AP - The $143 billion payroll tax cut won by President Barack Obama may be the last significant measure he receives from a deeply divided Congress that promises to only get more polarized as Election Day approaches.
Whether a Congress can be defined as do-something or do-nothing is really in the eye of the beholder. If you judge Congress by its ability to pass landmark legislation or bills that address the real needs of the U.S. population, then you likely won't be giving Congress over the next year high marks for accomplishing much.
Lawmakers approved legislation to continue a payroll tax holiday and extend benefits for the long-term unemployed. The goal is to make sure enough people have enough spending money to keep the still-fragile economy growing. But some analysts say the economy doesn't need more help.
AP - The family name may help generate a steady flow of campaign cash and assure key endorsements for Joseph Kennedy III's bid for the U.S. House. But it may take more than just the Kennedy mystique to deliver the congressional district to the 31-year-old who was raised on politics but has never before run for office.
Here’s a roundup of this morning’s must-read budget and economic stories:
Politico says 2012 will be a “do nothing year” for Congress.
Members of Congress are putting the “finishing touches” on a deal to extend the 2011 payroll tax cut and extend unemployment benefits. Votes are expected Friday. Fox News, The Hill, Los Angeles Times, Politico, Reuters, The Wall Street Journal and The Washington Post have the details.
Roll Call says some lawmakers are trying to the stop cuts to federal worker pensions that is currently in the payroll tax extension package.
On the opinion pages: Debra Saunders says the President is not doing enough to rein in the federal budget deficit; The Wall Street Journalexplores the cost of extending unemployment benefits; and Michael Peterson argues lawmakers should use a longer time horizon than 10 years when presenting the nation’s budget outlook.
I am shocked to report that Congress, the beating heart of American democracy, is unpopular. Gail Collins David Brooks and Gail Collins talk between columns.Not unpopular like a shy kid in junior high. Unpopular like the Ebola virus, or zombies. Held in near-universal contempt, like TV shows about hoarders with dead cats in their kitchens. Or people who get students to call you up during dinner and ask you to give money to your old university. The latest Gallup poll gave Congress a 10 percent approval rating. As Senator Michael Bennet of Colorado keeps...
This ad is a positive push for business-friendly policies and politicians, brought to you by the U.S. Chamber of Commerce. But in making its case, the video ad aimed at Illinois voters includes a couple of scary phrases: • 13.1 million Americans out of work • CBO: Unemployment Could Top 9 percent in 2013 We wondered if the Congressional Budget Office, a non-partisan arm of Congress that analyzes the financial impact of federal laws, is really projecting that high an unemployment rate next year. The CBO report The CBO’s ...>> More
The Tea Party isn’t dead. It’s just looking down ballot. While fiscal conservatives remain split over the GOP presidential candidates, grassroots activists are coalescing around a stellar slate of limited-government candidates looking to reinforce and reenergize the right in Washington.
Keep reading this post . . .
AP - Treasury Secretary Timothy Geithner told Congress Tuesday that the president's new $3.8 trillion spending plan would impose new taxes on only 2 percent of the nation's wealthiest families and the alternative would be to seek more painful cuts in other government programs such as defense, Social Security and Medicare.