MORNING
MESSAGE
The
president’s Wall Street legacy has already been largely shaped by two actions:
the bank bailout, and his administration’s refusal to prosecute individual
bankers for acts of widespread fraud. Even now, eight years after that fraud
brought down the economy, the government continues to reach settlement
agreements that protect big banks from the consequences of their criminal
actions. ... Now the president is staking his reputation on a trade deal that is
increasingly likely to be seen as a joint Obama/GOP initiative. If he succeeds,
his legacy may suffer a mortal blow, and his party is likely to pay a terrible
political price in years – and elections – to come.
Fast Track May Clear Senate This Week
Republicans
predict fast track passage. W. Post: “‘We’ll pass it later this week,’
McConnell said on ABC’s ‘This Week with George Stephanopoulos.’ ‘The president
has done an excellent job on this’ … Rep. Paul Ryan (Wis.), the chairman of the
House Ways and Means Committee, said Sunday that he was confident about the
bill’s chances in his chamber … ‘We will have the votes,’ Ryan said on CNN’s
‘State of the Union.'”
But
House GOPers say unions outgunning corporate lobbyists. Politico: “Unlike
unions, they say, Big Business advocates aren’t flooding Capitol phone lines.
They’re not winning over skeptical Republicans. And they haven’t made much
headway with business-friendly Democrats who are considering voting for the
package, either.”
GOP
Sen. Rob Portman breaks ranks on currency manipulation. Politico: “The
conservative editorial pages of The Wall Street Journal have repeatedly lashed
Portman’s ‘killer amendment,’ saying he’s ‘abandoning his policy chops in favor
of re-election politics.’ … Portman’s campaign is emblematic of the careful and
delicate balancing act a Rust Belt Republican must perform in a region of the
country where manufacturing jobs have been wiped out.”
“The
costs of globalization have been greater and more enduring than [trade deal
advocates] expected” reports NYT: “There is also mounting evidence that the
benefits of globalization have accrued disproportionately to upper-income
households, while the costs have fallen heavily on the less affluent,
contributing to the rise of economic inequality.”
Senate May Extend Highway Fund
Senate
tries to pass short-term Highway Trust Fund extension this week before recess.
The Hill: “The extension lasting through the end of July would give Congress
extra time to find a way toward a long-term infrastructure bill … Senate
Majority Leader Mitch McConnell (R-Ky.) placed it on the Senate calendar before
adjourning last Thursday, which would allow a vote this week before the full
Senate. The House is slated to take up a two-month extension bill on
Tuesday.”
House
Dems consider voting “no.” Roll Call: “Voting against a bill that would keep
countless transportation and infrastructure projects — and jobs — afloat past
May 31 is hard to defend at first blush. Still, a growing number of Democrats
and even some GOP moderates are arguing what’s more destructive is the
succession of short-term patches preventing longterm certainty and
sustainability.
Sen.
Cory Booker sounds alarm on infrastructure. The Hill: “‘The United States of
America is falling behind dramatically its global peers in terms of the quality
of its infrastructure,’ Booker said on NBC’s ‘Meet the Press.’ ‘China invests
about 9 percent of their G.D.P. in infrastructure, Japan 6 percent, Europe 5
percent. America’s only doing 1.5 percent,’ said Booker, noting that the U.S.
has ‘trillions of dollars of an infrastructure debt.'”
Hillary Turns Toward Small Biz
Hillary
Clinton to tout deregulatory measures targeting small businesses. Bloomberg:
“The trip to Iowa, as well as a return visit to New Hampshire on Friday, are
chances for Clinton to appeal to Main Street and the centrist voters she’ll need
in the general election, after tacking left earlier this month … Clinton, her
campaign said, plans to outline ideas for cutting red tape for small businesses,
expanding access to capital, finding tax relief for business owners and
stimulating exports.”
Yet
“Clinton is banking on the Obama coalition to win” says W. Post: “[The]
strategic conclusion by Clinton’s emerging campaign [is] that it can harness the
same kind of young and diverse coalition as Barack Obama did in 2008 and 2012,
bolstered by even stronger appeal among women. Her approach … is a bet that
social and demographic shifts mean that no left-leaning position Clinton takes
now would be likely to hurt her in making her case to moderate and independent
voters in the general election next year.”
Sen.
Bernie Sanders backs free college. Bloomberg: “Democratic presidential
hopeful Bernie Sanders will introduce legislation on Tuesday to make public
college tuition-free in the United States … The move could put added pressure on
Democratic front-runner Hillary Clinton, who has yet to release her plan for
higher education.”
Progressive
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