment to small businesses -- and called on large banks that have been helped by the bailout to do their part:
"But while credit may be more available for large businesses, too many small business owners are still struggling to get the credit they need," said Obama. "These are the very taxpayers who stood by America's banks in a crisis - and now it's time for our banks to stand by creditworthy small businesses, and make the loans they need to open their doors, grow their operations, and create new jobs. It's time for those banks to fulfill their responsibility to help ensure a wider recovery, a more secure system, and more broadly shared prosperity. And we're going to take every appropriate step to encourage them to meet those responsibilities."
Johanns Denounces 'Shameful' Health Care Deals
In this weekend's Republican address, Sen. Mike Johanns (R-NE) went after the Democrats on health care:
"We're about to significantly alter one-sixth of our economy -- now is not the time to shut Americans out," said Johanns. "Reports of this deal-making are shameful. Why do Michigan, Rhode Island, Oregon and Nevada get special deals on Medicaid costs? Why do New Yorkers with Cadillac plans get a pass on paying the tax? It is shameful. So now, as a select few deliberate over legislation that will mean higher premiums across the board; higher taxes for hard-working families; and cuts to Medicare for senior citizens; I ask: will this improve your life?"
PERMALINK | COMMENTS | RECOMMEND RECOMMEND (1)Topics: Bailout, Barack Obama, Ben Bernanke, Chris Christie, Climate Change, Health Care, House '10, Jim Inhofe, Jon Corzine, Mike Johanns, NJ-GOV, Roundup, Rudy Giuliani, Swine Flu, Tom Price
Roundup
TPMDC Morning Roundup
Treasury To Order Steep Pay Cuts At Bailed-Out Firms
The Treasury Department is expected to order bailed-out financial firms to cut their compensation packages for their top executives -- with a 90% slash to base salaries, and a 50% cut to total compensation. Elizabeth Warren, the head of the TARP oversight committee, confirmed the reports: "It's real in the sense that it says,Guys, you have to understand that you can't party on like it's 2007. If you're going to take taxpayer dollars, then the game has to change. In that sense it's real."
Obama's Day Ahead
President Obama will hold a videoconference at 10 a.m. with Lt. General Karl Eikenberry, U.S. Ambassador to Afghanistan. He will meet for lunch at 12:30 p.m. ET with Speaker Nancy Pelosi. At 2:15 p.m. ET, he will sign the Veterans Health Care Budget Reform and Transparency Act. He will meet at 3:15 p.m. ET with Secretary of the Treasury Tim Geithner, and at 3:45 p.m. ET with Secretary of State Hillary Clinton.
Topics: Afghanistan, Bailout, Barack Obama, Budget, Daniel Inouye, Dick Cheney, Japan, Robert Gates, Roundup
Michele Bachmann
Bachmann: America Won't Be The World Leader 'If We Dis Free-Market Capitalism'
Rep. Michele Bachmann (R-MN) appeared late last week on Neil Cavuto's show on the Fox Business Channel, to voice her objection to the political culture of economic bailouts -- and to demonstrate her ability with street slang.
"Again, I hope the United States will not be the leader for government control of not only just the national institutions, but of non-financial institutions as well," said Bachmann. "We won't be the leader anymore in the world if we dis free-market capitalism."
"Dis capitalism," Cavuto responded. "I like the way you phrase that."
PERMALINK | COMMENTS | RECOMMEND RECOMMEND (1)Topics: Bailout, Michele Bachmann
MA-SEN
TPMDC Morning Roundup
Patrick To Announce Senate Pick, Kirk The Favorite
Gov. Deval Patrick (D-MA) will announce today his appointment for interim Senator, at an 11 a.m. press conference. The widespread expectation is that Kennedy family friend Paul Kirk will be appointed to Ted Kennedy's Senate seat, to serve as a caretaker until the January special election.
Obama's Day Ahead
President Obama will chair a 9:15 a.m. ET meeting of the U.N. Security Council. At 12 p.m. ET, he will co-chair, with British Prime Minister Gordon Brown, a meeting of the leaders of the Friends of Pakistan. He will depart from New York at 2:20 p.m. ET, arriving at 3:30 p.m. ET in Pittsburgh, Pennsylvania. At 6 p.m. ET, the President and First Lady will greet leaders of the G-20 and their spouses. At 7:30 p.m. ET, Obama will attend a G-20 leaders working dinner.
