US Treasury Secretary Timothy Geithner said Wednesday he was extending the authority of a 700-billion-dollar financial bailout to October 2010 even though the program would cost less than expected. Geithner said in a letter to congressional leaders that even though the economic situation was stabilizing, it was prudent to continue the program known as the Troubled Asset Relief Program. Geithner said the extension "is necessary to assist American families and stabilize financial markets" and... Read Full Story
With passage of the healthcare reform bill all but assured, the last remaining option to stop this disaster is the possibility of a challenge to the constitutionality of the bill.
Some may feel that the deals that Ben Nelson and others struck in order to win their votes may be grounds for a constitutional challenge– Lindsey Graham being one who believes that these deals could be challenged in court, I don’t see this going anywhere– but the best chance to undo this legislation will be... Read Full Story
We can add Chris Dodd’s name to the list of senators that received money in exchange for their affirmative vote on the healthcare reform bill. According to this article, Chris Dodd has requested $100 million to aid in the building of a state run hospital in his home state of Connecticut. While it is not confirmed that Chris Dodd will receive this money, the money has been added to the bill and states will have the right to compete for the funding.
With Chris Dodd’s connections, and... Read Full Story
Yesterday Ben Nelson, senator from Nebraska, won “concessions” from Harry Reid on the healthcare reform bill and announced that he would vote in favor of the bill. While Ben Nelson threw up a smokescreen by declaring that he would not support the bill because of the abortion language that it contained, he was really working behind the scene to “negotiate” a Medicare expansion cost deferment for his state. In other words, Nebraska will be wholly exempted from paying the higher Medicare... Read Full Story
According to the Wall Street Journal , Rahm Emanuel has "shrugged off" liberal opposition to the Senate healthcare bill. Although one liberal senator (Bernie Sanders of Vermont) says he will not vote for the measure, Emanuel says "[t]here are no liberals left to get." Emanuel's comment indicates that the White House will not lobby for the reinsertion of favored liberal provisions like the public plan and Medicare buy-in. According to many published reports, Emanuel himself instructed Senate... Read Full Story
WASHINGTON (Reuters) - Two senators who authored legislation aimed at pressuring China to lift the value of its yuan said on Thursday they asked the Commerce Department to investigate alleged Chinese currency "manipulation." Sen. Charles Schumer, a New York Democrat, and Lindsey Graham, a South Carolina Republican, said the department has legal authority to determine whether China's currency practices are a form of subsidy and if so, impose tariffs on Chinese imports. "Commerce has authority... Read Full Story
WASHINGTON (Reuters) - U.S. Treasury Secretary Timothy Geithner said on Thursday that no financial firm should be able to escape regulation, and the largest institutions need oversight from a single, strong regulator. "The regulation of the largest, most interconnected firms requires tremendous institutional capacity, clear lines of authority and single-point accountability. This is no place for regulation for council or by committee," Geithner said in testimony to the congressional Joint... Read Full Story
I know that I shouldn’t allow this to happen, but I am beginning to get optimistic once again that the healthcare reform bill may be in trouble in the senate. The source of my optimism still revolves around the man that let us down with his vote to allow cloture on healthcare reform after he promised that he wouldn’t– Joe Lieberman.
My optimism doesn’t come from Joe Lieberman himself, but rather from the politics that have been in play by Harry Reid to win Joe Lieberman’s vote. Joe... Read Full Story
In an effort to win one senate vote– Joe Lieberman’s– in order to pass the healthcare reform bill, the senate has alienated many on the far left. Harry Reid gave Joe Lieberman the concession that he sought by dropping both the public option and the Medicare buy-in for people 55 or older. While this has successfully won Joe Lieberman’s vote, it may have actually hurt the chances of the senate passing this bill. Those on the far left are now opposed to the bill.
As we can see in this... Read Full Story
Treasury Secretary Timothy Geithner is pushing Congress to move quickly in overhauling the nation's badly flawed financial rules, which he says is essential for the health of the economy. Both the House and Senate are making progress toward revamping the current regulations, but Geithner said a rapid conclusion is needed to keep the economic recovery on track. "To ensure the vitality, the strength and the stability of our economy going forward, we must bring our system of financial... Read Full Story
