February 13, 2008

Bush, Congress Enjoy Feel-Good Moment

A historically unpopular president and an even more unpopular Congress came together today to remind Americans that they might not be so worthless after all.

Lawmakers squeezed around President Bush in the White House this afternoon as he signed into law a $168 billion economic stimulus package that will mean up to $1,200 in tax rebates for working couples plus $300 per child.

"A lot of folks in America probably are saying it's impossible for those of us in Washington to find common ground and reach compromise on important issues. I don't feel that way, and I know the leaders don't feel that way," Bush said, opening the signing ceremony. "As a result, we have come together on a single mission, and that is to put the people's interest first."

Lawmakers who have been highly critical of Bush's economic policies and of the stimulus bill itself, which was forged through intense negotiations and compromise, beamed in the background.

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Posted to: Bush Administration, Congress, Economy, President Bush, Taxes
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February 01, 2008

Everyone Except Exxon Mobil Frowning Today

Having lost one of his main talking points on the economy -- that the U.S. was enjoying an unprecedented, 52-month run in job growth -- President Bush sought to assure Americans today that the U.S. economy would get through the current "rough patch."

"During this downcycle, we want to help individual Americans," Bush said, speaking from Hallmark Cards, Inc. in Kansas City. "There is concern whether consumers will lose confidence in our economy. One way to address that issue is to have a temporary, robust tax rebate," he continued, referring to the checks that are going out to millions of households this summer.

Today's Labor Department report on January job growth was not the one everyone was expecting. Non-farm payrolls dropped 17,000 jobs, the first time the U.S. has lost jobs since 2003.

Capping a week of other negative indicators on the economy, "the disappointing report could tilt economists' reading of the U.S. labor market towards the belief that it is weakening significantly," the Financial Times reports.

But not everyone is shaking their head with worry today. Exxon Mobil reported $40.6 billion in net income, a historical best for the energy giant. The record profits are a result of the sharp spike in oil prices worldwide. (Rival Chevron also beat analysts' estimates.)

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Posted to: Bush Administration, Congress, Economy, President Bush, Taxes
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January 31, 2008

Deficits Could Force Domestic Spending Freeze

UPDATED.

President Bush is seeking a freeze on nearly all domestic spending along with a plan to squeeze savings out of entitlement programs in his 2009 budget, AP reports.

Federal deficits are approaching the $400 billion mark this year, in part because of ongoing spending in the Iraq and Afghanistan wars, and in part because of a pending economic stimulus package, which is expected to cost around $150 billion and double this year's deficit.

When Bush presents his budget on Monday, he will call for $178 billion in savings from Medicare and $17 billion for Medicaid. Much of the Medicare savings would come from freezing reimbursement rates to health care providers for three years, according to AP.

The overall slowdown of the economy and an onslaught of negative economic indicators mean lower revenues this year, and the White House is expected to deliver a worse revenue prediction than a recent forecast from the nonpartisan Congressional Budget Office.

Bush's budget is not likely to be well received in Congress, this being an election year. As the ripple effects of the housing bust continue to be felt in households, the new deficit estimates put Republicans running for re-election at a real disadvantage.

Meanwhile, Senate Democrats appear ready to slash the price tag on their economic stimulus proposals. A stimulus package is expected on Bush's desk by Feb. 15.

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Posted to: Bush Administration, Congress, Economy, Iraq, Middle East, President Bush, Taxes
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January 28, 2008

Liveblogging President Bush's Final State Of The Union Address

End note. SOTU affairs are always a laundry list, and few expect them to deliver poetry. This year's address (full text) did lack the rhetorical punch of previous years, particularly Bush's first SOTU address following 9/11, which received very high marks.

If there is one character trait that describes this president, it is determination-bordering-on-
stubbornness. He has largely ignored polls and the punditry, and he only changed tacks in Iraq when the calls for a change in course permeated his own administration. Plenty of Americans didn't tune in to this speech tonight, on the assumption Bush is a lame duck. That is probably not the case, at least as far as the legislature is concerned.