Topics: Bailout, Barack Obama, Blue Dogs, Deval Patrick, Hillary Clinton, Iran, Joe Biden, MA-SEN, Missile Defense, Nancy Pelosi, Paul Kirk, Russia
Barack Obama
TPMDC Morning Roundup
Poll: Americans Continue To Worry About The Economy
A new AP/GfK poll finds that 80% of Americans rate the condition of the economy as poor, and a majority continue to worry about their own ability to make ends meet. In addition, 68% worry about big, unexpected medical expenses, up 7 percent from July. In a silver lining for President Obama, only 20% blame him for the economic crisis, compared to 54% who blame George W. Bush, and 19% who blame Bill Clinton.
Obama's Day Ahead
President Obama will depart from the White House at 9:55 a.m. ET, arriving in New York City at 11:05 a.m. ET. He will deliver a major speech on the financial crisis at 12:10 p.m. ET, marking the one-year anniversary of the collapse of Lehman Brothers. He will depart from New York at 3:35 p.m. ET, arriving back at the White House at 4:45 p.m. ET.
Topics: Al Franken, Bailout, Barack Obama, Health Care, John Thune, Supreme Court
Ted Kennedy
TPMDC Morning Roundup
Hundreds Line Up To Visit Ted Kennedy's Grave
The Washington Post reports that hundreds of people turned out on Sunday to visit the grave of Sen. Ted Kennedy (D-MA), after he was buried Saturday night at Arlington National Cemetery: "Arlington had been closed to the public for Kennedy's burial, which was attended only by family members and a few close friends. When the cemetery opened at 8 a.m. Sunday, a small group of people was already waiting. By 11 a.m., the line had swelled to more than 100 people."
U.S. Ramping Up Withdrawal From Iraq
The United States is working to withdraw forces from Iraq, picking up the pace a year ahead of the August 2010 deadline: "The goal is to withdraw tens of thousands of troops and about 60% of equipment out of Iraq by the end of next March, Brig. Gen. Heidi Brown, a deputy commander charged with overseeing the withdrawal, told The Associated Press in one of the first detailed accounts of how the U.S. military plans to leave Iraq."
Topics: Bailout, Iraq, Jim DeMint, Joe Biden, MA-SEN, Ted Kennedy, Vicki Kennedy
Barack Obama
TPMDC Morning Roundup
Obama Looks To Regain Momentum Over Recess
Roll Call reports that President Obama plans to use the August recess to regain momentum in the health care debate. "It's been confusing for people and there's a lot of misinformation, so the president is going to use August to set the record straight," said an unnamed senior White House official. "He'll be very direct."
Obama's Day Ahead
President Obama is spending today in Guadalajara, Mexico. He will hold a trilateral meeting at 10 a.m. ET with Mexican President Felipe Calderón and Canadian Prime Minister Stephen Harper. The three of them will hold a press conference at 12:30 p.m. ET. Obama will depart from Mexico at 2:15 p.m. ET, arriving back at the White House at 6:35 p.m. ET.
Topics: Bailout, Barack Obama, Health Care, Hillary Clinton, Iran, Sonia Sotomayor, Supreme Court
Barack Obama
TPMDC Morning Roundup
House Passes War Funding Bill Over GOP And Left-Wing Dem Opposition
The House of Representatives passed the $106 billion funding bill for the Iraq and Afghanistan wars, by a 226-202 margin. The roll call vote shows that only five Republicans voted in favor -- due to a GOP effort to derail the bill over the inclusion of money for the International Monetary Fund -- along with 32 Democrats voting No, on the grounds that the bill did not do enough to end the wars.
Obama's Day Ahead
President Obama will meet with financial regulators at 11:40 a.m. ET. At 12:50 p.m. ET, he will deliver remarks laying out a comprehensive regulatory reform plan. At 2 p.m. ET, he will meet with Sec. of Housing and Urban Development Shaun Donovan. At 5:45 p.m. ET, he will deliver remarks and sign a Presidential Memorandum to grant benefits to same-sex partners of federal employees.
Topics: Afghanistan, Bailout, Barack Obama, Health Care, Iraq, Joe Biden, Sonia Sotomayor, Supreme Court
Guantanamo Bay
TPMDC Morning Roundup
WaPo: Documents Suggest CIA Mistakes In Torture Of Detainees, False Confessions
The Washington Post reports that new documents show that key Guantanamo detainees told the Combatant Status Review Tribunal that they either lied to the CIA in order to stop being tortured, or were later informed of mistakes in their capture. "They told me, 'Sorry, we discover that you are not Number 3, not a partner, not even a fighter,'" said Abu Zubaida. And Khalid Sheikh Mohammed described his interrogation: "Where is he? I don't know," Mohammed said. "Then he torture me. Then I said yes, he is in this area."
