MORNING MESSAGE
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.”
Progressive
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