Will Dems Take Sides In The Class War?
American Prospect's Harold Meyerson argues "Why the Democrats Need to Take Sides": "Since the 1940s ... the Democrats’ preferred method of helping working- and middle-class Americans has tilted more toward spurring economic growth than aggressive redistribution ... But the kind of economy that once allowed the Democrats to be the world’s leading cross-class party has almost completely disappeared. American economic growth today goes to a relative handful of its wealthiest citizens ... Bettering the economic lot of their constituents ... will require the Democrats to do something they haven’t really contemplated, and have consistently avoided, since the 1930s: taking a side, with all that entails, in a class war."
"Congress at Odds Over How to Curb Inversion Deals" reports WSJ: "The quick fix that some Democrats favor would close the exit doors for almost all firms seeking to leave by imposing a higher threshold of foreign ownership. But other lawmakers argue that a temporary patch could actually hurt U.S. companies by making them more vulnerable to a takeover. It also could lead corporations to move valuable headquarters jobs overseas. Meanwhile, the longer-term solution favored by many lawmakers—a politically difficult rewrite of the much-maligned U.S. corporate tax rules—already is dead for this year, and likely faces long odds next year."
"President Obama to unveil infrastructure funding initiative" reports The Hill: "President Obama will unveil a new federal initiative to help cities and states find private financing for transportation infrastructure during a trip to Delaware on Thursday ... The Department of Transportation will open a new investment center designed to serve as a 'one-stop shop' for state and local governments seeking private loans to underwrite construction projects ... In addition, the Treasury Department will host an infrastructure investment summit in September designed to match institutional investors, developers, and local governments."
House Ways & Means Chair Dave Camp pushing deficit-increasing tax breaks to squeeze government. Roll Call: "By extending all of the cuts permanently, lawmakers and the Congressional Budget Office would have nearly $1 trillion less in future revenue to work with over the next 10 years. Lowering those revenue expectations, or baselines, would increase deficit projections, because the CBO would be counting less tax money to pay for programs. That would leave Congress with a choice of cutting spending or raising taxes to match the projected shortfalls ... [Democrats are] worried that budgeting for permanent tax breaks would be a multibillion-dollar Trojan horse that could ultimately impose a lower ceiling on spending in future deficit debates and bring down revenue goals for any future tax overhaul."
Uncertain Future For Border Bill
Divisions in both parties imperil bill to address child migrant influx. The Hill: "Republicans warn a $4.3 billion emergency spending bill in the Senate will not have enough votes to pass unless it includes language amending the 2008 William Wilberforce Trafficking Victims Protection Act, which has been blamed for the migration spike. But Republican sources also say Speaker John Boehner (R-Ohio) will have difficulty passing a smaller supplemental — in the ballpark of $1.5 billion — paired with policy changes. They estimate Boehner needs 50 to 60 Democratic votes to pass it because conservative members are leery about emergency spending ..."
Obama stresses children will get due process. Roll Call: "Obama faced a [Hispanic] caucus almost unanimously opposed to changing a 2008 human trafficking law granting children rights to see a judge and contest deportation — and they left the meeting sounding happy Obama had at least heard their concerns ... Lawmakers told reporters that they do not oppose expediting the hearings for the children, but said they should not lose their rights to see a judge."
"Towns Fight to Avoid Taking In Migrant Minors" reports NYT: "Some of the opposition has also bordered on the extreme. A few of the protesters who marched against a proposed shelter in Vassar, Mich., on Monday were armed with semiautomatic rifles and handguns. In Virginia, an effort to house the children at the shuttered campus of Saint Paul’s College in Lawrenceville caused such an uproar that federal officials pulled out, even though a five-month lease had been signed. Someone spray-painted anti-immigrant graffiti on a brick wall at a former Army Reserve facility in Westminster, Md., that was being considered as a shelter site."
Breakfast Sides
Republicans filibuster bill to guarantee contraception coverage. CBS: " Senate Republicans on Wednesday blocked a bill aimed at restoring free contraception for women who get their health insurance from companies with religious objections, a legislative setback for Democrats that they hope will be a political winner in November's elections. The vote was 56-43 to move ahead on the measure, short of the 60 votes necessary to proceed."
GOP Sen. Marco Rubio and Dem Sen. Mark Warner introduce student loan reform bill. Bloomberg: "[The bill would] establish a universal system of federal student loan repayment based on the borrower’s income. Obama has taken a similar approach, as recently as last month when he ordered expansion of a program limiting repayments to no more than 10 percent of income ... [The bill] would combine several federal student loan options into a single loan repaid through a simplified income-based repayment. Interest rates would be based on federal Treasury rates ... Republicans last month blocked Warren’s legislation to help about 25 million student-loan holders obtain lower interest-rate refinancing. Rubio was among those voting against the measure..."
Australian legislature votes to repeal carbon tax. NYT: "The Australian government on Thursday repealed laws requiring large companies to pay for carbon emissions, fulfilling a key election promise of [conservative] Prime Minister Tony Abbott ... arguing that doing so would reduce electricity prices and enhance economic growth."
