The Senate is currently making progress on bipartisan legislation designed to shrink the U.S. trade deficit with China and restore up to 2.8 million domestic manufacturing positions. Yesterday, a majority of both Democrats and Republicans in the Senate voted to invoke cloture on the China trade bill, a.k.a. the Currency Exchange Rate Oversight Reform Act, and they're expected to pass it by the end of the week. But that will be the end of the line for the bill.Read Full Article
Since Congress has been on August recess, the U.S. has lost its prime credit rating for the first time in history, the Congressional Budget Office has dramatically lowered their unemployment recovery expectations, and more economists have come out with predictions of a double-dip recession. Given all that, it seems reasonable to think that Congress might come back from recess ready to put aside the partisanship and forge a compromise to create jobs and begin stabilizing the economy. The Republicans in the House of Representatives today unveiled their fall agenda -- let's take a look at what kinds of fresh ideas they've come up with over the past month.Read Full Article
As David mentioned earlier, the House Republican leadership's letter directing the Clerk of the House to improve how they release legislative data online is a big deal. It means that the House is serious about catching up with the standards and expectations of modern information users, both developers and consumers. It's also a sign that Congress is becoming more comfortable with loosening its grip on information about its activities and beginning to appreciate the value of unleashing it as public data into the wilds of the internet.Read Full Article
The Republican House majority yesterday passed a bill to repeal health care reform (H.R.2) and today passed a resolution calling on four House committees to draft legislation to replace it (H.Res.9). As I've been explaining on this blog, the whole repeal effort is purely political. It's not a serious effort by the Republicans at fixing the problems they see in the health care law, and the resolution they passed today just underscores that fact. The resolution spells out 12 principles for what should be in the replacement bill, many of which are features of the law they voted to repeal.Read Full Article
The House Republican majority gets started in earnest today on their push to repeal the Affordable Care Act. On the schedule for today in the House is the rule that will set the procedural framework for next week's votes on H.R.2, the "Repealing the Job-Killing Health Care Act" and its counterpart H.Res.9, "instructing certain committees to report legislation replacing the job-killing health care law." This is the first rule on significant legislation that the new Republican majority is bringing to a vote, but, contrary to their pledge to be more open about committee action and amendments, they are using a closed rule that is more restrictive than most and skipping committee action entirely.Read Full Article
The real problem with too-big-to-fail is that in a post-Citizens United world there is virtually no limit to the amount of money these enormous companies can spend on making sure their favorite lawmakers get elected. Too big to fail is primarily a political problem. It's a self-perpetuating cycle whereby huge companies are allowed to grow indefinitely (i.e. not fail organically) because they have the financial muscle to buy-off the lawmakers in a position to protect them from regulation and bail them out when they get into trouble.
Not surprisingly, in this election cycle, companies that have taken money from the 2008 TARP bailout are focusing their political giving on candidates who support the bailout, oppose new financial regulations, and are most likely to be in positions of power in the next session of Congress.Read Full Article