MORNING MESSAGE: Sequester Cuts Are Dumb, Education Cuts Are Dumber
OurFuture.org's Jeff Bryant: "Unfortunately, cuts to essential funds for educating our children aren't limited to the dreaded sequester. The assault on spending is pervasive in all aspects of education budgeting at every level of government. Even worse, spending cuts are aimed at the very areas where we should be investing the most. If you're of the opinion that 'money doesn't matter' in relation to the quality of education, then you're horribly misinformed. Indeed, anyone advocating for better education in America should put the funding cuts at the top of their list of policy mandates to protest against."
Rubio Pushes Immigration Reform To The Right
Sen. Marco Rubio suggests immigration bill must be more conservative to clear House. CNN: "'The bill that's in place right now probably can't pass the House,' the junior senator from Florida said on Mike Gallagher's conservative radio show. 'It will have to be adjusted, because people are very suspicious about the willingness of the government to enforce the laws now.'"
House bill may include "self-deport" provision. Roll Call: "...illegal immigrants who wanted to forgo the payment of back taxes and fines would first have to identify as undocumented with federal authorities, probably within six months of the new immigration law going into effect. They would have another six months to leave the country, after which they could get in line..."
Gay married couples not covered in Senate bill. NYT: "'There’s a reason this language wasn’t included in the Gang of Eight’s bill: It’s a deal-breaker for most Republicans,' Senator [Jeff] Flake said ... [GOP Sen. Susan Collins] and Senate Democrats are looking to [Senate Judiciary Cmte Chair Pat] Leahy to decide whether to attach that measure as an amendment to the larger bill. He has not yet tipped his hand."
Immigration advocates prepare to beat back conservative changes to Senate bill. The Hill: "The changes that Rubio’s conservative allies want — including tighter border security triggers and more restrictions on a path to citizenship — are opposed by liberal immigration advocates who say the hurdles for illegal immigrants in the Senate bill are already too onerous."
Obama Moves To Replace DeMarco
Obama to nominate Rep. Mel Watt to replace FHFA's Ed DeMarco. HuffPost: "[Watt] perhaps is best known for trying to stamp out predatory lending. He’s also championed access to home loans for low-income borrowers and those with spotty credit ... DeMarco has been vilified by some members of Congress, liberal groups and state attorneys general for a variety of alleged sins, most notably his continued refusal to allow Fannie Mae and Freddie Mac to forgive distressed borrowers’ housing debts ... Watt may face an uphill climb to confirmation due to potential Republican opposition."
Wall Street fighting regulators over international reach of new rules. NYT: "Banks and overseas regulators are resisting an agency proposal, intended to go into full effect as early as mid-July, that would require overseas offices of American-based banks, foreign institutions and hedge funds to turn over information on foreign trades if they involve United States customers, or are guaranteed by a financial institution with American ties ... [CFTC Chair Gary]Gensler defends his proposals, arguing that too many bad bets in the global derivatives market can be traced to overseas locations ..."
Bank lobby split on Brown-Vitter "too-big-to-fail" bill. Politico: "The Independent Community Bankers of America has come out swinging against Wall Street giants and last week endorsed a bill by Sens. Sherrod Brown (D-Ohio) and David Vitter (R-La.) that many in the industry say would force the biggest banks to shrink or break up. Meanwhile, the American Bankers Association — which counts banks of all sizes among its members — has urged caution, arguing that efforts to crack down on the largest banks could hurt the entire industry."
Conservative Crack-Up
The House is in "chaos" reports Politico: "Speaker John Boehner, Cantor and McCarthy are plagued by a conference split into two groups. In one camp are stiff ideologues who didn’t extract any lesson from Mitt Romney’s loss and are only looking to slash spending and defund President Barack Obama’s health care law at every turn. In the other are lawmakers who are aligned with Cantor, who is almost singularly driving an agenda which is zeroed in on family issues. Boehner seems more focused on passing big pieces of legislation like hiking the debt ceiling and extending government funding, sometimes drawing flak for having to rely on Democrats to move these bills over the finish line."
Koch Brothers coming back for more. NYT: "...the brothers want their network to play a bigger role in cultivating and promoting Republican candidates who hew to their vision of conservatism, emphasizing smaller government and deregulation more than immigration and social issues ... Donors and others involved with the Koch-backed groups believe that the libertarian conservatism espoused by the brothers could help reinvigorate Republican fortunes, particularly among the young. They are also seeking to match the data and vote-targeting machinery built by Mr. Obama..."
Breakfast Sides
Fight brewing over rewrite of No Child Left Behind. The Hill: "President Obama’s 'Race to the Top' school reform initiative and the Elementary and Secondary Education Act ... favor urban and suburban schools, say rural advocates. But to change the funding formulas, Democrats from rural states will have to overcome opposition from lawmakers representing major cities and affluent suburbs."
Sequester hitting harder than expected, says White House chief economist Alan Krueger reports WH.
Progressive Caucus graphic slams selective sequester fix: "4 million meals for seniors eliminated. 70,000 children kicked out of Head Start ... but your next flight will be on time."
