Jobless Aid Vote Expected Friday
Unemployment insurance Senate vote may be Friday. Roll Call: "[Sen. Harry Reid] set the gears in motion to take up the unemployment measure, setting up a vote sequence that could start automatically on Friday ... Given the number of procedural motions and associated votes, without an agreement the unemployment bill would linger into next week."
Nearly all Senate Dems back minimum wage strategy. National Journal: "...just a handful of them have expressed reservations about aspects of the Senate's minimum-wage bill, with none trying to run away from this type of economic agenda ... Democratic Sen. Mary Landrieu of Louisiana says she supports the increase in the minimum wage, but still has concerns about the tipped wage and the timeline for a wage increase ... Sen. Mark Warner of Virginia said he 'strongly' supports a minimum-wage increase, without signing off on the current bill ... But other red- and purple-state Democrats up for reelection, such as Sens. Kay Hagan of North Carolina and Mark Begich of Alaska, have embraced the wage bill as is."
CT passes $10.10 minimum wage. Reuters: "...the highest statewide rate in the nation... The bill passed by a vote of 23-13 in the Senate and 87-54 in the House, mostly along party lines with Democrats approving the move and Republicans opposing it. [Gov.] Malloy, a Democrat, said he plans on signing the bill at a ceremony in New Britain on Thursday."
W. Post's Harold Meyerson warns of the "coming job apocalypse": "The percentage of working-age adults in the U.S. labor force began to decline in 2000, when it reached a peak of 67 percent. As of last month, it was down to 63 percent ... the number of hours that working Americans are on the job is in decline, too ... The bipartisan public policy that should raise the most suspicion is trade policy ... But an even more fundamental factor in the declining share of working Americans is the technological automation that has eliminated millions of jobs and is poised to eliminate millions more."
Turning Mortgage Financing Into Public Utility
Rep. Maxine Waters unveils housing finance reform bill: "The major distinction of Ms. Waters’s proposal is that it would make the mortgage lending system more like a public utility, by creating a co-op of lenders that would be the sole issuer of mortgage-backed securities guaranteed by the government. Such a system would significantly differ from those proposed by the major bills in the Senate, which would allow banks and bond guarantors to participate independently in the market. Both Ms. Waters’s proposal and the Senate ones would establish a new federal regulator."
Citigroup fails Fed stress test, reports Bloomberg: "Citigroup Inc.’s capital plan was among five that failed Federal Reserve stress tests, while Bank of America Corp. won approval for its first dividend increase since the financial crisis ... The results show lenders may still face obstacles to boosting dividends and buybacks even as regulators say the firms have doubled their capital since the first public stress test in 2009."
Breakfast Sides
NYT's Nick Kristof slams welfare for the wealthy: "Here are five public welfare programs that are wasteful and turning us into a nation of 'takers.' First, welfare subsidies for private planes ... Second, welfare subsidies for yachts ... Third, welfare subsidies for hedge funds ... Fourth, welfare subsidies for America’s biggest banks ... Fifth, large welfare subsidies for American corporations ..."
Right-leaning Dems push Obamacare changes. W. Post: "Among the many measures are ones that would delay the tax penalty on individuals for one year; add a cheaper level of plans to the program's offerings; grandfather existing plans that don't meet the law's benefit requirements; provide additional funding and opportunities to establish insurance co-ops; allow coverage plans to be offered regionally and across state lines; exempt business with fewer than 100 employees from the law's reporting requirements; prevent family members working at same company from having their hours or pay reduced because of the employer mandate; and change the law's definition of a full-time worker from 30 hours to 40 hours a week."