Obama's Day Ahead
President Obama will meet one-on-one with President Lee Myung-bak, of the Republic of Korea, at 10:30 a.m. ET. They will have an expanded meeting at 10:45 a.m. ET, and then a joint press availability at 11:35 a.m. ET, and a working lunch at 12 p.m. ET. At 4:30 p.m. ET, Obama and Vice President Biden will meet with Sec. of Defense Robert Gates.
Topics: AR-SEN, Afghanistan, Bailout, Barack Obama, Guantanamo Bay, Iran, Iraq, Joe Biden, Sarah Palin, Senate '10, Torture
Barack Obama
TPMDC Morning Roundup
Obama And Congressional Negotiators Reach Compromise On Abuse Photos
House and Senate negotiators have approved a $106 billion compromise bill to fund the wars in Iraq and Afghanistan, after President Obama personally intervened on the controversy over an amendment to forbid the release of detainee abuse photos. The amendment was removed in the hope of assuaging liberal Democrats -- but Obama promised to use all means at his disposal to prevent their release.
Obama's Day Ahead
President Obama will meet at 2:30 p.m. ET with Sen. Sherrod Brown (D-OH), and at 2:50 p.m. ET with Sen. Dianne Feinstein (D-CA). At 3:30 p.m. ET, he will meet with Zimbabwean Prime Minister Moran Tsvangirai, who will press Obama for international aid and try to assuage the doubts about his country's political situation, given the uneasy power-sharing government he has with his rival, President Robert Mugabe.
Topics: Auto Industry, Bailout, Barack Obama, Eric Cantor, Guantanamo Bay, Joe Biden, Sonia Sotomayor, Stimulus, Supreme Court
Barack Obama
TPMDC Morning Roundup
Senate GOPers Ask Sotomayor For More Information
The Republican members of the Senate Judiciary Committee have sent Sonia Sotomayor a letter complaining that her questionnaire is incomplete, asking her to submit another supplement: "If you believe that your questionnaire is fully responsive, we would appreciate an explanation to that effect." They also ask her for copies of materials she edited for the Yale Law Review, and to explain why an all-female organization that she belongs to does not violate the Code of Judicial Conduct.
Obama's Day Ahead
President Obama will hold a town hall meeting at 1:10 p.m. ET today in Green Bay, Wisconsin. The subject of the event will be to discuss the need for health-care reform. He will arrive back at the White House at 5:10 p.m. ET.
Topics: Afghanistan, Bailout, Barack Obama, Climate Change, Health Care, Iraq, Joe Biden, Nancy Pelosi, Sonia Sotomayor, Supreme Court
Barack Obama
TPMDC Morning Roundup
Mitchell: Obama Administration Committed To Palestinian State
George Mitchell, the White House Special Envoy on the Israeli/Palestinian conflict, said today after meeting with Palestinian officials that Washington is committed to the creation of a Palestinian state, saying that Obama considered it "the only viable resolution to this conflict...for the aspirations of both sides to be met through two states." He also said the Administration will be seeking "prompt resumption and early conclusion" of peace talks.
Obama's Day Ahead
President Obama will have lunch with Vice President Biden at 12 p.m. ET. At 4 p.m. ET, Obama will meet with Sec. of the Treasury Tim Geithner. At 4:45 p.m. ET, Obama and Biden will meet with with Sec. of State Hillary Clinton.
Topics: Bailout, Barack Obama, Israel/Palestine, Joe Biden, Sonia Sotomayor, Stimulus, Supreme Court
Barack Obama
TPMDC Morning Roundup
Obama To Speed Up Stimulus Spending
President Obama is set to announce today that the administration is ramping up stimulus spending this summer, with a targeted goal of saving or creating more than 600,000 jobs. "We have a long way to go on our road to recovery but we are going the right way," Obama will say, according to prepared remarks.
Obama's Day Ahead: Meeting With The Cabinet
President Obama will be meeting with his Cabinet at 11:45 a.m. ET, after the morning's routine briefings with advisers. The big subject of the Cabinet meeting will be implementation of the Recovery Act, after reports over the weekend that Obama was going to ask his administration for specific goals to ramp up stimulus spending.