With his veto threat and the executive order coming Tuesday, Bush is asserting himself in a dramatic way. The rate of federal spending under Bush's watch is triple that of the Clinton administration. That Bush is positioning himself to put a foot down on pork-barrel spending was pretty unexpected in his final year in office. We'll be watching to see how it pans out.

As for Bush's various claims in tonight's speech, NPR's reporters have been posting fact checks all evening. See their corrections on the tax cuts, FISA, Iraq and entitlement reform. Good night.

10:27. A somewhat unexpected criticism of the president here: "In spite of the attempts to convince us that we are divided as a people, a new American majority has come together. We are tired of leaders who rather than asking what we can do for our country, ask nothing of us at all.

"We are Americans sharing a belief in something greater than ourselves, a nation coming together to meet challenges and find solutions; to share sacrifices and share prosperity; and focus, once again, not only on the individual good but on the common good."

It should come as little surprise that Sebelius has endorsed Barack Obama. This speech reflects Democrats' palpable eagerness to move the country well away from the Bush era.

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Posted to: Barack Obama, Bush Administration, Campaigns, Climate Change, Congress, Democrats, Economy, Hillary Rodham Clinton, House, Iraq, Middle East, Military, President Bush, Senate, Taxes, Terrorism, Trade, Veterans, WH 2008
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January 24, 2008

House Leaders: Stimulus Not Perfect But Will Do The Trick

UPDATED.

In a rare display of bipartisan camaraderie, House Speaker Nancy Pelosi and Minority Leader John Boehner urged colleagues to get their $145 billion compromise stimulus package to the White House ASAP.

"We will bring it to the floor at the earliest date so those rebate checks can be in the mail," Pelosi said during a joint press conference with her Republican counterpart and Treasury Secretary Henry Paulson, who represented the Bush administration during the late-night negotiations yesterday.

The legislation includes tax rebates from $300 to $1,200, with low-wage earners at one end and middle-income joint filers on the other. Recipients will also receive a $300-per-child bonus on top of what they get in rebates.

Those figures are lower than the expected $800-$1,600 range, but in exchange for lowering the disbursements, congressional Republicans agreed to extend the rebates to workers who don't earn enough to pay income taxes. Individuals who earned at least $3,000 in 2007 will get a check for $300, while mid-level earners would receive at least $600. Individuals earning more than $87,000 and families earning more than $187,000 won't get a check. Individuals who fall in the $75,000-$87,000 range and households in the $150,000-$187,000 would receive reduced checks.

"This is an initiative to strengthen the middle class and those who aspire to be in the middle class," Pelosi said, adding that the rebates were going to those who will "spend it right away to inject demand into the economy to help create jobs and to help turn around the economy."

Calling the deal "a big win for the American people," Boehner seconded Pelosi's assessment of the package. "It will stimulate our economy in the most direct and effective way possible, by putting money in the hands of middle-income families and giving businesses incentives to create and keep new jobs in the economy," he said

Both sides were forced to make concessions in order to reach speedy agreement on the package. Pelosi and her caucus gave up on an expansion of food stamps and unemployment benefits, and also consented to as much as $50 billion in tax breaks for businesses. In return, Republicans agreed to extend the rebates to the 35 million-plus workers who don't earn enough to owe income taxes and would have been ineligible for the rebates under President Bush's original plan.

"The Speaker gave some, we gave some. This was not easy, as most of you know, for the two of us and our respective caucuses... to have to come together and work in a bipartisan way and reach a compromise that I think is in the interest of the American people," Boehner said.

"I can't say that I'm totally pleased with the package, but I can say it will help the economy. And if it does not, there will be more legislation to come," Pelosi vowed.

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January 23, 2008

Econ Watch: Throwing $$$ At The Problem

Yesterday, President Bush and the leaders of his political opposition, Harry Reid and Nancy Pelosi, strongly signaled that they were on board with the outlines of the White House's economic stimulus proposals. That may be by necessity, since all parties are under intense pressure to jolt consumers and businesses into spending again.

Though Republicans and Democrats in Congress are still quibbling over who will get the tax rebates -- everyone, or just those who pay income tax -- the global market chaos of this week is spurring them to make a deal, fast. "There are no issues of disagreement right now," House Minority Leader John Boehner told reporters yesterday. Though Bush's plan doesn't include rebates for low- and moderate-income workers who pay more in payroll tax than income tax, there are signs that Republicans can be persuaded to include those groups.

