Over at the Curious Capitalist, Steve Gandel offers an approving take on Standard & Poor’s downgrade of U.S. debt. “The ratings agency’s decision on Friday to downgrade the credit rating of the U.S. government to AA+ from AAA — …
Congress
Is the Debt-Ceiling Hostage Scenario Really Bound to Repeat Itself?
The conventional wisdom now dictates that every time a debt-ceiling hike comes up for a vote, Republicans will threaten to torch Uncle Sam’s credit rating unless their demands are met. Just take Senator Mitch McConnell, …
How the Debt Deal Sets Up Washington for a Bitter Tax Fight
Now that a compromise has been reached to raise the debt limit, there is a good chance that the political climate in Washington is going to get worse. And the reason can be found on Page 49 of the bill that President Obama signed into law on Tuesday: “On January 2, 2013, for fiscal year 2013, OMB shall calculate and the President shall …
Trading Hostages: Why Lobbyists Are a Key Part of the Debt-Limit Deal
In the final debt limit compromise, Republicans and Democrats agreed to swap out the hostages. Gone is the threat of defaulting on U.S. bonds by refusing to raise the debt ceiling. In its place: Medicare providers and defense …
Michele Bachmann’s Life On and Off the Campaign Trail
A look at the Minnesota Congresswoman’s career from her days as student council president (and cheerleader) to her never-boring bid for President.
The FAA Funding Standoff: Hostage-Taking We Can Believe In
I’ve repeatedly criticized Republicans for holding the global economy hostage to try to force President Obama to adopt their right-wing fiscal agenda. For consistency’s sake, I suppose I should criticize Republican Congressman John Mica for holding a routine extension of the Federal Aviation Administration’s funding hostage to try …
With Deficit Plan Revived, Senate Gang of Six Gains Traction — and a Nod from Obama
Updated, 2:18 p.m.
An ambitious deficit reduction framework crafted by the Senate’s bipartisan Gang of Six earned two key endorsements on Tuesday as President Obama called it “broadly consistent” with what he wants from …
Grilling Elizabeth Warren
Midway through consumer advocate Elizabeth Warren’s appearance before the House Oversight Committee on Thursday, Tennessee Democrat Jim Cooper had heard enough. Republicans had been grilling Warren all morning, often on the basis of confusion or misinformation, and frequently with an openly hostile tone. It wasn’t quite as uncivil as …
The Fed Is Debating Whether to Give the Economy Another Jolt: Does Obama Care?
The most important news to emerge from the Federal Reserve’s June meeting and Chairman Ben Bernanke’s Wednesday testimony before Congress is that the central bank is open to taking further action to juice the economy if the recovery remains stalled, and that the Federal Open Market Committee is divided on what to do. Another round of …
Incandescent Light Bulb Insanity and the Groucho Marx Republicans
The William Wallaces of the Republican Party are defending our freedom again, this time our freedom to buy inefficient light bulbs. The GOP-controlled House is about to pass a bill to repeal the lighting efficiency standards that Congress passed and President Bush signed in 2007, standards that the lighting industry actually supported. …
In Debt Press Conference, Obama Enjoys the Upper-Hand
At a press conference on Monday, President Obama rebuffed congressional leaders for their recalcitrance to make concessions in the ongoing debt ceiling negotiations, and continued to make his case for an ambitious, all-inclusive …
June Jobs Number Threatens Debt Talks — and Obama
Friday morning’s miserable jobs report delivered a blunt-force blow to Obama’s overall economic approach and posed a serious threat to the country’s recovery. More immediately, it complicates the President’s already difficult debt ceiling negotiations with Speaker John Boehner by adding an urgent priority: getting another stealth …
Inside Thursday’s White House Debt Ceiling Meeting: A Consensus to Go Big
There are really only two men in Washington who have any idea of what’s going on with the race to reach a bipartisan deal on deficit reduction and they’re not talking much. On Thursday, President Obama and House Speaker John …
