House Majority Leader Eric Cantor (R-VA) declared President Obama's jobs bill dead on arrival on Monday. Cantor said the House would consider elements of the bill, but refused to consider the entire $447 billion package. Todd Zwillich, The Takeaway's Washington correspondent, talks about the latest episode of political theater on Capitol Hill.
The Senate voted 79 to 12 last night in favor of an agreement on spending for disaster relief, that will avert the government shutdown that many feared might happen this week. Funding for government agencies like FEMA will now be extended for six weeks. Senate leaders are hoping the House will pass the deal later this week.
Just a day after rejecting what has become a controversial stopgap resolution, the House passed nearly an identical version of the bill late last night to keep the government running. Democrats have vowed to block a provision of the bill concerning funding for the Federal Emergency Management Agency. The bill includes $1 billion in immediate funding for cash-strapped FEMA, but offsets the spending with cuts to the Energy Department's Advanced Technology Vehicles Manufacturing Loan Program. Todd Zwillich, The Takeaway's Washington correspondent, has the latest on the story.
The third Republican debate in as many weeks on Thursday night once again centered around former Massachusetts Governor Mitt Romney and Texas Governor Rick Perry sparring with each other. Perry and Romney challenged each other over their conservative purity on issues such as immigration, health care, and entitlements. The Fox News and Google-sponsored debate featured a question regarding Don't Ask, Don't Tell from a gay soldier, who was loudly booed by the audience.
Two major announcements hit Wall Street and Washington on Wednesday. The Federal Reserve unveiled its plan to invest $400 billion in Treasury securities in an effort to boost the economy, and Moody's downgraded the ratings of Bank of America, Citigroup, and Wells Fargo. How is all of this going to affect consumers and businesses? And how is divided Washington going to react?
A vote scheduled by House Speaker John Boehner (R-OH) on a stopgap bill, known as a continuing resolution, to keep the government funded through November 18 has become unexpectedly controversial. The government could be headed for a shutdown, as Democrats have vowed to block a provision of the bill concerning funding for the Federal Emergency Management Agency. The bill includes $1 billion in immediate funding for cash-strapped FEMA, but offsets the spending with cuts to the Energy Department's Advanced Technology Vehicles Manufacturing Loan Program. Todd Zwillich, The Takeaway's Washington correspondent, has the latest on the story.
Republican critics like Mitch McConnell are calling it "class warfare" and a "massive tax hike" with "phantom savings." The president calls it simply a matter of shared sacrifice. Is Obama's new deficit reduction plan, which he unveiled in a speech Monday morning, a piece of legislation with a legitimate shot of being voted into law or simply a campaign move ahead of the 2012 election? And does the president's math add up when he says the bill is paid for?
President Obama will announce a deficit reduction plan that will reduce government spending by $3 trillion through cutting entitlements, tax increases, and war savings. The plan is the White House's opening offer to the Congressional "super committee," which has until Dec. 23 to reach a deal on deficit reduction. GOP lawmakers have already labeled the proposed tax hikes "class warfare," particularly the so-called "Buffet Rule" — a minimum tax rate on those earning more than $1 million per year named for billionaire Warren Buffett.
House speaker John Boehner made his own speech about jobs yesterday, to the Economic Club of Washington. In his speech, Boehner said, "The president’s proposals are a poor substitute for the pro-growth policies that are needed to remove barriers to job creation in America ... the policies that are needed to put America back to work," and stressed the importance of the private sector in generating jobs.
A House subcommittee is accusing the Obama administration of aggressively pushing a loan for a now bankrupt solar company, Solyndra. Republicans say the White House rushed the bad loan in spite of repeated warnings about the company's viability. Solyndra collapsed two weeks ago and is now under federal investigation, leaving taxpayers on the hook for more than $500 billion.
Consumer advocate Elizabeth Warren officially announced her candidacy for Senate in Massachusetts on Wednesday. Warren was the driving force behind the creation of the Consumer Protection Agency, and has been a lightening rod for Congressional Republicans. She'll be challenging Senator Scott Brown, who was elected in a special election to fill Ted Kennedy's seat in 2010. (You can watch her official announcement after the jump.)
Congress received President Obama's jobs bill yesterday, giving them an up-close look at the details of it. Some Republicans are skeptical of the plan, but Obama is urging for a speedy passage of the bill, in order to get unemployed Americans back to work as soon as possible.
President Barack Obama continues his jobs tour this week, with stops in Columbus, Ohio and Raleigh-Durham, N.C., rallying support for his jobs plan. Federal Reserve Chairman Ben Bernanke is expected to speak at a conference on regulation of systemic risk on Thursday, five days before the Federal Open Market Committee begins its meetings next week. Tonight, is the first Tea Party debate, which GOP presidential hopefuls Michele Bachmann, Mitt Romney and Rick Perry are expected to attend. And Anthony Weiner's old Congressional seat in New York's ninth district is up for grabs in a special election tomorrow.
President Barack Obama addressed a joint session of Congress and television viewers across the country last night, presenting a $447 billion package of tax cuts and new government spending meant to increase jobs in America. Obama urged Congress to "pass this jobs plan right away." After the speech, House speaker John Boehner said "The proposals the president outlined tonight merit consideration." Will Obama's plan pass through Congress and, more importantly, will it work?
Last night, eight GOP presidential hopefuls gathered at The Ronald Reagan Presidential Library in Simi Valley, California for the fourth Republican debate this year. It was the first presidential debate for Texas Gov. Rick Perry, who was in the lead in a recent poll. Perry and Romney sparred over their job creation records and other issues, often overshadowing the six other candidates.
In advance of tomorrow night's Republican presidential debate — the second for GOP candidates hoping to run in the 2012 election, and first for Texas Gov. Rick Perry — former Massachusetts governor Mitt Romney unveiled a plan to boost economic growth, in a speech yesterday in Las Vegas, Nevada. It hasn't seemed to boost his standing yet — a new poll shows Perry in the lead over Romney and other GOP candidates.
Last week, we discussed the state of the nation’s job market, and the news was not good. No new jobs were created in August, meaning unemployment is stuck at 9.1 percent. How to get the job market moving will be the subject of intense debate this week, as Congress returns from its summer recess and the President outlines his strategy. We’ll also see the first meeting of the deficit reduction committee responsible for cutting $1.5 trillion from the budget. So it’s a big week for Congressmen and women, who recently haven’t shown a fondness for compromise.
Senate Majority Leader Harry Reid announced Thursday that Congress has struck a deal to fund the Federal Aviation Administration, ending a weeks-long partisan impasse that kept 4,000 FAA workers off the job, and tens of thousands out of work in airport construction. The Senate will ensure that a deal can be made before lawmakers leave for August vacation, and the bill will fund the agency through September 16.
The fight over the debt ceiling is over in Washington, but another showdown over government funding is still dividing Congress. Since July 22, the Federal Aviation Administration has been partially shutdown, waiting for Congress to make a decision on its funding. As a result, thousands of F.A.A. workers are being furloughed — and won’t get back to work until after the recess in September.
With the debt deal in place, our Washington correspondent Todd Zwillich looks to what the political costs may be — and what groups have been pitted against each other for 2012. (Troops vs. Medicare? Wealthy Americans vs. Troops?) How will this debate play out for the Republican presidential candidates? Plus, what will we see before 2012, when the next deficit reduction package has to pass in the fall of this year?