Discussing the budget deal, with Rep. John Yarmuth, (D-KY), and Rep. Diane Black, (R-TN). "This has been between Sen. Patty Murray and Rep. Paul Ryan; our Democratic conferees haven't been part of the discussion," says Yarmuth.» Read More
Declaring a new direction in energy policy, the House on Saturday approved $16 billion in taxes on oil companies, while providing billions of dollars in tax breaks and incentives for renewable energy and conservation efforts.
As Congress scrambled to finish up before summer vacation, I talked to House Republican Whip Roy Blunt of Missouri. Like all minorities in the House of recent vintage, the House GOP is getting steamrolled on vote after vote. But Blunt says he's happy with his party's positioning.
I sat down in Rochester, New Hampshire earlier this week with Rudy Giuliani, the national front-runner for the Republican presidential nomination. In between town hall meetings, where he's trying to erase Mitt Romney's lead in the first primary state, we discussed a wide range of issues--from his new health care plan designed to counter Democrats' "socialized medicine," to his opposition to private equity tax increases that he says could damage capital markets, to his support for free trade with China despite protectionist pressures.
I had an interesting lunch in Washington yesterday with Gov. Jon Corzine of New Jersey, thankfully on the mend after his horrendous auto accident earlier this year. It was all the more interesting for the fact that I had interviewed his sort-of political neighbor, Rudy Giuliani, two days before. Corzine sharply disputed Giuliani's assessment of several economic issues. That's not surprising, since Corzine is a liberal Democrat who supports Hillary Clinton for president and Giuliani is seeking the Republican nomination.
I’m in Rochester, NH with Rudy Giuliani. This morning at a town meeting he’ll describe some new elements of his health care policy, which I described in an article in this morning’s Wall Street Journal. In an interview with me yesterday, the former New York City mayor described development of the traditionally-anemic market for individually-purchased health insurance policies as the centerpiece of his plan.
Here are a few things I'll be following this week, as the capital battles summer doldrums: Washington Watches Wall Street. Top Bush advisers I talked to over the weekend shrugged off last week's market turbulence. One noted dozens of movements of similar magnitude on a percentage basis in recent years. Another cited Ben Stein's observation that market hand-wringing is "not anything but smoke being blown." The Dow opens Monday 6 percent up for the year.
The world of business and finance may consider the fight between Barack Obama and Hillary Clinton over foreign policy, which emerged at this week's YouTube debate, as irrelevant to their concerns. That view is wrong. It's true that, in a narrow sense, neither Wall Street nor the investor community has a direct stake in the back and forth over whether either prospective Democratic president would agree to face to face meetings with Hugo Chavez or Fidel Castro or other anti-American tyrants.
House Democratic leaders have beaten back a challenge from their own party as they debate a multibillion-dollar farm bill that would continue subsidies for U.S. crops.
North Carolina Senator and Democratic presidential candidate John Edwards argued on CNBC Thursday that maintaining long-term economic growth requires a tax structure designed to benefit the middle class--and it can be done without hindering Wall Street.
Democratic presidential candidate John Edwards--once again seeking to drive the 2008 campaign debate within his party--will today propose raising the capital gains tax rate to 28% from 15%, and use the money to finance tax cuts for middle and lower income families. While raising the capital gains levy to that level, which Edwards points out was a rate once signed into law by President Ronald Reagan, Edwards proposes a series of breaks for those not currently thriving in the U.S. economy..
The tax debate is sharpening. The John Edwards' campaign tells me he'll deliver a speech in Iowa tomorrow on tax policy changes to make the IRS code reward "work, not wealth" in a greater way than it does now. Details come in Des Moines tomorrow morning--just as Bush Treasury Secretary Hank Paulson is holding a conference on the need to cut corporate taxes to spur the economy.
As Robert Palmer might sing it, 'we might as well face it, the Democratic presidential candidates are addicted to war.' Which is another way of saying that Iraq, the issue that has most driven down President Bush's popularity, is driving the debate in the Democratic debate as well. The economy is not.
Today on Capitol Hill, GM will renew the auto industry's push to convince lawmakers that fuel efficient vehicles are on the way. Problem is, it may do little to slow down the CAFE express in congress. For years, the auto lobby was the strongest in D.C. and, for the most part, effectively limited Congress from passing aggressive fuel efficiency standards. But this time around, Congress, fueled by the impact of high gas prices, isn't going along for the ride.
The sound of marching military cadets is not normally considered the Democratic theme song. That makes the scene here in Charleston,SC, hours before the Democratic presidential candidates debate on the campus of The Citadel, decidedly out of the ordinary. But then there's nothing ordinary about this debate. In an attempt to link an old political format to new technology, questions will be posed to the candidates via YouTube.
As candidates approach the fall stretch run of the 2008 presidential nomination races, candidate debates are increasingly important for the second-tier candidates struggling to stay alive. Among Republicans, former Gov. Jim Gilmore of Virginia has already dropped out. Former Gov. Mike of Arkansas, Sen. of Kansas, and former Bush Cabinet Secretary Tommy Thompson face increasing pressure to raise enough donations to keep their campaigns alive in competition with better known and better financed rivals.
Senate Democrats' fruitless effort to force a withdrawal of U.S. troops from Iraq this week carries a side lesson for everyone on Wall Street watching other parts of the Washington political agenda. The lesson? From hedge fund taxes to energy legislation to expansion of government-financed health care, it appears that the domestic policy phase of the Bush presidency is pretty well over.
Federal Reserve Chairman Ben Bernanke offered lawmakers fresh assurances on Thursday that regulators are taking steps to better protect would-be homeowners from abusive mortgage practices.
"One risk to the outlook is that the ongoing housing correction might prove larger than anticipated, with possible spillovers onto consumer spending,” Fed chairman Ben Bernanke told the House Committee on Financial Services this morning. That’s not what he said just two months ago. May 17, in Chicago, at the Federal Reserve Bank of Chicago’s 43rd Annual Conference on Bank Structure and Competition.
The Final Table of the World Series of Poker begins today at 3 p.m ET. You can order it on ESPN.com for $19.95 and watch it live if you want. I’m not going to talk about specific names, so there’s no need to turn away if you don’t want to know who made it the finals. Enough of the disclaimers. Now let’s get to the point.
Federal Reserve Chairman Ben Bernanke is likely to tell Congress this week the central bank is more worried U.S. inflation will flare than it is that housing market turbulence will seriously damage the economy.