Progressive Breakfast for November 30

Morning Message Bill Scher

Hope For The Climate Lives In Paris

President Barack Obama and leaders from nearly every country are in Paris today to begin international climate talks that are widely expected to produce an agreement to cut global greenhouse gas emissions. Such an agreement will represent a huge step forward in the race to avert a climate crisis, even if the race will not have yet been won ... what Paris hopes to achieve is an initial framework of global action: a game plan that can start to be executed, and improved over time.

Obama Jumpstarts Paris Climate Summit

Obama announces international commitment to fund clean energy. The Hill: “President Obama and 19 world leaders are committed to double the amount of money they put into clean energy research and development … The commitment would put the countries’ funding for low- or zero-carbon technologies like wind power and nuclear energy at about $20 billion in five years, with about half of that amount spent by the United States … Accompanying the announcement, a group of 28 investors, led by Microsoft Corp. founder Bill Gates, will unveil an effort to help companies widely deploy new clean energy technology, including to developing countries.”

WH tries to manage expectations. Politico: “Aides say there’s a preliminary plan to have Obama himself, Cabinet officials and the White House communications operation dispatched to amplify the message about the significance of an agreement — what the United States is actually doing, what it means to people as Americans and as global citizens — but they’re wary of getting too far ahead of a result that may yet blow up in their faces.”

Is Hillary Backing Repatriation?

Clinton infrastructure plan to be detailed today. USA Today: “Clinton proposed a five-year [$275B infrastructure] plan that would be financed by business tax reform that, among other things, ends preferences for companies that stash their profits in overseas banks to avoid U.S. taxes. Clinton will provide more information about the plan on Monday … Clinton is also looking to raise money for the plan by targeting so-called ‘inversions,’ … In addition to the $250 billion in additional federal spending, she would allocate $25 billion to an infrastructure bank.”

Dems joust in NH. W. Post: “As about 1,400 Democratic activists cozied up next to one another in a New Hampshire ballroom for the party’s annual Jefferson-Jackson Dinner on Sunday night, it was clear that despite the relative calm of the Democratic primary contest, the electorate in New Hampshire is still very much divided…”

Deadlines Loom Over Congress

Republicans push riders on funding bill due in 12 days. Politico: “They reason Democrats will accept some riders — especially measures with bipartisan backing — to avoid a knock-down, drag-out shutdown fight this December. The universe of the hundreds of possible policy riders is vast, and many issues could be potential land mines. But rollbacks of Obama’s environmental and financial regulations are among some of the stickiest areas, Democratic aides said.”

Transportation bill deadline Friday. The Hill: “…lawmakers have gotten bogged down in negotiations over how to reconcile differences in the two bills. They’re also facing pressure from conservative groups to drop language reauthorizing the Export-Import Bank’s charter and skepticism from Republican lawmakers over only guaranteeing three years of funding for a six-year bill.”

Breakfast Sides

Treasury debt supply could cushion Fed interest rate hike. Bloomberg: “While a narrowing budget deficit is reducing the U.S.’s funding needs, the Treasury has shifted its focus to T-bills as post-crisis regulations prompt investors to demand a larger stock of short-term debt instead. The drop-off in longer-term debt supply may keep a lid on yields, providing another reason to believe Fed Chair Janet Yellen can end an unprecedented era of easy money without causing a jump in borrowing costs that derails the economy.”

IMF to decide on status of China currency today. Bloomberg: “The question inside the 12th-floor, oval boardroom: whether to grant China’s yuan status as a reserve currency … An overly enthusiastic U.S. response [to approval] could inflame politicians on both sides of the aisle.”