The House of Representatives passed a bill extending payroll tax cuts and unemployment benefits Tuesday night, despite a warning by The White House that the bill would be vetoed for a provision that forces work on the Keystone XL pipeline. Construction of the pipeline, which is opposed by environmentalists, was delayed by the State Department until after the 2012 elections. President Obama, who has advocated both measures in recent weeks, vowed to veto any bill that was attached to other measures. Majority Leader Harry Reid declared the bill "dead on arrival" in the Senate.
Since President Obama introduced the American Jobs Act in September of this year, he has spoken publicly about it more than 50 times. The jobs report for November comes out this morning and the consensus call is that 125,000 new jobs were created this month. Charlie Herman, economics editor for The Takeaway and WNYC, speaks about the latest jobs numbers as well as specific economic and educational reforms that are trying — with mixed success — to remedy the situation.
This week, we've seen Newt Gingrich continue to climb in the Republican polls as Herman Cain has continued to falter. Also out of Washington, Rep. Barney Frank announced his intention to not seek re-election after his fiery 32-year career. And, a new study rejuvenates the perennial debate about legalizing marijuana.
Congressional approval in the U.S. is at embarrassingly low levels. A recent New York Times/CBS News poll found Americans' approval of Congress in the single digits. And a story that aired on "60 Minutes" last weekend is not likely to improve Congress's standing with the public. Insider trading is a crime in the U.S., but the laws that apply to most Americans do not apply to their lawmakers. According to the report, powerful members of Congress and their staffs have used their knowledge of privileged information to make vast sums of money in the stock market.
With just under ten days to go until the "super committee" reaches its deadline, the 12 Republicans and Democrats that make up the group will have to agree on $1.2 trillion of deficit reduction or else face automatic cuts in integral areas such as defense spending. Republican Eric Cantor believes a deal is close. "Yes, I do think that the joint select committee will be successful," he said in an interview on the Fox News. But many are worried a compromise will not be reached in time.
The public got its first introduction to Gloria Cain, wife of Republican presidential hopeful Herman Cain, on Monday night in an exclusive interview with Fox News. The wife of the embattled candidate took to the airwaves to defend her husband against complaints of inappropriate behavior during his time at the National Restaurant Association.
The Joint Deficit Reduction "Super Committee," put in charge with finding $4 trillion to cut from the deficit, held their fifth public meeting on Tuesday. But the fate of the Super Committee remains unclear as it is unlikely they will come to consensus any time soon. Todd Zwillich, The Takeaway's Washington correspondent, says the hearing was both a pep talk to the committee but also partly a threat. There is a lot riding on them to succeed and a lot of heads could roll if they fail.
Democrats were once again unable to overcome a Republican filibuster of President Obama's jobs bill on Thursday. It was the second time in 10 days the Senate refused to take up the bill. This version was scaled down to a $35 billion plan to help states and local governments avoid laying off teachers, police officers, and firefighters. The bill would have been paid for by a 0.5 percent surtax on incomes above $1 million to start in 2013. Todd Zwillich, The Takeaway's Washington correspondent, reports on the latest developments on Capitol Hill.
Law enforcement officials accused a 26-year-old man from a town west of Boston of plotting to blow up the Pentagon and the Capitol Building with a remote-controlled aircraft fitted with explosives. Officials said Rezwan Ferdaus, who has a physics degree from Northeastern University, has also provided resources to Al Qaida to aid in attacks on American soldiers overseas.
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.
Yesterday, there was a special election for the New York Congressional seat left vacant by disgraced Democratic Congressman Anthony Weiner. The largely Democratic district would logically have gone to Democratic Assemblyman David Weprin, but due to myriad political factors Republican businessman Bob Turner won the race.
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.
The events of September 11, 2001 amounted to unfathomable costs, in terms of lives and families forever torn apart, not to mention the physical and emotion after effects that continue to haunt the survivors of 9/11. In addition to that, there was an economic cost to 9/11 — one that is almost equally unfathomable.
Last night, as President Obama was giving his jobs speech, federal authorities were confirming reports that there is a specific, credible terrorist threat for the New York City and District of Columbia areas this coming weekend. Counterterrorism officials are investigating a possible truck bomb, and New York City mayor Michael Bloomberg said in a press conference last night that he would increase security in the city, and that residents should keep their "eyes wide open."
President Obama announced his choice for the new head of the Council of Economic Advisers: Princeton University professor Alan B. Krueger. The 50-year-old most recently served as chief economist for the United States Treasury — those credentials might make for a quick Congressional approval.
Despite Congress finally passing a debt deal and President Obama signing off on the plan yesterday, the national mood was not celebratory. It's been a bad week for the economy, and it appears that it will only get worse. Last Friday, G.D.P. data showed disappointing economic activity in the nation's second quarter, and this week the Commerce Department released a report showing consumer spending fell in June. New employment figures, the economic indicator used to gauge growth, will be released Friday, and many are expecting them to be dismal.
The House of Representatives passed a landmark deal yesterday as the United States inched closer to defaulting on its debts. As the bill makes its way over to the Senate many are noting the influence that the Tea Party had on the outcome. During the debate, some Republican freshman members were urging leaders not to make any concessions, and some felt any increase in the debt ceiling was out of the question. How will these new Tea Party members react to Speaker Boehner's compromise?
The August 2 deadline for Congress to agree on a budget deal and avoid defaulting is looming uncomfortably close. Last night, President Obama and Senate Majority leader Harry Reid said tonight that congressional leaders of both parties have agreed on a plan to lift the debt ceiling. They will present the plan to their caucuses this morning, and hope for the measure to pass through votes by both the House and Senate, in order to avoid a U.S. default by August 2.
The debt ceiling saga continues to grip Washington, and as August 2 looms closer, the threat of a partial government shutdown and the loss of some government services seems possible. The White House and the U.S. Treasury Department have warned that military spending could take a hit, which has military families worrying about how they’ll be impacted.
President Obama and House Speaker John Boehner both addressed the nation last night, explaining where each of their parties stand on the current debate over the debt ceiling. What impact did the speeches have?