MORNING MESSAGE: What Next?
OurFuture.org's Terrance Heath: "The second day of the Take Back the American Dream conference posed the question that was probably on the minds of many attendees: What should we do next? ... Participants in the Take Back the American Dream conference will rally at the Capitol, to demand that Congress stop pushing job-killing cuts and take bold action to create jobs and put Americans back to work. But any progressive knows the answers to those questions are as numerous and varied as progressives themselves. Sometimes, 'what's next' is as spontaneous as the protests in Wisconsin and on Wall Street, or 'crowd sourced' like the Contract for the American Dream. 'What's next' may even be an idea that hasn't been thought of yet. What progressives should do next is what we are doing now, building an independent movement dedicated not the fortunes of any particular party, but to an economy that works for all Americans."
"Take Back the American Dream" To End With Elizabeth Warren, "Jobs, Not Cuts" Rally
Highlights on the agenda for the final day of "Take Back the American Dream":
7:30 AM Progressive Breakfast with Sam Seder, Sally Kohn and Richard Eskow
8:30 AM Elizabeth Warren calls in from Massachusetts.
10:15 Rep. Barbara Lee, Rep. Keith Ellison, Tiffany Loftin, Roger Hickey and Van Jones on "Taking Back the Power, Taking Back the Dream"
11:30 Buses head to the "Jobs, Not Cuts" rally at the U.S. Capitol.
GOP Tries to Scuttle Two Jobs Bills At Once...
Senate GOP offers vote on American Jobs Act ... only if it helps sink both that and the China currency crackdown bill. The Hill: "...White House press secretary Jay Carney said ... what McConnell did 'was a political stunt, essentially, by the Senate Minority Leader, to attach the jobs bill to the China bill without debate.' 'When Sen. Reid called that bluff and said, let’s schedule it right after the China bill, the Senate Minority Leader objected,' Carney said. 'And all that tells us is it was a very disingenuous attempt...'"
Chinese government agrees with top Republicans. NYT: "While the specter of the Senate bill may have vexed Chinese officials, its prospects for passage on Capitol Hill seemed dim. Speaker John A. Boehner told reporters on Tuesday that although he was 'concerned about the China currency situation,' he did not agree with the policy implications of the Senate bill and would not commit to bringing it to his chamber’s floor."
Senate Dems may amend American Jobs Act to include millionaires' tax. HuffPost: "In a caucus meeting on Tuesday, Senate Majority Leader Harry Reid (D-Nev.) entertained [Democratic] concerns and offered a concession: He would replace the president's pay-for with one that put the burden on the shoulders of millionaires. Whether the move will be enough to placate the full caucus is unclear."
TPM notes straight-forward surcharge may step on fewer toes: "...Obama's bill [could] trigger a series of new taxes on wealthy Americans, including oil and gas companies, hedge fund managers and others. This enforcement mechanism caused some strife in the Democratic caucus. Now ... they're considering a simpler, less parochial, and thus less divisive measure."
American Jobs Act will prevent 280,000 teacher layoffs, finds WH report: "As a result of state and local funding cuts, as many as 280,000 teacher jobs could be at risk ... the American Jobs Act will invest $30 billion to support state and local efforts to retain, rehire, and hire early childhood, elementary, and secondary educators. If enacted, these teacher stabilization funds would help prevent layoffs and support the hiring or re-hiring of nearly 400,000 educators."
Keynoter Richard Trumka of AFL-CIO calls "American Jobs Act" the "first step." The Hill quotes: "Our first step is to support President Obama’s American Jobs Act and his demand that the millionaires and billionaires who have profited so handsomely pay their fair share of taxes to create jobs ... I’ve been one of the first to call out President Obama when I thought it was needed. But when he’s doing the right thing, when he’s doing the courageous thing, it’s time for us to have his back and push that bill through."
Long-term unemployment benefits extension not certain. Politico: "Renewal of the 99-week benefits package has become a bargaining chip between congressional Republicans and Democrats trying to cut the deficit ... Republican presidential contender Mitt Romney has taken a hard line against maintaining the current benefit program ... if Congress lets the benefits expire ... half of the 7 million Americans collecting them would begin to lose their government checks..."