Topics: Bailout, Barack Obama, Health Care, Joe Biden, Larry Summers, Stimulus
Barack Obama
TPMDC Morning Roundup
Obama Calls For Increased Efforts For Two-State Solution
In a press conference earlier today, alongside German Chancellor Angela Merkel, President Obama called for the international community to increase its efforts towards a two-state solution in the Israeli-Palestinian disputes. "I think the moment is now for us to act on what we all know to be the truth," said Obama, "which is each side is going to have to make some difficult compromises."
Obama's Day In Germany
President Obama arrived at Dresden Castle at 2:55 a.m. ET (8:55 a.m. local time), and held a bilateral meeting with German Chancellor Angela Merkel at 3 a.m. ET, then meeting with an expanded German delegation at 3:15 a.m. ET. At 4:10 a.m. ET, Obama and Merkel held a press conference, and then toured Church of Our Lady at 4:45 a.m. ET. Obama will tour Buchenwald Concentration Camp at 9:15 a.m. ET, and will then make a statement to the press at 10:05 a.m. ET. He will visit Landstuhl Regional Medical Center at 11:50 a.m. ET. He will depart from Ramstein Air base at 2:30 p.m. ET, en route to Paris, France.
Topics: Bailout, Barack Obama, Israel/Palestine, Joe Biden, Nancy Pelosi, Sarah Palin, VA-GOV
Afghanistan
TPMDC Morning Roundup
Specter Loses Seniority On Committees
The Senate Democratic Conference voted unanimously last night to deny seniority to Sen. Arlen Specter (D-PA), putting him near or at the very bottom of the Democratic rankings in each of his five committees during this Congress. He will be the last Senator to ask questions during the upcoming Supreme Court confirmation hearings. This matter could potentially be revisited after the 2010 elections.
Obama's Day Ahead
President Obama will meet with Sen. Tom Coburn (R-OK) at 11:30 a.m. ET. Obama and Vice President Biden will then meet at 12 p.m. ET with Senate Finance Committee Chairman Max Baucus (D-MT) and Ranking Member Chuck Grassley (R-MT). At 2 p.m. ET, Obama and Biden will meet with President Hamid Karzai of Afghanistan, and then at 2:40 p.m. ET with President Asif Ali Zardari of Pakistan, followed by a 3:30 p.m. trilateral meeting with both Karzai and Zardari. Obama will then deliver public remarks at 4:15 p.m. ET.
Topics: Afghanistan, Arlen Specter, Bailout, Barack Obama, Guantanamo Bay, Joe Biden, John McCain, Pakistan, Supreme Court, Tom Coburn
Pecora
Investigation Of Financial Crisis Idea Gaining Steam
Earlier this year, House Speaker Nancy Pelosi suggested the creation of an internal "Pecora-like" congressional committee to investigate the causes of the financial crisis, and, since then, we've been following the idea as it moves closer to fruition.
In the last couple weeks, there have been some significant developments on that front. On the House side, influential Rep. John Dingell (D-MI) introduced a stand-alone resolution that mirrors Pelosi's preference. "This [House] select committee," Dingell said, would "be comprised of members appointed from the Committees on Financial Services, Agriculture, Energy and Commerce, and Oversight and Government Reform...modeled on the Pecora Commission that held hearings in 1932 and 1933 to investigate the roots of the Great Depression."
The Pecora investigations were conducted in the Senate Banking Committee, but you get the idea. Dingell hasn't been in close conversation with leadership about his particular plan, but he did send Pelosi a letter asking for her support. I asked Dingell spokesman Adam Benson why Dingell prefers this configuration as oppose to, for instance, an independent outside commission. He said, "The committees of jurisdiction should be involved because they'll be the ones to write any legislation that results from the investigation."
Senators Byron Dorgan (D-ND) and John McCain (R-AZ) feel much the same way. They introduced a measure that would create a select committee in the Senate with the same charge. "While I also support an outside commission, and have previously introduced legislation to establish such a commission," Dorgan said, "I believe the Senate has an important oversight responsibility that cannot be delegated. That's why we need a select Senate committee to investigate this financial crisis and make sure it never happens again."
That measure--an amendment to the Fraud Enforcement Recovery Act (FERA)--got the go ahead earlier this week when the bill overwhelmingly passed the Senate.
But another, similar FERA amendment would create an external commission, containing members appointed by both House and Senate leaders, and Hill sources suggest that's where the action is.
PERMALINK | COMMENTS | RECOMMEND RECOMMEND (3)Topics: Bailout, Barney Frank, Chris Dodd, House of Representatives, John McCain, Nancy Pelosi, Pecora, Republicans, Senate
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