MORNING MESSAGE
Push
has come to shove on the fast-track trade bill. The vote is slated for Friday.
The unholy alliance of Republican leaders, multinational corporate lobbies and
the White House – does not yet have the votes in hand. So the fever of deal
making, rule inventing, backroom promises is rising to mind-numbing levels. And
the claims of those pushing the treaty grow ever more fanciful. As one
legislator said, according to the administration’s trade representative, this
treaty will solve everything – put your children to work, cure your hangover,
rid you of wrinkles. Forget the hype, this is the time to call
your congressional representative and tell him or her to vote no on fast
track. (Our
click-to-call-Congress site will connect you.)
Fast Track Friday
Boehner
sticks with plan to begin voting process today with final vote tomorrow, despite
last-minute dispute. Politico: “…Boehner agreed to drop [a Medicare] offset
and revert to more stringent tax restrictions to pay for Trade Adjustment
Assistance (TAA). Pelosi then objected to how Boehner planned to advance that
budgetary offset. Boehner then agreed to change the floor process to a plan
suggested by Pelosi … [But] Connecticut Rep. Rosa DeLauro … is now raising
objections to a different offset…”
House
Republicans attach conservative amendments to parallel trade bill to win fast
track votes. NYT: “For Representative F. James Sensenbrenner, Republican of
Wisconsin, there is language promising that no trade deals can compel the United
States to address climate change. For anti-immigrant firebrand Steve King,
Republican of Iowa, another provision would prohibit future trade deals from
loosening immigration laws … with earmarking pet projects against the rules,
deals involve conservative policy riders …”
Silicon
Valley execs lobby for fast track. W. Post: “In a letter to be sent to House
members Thursday, 27 executives from companies including AT&T, IBM,
Microsoft, Hewlett-Packard, eBay, Cisco, Intel and Xerox will add their voices
to the intense debate over Obama’s trade initiative.”
Warren Shaping Clinton Policy On Student Loans
Clinton
campaign turns to Sen. Elizabeth Warren for advice on student loan reform.
Politico: “The campaign is expected to unveil its student loan plans in
detail in mid-July … on the table is a plan to support debt-free college —
including reducing the cost of attendance … Also under discussion is allowing
students to refinance their loans …”
Warren
criticizes Education Department on protecting student lenders. NYT: “[She]
called for external checks to be placed on the department, including moving the
student loan complaint system from the department to the Consumer Financial
Protection Bureau and granting borrowers the right to take legal action against
loan contractors.”
JPMorgan
Chase CEO Jamie Dimon slams Warren. Bloomberg: “’I don’t know if she fully
understands the global banking system’ Dimon, speaking Wednesday at an event in
Chicago, said … In an April speech, Warren, a former professor, chided ‘finance
guys’ who assert she and others can’t grasp their business.”
Opposite Directions On Fossil Fuel Taxes
Two
Senate Dems propose carbon tax at conservative think tank. The Hill: “Sens.
Sheldon Whitehouse (D-R.I.) and Brian Schatz (D-Hawaii) pitched their proposal
at an event hosted by the conservative American Enterprise Institute, saying
that their bill aligns with conservative economic principles and Republicans
should support it … They estimate their bill would bring in more $2 trillion
over 10 years. All of the money would be returned in the form of a lower
corporate tax rate, tax credits for workers and retirees and grants to
states.”
Two
Republicans try to eliminate the gas tax. The Hill: “The measure, which has
been dubbed the Transportation Empowerment Act (TEA), would lower the gas tax
that currently pays for most federal transportation projects from 18.4 cents per
gallon to 3.7 cents in five years. During the same time period, the bill would
transfer authority over federal highways and transit programs to states and
replace current congressional appropriations with block grants.”
Breakfast Sides
Republicans
states raising taxes. Bloomberg: “Nevada, Kansas and Alabama have enacted or
are debating increases in taxes on sales, tobacco, corporate income and other
items, and six others have passed higher fuel levies … After years of
post-recession spending cuts and tepid revenue growth, states that came under
Republican control with the Tea Party’s rise have reached the limits of
austerity.”
Senate
amendment backing Ex-Im Bank wins supermajority. Roll Call: “The amendment
to the defense authorization bill was immediately withdrawn, however, as backers
hope to attach it to a bill more likely to head quickly to the president’s desk
— such as a highway extension — or pass it as a standalone bill … The House
isn’t expected to vote on an Export-Import Bank bill in the meantime.”
Planned
HUD rules “designed to help diversify America’s wealthier neighborhoods.” The
Hill: “The regulations would use grant money as an incentive for communities
to build affordable housing in more affluent areas while also taking steps to
upgrade poorer areas with better schools, parks, libraries, grocery stores and
transportation routes as part of a gentrification of those
communities.”
Progressive
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