Well, the thing from the Orange Swamp has been sucking all oxygen and energy available to Mother Earth and then some. Women Senators and Representatives have been leading the battle to ensure the entire justice thing is done. Last week the hearings in the Senate were exciting but the focus there let Mitchie and Paulie find ways to circumvent democracy with very little notice or coverage.
I got hit yesterday with weird ass flu and I’m exhausted after spending the day in bed fighting dizziness and stomach ickiness. I wanted to talk about some of the absolutely sneaky shit going on in the House and Senate as the Republicans rush to cram absolutely bad, unpopular, self-serving laws through both houses using arcane rules and your basic slight of hand. They’re trying to rush through the absolutely cringe-inducing, people killing, death panel empowering Unafforadble Health care replacement to the ACA.
They’re also rushing to rid the country of financial regulations again by repealing Dodd Frank. What an economist’s nightmare! These hearings are shocking and important but look what’s going on behind the show tent.
The Hill is calling all this overnight regulation. The Dodd Frank repeal passed the House in what almost seemed like a clandestine action.
The House of Representatives passed sweeping legislation Thursday that would strip and replace much of the financial regulations passed under President Obama after the 2008 financial crisis.
Don’t expect the measure to become law, though. It’s not expected to pass in the Senate.
The House passed the Financial CHOICE Act on a party line vote, 233 to 186.
Sponsored by House Financial Services Committee Chairman Jeb Hensarling (R-Texas), the CHOICE Act is the most ambitious Republican effort to roll back the Dodd-Frank Wall Street Reform and Consumer Protection Act, passed in 2010.
It has a completely Orwellian name too. It’s called the Financial Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs (CHOICE) Act, 233-186. The bill passed strictly along party lines and is not expected to pass the Senate.
Democrats have fiercely defended Dodd-Frank. They say the bill has held Wall Street accountable for the risky investment practices that caused the crisis and protected Americans from predatory lending and abusive financial firms.
“It’s shameful that Republicans have voted to do the bidding of Wall Street at the expense of Main Street and our economy,” said Rep. Maxine Waters (Calif.), the ranking Democrat on the Financial Services Committee. “They are setting the stage for Wall Street to run amok and cause another financial crisis. I urge my colleagues in the Senate not to move on this deeply harmful bill.”
The CHOICE Act would roll back much of the Dodd-Frank regulations long targeted by Republicans. It would allow banks that reach certain cash thresholds an off-ramp from Dodd-Frank, reduce the frequency of federal stress tests and restrain oversight powers of several federal agencies that the 2010 law expanded.
Hensarling’s bill would also eliminate orderly liquidation authority — the process through which the federal government takes over and dismantles a major bank before it collapses — and place strict limits on the Consumer Financial Protection Bureau (CFPB).
The CHOICE Act would turn the CFPB, which Republicans consider abusive and unaccountable, into the Consumer Law Enforcement Agency. It would no longer control its own budget, its director would be appointed by the president, and it would lose its authority to crack down on “unfair, abusive and deceptive practices.”
Speaker Paul Ryan (R-Wis.) and GOP leaders touted the bill in the weeks before Thursday’s vote. Ryan, a longtime Hensarling ally who served with him on the House Budget Committee, on Wednesday called the CHOICE Act “the crown jewel” of the GOP deregulation agenda.
“This legislation comes to the rescue of Main Street America,” Ryan said Wednesday. “The Financial CHOICE Act makes it possible for small businesses across this country to stop struggling and to start hiring.”
Paul Ryan never seems to get the basic economics lessons that small businesses across the country will not struggle and will hire and expand their business if they have customers that have the basic incomes to afford their products and services. The smallest contribution to National Income is stuff coming from investments. The largest source of funds in this country for business is consumption by households. Turning the national financial services industry back into a gambling establishment with special tax treatment for gamblers who don’t build businesses but speculate on the face value of paper assets isn’t going to help Main Street America.
By the way, their tax program should be a no starter too. Read up on how red state Kansas is finally getting rid of Koch Brothers/ Grover Norquist economic policies. It’s killing their state’s education systems and economy. Voodoo Economics needs the final pin pushed into it whatever vital organ will kill it. This is from the keyboard of Charles Pierce.
