Info for Students » Uncategorized

OVERNIGHT MONEY: Bill Clinton saves the day

FRIDAY’S BIG STORY:The Man from Hope: Both chambers are out of session on Friday — don’t worry, everyone will be back next week — so we’ll let Bill Clinton fill the day. The Clinton Foundation is set to host a celebration of the 1990s economy at George Washington University on Friday, with President Clinton himself scheduled for an appearance with former staffers and even some family … by marriage.Among the other expected attendees: Robert Rubin, the former Treasury secretary; Erskine Bowles, the former Clinton chief of staff and later co-chairman of President Obama’s fiscal commission; Gene Sperling, then and now director of the National Economic Council; and former Rep. Marjorie Margolies (D-Pa.), who famously cast the deciding vote for Clinton’s 1993 budget, probably lost her seat because of it and is now Chelsea Clinton’s mother-in-law. WHAT ELSE TO WATCH FORTo meet or not to meet … probably not: The supercommittee, which made a public appearance this week, doesn’t have any meetings scheduled for Friday, but who knows — maybe the spirit to meet will move them if they’re not already back in their districts. More likely is a Tuesday meeting when the House and Senate are back in town. The 12-member group is now looking at areas of commonality in competing proposals put forward this week by the GOP and Democrats. The GOP wants $2.2 trillion in deficit cuts but no tax increases. Democrats want $3 trillion in deficit cuts with $1.3 trillion in tax increases. There’s an agreement in there somewhere. Speaking of negotiations: Discussions on the Trans-Pacific Partnership are expected to wrap up the ninth round of talks Friday in Lima, Peru. Issues on the agenda include legal matters, financial services, intellectual property rights, sanitary and phytosanitary measures, temporary entry, government procurement, trade remedies and customs. A broad outline of an agreement is expected to be ready for unveiling next month during Asia-Pacific trade talks in Honolulu. LOOSE CHANGE Cuts and losses: The liberal Center for American Progress is out with a new report Thursday saying that the budget cuts in the April 2011 continuing resolution have “probably” caused 370,000 job losses. The think tank’s Scott Lily looked at 250 program reductions and found evidence of the job losses, which include 36,000 police officers.”The damage done to the U.S. economy by the actions taken in Congress last spring is not hypothetical,” he wrote. “Hundreds of thousands of specific individuals lost their jobs. Thousands of businesses failed. Families were thrown into financial chaos.” ECONOMIC INDICATORSMichigan Sentiment: Thomson Reuters/University of Michigan will release its consumer confidence survey. Personal Income-Spending: The Department of Commerce drops its report on personal income and spending. BREAKING THURSDAYJobs bill progress: The House voted Thursday to repeal the requirement that government at all levels withhold 3 percent of payments to government contractors, our Pete Kasperowicz reports. The vote represents the first time the GOP-majority House has approved a provision of President Obama’s $447 billion jobs package, though repeal of the withholding rule was a relatively small part. The bill repeals a requirement approved by the Republican-controlled Congress in 2006 and signed into law by President George W. Bush that has never been implemented. Both parties have said the rule could end up costing the government more to implement than the tax revenue it would generate, and it has since been delayed several times. Deal or no deal: Well, no, not yet. Republicans on the deficit supercommittee presented a counteroffer to Democrats that would reduce the deficit by $2.2 trillion over a decade. The GOP plan includes no tax increases, but does include up to $640 billion in new revenue. Some of this revenue is from increased fees, and some is from expected gains in tax revenue from an economy the GOP expects will improve from its plan.WHAT YOU MIGHT HAVE MISSED— US economy grows by 2.5 percent in the third quarter— Unemployment claims drop slightly— Fannie, Freddie bailout might cost taxpayers billions less than estimated— US trade officials plan November trip to China— Dems demand answers on Bank of America’s derivatives deal— GOP bill would diminish federal role in housing market, amend Dodd-Frank— Boehner rejects Dem proposal, says it’s time ‘to get serious’— Tech groups continue push for repatriation holiday— Pending home sales drop in SeptemberTips and feedback, This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Comments are closed.