Posts Tagged ‘Chuck Schumer’

Senate Should Act First

May 24th, 2011 by John Feehery

“Après vous, Monsieur Senate.”

John Boehner should say that to his friends in the upper chamber when it comes to raising the debt limit.

I know the parliamentarians in the crowd will say that because the debt limit is at heart a revenue issue, the House, constitutionally, should go first, but there are plenty of ways to avoid a blue slip on this issue.

It used to be that the House always went first in raising the debt limit, and it usually did that by using the so-called Gephardt rule, a parliamentary device that allowed the lower body to bury an increase in the budget resolution.

Republicans did away with that rule in the beginning of this Congress in the name of transparency, and now they are stuck with the result.

Any debt-limit increase is extraordinarily unpopular with the voters. That is not a new phenomenon. Like a congressional pay raise, an increase in the debt limit is pretty hard to explain to constituents. Members can talk all they want about the need to pay the troops and send out Social Security checks, but if they are talking about this issue as they campaign for reelection, they are in big trouble.

Disclose Act

June 17th, 2010 by John Feehery

US Supreme Court / Photo credit: Jarek Tuszynski

In full disclosure, I think the Disclose Act is a complete joke, and it’s getting funnier.

What is the Disclose Act?

According to The Hill, the Disclose Act is “the Democratic response to a January Supreme Court ruling that overturns limits on spending by corporations and unions in political campaigns. It would tighten transparency requirements associated with corporate and union contributions, including forcing the CEOs of businesses to appear in ads funded by the company.”

The Disclose Act has been shepherded through the Congress by the two guys who are most responsible for electing Democrats to the House and Senate, Chris Van Hollen and Chuck Schumer.

This bill is not about high constitutional principles. It is not about protecting the freedom of the American people. And it is not about creating private sector jobs or cutting the deficit.

This legislation, as the Democratic sponsors would probably admit to you over a couple of drinks, is designed to give Democrats a better chance to win elections this year and into the future.

Bailout Nation

April 16th, 2010 by John Feehery

The American people don’t like bailouts, unless it is they themselves who are getting bailed out.  And even then, being bailed out leaves a bitter taste in one’s mouth.

TARP has popularly been described as a bailout, and maybe it was. But without TARP, the financial system would have completely crashed, and believe me, millions of Americans would have come to the government, asking for their own personal bailout.

America, as a society, has been over-leveraged.  The federal government is over-leveraged.  Investment houses were over-leveraged.  Most consumers were over-leveraged.

What does that mean?  It means they were buying stuff that they couldn’t afford.  The government was buying a prescription drug bill, two wars, and a bunch of other stuff, including now a new health care bill, without either getting more revenue or cutting spending elsewhere.

Investment houses were making huge bets with little money to back up the bets.  And they were betting that the housing market would continue to rise for the rest of history.  In some cases, these smart investors were betting 40 bucks for every one dollar they had in the bank.  And they were making stupid bets.  These are the geniuses that we entrust with all of our pension funds and retirement savings.