Posts Tagged Republican
Senate Majority Leader Harry Reid and House Minority Leader Nancy Pelosi jointly proposed legislation today that would provide permanent stop-gap funding for Congress. The legislative initiative, nicknamed “Perma-Stop“, would provide for a bank of funds that would be available to Congress in perpetuity to provide monies for future periods where stop-gap spending is required.
The proposed legislation which, according to Mr. Reid, has the enthusiastic support of President Obama, provides for a bank of “Perma-Stop” funds between $300B and $500B that would automatically be available to Congress for funding the operation of the government in order to avert a shut down.
Mr. Reid and Ms. Pelosi addressed reporters today from backstage at a campaign rally in Pahrump, Nevada.
“This initiative will provide Congress with readily accessible funds that will allow the government to continue to operate in times of crisis,” said Mr. Reid. “As we have seen in recent months, our Republican colleagues have demonstrated a willingness, or perhaps we should even say a desire, to delay budgetary approval and thereby allow the government to shut down.”
The Reid / Pelosi proposal would set up a Perma-Stop Bank which would be directly funded by the Federal Reserve Board. These funds would be available for release based upon the approval of the Senate Majority Leader whenever the government requires so-called “stop-gap” funding. The bank would be operated on a “min / max” system by the Federal Reseve: whenever funds reached the minimum $300B level, an additional $200B would be injected to return the fund to the maximum level of $500B.
“We see this,” continued Leader Reid, “as an eminently reasonable approach to the constant start / stop dance we have played in the past few months with our Republican colleagues. They seem to feel they can shut down the government whenever the mood strikes them. I would remind our colleagues that those decisions can delay the issuance of Social Security checks which millions of American seniors depend upon for their very existence.”
Minority Leader Pelosi told reporters, “We see this legislation as key to the elimination of the incessant brinksmanship of threatening a government shut-down. We think that Americans are tired of the constant bickering and threats that do nothing but add tension and rancor to the process of conducting the people’s business. We believe our proposal will entirely eliminate this particularly nasty tactic that our colleagues on the other side of the aisle have shown to be all-to-willing to use. We think Americans will embrace our proposal to put an end to this nonsense.”
In conclusion, Mr. Reid added, “We think this legislation offers a simple and elegant solution to the persistent and unnecessary ploys and tactics that panic-inducing Republicans use to scare seniors. It’s time to stop this ‘fire drill’ mentality and get on with governing our nation.”
Dreadmonger will provide updates to the story as they become available.
- US Reid, Pelosi Offer Compromise To End FY’12 Funding Dispute (forexlive.com)
- Update:Reid:Hard To Negotiate W/Hse on Stop-Gap;’They’re Gone’ (forexlive.com)
In an AP Fact Check released this past week-end, the Associated Press reported that, contrary to popular arguments put forward by the Republican party, the problem with the lagging US economy is not spending but is, in fact, related to the lagging US economy.
In their concisely worded AP Fact Check release, the AP noted:
“This disparity between what comes in and what goes out .. reflects the mathematical reality that during recessions, tax revenues go down sharply because people and companies make less money and so pay less in taxes. Federal spending goes up… with an increasing demand for government help from food stamps and unemployment compensation and other safety-net programs. At the same time, the negative economic growth associated with recessions lowers the GDP number on the bottom of the equation, further boosting the ratio of spending to GDP.”
In other words, revenue goes down because less revenue comes in and government spending goes up because the government spends more. As a direct result, spending to GDP ratios look bad.
Noted Dreadmonger consulting economist, Dr. Paul Grunder commented on the report, saying, “We see this pattern repeating historically in each cycle. Not to get too technical but, as capital inflows decrease, we see less money coming in. Similarly, as more capital is spent, we see a corresponding increase in spending. This is often difficult for the layperson to grasp as it may be somewhat counterintuitive to those not schooled in economic theory.”
The AP Fact Check went on to quote noted Democratic strategist Mark Mellman, “If the economy starts to get better, then everything gets better.”
Trust Dreadmonger to provide in-depth economic reporting and analysis.
- Report: U.S. Debt Is Caused By Weak Economy, Not Government Spending (mediaite.com)
- FACT CHECK: Recession is culprit in high US debt (seattletimes.nwsource.com)
At the White House Press Briefing today, Jay Carney, White House Press Secretary, took the unusual step of announcing that the White House will endorse Michelle Bachmann as the Republican nominee for President in 2012.
“On the strength of the straw vote in Iowa, coupled with her strong performance at the Iowa State Fair, we think that Ms. Bachmann is clearly the front-runner for the Republican Party. We really like her as the 2012 Republican nominee for President.”
“There is no other candidate,” Carney went on to say, “that has the energy and momentum that we see coming from Ms. Bachmann’s campaign. She has ignited a real spark out there and she has captured the imagination of the voters in Iowa. We see this as carrying through nicely all the way through to the election next year.”
Jake Tapper of ABC News pressed Carney about the viability of Ms. Bachmann as compared to some of the other Republican candidates in the running, notably Mitt Romney and Texas Governer Rick Perry. Carney went on to say, “There’s not much comparison, really. We see those two as virtually unelectable. ‘Individual Mandate’ Romney and ‘George W’ Perry simply don’t have the staying power or gravitas that we see in Ms. Bachmann’s campaign. There’s too much old baggage there. We just don’t see how that would make sense for the Republicans.”
When reporters from Dreadmonger inquired as to the widely reported possibility that Sarah Palin might enter the race, Carney replied, “We think Ms. Palin would compliment Ms. Bachmann well. We see her as a key potential for energizing the ticket. Bachmann / Palin in 2012? Sounds like a powerful combination to us.”
Anonymous sources at the White House told Dreadmonger that senior campaign strategist David Axelrod will meet later today with reporters from the New York Times and MSNBC to further discuss how to best promote Bachmann / Palin for the upcoming 2012 Presidential race and to explore ideas on how they might be able to tie Christine O’Donnell to the ticket.
Dreadmonger will provide updates as the story develops.
- VIDEO: Bachmann wins Iowa straw poll (bbc.co.uk)
- US election 2012: Michele Bachmann snubs Rick Perry at Iowa Republican dinner (telegraph.co.uk)
- Bachmann’s Iowa Triumph (thedailybeast.com)