And So I Go: Yesterday, Today and Tomorrow

While We the People have been distracted by the Debt Ceiling Debate much has been happening behind the “fray”.

Posted on: July 26, 2011

Obama and his minions have always and ever used distraction to push their more horrific project, and this debt ceiling distraction is a real winner for them.  See what has been going on in the background while we and TV news has been watching elsewhere.  Or maybe you have been like me and tuning it all out!  BB

On the floor: Meanwhile, the full House continues to debate the 2012 Interior and Environment appropriations bill, which Democrats say is the worst environmental bill to come before the House — ever. The bill contains 39 riders limiting the ability of the EPA to regulate; Democrats are attempting to strip out as many as possible.

Reviewing regulators: The Senate Banking Committee will be getting its vet on tomorrow, welcoming three nominees the White House wants to put at the center of the government’s financial regulation.

The trio scheduled to be on hand are: Martin Gruenberg, tapped to replace Sheila Bair at the top of the Federal Deposit Insurance Corporation; Thomas Curry, the choice for next comptroller of the currency; and Roy Woodall, the pick for insurance expert on the new Financial Stability Oversight Council. Financial regulatory nominees have had a rocky road in confirmation battles lately — here’s looking at you, Peter Diamond and Richard Cordray — so keep an eye open to see if these three fare better.

Consumption!: Mike Huckabee, the former Arkansas governor and GOP presidential candidate, is one of a deep bench — nine witnesses overall — talking consumption taxes at House Ways and Means tomorrow.

Huckabee and two others will discuss the Fair Tax, the idea of replacing federal taxes with a sizable national sales tax. The rest of the panelists will discuss the Value Added Tax, a consumption tax that has sparked skepticism from both the right and the left in this country. All that said, the VAT is quite popular in much of the rest of the industrialized world — where, perhaps not coincidentally, most countries also have a lower corporate tax rate.

If at first you don’t succeed …
Senate Finance is going back to the well for a hearing on deficit reduction, three weeks or so after the debate over the pending trade deals caused the postponement of a previously scheduled discussion. Peter Orszag, the former White House budget director, is not scheduled to testify this time around, but Finance will hear from liberal and conservative experts.

Speaking of which: The U.S. Chamber of Commerce is taking its case on those trade deals — with South Korea, Panama and Colombia — to Capitol Hill, holding a rally to help push for their passage. The agreements remained stalled due to disagreements over whether they should be linked to the Trade Adjustment Assistance program.

The briefing room: A more conservative group of congressional Republicans will be gathering tomorrow to unveil legislation that would tell the president what bills to pay if the government hits the debt ceiling. Under the bill, the administration would have to prioritize payments for debt service, Social Security and military pay before attending to other obligations. The RSC’s Jordan, Sen. Jim DeMint of South Carolina and others will be on hand to roll out EFFCUSPASSA — that’s the Ensuring the Full Faith and Credit of the United States and Protecting America’s Soldiers and Seniors Act, for those of you scoring at home.

Fed fulminating: Rep. Ron Paul (R-Texas) will return to the fertile grounds of Federal Reserve bashing on Tuesday, with his House Financial Services subcommittee exploring how the central bank’s monetary policy affects the economy.

Specifically, the panel will discuss inflation, unemployment and the potential for a third round of “quantitative easing.” The Fed has said it is prepared to pump more stimulus into the economy if needed, but Ben Bernanke, the Fed chairman, has emphasized that nothing is in the works immediately. Thomas Hoenig, the president of the Federal Reserve Bank of Kansas City and no fan of the last QE experience, will be on hand to testify.

Risky renting: A second House Financial Services subcommittee will train its sights on the rent-to-own industry Tuesday, as lawmakers explore what regulators should or shouldn’t be doing as they monitor the agency.

Preparing for the floor: The House Rules Committee will meet to set up a bill that wades in to the spat between Boeing and the National Labor Relations Board over whether the aerospace giant shifted work to a South Carolina plant to punish union action in Washington state.

Last week, the House Education and the Workforce Committee marked up legislation sponsored by Rep. Tim Scott  (R-S.C.) that not only bars the NLRB from shifting Boeing work back to Washington, but prohibits “ordering any employer to close, relocate or transfer employment under any circumstance.”

Quick hits:

— Rep. Dennis Kucinich (D-Ohio) has a briefing of his own planned, titled “Eliminating the Debt and Creating Jobs without Raising Taxes.”

— Christine Lagarde, the new IMF chief, headlines an early morning Council on Foreign Relations conference call on the world economy.

— A Senate Judiciary subcommittee looks at the economic case for and against immigration reform.

— And dozens of religious figures head to the Hill for a prayer vigil on ensuring the poor don’t have to shoulder the burden of a debt deal.

Economic indicators:

— Standard & Poor’s is scheduled to release its Case–Shiller 20-city home price index for May.

— The Commerce Department is slated to circulate its report on new privately owned one-family houses sold and for sale in June, as the housing market struggles to show any improvement.

— And the Conference Board is set to drop its consumer confidence index for July, a way to examine potential spending habits of consumers, which represents 70 percent of the economy.

BREAKING MONDAY:

It’s not just in Washington: Concern about debt is everywhere. A new Associated Press/GfK poll found that one in five are worried about debt practically all the time, and more than one in three say they won’t be able to pay off their credit card bill.

And a break from the debt ceiling: Rep. Shelley Berkley (D-Nev.), Ways and Means member and Senate candidate, has introduced her own bill to allow U.S. multinationals to bring offshore profits home at a reduced tax rate, Bloomberg reports.

