Landmark Climate Deal
US-China ink major climate pact. McClatchy: "...the United States would cut net greenhouse gas emissions 26-28 percent below 2005 levels in the next 11 years. At the same time, President Xi Jinping of China agreed that China for the first time would set a date when its emissions would hit a peak, after which it would begin cutting its use of fossil fuels ... China would work to increase the non-fossil fuel share of its energy use to 20 percent by 2030."
"Game changer" says Mother Jones: "NRDC's [Barbara] Finamore said the magnitude of the agreement—which was made well in advance of expectations—will provide fresh impetus to the drive for a new global climate agreement in Paris next year ..."
More climate action coming from Obama. Politico: "The coming rollout includes a Dec. 1 proposal by EPA to tighten limits on smog-causing ozone, which business groups say could be the costliest federal regulation of all time; a final rule Dec. 19 for clamping down on disposal of power plants’ toxic coal ash; the Jan. 1 start date for a long-debated rule prohibiting states from polluting the air of their downwind neighbors; and a Jan. 8 deadline for issuing a final rule restricting greenhouse gas emissions from future power plants."
14 states back EPA in climate rules lawsuit. The Hill: "In an amicus brief filed on Monday evening, the states argue the lawsuit against the EPA by coal giant Murray Energy is 'premature and meritless.'"
Still too many fossil fuel subsidies. Bloomberg: "Fossil fuels are reaping $550 billion a year in subsidies and holding back investment in cleaner forms of energy ... Oil, coal and gas received more than four times the $120 billion paid out in incentives for renewables including wind, solar and biofuels..."
Senate Dems may hold Keystone vote to help Sen. Mary Landrieu win runoff. Politico: "Senate Democrats are signaling that there will be an open amendment process that could allow Keystone approval to be attached to either an Internet sales tax bill next week or the defense authorization bill after Thanksgiving."
House GOP Aims To Push Senate Rightward
GOP plots budget strategy. NYT: "...House Republicans will try again to transform Medicare and Medicaid, repeal the Affordable Care Act, shrink domestic spending and substantially cut the highest tax rates through the budget process. Then they will leave it to the new Senate Republican majority to decide how far to press ... getting a plan out of the Senate Budget Committee will be a challenge: Four Republican members, Mr. Johnson, Patrick J. Toomey of Pennsylvania, Rob Portman of Ohio and Kelly Ayotte of New Hampshire, must face the voters of their Democratic-leaning states during a presidential election year."
Trouble awaits GOP majority argues W. Post's Katrina vanden Heuvel: "McConnell won his majority by brilliantly waging a partisan, dishonest, unrelenting policy of obstruction. But now, the absence of any ideas or of any clue will be exposed. And next time, when voters sensibly want to throw the bums out, they may have a far clearer view of just who the bums are."
Dems Lost Big With White Working-Class
Dems struggle to win white working-class. NYT's Tom Edsall: "... 72 percent of whites without college degrees — a rough proxy for what we used to call the white working class — believe that 'the U.S. economic system generally favors the wealthy.' ... these same men and women voted for Republican House candidates by a 61-31 margin ... The Republican strategy to win over these more culturally tolerant, but still financially pressed, white voters is to continue to focus on material concerns [like] rising tax burdens [and] downplaying [social issues.]"
CEPR's Nicole Woo pinpoints the damage being done by student debt, in The Hill oped: "If not for a sharp increase in student debt since 1989, young working- and middle-class Americans would have actually slightly higher net worths than their counterparts had a quarter century ago ... Much of this debt seems to be burdening those who have the fewest resources to pay it off. For the middle quintile of 18- to 34-year-olds, student debt averaged $3,300 in 2013, while their net worth averaged $11,000..."
Banks Slapped In Currency Investigation
First fines levied in currency probe. Bloomberg: "Regulators in the U.S., Britain and Switzerland ordered five banks to pay about $3.3 billion ... Switzerland’s UBS AG was ordered to pay the most at $800 million ... Citigroup Inc. will pay $668 million, followed by JPMorgan Chase & Co. at $662 million ... Banks and individuals could still face further penalties and litigation following the 13-month probe into allegations dealers at the biggest banks colluded with counterparts at other firms to rig benchmarks used by fund managers to determine what they pay for foreign currency."
Michael Bloomberg wrong about bank profits and regulation, notes HuffPost: "...Bloomberg criticized the Dodd-Frank financial reforms, saying, 'if you reduce the risk, they can’t make the money' ... Banks' profits have been just under 30 percent of total corporate profits for the past few years, which is right about where they were during the mid-2000's boom..."