"It must be broad-based. To be effective, the package must reach a large number of citizens," Treasury Secretary Henry Paulson told the U.S. Chamber of Commerce in a speech yesterday. The Washington Post interpreted Paulson's selection of the word "citizens," rather than "taxpayers," as a sign that the White House is also willing to expand coverage of its tax rebates.

The Democrats' case -- that low-income people who aren't eligible for those $800-$1,600 checks not only need them the most, but are more likely to spend them immediately -- is a compelling one. But before we go there, maybe lawmakers should explain why mailing out checks to millions of Americans is a good idea in the first place.

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Posted to: Ben Bernanke, Bush Administration, Campaigns, Congress, Economy, Federal Reserve, President Bush, Taxes, WH 2008
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January 18, 2008

Bush Pushes Tax Cuts As Cure For Economy's Ills

As expected, President Bush publicly called on Congress today to prioritize an economic stimulus package that will include immediate tax rebates for Americans. The new sense of urgency comes one day after Federal Reserve Chairman Ben Bernanke recommended the government take immediate measures to perk up economic growth.

"I've concluded that additional action is needed," Bush said in a brief statement at the White House. "Congress and the administration need to work to enact an economic growth package as soon as possible."

The president indicated that the White House and congressional leaders from both parties were largely in agreement on the outline of the package. The legislation is expected to include $145 billion in immediate tax relief, mostly in the form of rebates.

"The package must be big enough to make a difference in an economy as large and as diverse as ours," Bush said, recommending that the stimulus be equivalent to 1 percent of GDP. "This package must be temporary and take effect right away, so we can get help to our economy when it needs it most."

The president's previous assessments of the economy have been mostly upbeat, despite the carnage resulting from the housing and credit meltdowns. In December, Bush announced a program designed to aid struggling homeowners and put the brakes on foreclosures. Big banks and brokerages including Merrill Lynch and Citibank reported record losses stemming from the subprime crash in the last quarter. Those negative reports, plus sluggishness in productivity and job growth, plus continued softness in the dollar, plus record-high gas prices, have sent Wall Street into a tailspin.

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January 17, 2008

Dow Plummets; Bernanke Calls For Stimulus ASAP

UPDATED.

Blue chips sank more than 300 points today, the biggest single-day drop of the year so far. The slide suggests that a federal economic stimulus fix currently in the works may be arriving too late for investors' tastes.

Federal Reserve Chairman Ben Bernanke told lawmakers this morning that if they were serious about putting the brakes on the U.S. economic slowdown, any congressional stimulus package would have to be implemented sooner rather than later.

"To be useful, a fiscal stimulus package should be implemented quickly and structured so its effects on aggregate spending will be felt in the next months or so," Bernanke said in his opening remarks before the House Budget Committee. "There could be destabilization if the package comes at a time growth is improving. Measures that rely on long lead times will not provide stimulus when it is most needed."

President Bush had been expected to announce his own stimulus package ahead of his State of the Union address on Jan. 28, but the White House said today that he would be discussing the proposals on deck in a speech tomorrow. Investors are clearly impatient for some sort of cash injection into the economy, and a round of negative economic reports today only underscored the urgency with which Wall Street wants help halting the nation's growth slowdown.

Notably, Bush appears to be heeding the advice dispensed by Bernanke, and moving more quickly on a stimulus package than originally planned. At the noon press briefing, while Bernanke was still testifying, spokesman Tony Fratto said there was no time frame for when the president planned to address the economy and indicated the White House was still hanging on to hope it would be able to use the package to make tax cuts permanent.

Bush met with congressional leaders from both parties following Bernanke's testimony, and press secretary Dana Perino announced that the president's main concerns now were that the package be temporary, effective and pass as quickly as possible. According to House Minority Leader John Boehner, the package could top out at $150 billion.

