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When the people fear the government, there is tyranny; When the government fears the people, there is liberty.  ~ Thomas Jefferson

 

Entries from March 22nd, 2010

Senate panel approves financial overhaul bill

March 22nd, 2010 · Congress, Corruption, Deception, Democrats, Economy, Ethics, Government Control, Greed, Obama's Scheme, Selling Out the US, Tax Dollars, Taxes, Terrorism from Within, Treasury

By Brady Dennis and David Cho Washington Post Staff Writer
Monday, March 22, 2010; 5:57 PM

Reference:

The Senate Banking Committee approved far-reaching legislation on Monday to overhaul the nation’s financial regulatory system by a 13-10 vote along party lines.

The swift approval marked an abrupt shift from the course set for the legislation after its unveiling last week by committee Chairman Christopher J. Dodd (D-Conn.), who had said he planned to spend the week considering revisions. The move was strongly supported by Obama administration officials, who are eager to move the long-stalled process forward.

The bill seeks to reshape the rules that have long governed the financial sector. Among the changes, a new bureau would be established inside the Federal Reserve to write and enforce rules to protect consumers, and a council of regulators would be set up to survey threats to the financial system. The legislation would also bring complex derivatives under government oversight and empower officials to take over and shut down the biggest financial firms if they face collapse.

Meanwhile, Treasury Secretary Timothy F. Geithner escalated his rhetoric attack against banks that oppose the measure, warning these firms that the Obama administration could take matters into its own hands by unilaterally imposing far stricter rules on the industry if legislation falls short in Congress.

“If we fail to enact legislation reform here at home we will be forced to use the limited and inadequate authority we have,” Geithner said in remarks at the American Enterprise Institute on Monday afternoon.

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States launch lawsuits against healthcare plan

March 22nd, 2010 · Accountability, Dissention, Government, Healthcare, Republicans

Reuters
Monday, March 22, 2010; 1:21 PM

CHICAGO (Reuters) – Less than 24 hours after the House of Representatives gave final approval to a sweeping overhaul of healthcare, attorneys general from several states on Monday said they will sue to block the plan on constitutional grounds.

Republican attorneys general in 11 states warned that lawsuits will be filed to stop the federal government overstepping its constitutional powers and usurping states’ sovereignty.

States are concerned the burden of providing healthcare will fall on them without enough federal support.

Ten of the attorneys general plan to band together in a collective lawsuit on behalf of Alabama, Florida, Nebraska, North Dakota, Pennsylvania, South Carolina, South Dakota, Texas, Utah and Washington.

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China’s commerce minister: U.S. has the most to lose in a trade war

March 22nd, 2010 · Democrats, Ethics, Foreign Policy, Government, National Security, Obama's Scheme, Selling Out the US

By John Pomfret Washington Post Staff Writer
Monday, March 22, 2010

BEIJING — China’s commerce minister warned the United States on Sunday that if it launches a “trade war” against China by levying punitive tariffs on Chinese imports, the United States will suffer the most.

Chen Deming also said the U.S. government’s “obsession” with China’s exchange rate could not be seriously addressed until it stopped blocking the export of high-tech products, such as supercomputers and satellites, to China. “If some congressmen insist on labeling China as a currency manipulator and slap punitive tariffs on Chinese products, then the [Chinese] government will find it impossible not to react,” Chen said in an interview with The Washington Post. “If the United States uses the exchange rate to start a new trade war, China will be hurt. But the American people and U.S. companies will be hurt even more.”

Chen’s comments, made during an interview Sunday, reflect the exasperation within the Chinese leadership regarding the United States’ attempt to push China to allow its currency, the yuan, to rise against the dollar. In addition, Chen’s remarks also underscore how China is seeking to use the current trade dispute with the United States to push its own agenda in Washington — to eliminate, or at least ease, the 20-year-old sanctions that limit American exports to China.

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Historic win or not, Democrats could pay a price

March 22nd, 2010 · Accountability, Congress, Democrats, Healthcare

By Dan Balz Washington Post Staff Writer
Sunday, March 21, 2010

As the final round of the battle over health-care reform begins Sunday, President Obama and the Democrats are in reach of a historic legislative achievement that has eluded presidents dating back a century. The question is at what cost.

By almost any measure, enactment of comprehensive health-care legislation would rank as one of the most significant pieces of social welfare legislation in the country’s history, a goal set as far back as the presidency of Theodore Roosevelt and pursued since by many other presidents. But unlike Social Security or Medicare, Obama’s health-care bill would pass over the Republican Party‘s unanimous opposition.

