Filibuster Reform Is Back
Federal judge and FHFA chief picks filibustered. Politico: "The GOP blocked [Mel] Watt’s nomination because they saw him as a political pick, rather than a housing policy expert. Republicans objected to [Patricia] Millett because they believe the court has a minimal workload and they were worried that Obama is trying to stack the 11-seat bench ideologically."
Dems reconsider filibuster reform after latest blocks. The Hill: "Senate Majority Leader Harry Reid (D-Nev.) called the obstruction 'unprecedented,' and said changes must be made going forward. However, he said he hoped to make those changes 'through cooperation' with Republicans ... 'What happened today was really an attack on the other branches of government,' Sen. Jeff Merkley (D-Ore.) said. 'In January, [Senate Republican Leader] Mitch McConnell [Ky.] made a commitment to return to the norms and traditions of the U.S. Senate. On nominations, the norms and traditions are up and down votes and we did not get that today. That is something that cannot stand as it is.'"
Sens. Schumer and Durbin waiting. Bloomberg: "New York Senator Charles Schumer, the Senate’s No. 3 Democrat, said it was too soon to say whether the Republicans’ blocking of Watt and Millett would propel the Senate toward another confrontation over nominees. 'Let’s see what happens with the remaining judges,' Schumer said of two other nominees to a Washington appeals court. Before the votes, Dick Durbin, the No. 2 Senate Democrat, told reporters that 'there comes a tipping point' if Republicans push too hard."
Food Stamps Cut, Economy To Suffer
Food stamps cut today as Recovery Act boost expires. NYT: "The food stamp cuts scheduled to go into effect on Nov. 1 will reduce spending by $5 billion in the 2014 fiscal year, and another $6 billion over the 2015 and 2016 fiscal years. They are expected to shave 0.2 percentage point from annualized consumption growth in the fourth quarter of 2013 and trim an estimated 0.1 percentage point off the annual growth rate of the nation’s gross domestic product ... Those drags may seem small, but right now projections for gains in fourth-quarter gross domestic product hover around an annual rate of just 2 percent."
Jobless aid to be cut soon as well. NYT: "'The bigger cliff, which I’m surprised people aren’t talking about, is emergency unemployment benefits Jan. 1.' That, [economist Michael Feroli] estimated, could shave 0.4 percentage point off growth in the first quarter next year."
Discount retailers, grocers to feel the hit. Bloomberg: "With an estimated 8 percent of shoppers using food stamps, the impact will probably be felt most acutely by discount retailers such as Dollar General Corp., Family Dollar Stores Inc. and Wal-Mart ... [Annie] Crist said her budget leaves little room for extras. The $547 a month she received in food benefits for herself and her daughters, ages 13 and 8, will become $497 today, as a roughly 5 percent benefit cut takes effect nationwide. With utilities and other expenses, she said she will be spending less on fresh meats, fruits and vegetables at the grocery store."
"Americans spend about 18 percent of all food stamp dollars at Walmart" reports Huffington Post.
Breakfast Sides
Obama to sign climate executive order: "White House aides said President Obama would sign an executive order on Friday morning directing federal agencies to make it easier for states and communities to build resilience against storms, droughts and other weather extremes ... the new push involves a recognition that at the global scale, emissions of heat-trapping gases are still rising, and most scientific experts believe it will be difficult to head off substantial alterations in the climate."
Fannie Mae sue banks. NYT: "Fannie Mae sued nine of the world’s largest banks on Thursday, accusing them of colluding to manipulate interest rates and seeking more than $800 million of damages ... [Fannie Mae] accused the banks of conspiring for many years to suppress the London Interbank Offered Rate, known as Libor, including during the 2008 financial crisis ... Four of the banks sued by Fannie Mae — Barclays, Rabobank, Royal Bank of Scotland and UBS — have previously settled with regulators over similar accusations and admitted wrongdoing."