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January 11, 2008

UPDATED: A Completely Unexpected Get For Huckabee

Newsday columnist and FOX News regular James Pinkerton has signed on as an adviser to Mike Huckabee's campaign. Pinkerton, an alum of the Reagan and Bush 41 administrations, said in a statement that he "jumped at the opportunity" to help the former Arkansas governor "restore the magnificent Reagan coalition."

That Pinkerton is suspending his relationship with FOX and his column of 14 years is not only surprising, but also says something about the momentum building around Huckabee.

It's been oft-noted that the 2008 GOP presidential front-runners all clash with the Republican Party establishment in some way. (Mitt Romney is the GOP Establishment Candidate to a tee, but is having trouble convincing Republicans of his authenticity.) It was believed that despite his Iowa win, Huckabee would face vehement opposition from the anti-tax/pro-wealth, anti-illegal immigration and libertarian wings of his party. That may yet be the case. But the fact that the campaign was able to convince Pinkerton to sign on may indicate that Reagan idolizers in the party see more that they like in Huckabee than not.

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Posted to: Campaigns, John McCain, Mike Huckabee, Mitt Romney, Republicans, Taxes, WH 2008
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Making Sense Of The Mess On Wall Street

Americans who consider President Bush to be a lame-duck leader are wrong. One, there's that veto pen of his. And two, federal intervention will almost certainly be needed in order to circumvent a looming recession.

Under enormous pressure from economists and Wall Street, the White House is expected to roll out an economic stimulus package, as it did following 9/11. With financial anxiety roiling both Democrats and Republicans, expect the economy to take center stage when Bush delivers his final State of the Union address on Jan. 28.

Publicly, Bush is stressing what's right about the economy (GDP growth, job creation) while acknowledging in very broad strokes that his administration is closely monitoring turmoil on Wall Street. There's been some clamor for him to tackle the issues at hand head-on, as complaints from those he once joked were "his base" grow.

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Posted to: Bush Administration, Economy, President Bush, Taxes
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January 07, 2008

Bush Renews Veto Vow On New Taxes

UPDATED.

Telling the Union League Club of Chicago that his New Year's resolution is "to make sure Congress keeps the taxes low," President Bush warned lawmakers he would squash any new legislation that raises taxes.

"I will be talking to Congress about how this administration will use its authority to keep taxes low," Bush said.

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January 03, 2008

Hitting Huckabee's Tax Plan From The Right & Left

Mike Huckabee seems poised to best Mitt Romney in the Iowa caucuses tonight despite having a fraction of the Massachusetts millionaire's organization or campaign cash. A solid win will make Huckabee the talk of the nation tomorrow. But don't expect the rush to last.

The reason being that Huckabee's economic record is deeply troubling to very important segments of the GOP base. Huckabee anticipates hitting a wall on his record of tax increases as Arkansas governor, which is why he has come out forcefully -- albeit to the disbelief of some -- in favor of abolishing the IRS.

"I'm not being facetious," Huck protested after stating this position in a November debate. Maybe not, but tacking to an extreme in order to disprove the appearance of softness is politically risky -- mainly because extremes themselves are risky, often unpopular and quite frequently unrealistic.

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December 18, 2007

Yet One More Reason To Be Annoyed With Congress

Buckle up, middle-class America: You really might get hit with the alternative minimum tax after all.

That's contrary to lawmakers' pledge to prevent the tax from sweeping up lower income brackets than originally intended. Leaders on both sides of the aisle agree that an AMT patch must be passed before the holiday break, but The Hill is reporting that House Majority Leader Steny Hoyer has signaled they may not be able to overcome their differences in time, after all.

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December 14, 2007

Happy Holidays! Now Send Me Some Bills.

Flanked by the vice president and the rest of his Cabinet-level officials, President Bush cheerfully reminded Congress of the mountain of legislative work they must tackle before departing for the holidays.

"I thank the Senate and congratulate the Senate for passing a good energy bill," Bush said at a press conference on the White House lawn. "Now the House must act."

Bush emerged to speak with reporters this morning following his weekly Cabinet meeting. He scored a victory yesterday when the Senate overwhelmingly passed an energy package minus a Democratic-sponsored $21.8 billion provision that would have reduced tax breaks for oil companies. The overall bill remains tough on automakers, however, and is expected to make it through the House next Tuesday with relative ease.