The lowest possible rate in the bill, 5.25 percent, matches the rate in a previous holiday and the one called for in another House proposal in this area. But a company’s rate could be as high as 25 percent under the plan, depending on its hiring practices.

WHAT YOU MIGHT HAVE MISSED:

On the Money’s Monday:

— Jim DeMint on Reid/Boehner plans: They’re both no good.

— IMF: The debt ceiling must be raised.

— The White House turns its head toward criminal syndicates.

— The IRS reverses course on its innocent-spouse policy.

— Joint Economic Committee: 32 states added private-sector jobs in June.

— House Oversight set to take a look at excess federal property.

— And audit finds the IRS needs to tighten up on homebuyer credit.

Feedback, etc., to bbecker@thehill.com

16 Responses to "While We the People have been distracted by the Debt Ceiling Debate much has been happening behind the “fray”."

[…] While We the People have been distracted by the Debt Ceiling Debate the RATS have been busy. (via And So I Go: Yesterday, Today and Tomorrow) Posted on July 26, 2011 by loopyloo305 Obama and his minions have always and ever used distraction to push their more horrific project, and this debt ceiling distraction is a real winner for them.  See what has been going on in the background while we and TV news has been watching elsewhere.  Or maybe you have been like me and tuning it all out!  BB On the floor: Meanwhile, the full House continues to debate the 2012 Interior and Environment appropriations bill, which Democrats say is … Read More […]

I am surprised that more Americans do not stand up and make their voices heard as to stop all new trade bills with foreign countries. Evidently they don’t get it yet. The trading usually ends up one-sided, which is they manufacture and sell to us, but we don’t manufacture much any longer, so we don’t sell to them. Or we are not allowed to export as much as they export to us.

Bottom-line, more jobs out the door and overseas. ss

Did you hear that GE is taking one whole division to Singapore? Yes, the CEO of GM is Obama’s front man on his jobs for America program and it is his company that is taking jobs out of America! GE has since Obama has taken office created 1000 jobs in the United States and 60,000 overseas! BB

The blog was how do i say it… relevant, finally something that helped me. Many thanks

I definitely agree with you about the distraction, although I am not sophisticated enough to be able to clearly attribute it to a particular source. Quite frankly, so little discussion has been devoted to the costs of maintaining our armed forces overseas, that it makes me question the motives of our leaders.

Paul Kennedy, in his great work, “The Rise and Fall of Great Powers: 1500-2000, outlined for us the things that bring down great powers. One of them is overextending a nation’s resources fighting battles abroad. Plain and simple.

http://books.google.com/books?id=z12X5GnOaKMC&printsec=frontcover&dq=the+rise+and+fall+of+the+great+powers&hl=en&src=bmrr&ei=6Dc0Tr_1CMXh0QGmnNCNDA&sa=X&oi=book_result&ct=result&resnum=1&ved=0CC4Q6AEwAA#v=onepage&q&f=false

I just can’t get off my mind the time in ’08 when Paulson drew drew the line and literally declared “In the eventuality Congress refuses to pass this bailout, the market will explode?” Ironically, that became an insurance for the market to crash when Congress objected to play along. Obama made a similar move a few days ago with an apparent panick of a last day deadline but the Reps clearly rejected his bluff. Now it will probably not be easy if this last deadline is not respected.

Do you recall in a few years ago when Paulson drew took the beast by the horns and literally said “In the event Congress doesn’t vote in favor of this bale out, the economy will fall?” And the funny part, that ensured the economy to crash when Congress did not want to go along. Obama gave a shot to a similar move a few days ago with the stress of a weekend time limit but the Republicans were happy to called his bluff. Well this time might not be the same if this last time limit gets broken.

Remember in 2008 when Paulson drew drew the line and literally declared “In the eventuality they don’t accept to vote in favor of this bale out, the economy will bust?” And the funny part, that was the ticket for the economy to burst when Congress stopped to play along. Barrack made a similar strategy a few days ago with his threat of a Sunday deadline but the Republicans boldly called his bluff. Now it will probably not be any good if this last time limit is not respected.

Thank you for the reference Reggie. Our military forces are too large and too scattered. It is way past time to bring our forces home and out of all the countries in the world where they are based. For one thing transportation is such that deployment can be achieved fairly quickly from the US to any part of the world our troops may be needed. More important is the cold hand fact that the United States MUST get out of the business of being a universal police force. We just plain don’t have the money but more important We the People are tired of it and no longer have the desire to “lift mankind up to our level of freedom”. We have learned the hard lesson that the people of any country are the only ones who can do this “lifting”. Our leaders have not learned this lesson! We the People need to take our government back from the elite who have governed for over half a century now with no regard to our wishes.

Again I am grateful to Obama for his impatient preemptive grab for power that finally jolted the citizens awake! He has indeed brought about “fundamental change” to our government. This discussion of a balanced budget and even going so far as to put the big entitlements on the list for discussion is the change no one just three years ago would have imagined happening. Big things are happening and it is an exciting time in our history. BB

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This is the perfect blog for anyone who wants to know about this topic. You know so much its almost hard to argue with you (not that I really would want…HaHa). You definitely put a new spin on a subject thats been written about for years. Great stuff, just great!

Aw, this was a really great post. In theory I’d like to write like this also – taking time and real effort to make a good article… but what can I say… I procrastinate alot and never seem to get something done.

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