During this week's edition of The Week In Blog on Bloggingheads.tv, Matt Lewis and I discussed blog reaction to the unveiling of the Senate's health care reform legislation, and how conservatives are responding to the Congressional Budget Office's projection of reduced deficits. Watch it below.

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Judge David. F. Hamilton was confirmed Thursday in the Senate to the Seventh Circuit Court of Appeals 59-39, after breaking a conservative filibuster Tuesday and persevering through a painstakingly delayed process. Senate Judiciary Chairman Leahy (D-Vt.) made the following statement:

“This is a nomination that should be confirmed and should have been confirmed months ago. David Hamilton is a fine judge and will make a good addition to the United States Court of Appeals for the Seventh Circuit."

Judge Hamilton had the support of both his home state Senators – Senator Lugar, the longest-serving Republican in the Senate, and Senator Bayh, a well-respected moderate Democrat. He was rated “well qualified” by the American Bar Association, and his nomination cleared the Senate Judiciary Committee in June. But despite all this, conservatives had since prevented a final vote, arguing Hamilton was too liberal.

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The dispute over whether or not a Texas wind farm receiving federal subsidies would source its components from a Chinese manufacturer has come to a more agreeable solution, with the partnering companies agreeing to open a 1,000 person turbine factory in the US and offering as an explanation their intent all along to source 86 percent of the installation's components by weight from within the US.

The new turbine factory won't provide the parts for this particular wind farm, but it seems like a better solution than either cancelling a wind power array or going on as if nothing had happened. Considering how unresponsive corporations can be to public protests over their business practices, I'm taking this as a win and going home.

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Whether the Stupak amendment ends up in the final health care reform bill or is replaced by the more moderate compromises in the Senate bill, both the passage of the amendment and the almost immediate response that women and pro-choice progressives should "take one for the team" hold a lesson and a warning for both progressives and Democrats.

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There was a major victory for accountability this week in the financial reform fight, but there was also a demonstration that when it comes to protecting the profits of bankers at the expense of ordinary people, no institution does it better than the Party of No.

First the good news—and it is huge. Rep. Alan Grayson, D-Fla., working with Rep. Ron Paul, R-Texas, managed to get an "audit the Fed" amendment into financial regulation legislation (HR 3996) that is moving through the House Financial Services Committee.

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The daily Progressive Breakfast serves up what progressive movement members need to know to start their day.

Paul-Grayson Fed Audit Plan Clears Committee

NYT on House committee vote repudiating Fed: "Mr. Paul, a libertarian Republican who has called for abolishing the Fed entirely, has introduced a version of his bill in every session of Congress since the early 1980s and never made any progress. But the Fed’s trillion-dollar efforts to bail out major banks and rescue the financial system provoked a popular firestorm that ignited both right-wing Republicans and left-wing Democrats. Mr. Paul’s amendment would instruct the Government Accountability Office, the investigative arm of Congress, to carry out audits of all the Fed’s operations. Those include an array of emergency lending programs, bailouts of giant financial institutions, dealings with foreign central banks and the central bank’s efforts to drive down interest rates by intervening in bond markets. Mr. Frank had already agreed that the G.A.O. should be authorized to audit all of the Fed’s rescue programs, but he had wanted to wall off the Fed’s more basic job of setting interest rates to steer the economy."

Vote on overall financial reform package stalled by Black Caucus members demanding more action on economy. The Hill: "Frank delayed the panel’s final vote after Congressional Black Caucus members said they would withhold their votes. 'It has nothing to do with the underlying bill,' said Steve Adamske, Frank’s spokesman. 'It has to do with larger economic issues with the African American community.'"

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Representative John Kline (R-MN) and Senator Mike Enzi (R-WY) introduced legislation this week that keeps our broken student loan system in status quo, with corrupt private lenders and federal bank subsidies worth billions. This is a move directly against the Democrat-backed Student Aid and Fiscal Responsibility Act (SAFRA) that ends the practice and moves to federal direct lending, thus avoiding the private sector middlemen.

The Republican legislation does nothing to aid students, but sure does resuscitate the private loan industry. The proposal extends the existing Ensuring Continued Access to Student Loans Act (ECASLA) that is the lifeline for the federally-guaranteed, subsidized lender program. ECASLA is set to expire in July 2010, so many in Congress want to make sure lenders’ profits stay fresh.

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Have you heard of the U.S.-China Economic and Security Review Commission? Their job is to assess the national security implications of the trade and economic relationship between the United States and the People's Republic of China. Actually, that’s a big deal, especially now.