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Posted to: Asia, Bush Administration, Congress, Dick Cheney, House, Iraq, Middle East, North Korea, President Bush, Senate, Taxes
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December 13, 2007

Liveblogging The Final Dem Debate Of 2007!

4:10. All over, no more debates until next year, hurray!

Up until a couple of months ago, there seemed to be a critical mass of Democratic support building behind Clinton, in part because of her metamorphosis into a suddenly "human" and likable politician and the assumption that the Clinton machine could best take on the Republican nominee next year. The political press carried on that change vs. experience debate all summer and into the early fall.

But now the nomination fight has been upended, and polls [PDF] show (subscription) that Obama and Edwards are viable in general election matchups, too. That eliminates for some voters their primary thesis for supporting Clinton, and it's why she's been struggling to stay afloat this month.

Most of us can look forward to relaxing with family in a week or so, but for the presidential contenders and Iowans it's closing arguments time. One thought to keep in mind: Part of the shifting around in this field and in the GOP as well is that the Iraq war has largely dropped out of the debate. Iraq no longer dominates the front page because of the decrease in violence and because of the campaigns. That changes in March at the latest, when Gen. David Petraeus is due back in Washington to report on the ground situation. We know the military part of the surge is working, but we are not much farther than we were in September on political reconciliation. The "what's next?" question is still hanging out there, unanswered. The GOP front-runners have more or less indicated loyalty to the Bush administration's policies, so answers will have to come from the Democratic field.

Early reactions: boring, boring, nice, snark.

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Posted to: Barack Obama, Bill Richardson, Campaigns, Christopher Dodd, Democrats, Economy, Education, Health, Hillary Rodham Clinton, Iraq, John Edwards, Joseph Biden, Middle East, Republicans, Taxes, Trade, WH 2008
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December 07, 2007

Senate Passes AMT Patch Without $50 Billion In Offsets

The Senate yesterday passed a one-year fix to the alternative minimum tax by an 88-5 vote after Democrats dropped demands that the $50 billion cost of the provision be offset to meet the pay-as-you-go budget requirements.

The action sets up a confrontation with the House, where Democratic leaders have continued on a fully offset AMT provision, so as not to run afoul of PAYGO rules. The House is expected to add offsets to the Senate package and send it back early next week, according to a House Democratic aide.

Such a move would further delay a final resolution of the AMT, which the IRS has estimated will affect 25 million taxpayers in 2007 unless Congress enacts a patch.

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December 06, 2007

Reid Drops Offsets On AMT Patch

Senate Majority Leader Harry Reid today sought unanimous consent to pass a one-year patch for the alternative minimum tax without offsets, after failing to get cloture to proceed to a House-passed bill that would have offset the $50 billion cost of the AMT fix.

The Reid offer, which Senate Finance Committee Chairman Max Baucus, D-Mont., called a "huge concession" to Republicans, drew an immediate GOP objection on the Senate floor. A GOP aide said Minority Leader Mitch McConnell is "running the traps" and Republicans will likely sign off on the offer by the end of the day. The only question is whether senators who had sought to offer amendments to the AMT package -- including Sen. Jim DeMint, R-S.C. -- will go along with the consent request.

The cloture motion failed 46-48 on a straight party-line vote, with the exception of Reid, who changed his vote to preserve his right to ask that the bill be reconsidered.

-Martin Vaughan, CongressDaily, with Christian Bourge contributing

See today's CongressDailyPM (subscription) for the full story. National Journal profiled the Democrats' tax reform efforts in a cover story last month.

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November 09, 2007

Few Defections As Dems Pass AMT Fix

The House today passed 216-193 an $81 billion tax extenders package, including a one-year patch to protect 21 million taxpayers from the alternative minimum tax.

Eight Democrats voted against the bill, including several who had voiced opposition to offsets used to pay for the package. Democrats voting no were Reps. Tim Mahoney (Fla.), Jim Cooper (Tenn.), John Barrow (Ga.), Melissa Bean (Ill.), Nick Lampson (Texas), Jim Matheson (Utah), Harry Mitchell (Ariz.), and Gene Taylor (Miss.). No Republicans voted for the bill.

