David Brooks makes a not-very-convincing, and somewhat confused, case against more economic stimulus in his column today. His argument, essentially, is that since the economy hasn’t boomed in the wake of Obama’s stimulus plan, the plan probably didn’t work. I’m no economist–and, as Brooks accurately points out, most economists are far …
Budgets
Morning Must Reads: Bibi’s Back
Official White House Photo by Pete Souza
–Obama is set to meet with Israeli PM Netanyahu today at the White House. Both countries’ press corps seem focused on the personal rift. The White House seems determined to reverse that impression. Bibi says getting to direct talks is the goal.
–Scott Brown flirts with an “aye” on …
Morning Must Reads: In the Air
Official White House Photo by Pete Souza
–The Senate heads into the July recess with Kagan’s testimony wrapped, unemployment benefit extensions hopelessly stuck (one vote short) and financial reform still up in the air.
–Obama is set to give a speech on immigration reform this morning at American University. He will urge …
Dire Deficit Straits
The Congressional Budget Office today released its long-term budget outlook, confirming what we already know: Something’s gotta give. The report contains projections for how spending and revenue will look over coming decades. According to their number crunching, we’ve set a course toward superlatively unfortunate ratios of …
Morning Must Reads: Compromise
Official White House Photo by Pete Souza
–As Jay reported yesterday, Barney Frank and Chris Dodd moved back to conference to strip the $18 billion bank tax from financial reform. The money to pay for the bill will now come from the TARP and increased FDIC premiums. Translation: Rather than getting the money from large investment …
Morning Must Reads: Byrd
Win McNamee / Getty
–Robert Byrd, the longest serving congressman in U.S. history, died at 92 early Monday:
For more than a third of its 144-year existence, the state of West Virginia was represented in the U.S. Senate by one man: Robert C. Byrd. So encompassing was Byrd’s 50 years of service in the Senate and so encyclopedic
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Morning Must Reads: The Dodd/Frank Act
REUTERS/Kevin Lamarque
–Final language for financial reform is more or less done. The marathon 20-hour session that only wrapped up a few hours ago saw House and Senate negotiators run out of paper and conferees fall asleep at the table, but ultimately produced a product that (likely) has the support to make it to the president’s …
Morning Must Reads: The Mission
Andrew Harrer/Bloomberg via Getty Images
–Obama and McChrystal are meeting face-to-face this morning and the administration’s full AfPak team will convene shortly thereafter.
–More consequential than any personnel decision is the overall direction of the war.
–McChrystal is reportedly telling administration officials he’s …
After Orszag: Another Spreadsheet Jockey Or A Pol?
As has long been expected, Peter Orszag’s cowboy boots will not be walking the halls of the Eisenhower Executive Office Building after next month. He is stepping down, to get married and experience life as lived by those who do not spend all day every day on call. An administration official tells me that the White House has been …
Morning Must Reads: Renminbi
Official White House Photo by Pete Souza
–Ahead of this week’s G20 summit in Toronto and in wake of intensive lobbying efforts by Timothy Geithner, China has announced plans to allow its currency to float against the dollar. It’s widely viewed as a strategic concession, and the long-term impact of the decision is still largely …
Morning Must Reads: Beck and Call
YURI GRIPAS / AFP / Getty Images
–With the scale of the crisis still coming into focus, Obama has summoned BP bigwigs for a meeting.
—Barney Frank says the so-called “Volcker Rule” that would restrict proprietary trading at big banks will definitely be included in final financial reform legislation and that Democrats are …
Morning Must Reads: On Deck
Official White House Photo by Pete Souza
–BP’s containment cap made some progress over the weekend.
–The administration’s not slapping any backs quite yet. They expect clean-up efforts to last at least through the fall. Thad Allen is on deck for today’s White House press briefing.
—Underestimating risk might be the theme …
Congressional ‘No’ for ‘Gitmo North’
From TIME’s Pentagon Correspondent Mark Thompson:
It seems BP’s oil well isn’t the only extended political headache for President Obama oozing in the gulf. Just before fleeing town for this week’s Memorial Day recess, the House voted against setting up a prison for Guantanamo detainees in the U.S.
The Obama Administration is seeking
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