I joined a conference call today as the Commission today released its 2009 report to Congress. Here is a link to the audio of today's conference call.

Eric Lotke summarizes the report, in the post, Obama’s Home And The Report Is Out: China Takes Us To School

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It turns out a Texas windmill farm developer's request last month for nearly half a billion in stimulus funds to create 2,000 jobs in China doesn't rank first on the audacity scale.

Shockingly for American taxpayers, and sadly for the staggering 10.2 percent of Americans who are unemployed, it doesn't even rank second.

That's because Washington already has doled out hundreds of millions in stimulus funds to foreign renewable energy firms. Of the $1.05 billion in clean energy grants awarded by D.C., $849 million -- 84 percent -- went to foreign wind companies, according to an analysis by Russ Choma of the Investigative Reporting Workshop. He wrote:

"The cash grants were given for the installation of 1,763 megawatts of capacity - 1,566 installed by foreign companies. Using the Renewable Energy Policy Project's own numbers, as many as 4,500 manufacturing jobs may have been created overseas."

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Senator Harry Reid, the Majority Leader, has introduced the Senate's health reform bill. The Patient Protection and Affordable Care Act (H.R. 3590), is projected to reduce the federal budget deficit by $130 billion in the first 10 years. So how does the final Senate bill stack up against the House bill in the categories I discussed in my previous post ("House Health Bill Should Be A Model For The Senate")? Pretty much as expected.

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President Obama is home from China and the U.S.-China Economic and Security Review Commission today releases its 2009 report to Congress. What have we learned? That we need to pay attention because we’re getting schooled.

While Obama posed for photos on the Great Wall and talked about a relationship “at an all-time high," China continues to take our lunch money. Hopefully, there were serious back-room negotiations over currency manipulation and illegal subsidies … because if not, we’re in trouble.

Don’t take my word for it. The official, bipartisan China commission held hearings, traveled to China and received closed briefings on classified information. They reported back about expansion of the Chinese navy, China’s stepped-up espionage and cyber-warfare capabilities, and the world’s most sophisticated web filtering and Internet control systems.

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The daily Progressive Breakfast serves up what progressive movement members need to know to start their day

Senate Health Care Bill Cuts Deficit

Senate bill will cut the deficit in each of the next two decades projects CBO. Bloomberg: "[The bill] cleared a major hurdle when the Congressional Budget Office said it would cut the federal budget deficit by $127 billion in the first decade [and] by $650 billion in the second decade..."

W. Post on Senate Dem reaction: "The legislation received a positive response from across the Democratic spectrum. 'This is the bill that we've been fighting for,' said Sen. Sherrod Brown (Ohio), a liberal who pressed Reid to revive the public option. Sen. Kent Conrad (N.D.), the budget chairman and a leading Democratic fiscal hawk, said after a briefing on the bill, 'I was very impressed by what Senator Reid has done.'"

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What has the potential to save more lives, the insurance reforms in the House health care bill or the higher taxes on the rich the bill imposes to pay for those reforms? This rather odd question, suggests a new study on inequality and health, really does merit asking.

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The country needs a jobs program and needs it right now. Cash for Caulkers would be a good start. A new Civilian Conservation Corps would be another. But let's not allow a jobs program to cover over the need for real changes in the structure and core principles of our economy.

Yes, an effective jobs program can help people hold out a while longer - until necessary changes are made. It can make the unemployment rate will look better, for a while, and maybe the GDP will climb a little bit. But our low-wage, everything-to-the-top economy is not sustainable and needs to be redesigned and reregulated. The economy has to be changed so that it works for all of us, instead of just a few.

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This post is an excerpt of testimony presented to the Senate Agriculture Committee on November 18, 2009 in a hearing on legislation reforming regulation of financial markets. The testimony was presented on behalf of Americans for Financial Reform.

When they are properly designed, financial markets play a fundamental role in the resource allocation for our society. Well-functioning markets are an important means to achieve our societal goals. Financial markets, when functioning correctly, serve to aggregate savings and allocate them to productive uses. Financial markets also serve to allocate risk to entities that bear it most comfortably. The system we had in place in recent years, and the one that is still in place as we meet today, has revealed profound flaws.

The Senate Agricultural Committee has, in its history, seen the benefits the derivatives markets can create when they are transparent, have safeguards against manipulation, and restrict excesses of speculation. These markets can provide a powerful resource allocation tool, provide a mechanism to distribute risk and at the same time need not prey upon the resources of civil society.

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