The largely united Democratic vote belied more widespread concern in the Caucus about the offsets, though leaders managed to persuade them to support the bill despite misgivings. To offset the AMT patch, House tax writers included a $26 billion provision to tax the profits of private equity, hedge fund and other investment partnerships at 35 percent instead of the 15 percent capital gains rate as under current law. The bill would also delay implementation of tax cuts for multinationals and yank tax benefits that hedge fund managers enjoy by deferring compensation on offshore income.

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November 02, 2007

Rangel's Reach

Rep. Charles Rangel's $1.3 trillion tax reform proposal -- dubbed "the mother of all tax reforms" -- is already causing a stir in Congress, and it promises to keep the tax issue in focus during next year's presidential and congressional elections. The ambitious plan could make or break the efforts of the 77-year-old Ways and Means Committee chairman to forge a positive legacy.

National Journal's Richard E. Cohen parses Rangel's plan and its larger implications in this week's cover story. Meanwhile, the magazine asked lawmakers to weigh in on the prospects of revising the alternative minimum tax in the insiders poll [PDF].

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October 26, 2007

Senate Extends Internet Tax Moratorium

The Senate passed legislation by unanimous consent late yesterday to extend the federal Internet tax moratorium by seven years. Extended twice since its adoption in 1998, the moratorium prevents states and localities from imposing taxes on Internet service.

The chamber had been scheduled to vote today on a cloture motion on an amendment by Sen. John Sununu, R-N.H., to make the moratorium permanent. Sununu had offered that proposal to Amtrak reauthorization legislation currently on the floor.

Sen. Thomas Carper, D-Del., an opponent of a permanent ban, had filed a second-degree amendment to grant a four-year extension. The House last week passed a four-year extension. During floor debate yesterday, Carper went further and endorsed a six-year continuation. "I'd be happy to talk about alternatives," Sununu said during a colloquy with Carper, presaging the eventual compromise.

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October 10, 2007

The Republicans Yuk It Up In Michigan

This is how low the bar is set for the 2008 Republican front-runners' debate performances: Don't screw up, and make us laugh at least once.

That's according to most of the news coverage, anyway. Of Fred Thompson's long-awaited debut in yesterday's GOP primary debate in Michigan, the general assessment is no, he didn't screw up, and yes, that one thing he said at the end was kind of funny.

"I've enjoyed watching these fellas," the former Tennessee senator said as things were winding down. "I've got to admit, it was getting a little boring without me."

Good line, were it not for the fact that the debate wasn't terribly exciting with him either. He didn't scuffle with any of his eight rivals there, so there were no fireworks. Nor, as Rich Lowry also observed, were any of the "Law & Order" star's lines very funny. Does it matter? Thompson's catching a lot of flak for a rocky campaign launch -- before CNBC aired the debate, Radar magazine went up with a YouTube-laden "blooper reel" feature -- but his ready-made support in the polls guarantees him top-contender status. That support, remember, was there even before he officially entered the race. Unless he goofs up horribly on the national stage, it isn't going away because of one disappointing debate performance.

Thompson's viability is rooted less in who he is than who he is not. So voters might be better served by also paying attention to how Rudy Giuliani and Mitt Romney fared, even though this was their umpteenth televised debate.

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Posted to: Campaigns, Democrats, Economy, Fred Thompson, Hillary Rodham Clinton, Iran, John McCain, Middle East, Mike Huckabee, Mitt Romney, Republicans, Rudy Giuliani, Taxes, WH 2008
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October 03, 2007

Bush Vetoes SCHIP Expansion

As promised, President Bush has quietly vetoed a bill vastly expanding a children's health insurance program. Otherwise known as SCHIP, the program is funded by both state and federal governments to cover medical care for children too rich to qualify for Medicare but too poor to afford private insurance.

The bipartisan bill would add $35 billion over five years to the popular program. The uninsured rate has boomed during Bush's presidency, even as the economy has rebounded from near-recession in 2002. According to the federal government, more than 6 million children lack health insurance, and 45 percent of all children get some kind of publicly funded medical care.

