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BREAKING: Growth Slows

GDP growths slows in 3rd quarter. BEA: “[GDP] increased at an annual rate of 1.5 percent … In the second quarter, real GDP increased 3.9 percent … The deceleration in real GDP in the third quarter primarily reflected a downturn in private inventory investment and decelerations in exports, in nonresidential fixed investment, in PCE, in state and local government spending, and in residential fixed investment…”

Numbers Don’t Add Up In GOP Debate

Republicans offer tax plans with “fuzzy math” in latest debate. Politico: “The tone was best summed up by Ohio Gov. John Kasich, who blasted his rivals’ tax-reform plans as ‘fantasy tax schemes.’ … The Tax Foundation has released analyses of tax-reform plans by six of the presidential contenders, and found each would add at least $1 trillion to the debt.”

Climate ignored. TNR’s Rebecca Leber: “CNBC’s debate on Wednesday in Colorado was supposed to focus on economic growth. But one of the greatest uncertainties about future economic growth and national security has barely warranted a passing mention in any of the GOP forums. Don’t blame the candidates for this one, blame the networks moderating the debates.”

Budget Deal Advances

House approves budget. NYT: “The measure, which was approved by a vote of 266 to 167, with 79 Republicans joining 187 Democrats in favor, averts a potentially devastating default by lifting the federal borrowing limit through March 2017, and it sharply reduces the risk of a government shutdown by setting clear spending targets for the next two years.”

Senate next. The Hill: “…a procedural vote would take place Friday … Sens. Bob Corker (R-Tenn.), Mike Lee (R-Utah) and David Perdue (R-Ga.) announced Wednesday that they would join a handful of Republicans — including presidential candidates Sens. Ted Cruz (R-Texas), Rand Paul (R-Ky.) and Marco Rubio (R-Fla.) — in opposing the deal … Senate Minority Leader Harry Reid (D-Nev.) predicted every Senate Democrat would back the bill. If that happens, they would still need approximately 15 Republicans…”

Senate approves highway trust fund extension through Nov. 20. The Hill: “The lower chamber is expected to bring the multiyear highway bill up for a vote on the floor of the House next week, clearing the way for a long-sought conference on infrastructure spending between the chambers.”

Sen. Mitch McConnell hasn’t decided how to handle Ex-Im Bank. The Hill: “On Wednesday night, McConnell started the fast-track process for a stand-alone version of Ex-Im reauthorization on behalf of Democrats, but he is under no obligation to bring it up for floor consideration … The House is slated next week to take up a transportation bill that is expected to include authorization of Ex-Im. A House-Senate conference committee is expected to follow.”

Ryan Poised To Win Speaker Vote

GOP caucus nominates Ryan for Speaker. HuffPost: “Ryan won the nomination with just 200 votes as 43 members, largely with the hard-line Freedom Caucus, cast ballots for Rep. Daniel Webster … The entire House will vote Thursday on the speakership, and Ryan will need 218 votes to win. The fact that he fell short of that number on Wednesday could be seen as a sign that his selection has not completely eased the minds of his party’s most conservative members.”

Test for Ryan’s ability to manage caucus may come soon. NYT: “The budget deal creates room for the House and Senate appropriations committees to draft a huge spending bill for the current fiscal year … But the spending bills already drafted are replete with conservative policy prescriptions … Ryan will have to decide how far to push that clash with the president, knowing a government shutdown just before Christmas could be at stake.”

Can Bernie Create a Movement?

W. Post’s Harold Meyerson asks if the Sanders campaign will leave behind a lasting leftist movement: “Problem is, progressive presidential candidacies seldom have consequential afterlives … Nonetheless, Sanders’s campaign is the largest specifically left mobilization … in at least a half-century … signing on for Sanders, if his volunteers are serious, isn’t like signing on for any other candidate. It should mean they’re signing on for rebuilding the long-gone American left.”

Senate staffers boycott cafeteria to protest low wages. OurFuture.org’s Isaiah J. Poole: “Their show of solidarity took the form of a ‘brown bag boycott,’ in which they brought their own brown-bag lunches to the cafeteria. Joining the 40 or so Senate staffers who participated in the protest was Sen. Sherrod Brown (D-Ohio). He promised that the boycott would not be a one-time event. ‘We will be here every Wednesday until you are treated fairly,’ said Brown.”

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