An update on an earlier development: The Kansas state legislature told Governor Sam Brownback to pound sand, overriding his veto and upholding its decision to roll back the radical supply-side tax cuts that were central to Brownback’s demolition of the state’s economy. From those Socialist Agitators at Forbes:
Brownback vetoed the legislature’s first attempt to reverse his tax cuts, but two-thirds majorities in both the House and Senate overrode his veto. The measure would boost state taxes by $1.2 billion over two years, in part by raising the top income tax rate from 4.6 percent to 5.7 percent and by once again taxing sole proprietorships, partnerships, and other pass-through businesses. Pressured by Brownback, the legislature had made pass-throughs tax free… Since Kansas enacted tax and spending cuts in 2012 and 2013, Brownback and his allies have argued that this fiscal potion would generate an explosion of economic growth. It didn’t. Overall growth and job creation in Kansas underperformed both the national economy and neighboring states. From January, 2014 (after both tax cuts passed) to April, 2017, Kansas gained only 28,000 net new non-farm jobs. By contrast, Nebraska, an economically similar state with a much smaller labor force, saw a net increase of 35,000 jobs.
Tax cuts balloon deficits and do not lead to growth. Period. This economic theory—to which, it should be noted, the administration and the Republican majorities in the Congress strictly adhere—doesn’t work. It is alchemy. It has no basis in empirical reality. Every argument in its favor has been proven by practical experience to be utter moonshine. It failed under Ronald Reagan and it failed under George W. Bush and, in its purest form, it failed disastrously in Kansas. Its proponents should be drummed out of the respectable national dialogue as thoroughly as Alex Jones has been. Supply-side is the chemtrails of political economies.
Wonkblog thinks that Kansas is going to euthanize its Tea Party. Are there still any moderate Republicans out there?
Kansas’s moderate ascendance may portend problems for Republicans in Washington, where many in the party, including President Trump, are pushing to adopt federal tax policies similar to the ones Brownback has installed in Kansas. But while Brownback had hoped what he called Kansas’s “real-live experiment” in conservative economic policy would become a national model, it has instead become a cautionary example.
It not only killed Kansas. Jindal let it kill Louisiana: ‘Louisiana has second-worst economy in U.S.: report’. Our current lege session was a total clusterfuck as ignorant Republicans continue to swallow the snakeoil that tax cuts pay for themselves. They do have never and will never do that unless your top marginal tax rate is like way north of like 90 percent. Even then, it’s not the dampening impact is just not that big of a deal.Just imagine if this shit goes nationwide on that kind of a scale.
Louisiana’s economy ranks second-worst among U.S. states and the District of Columbia when examining a wide range of indicators, including employment, building permits, government spending and growth in science and tech industries, according to an analysis WalletHub released Monday (June 5).
Louisiana ranked only better than West Virginia in the study; the bottom five also included Mississippi, Arkansas and Oklahoma. Meanwhile, Washington, California, Utah, Massachusetts and the District of Colombia ranked the top five.
WalletHub used data from the U.S. Census Bureau, the bureaus of Labor Statistics and Economic Analysis, United Health Foundation, American Legislative Exchange Council, CoreLogic, the U.S. Patent and Trademark Office and the National Science Foundation, among others.
Louisiana did shine in one category: the state tied with Texas and Washington for most exports per capita.
Yeah, that’s because that damned President Obama turned us into a net oil exporter. Damn you Obama!!! Thankfully, we have a few Democrats in the District who are fighting like hell.
We ended the session with a complete meltdown and no budget.
“Nobody can pretend this was a good day for the state of Louisiana,” the governor said. “We now know that the majority of legislators came here determined to fix these problems and to work in a bipartisan way. We now know that it was a minority in the House that prevented that from happening.”
At least some rank-and-file Republicans in the House appeared to agree with the governor.
Republican Rep. Kenny Havard and Democratic Rep. Major Thibaut, both of whom voted to consider the Senate budget proposal, in unison described the special session as “embarrassing” to the Legislature. Republican Rep. Julie Stokes said she was “disgusted.”