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CBO Update

March 22nd, 2010 · CBO Update

The following has been added to CBO’s Web site (www.cbo.gov):

  • H.R. 4872, Reconciliation Act of 2010
    Cost estimate for the amendment in the nature of a substitute for H.R. 4872, incorporating a proposed manager’s amendment made public on March 20, 2010
    http://www.cbo.gov/doc.cfm?index=11379
  • H.R. 4849, Small Business and Infrastructure Jobs Tax Act of 2010
    Cost estimate for the bill as ordered reported by the House Committee on Ways and Means on March 17, 2010
    http://www.cbo.gov/doc.cfm?index=11377
  • H.R. 4872, Proposed Reconciliation Legislation
    Preliminary estimate of the direct spending and revenues effects estimate for proposed reconciliation legislation combined with H.R. 3590 as passed by the Senate
    http://www.cbo.gov/doc.cfm?index=11378

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Health-care legislation’s insurance subsidies prompt questions of affordability

March 22nd, 2010 · Congress, Corruption, Deception, Democrats, Economy, Ethics, Federal Spending, Government Control, Greed, Healthcare, Housing Industry, Money Lost, Obama's Scheme, Selling Out the US, Terrorism from Within

By Amy Goldstein Washington Post Staff Writer
Saturday, March 20, 2010

The final health-care legislation that House Democrats are striving to pass this weekend would give about 19 million Americans subsidies averaging $6,000 to help pay premiums and other insurance charges, an unprecedented government investment in private health policies that leaves lingering questions about whether coverage would truly become affordable.

The details of the subsidies, which emerged in the past day, provide the clearest picture yet on a central question that has hovered over the health-care debate since it began a year ago: How much help would the government give people to cope with the expense of medical insurance?

In the final version Democrats produced, the subsidies would be part of a two-prong approach by the government to extend coverage to the vast majority of people who are uninsured. That effort is predicted to cost nearly $800 billion, more than $4 of every $5 of the legislation’s total cost.

The private insurance subsidies would begin in 2014 and be intended for people eligible to buy coverage through insurance exchanges that would be created the same year.

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CBO Update

March 22nd, 2010 · CBO Update

The following has been added to CBO’s Web site (www.cbo.gov):

  • Responses to Questions About CBO’s Preliminary Estimate of the Direct Spending and Revenue Effects of H.R. 4872, the Reconciliation Act of 2010
    Letter to the Honorable Paul Ryan
    http://www.cbo.gov/doc.cfm?index=11376

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Financial reform bill headed to party-line vote

March 22nd, 2010 · Congress, Corruption, Deception, Democrats, Economy, Ethics, Federal Spending, Finance, Government Control, Greed, Selling Out the US, Terrorism from Within

By Brady Dennis Washington Post Staff Writer
Friday, March 19, 2010

Two key Republican senators said Thursday that the bill introduced this week by Sen. Christopher J. Dodd (D-Conn.) to overhaul financial regulation is headed for a strict party-line vote in the Senate banking committee unless the measure undergoes significant amendments during debate next week.

“This next week, in essence, is going to be a partisan markup,” said Sen. Bob Corker (Tenn.), who had emerged in recent weeks as the main Republican negotiator before Dodd decided to proceed alone.

Sen. Richard C. Shelby (Ala.), the ranking Republican on the banking committee, also expressed little confidence Thursday that Dodd would win over Republicans next week but said a bipartisan agreement could materialize.

Dodd, who chairs the committee, must attract Republican support at some point during the legislative process, while also keeping Democrats on board, to cross the 60-vote threshold needed to avoid a filibuster.

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Senators draft plan to rework U.S. immigration policy. Next will be Freedom Reform.

March 22nd, 2010 · Congress, Corruption, Deception, Democrats, Ethics, Federal Spending, Government Control, Homeland Security, Immigration, Immigration, Non-Transparency, Obama's Scheme, Selling Out the US, Tax Dollars, Taxes, Terrorism from Within

By Spencer S. HsuWashington Post Staff Writer
Thursday, March 18, 2010; 8:58 PM

Sens. Charles E. Schumer (D-N.Y.) and Lindsey O. Graham (R-S.C.) announced the building blocks Thursday for a new push in Congress to overhaul the nation’s immigration laws, outlining a plan to require U.S. citizens and legal immigrants to obtain a new high-tech Social Security card tied to their fingerprints or other biometric identifiers and to create a system to bring in temporary workers as the U.S. economy demands.