The Senate version passed 68-31, enough to override a presidential veto. The House is about a dozen votes short; Iowa Republican Sen. Charles Grassley is among the bill's supporters courting those Republicans to join the majority.

The politically hypercharged issue stands to come back to haunt members during their re-election campaigns next year.

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September 20, 2007

Bush Riffs On Iran, MoveOn And 'Missing' Rumsfeld

Proving yet again that his lame-duck status is the media's gain, President Bush treated the White House press corps to a freewheeling Q&A session this morning, in which the explainer in chief talked about the threat of war with Iran, that MoveOn ad, the GOP's record on race relations -- and even his feelings.

Before taking questions, though, the president scolded Democrats for failing to promptly renew a federal health insurance program for low-income children. "Unfortunately, instead of working with the administration to enact this funding increase to children's health care, Democrats have passed a bill they know will be vetoed."

Congressional negotiators are working to reconcile the House and Senate bills under threat of veto from Bush for provisions that raise the income ceiling for eligibility.

"One of the [Democratic] leaders said a veto would be a victory," Bush said, visibly irked. He was referring to Rep. Rahm Emanuel, who said this week that a White House veto of final SCHIP legislation might be read as opposition to insuring poor children, which would be a "political victory" for Democrats.

Bush said that he has backed SCHIP since his days as governor of Texas, but that he opposed offering federally funded health care to children from families earning $80,000. The income ceiling is actually not that high in either the Senate or House bills, though some states are permitted to issue waivers to families earning around that much. Democrats want to roll back a policy introduced by the White House last summer that prohibits SCHIP coverage for households earning two and a half times the poverty level, or $51,625 for a family of four. They contend that private insurance is prohibitively expensive for some middle-income households.

The president also said he opposed all new taxes, including the cigarette tax hike that would help fund SCHIP. "There's no need to raise taxes. I believe this is a step toward federalization of health care," Bush said. "Their proposal is beyond the scope of the program."

Continue reading "Bush Riffs On Iran, MoveOn And 'Missing' Rumsfeld"

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Posted to: Bush Administration, Campaigns, Congress, David Petraeus, Donald Rumsfeld, Economy, Iran, Iraq, Middle East, Military, President Bush, Republicans, Taxes, WH 2008
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August 09, 2007

Bush Stays Course On Iraq, Taxes & Torture

President Bush today addressed a varied list of topics -- ranging from the nation's bridges to corporate tax cuts to Iran -- ahead of a retreat to his family's compound in Kennebunkport, Maine.

The deeply unpopular leader kicked off the news conference, broadcast by all the networks along with cable, with one of the few bright spots of his administration: education. His initiatives in this arena have managed to receive bipartisan support, including the America Competes Act, which he will sign today. The bill boosts and expands science, technology, engineering and math education, as well as research and development.

"The American economy is the envy of the world and we need to keep it that way," Bush said in his opening remarks. "The bill I will sign today will help ensure we do remain the most competitive and innovative nation in the world."

As Bush was speaking, the Dow Jones Industrial Average was slip-siding after three days of record gains. French bank BNP Paribas announced this morning that it froze three funds because of concerns about the U.S. subprime lending market, reviving American investors' panic about volatility there.

Protesting that he was not an economist, Bush refused to detail what he thought should be done about the subprime lending problem, but did seem to draw the line at a federal bailout. He also said that because many of the defaulting homeowners "didn't understand what they were signing up for," it would be a "proper role for government to enhance education initiatives," and again pointed to the America Competes Act.

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May 31, 2007

AMT Overhaul Schedule Slips

House Democratic plans to move legislation to scale back the alternative minimum tax have slipped to July at the earliest, as Democratic sources said tax writers need more time to agree on the details and Democratic leaders need time to bring the Caucus up to speed on the effort.

Ways and Means Committee Democrats have decided on a partial repeal that leaves the AMT in place for only the wealthiest taxpayers, and one key issue that has yet to be nailed down is where to set the income threshold.

Continue reading "AMT Overhaul Schedule Slips"

Posted at 10:04 AM
Posted to: Congress, Taxes
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