“Petty partisan politics have failed the people of the state today, and it’s time that we grow up and work on solving the people’s problems,” said Stokes, who voted to bring up the Senate budget proposal.
House Republican leaders want to spend less than the full state income forecast, as a cushion to avoid midyear cuts in case the predictions were wrong. The Senate, backed by Edwards and House Democrats, want to spend all available dollars, saying otherwise they’d have to make unnecessary, harmful cuts.
The state’s income forecast has been too optimistic every year for nearly a decade.
Senate President John Alario, a Republican, said he was disappointed at the meltdown.
“My hope is that we complete our work in this special session. It’s too darn important for the people of this state. Education, health care, public safety: there are too many things that would get hurt if we didn’t come to a consensus and make it work,” Alario said.
Senator Claire McCaskill joined the ranks of women in leadership given the misogynist treatment for acting like a leader. McCaskill called Shenanigans on the way the Republicans plan to cram TrumpCare into law.
Thursday in a Senate hearing, Americans were finally presented definitive evidence of a plot so nefarious and cunning, it threatens to upend any remaining trust in our democratic institutions. I am referring, of course, to an exchange between Sen. Claire McCaskill and Sen. Orrin Hatch in the Senate Finance Committee on the progress of the Republican health care bill. McCaskill asked Hatch, the chairman, whether the committee would hold hearings on the as-yet-unreleased legislation.
Hatch: Will we?
Hatch: I … I think we’ve already had one. But…
McCaskill: No. I mean on the proposal that you’re planning to bring to the floor of the Senate for a vote. Will there be a hearing?
Hatch, searching for a less damning answer than “No,” was silent as a much younger aide—perhaps young enough to be barred constitutionally from holding the seat Hatch is evidently simply keeping warm—sidled up to him and whispered, audibly enough for his microphone, words that Hatch began to repeat almost verbatim.
Aide: …they’re invited to participate in this process and we’re open to their ideas and suggestions.
Hatch: Well, I don’t know that there’s going to be another hearing, but we’ve invited you to participate and give your ideas and…
McCaskill: No! No, that’s not true, Mr. Chairman. Let me just say I watched carefully all of the hearings that went on on the [Affordable Care Act]. I was not a member of this committee at the time, although I would have liked to be. Sen. Grassley was the ranking member. Dozens of Republican amendments were offered and accepted in that hearing process. And when you say that you’re inviting us—and we heard you, Mr. Secretary, just say, “We’d love your support”—for what? We don’t even know. We have no idea what’s being proposed.
McCaskill might not have any idea, but some details have trickled out in recent days on what the bill is shaping up to be. On Tuesday, Jim Newell described the contents of a presentation on the bill-in-progress that had been shown to Senate Republicans:
Like the House bill, the Senate proposal would allow states to waive the Affordable Care Act’s essential health benefit coverage requirements, as well as loosen the ratio of what older people can be charged relative to younger customers. The Senate bill would not, however, allow states to waive community rating by health status, which bars insurers from charging sick people more than healthy ones. The Washington Examiner reported, too, that the Senate was considering allowing the ACA’s Medicaid expansion to linger past the 2020 deadline set forth in the House bill—and that a program to auto-enroll people into coverage against catastrophic losses was still on the table.
The Senate Republicans’ bill thus far, then, includes only modest changes to a set of proposals the Congressional Budget Office has said would lead to 23 million Americans losing their health insurance. That’s the only understanding of the bill we can surmise, since Republicans have taken the process of transforming one-sixth of the American economy—once again—behind closed doors. This secrecy, McCaskill said—in a classic performance of Democratic indignation—was “hard to take.” “You couldn’t have a more partisan exercise than what you’re engaged in right now,” she said, as though Hatch had simply failed to consider this. “Give me an opportunity to work with you.
They will not. The Bipartisan Policy Center’s Andy Slavitt tweeted Tuesday that Senate Majority Leader Mitch McConnell is pushing to have the text of the bill available to the public for no more than two days.
Oddly enough, McConnel’s procedural jujitsu may be blocked by the Parliamentarian. Guess what issues it’s about?