The immigration “blueprint,” outlined in an opinion column posted on The Washington Post’s Web site, drew an immediate vow of support from President Obama, who urged Congress “to act at the earliest possible opportunity.”

“I . . . pledge to do everything in my power to forge a bipartisan consensus on this important issue so we can continue to move forward on comprehensive immigration reform,” Obama said in a statement released by the White House. Obama congratulated Schumer and Graham on what he called “a promising, bipartisan framework which can and should be the basis for moving forward.”

In the editorial, Graham and Schumer shied away from details, and did not say when they would produce a bill.

Advocates set an April deadline, but that would require additional Republican support. Schumer and Graham asked Obama at a Tuesday meeting to help in coming days, according to a source familiar with talks.

Opponents noted that Congress failed in 2006 and 2007 to pass similar legislation backed by President George W. Bush that proposed tougher enforcement at the border and at U.S. workplaces, a program to bring in guest workers for U.S. employers, and a path to gain legal status for many of the estimated 10.8 million illegal immigrants living in the United States.

Congressional supporters, whose ideas track those proposals, have labored under a self-imposed deadline, hoping to advance a bill to the Senate floor before Memorial Day. Lawmakers do not want to hold a contentious debate over immigration policies close to fall elections at a time of high unemployment.

Latino groups, immigrant advocates, religious organizations and others who support an immigration overhaul have expressed growing frustration as time appears to be running out. Immigrant activists called for a march on Washington on Sunday to press the administration, saying Obama was not delivering on a 2008 campaign pledge to advance legislation.

This announcement Thursday appeared timed ahead of the march, and followed a White House meeting Tuesday between Obama and the senators.

Still, White House officials indicate the issue has fallen down their priority list, as they struggle to push health-care legislation through Congress. In Thursday’s White House briefing, Obama press secretary Robert Gibbs said the administration’s next two top priorities are financial regulatory reform and campaign finance legislation.

Schumer and Graham said the “four pillars” of their plan would not only help end illegal immigration but fuel the U.S. economy.

“Ending illegal immigration, however, cannot be the sole objective of reform. Developing a rational legal immigration system is essential to ensuring America’s future economic prosperity,” the senators wrote.

Besides creating a to-be-determined system to regulate the future flow of temporary workers in consultation with labor unions and U.S. business groups, the senators said, their plan would award permanent residency to immigrants who receive advanced degrees from a U.S. university in science, technology, engineering or math.

An improved tamper-proof Social Security card would let employers verify that holders’ identity and that they are authorized to work in the United States, based on a machine reader that would confirm an individual’s fingerprints or eye scan, the senators said. Border security and enforcement within the nation’s borders would be increased.

As in earlier efforts, the senators would grant legal status to illegal immigrants who have not committed felonies, and who admit they broke the law by entering the country illegally, then agree to perform community service, pay fines and back taxes, pass background checks and learn English.

Reaction to the senators’ and White House statements fell along predicted lines, with opponents dismissing the plan as an “amnesty” for illegal immigrants, and supporters calling it a necessary but insufficient “first step” to changing the law.

“This so-called comprehensive immigration reform really means amnesty for the 10 to 20 million illegal immigrants in America today. What part of the word ‘illegal’ doesn’t the president understand?” said Rep. Brian Bilbray (R-Calif.), chairman of the House Immigration Reform Caucus, which opposed past legislation and said it seeks a White House invitation to promote its own “bipartisan solutions.”

Ali Noorani, executive director of the National Immigration Forum and chair of the advocacy group Reform Immigration for America, called the senators’ statement “a down payment on the president’s promise to put the full weight of the White House behind bipartisan reform legislation.” Noorani said Reform Immigration would work “to ensure that 2010 is the year that Congress finally fixes America’s long-broken immigration system.”

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Congressional Budget Office’s sunny forecast carries big uncertainties

March 22nd, 2010 · Congress, Congressional Budget Office

By Neil IrwinWashington Post Staff Writer
Friday, March 19, 2010

The latest estimate of what health-care reform would mean for the government’s finances was such a hot document Thursday that at times the Congressional Budget Office‘s Web site couldn’t handle the traffic.

But as much as the 25-page “score” of the legislation was treated as holy writ in Washington — Democrats eagerly flagged its conclusion that the package they aim to pass this weekend would cut the deficit by $138 billion over the coming decade — the reality is considerably messier.

Budget experts generally have high praise for the work of CBO analysts, the non-ideological technocrats who crunch the numbers to estimate the fiscal impact of legislation. But their work is often more art than science, and although the forecasts that accompany legislation are always filled with uncertainty, this one contains more than most.

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