"Obama Uses Reagan Quote To Rebut Republicans’ ‘Class Warfare’ Charge" reports ThinkProgress: "...some of the Republicans in Congress say, ‘oh you’re engaging in class warfare.’ Let me tell you something. Years ago, one great American had a different view ... he thought it was ‘crazy’ that certain tax loopholes made it possible for millionaires to pay nothing, while a bus driver was paying ten percent of his salary. You know who this guy was? It wasn’t a Democrat. It wasn’t some crazy socialist. It was Ronald Reagan."
WH aide Dan Pfeiffer slams House GOPer for waving "white flag" on clean energy race with China: "... Chairman Cliff Stearns, who leads the House Energy and Commerce Subcommittee on Oversight and Investigations, told NPR that 'We can't compete with China to make solar panels and wind turbines.' This comment reflects exactly the sort of counterproductive defeatism that Energy Secretary Steven Chu warned against..."
...And Tries To Stop Bernanke From Doing Anything For Jobs...
Bernanke suggests Fed may do more to create jobs, pushes Congress to act. Bloomberg: "The Fed 'will continue to closely monitor economic developments and is prepared to take further action as appropriate to promote a stronger economic recovery in a context of price stability,' Bernanke said ... 'Putting in place a credible plan for reducing future deficits over the longer term does not preclude attending to the implications of fiscal choices for the recovery in the near term,' he said..."
GOPers press Bernanke to stop doing things. The Hill: "Bernanke rejected an argument from Rep. Mick Mulvaney (R-S.C.) that the Fed was making it tougher to lower government spending by keeping interest rates low ... Bernanke said[,] 'We keep interest rates down somewhat. I don’t think that eliminates the responsibility of Congress to take its own action.' ... Rep. Kevin Brady (R-Texas), said the Fed needed to refine its focus, and that he would be introducing legislation to reduce the Fed’s mandate so it focused only on inflation, and not on maximizing employment as well. Several Republican lawmakers similarly probed Bernanke on a single mandate, as he defended the Fed’s dual mandate as 'workable.'"
...But One GOPer Takes a Stand Against Norquist Anti-Tax Pledge
House GOP Rep. Frank Wolf lambastes Grover Norquist and his anti-tax pledge on House floor. TPM: "'...Mr. Norquist has used the [anti-tax] pledge as leverage to advance many other issues that many Americans would find inappropriate, and when taken as a whole should give people pause.' Wolf specifically highlighted Norquist's connections to disgraced GOP lobbyist Jack Abramoff and his lobbying on behalf of Fannie Mae ... Wolf supports a plan put forward by the Simpson-Bowles Deficit Commission that would balance cuts to government programs with tax increases while Norquist is dead set against any and all tax increases."
Sen. Tom Harkin and Rep. Pete DeFazio plan to propose tax on financial market transactions. Politico: "Declaring Wall Street a 'gambling casino,' DeFazio said the new tax would 'both raise needed revenue for the Treasury and rein in speculation on Wall Street.' Already, the business community is mounting a counteroffensive. With the congressional supercommittee looking to trim at least $1.2 trillion in projected debt over 10 years, the tax could look tantalizing, despite public opposition from many Republicans and Treasury Secretary Timothy Geithner."
Sen. Bernie Sanders, Rep. Barney Frank, pledge to protect Social Security and Medcare at Take Back the American Dream conference. The Hill quotes: "'Ain't gonna happen. Forty-five thousand people are dying in America this year because they don't have access to healthcare, and we'll be damned if we're going to allow more people to die by raising the [Medicare] eligibility age from 65 to 67,' Sanders [said] ... 'Social Security and Medicare are two of the great accomplishments of the American society of the last century,' Frank said. 'The biggest single chunk of deficit reduction must come from scaling back our enormous military expenditures from where they now are to where our legitimate needs are.'"
Mitt Romney Sides With Wall Street Over "Occupy Wall Street."
Presidential candidate Mitt Romney derides "Occupy Wall Street" protest as "dangerous" and "class warfare," reports CBS.
HUD inspector general recommends suing Bank of America's Countrywide unit for fraud. Bloomberg: "'Countrywide did not properly verify, analyze, or support borrowers’ employment and income, source of funds to close, liabilities and credit information,' Kelly [Anderson] wrote in the audit. 'This noncompliance occurred because Countrywide’s underwriters did not exercise due diligence in underwriting the loans.'"