The Senate parliamentarian has warned Republicans that a provision in their healthcare reform bill related to abortion is unlikely to be allowed, raising a serious threat to the legislation.
The parliamentarian, Elizabeth MacDonough, has flagged language that would bar people from using new refundable tax credits for private insurance plans that cover abortion, according to Senate sources.
If Republicans are forced to strip the so-called Hyde Amendment language from the legislation, which essentially bars federal funds from being used to pay for abortions except to save the life of a mother or in cases of rape and incest, it may doom the bill.
MacDonough declined to comment for this article.
Unless a workaround can be found, conservative senators and groups that advocate against abortion rights are likely to oppose the legislation.
Republicans control 52 seats in the Senate; they can afford only two defections and still pass the bill, assuming Democrats are united against it. Vice President Pence would break a 50-50 tie.
Normally, controversial legislation requires 60 votes to pass the Senate, but Republicans hope to pass the ObamaCare repeal-and-replace bill with a simple majority vote under a special budgetary process known as reconciliation.
The catch is that the legislation must pass a six-part test known as the Byrd Rule, and it’s up to the parliamentarian to advise whether legislative provisions meet its requirements.
The toughest requirement states that a provision cannot produce changes in government outlays or revenues that are merely incidental to the nonbudgetary components of the provision.
In other words, a provision passed under reconciliation cannot be primarily oriented toward making policy change instead of affecting the budget. Arguably, attaching Hyde language to the refundable tax credits is designed more to shape abortion policy than affect how much money is spent to subsidize healthcare coverage.
The abortion language that conservatives want in the healthcare bill may run afoul of a precedent set in 1995, when then-Senate Parliamentarian Robert Dove ruled that an abortion provision affecting a state block grant program failed to meet reconciliation requirements, according to a source briefed on internal Senate discussions.
Any American should be shocked and awed by Mitchie’s attempts to use Senate bureacray and rules to circumvent the usual process of making law.
Not a word of what Senator Claire McCaskill, a Democrat, says here is hyperbolic or inaccurate. The reason Senator Orrin Hatch is acting like he’s been caught here is because he has. What Republicans are attempting to do to the health care system is the legislative equivalent of a mugging.
House Democratic leader Nancy Pelosi said President Trump “needs sleep” and questioned his “fitness for office” at a briefing Friday morning. The former Speaker’s statements were made in reference to Trump’s Twitter habits, after he posted one at 6 a.m. The president broke his unusual silence about former FBI Director James Comey’s Thursday testimony, tweeting: “Despite so many false statements and lies, total and complete vindication… and WOW, Comey is a leaker.” Pelosi also said of Trump, “Know your blood type. He will throw you under the bus.” Pelosi added, “I think his statements need some discipline. He needs work.” Comey said Thursday he believes Trump fired him because of the bureau’s investigation into Russia ties to his presidential campaign. On Comey’s testimony, Pelosi said Trump “knew what he was doing and he didn’t want any witnesses” when he asked to speak with Comey alone.
I’ve been absolutely shocked by the attempts at many people in journalism and around the political arena to suggest that either Bernie Sanders or Joe Biden are the likely folks to lead the Democratic Party and run for President when so many young women and men are standing up to the current situation.
There are many standouts.
California Congressman Ted Lieu is an outstanding public servant with a keen mind and a prosecutor’s verbal combat skills.
Senator Al Franken is frankly awesome. He’s got an eye for detail, asks damn good questions, and does it with the most wonderful manner that you don’t know you’ve just had your throat cut. His sense of humor serves him well as he dishes out tough questions that show really insight into the problem at hand.
And one more shout out to Senator Kamala Harris from California. She’s also got that prosecutor thing going. She’s perfectly aware of what needs to go on the record and that’s a skill we need right now in these committee meetings. She’s also a damn hard fighter and says what needs to be said.
I’m glad these folks are looking to bring home the bacon because I’m tired of the sausage making and frankly, I loathe the ham.
And no more fucking 70 year old plus white men ruining the world for us. PLEASE!
What’s on your reading and blogging list today?