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POPSGet Ready for Serious Government Spending Democrats may have "kicked the can down the road" on giving Detroit's Big 3 aid this week, as Senate Majority Leader Harry Reid reportedly said. But it sounds like Congress and the next administration are ready to open the floodgates to government spending. That may not be a bad thing. Remember the old formula from economics class: GDP=Consumption + Investment + Government Spending + Net Exports? When everything else is down, Uncle Sam sometimes has to step in to fill the gap. It also means Democrats' promises not to spend more without raising taxes or reducing spending elsewhere is probably out the window. Goodbye pay-go, hello stimulus!
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POPSPelosi and Reid Tell Detroit What They Want Democratic leaders outline specifically what they want GM, Chrysler, and Ford to include in their plans for viability and accountability, if they are to receive taxpayer money for emergency assistance. The Big Three are expected to reply to Congress by Dec. 2.
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POPSChicken a la Detroit The White House and congressional Democrats seem to be playing chicken over a bailout for the auto industry. The WH wants to cut some of the strings on $25 billion in loans that can go to the Big Three fairly quickly. Dems say the WH has the power to give the auto industry a portion of its $700 billion TARP funds immediately. The unknown variable: will a bankruptcy filing by any of Detroit's Big 3 tip the recession into an even deeper downturn? Is that a risk the government should take right now? Do you think Washington should give Detroit a lifeline? Post your comments below.
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POPSOrszag As Budget Chief? A good choice for Obama, if this report is true. Orszag is one of the top budget experts in Washington, and he'd be a young face in the next administration.
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POPSGM's Capitol Hill Lobbying Even though there's much speculation that TARP funds will be tapped to rescue automakers, only a handful of Democratic senators have officially supported such a proposal. Get ready for a difficult week of bargaining in Washington.
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POPSCandidates are Late to the Party As the administration unveils the newest aspect of the bailout plan, McCain (and Obama yesterday) announce new twists on their own economic plans. The attention they're giving to the economy is welcome--though a bit late, just before their final presidential debate and three weeks before the election. Their presence in Washington in the middle of the congressional bailout debate did as much to disrupt the discussions as anything else.
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POPSPolitical Oil Purely a political move by the administration feels you pain on high gas prices. Oil and natural gas on the OCS is still as off limits as it was before the president made the announcement.
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POPSGAO Lifts Boeing It's a snub to the Air Force and Northrop, certainly. But the GAO's decision doesn't mean the Air Force will re-do the bid.
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POPSWhat A Veto Threat Really Means Sure, President Bush opposes Congress' foreclosure rescue plan because it's a bailout, but there's another reason for the veto threat--leverage. Here's a good take on the issue from Politico.com
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POPSEasing the Ethanol Mandate Smart move on McCain's part. He gets to look like he's doing something to resolve the food crisis. Will EPA waive the increased ethanol production? Not a chance.
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POPSCrackdown in Colombia Some Democrats in Congress have cited violence in Colombia for holding up a free trade deal between Washington and Bogota. Looks like the Bush administration is trying to curb the FARC's powers.
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POPSSEC Not Happy With Proposals Former SEC chairs don't like Paulson's proposal to overhaul the regulatory system? Not to worry. The administration and Congress know that proposal is going nowhere. Think of it as an academic exercise for a future administration to consider when revamping the financial regulatory system.
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POPSA boost for free trade? Latin America's recent military spending might give Congress a reason to take another look at pending free trade agreements with Colombia and Panama.
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POPSEconomists React to Bernanke Good analysis on the Journal's site about the major themes Bernanke hit upon. Everyone knew what he was going to say, but every time he speaks there's the chance that he'll hint at a rate cut--which is exactly what he did today. Expect more of the same Thursday, with the added bonus of revised GDP figures for Q4 due out.
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POPSPols Favor Cheapest Stimulus, Thankfully This means Congress will likely spend $146 billion on a stimulus package, rather than $158 billion. It's also political posturing in an election year. (What member of Congress wouldn't vote to send constituents a check?) There is no evidence that a fiscal stimulus will lift the economy. If we're adding to the deficit, better to go the cheapest route possible.
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POPSMore taxes on gasoline? Fat chance. This blue-ribbon panel says an increase in the gas tax is necessary to pay for improvements in U.S. infrastructure, which the panel says is "bursting at the seams." Think a tax increase is going to fly with lawmakers, with an election in play and oil trading near $100 a barrel? Not a chance. The panel's chairperson, Transportation Secretary Mary Peters, couldn't even endorse the commission's report. Without the support of Congress and the Bush administration, this proposal is a non-starter.
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POPSLess Than an Energy Bill It's called an energy bill, but this is not what many lawmakers hoped for. True, it raises fuel economy standards significantly and it boost biofuel production, but it includes basically no incentives for renewables such as wind and solar power. Big Oil got away on this one without a tax increase that would have paid for renewables, but the writing's on the wall for the oil industry--the fuel economy and biofuel hike are aimed at reducing the country's oil appetite. For 2009, the energy debate in Congress shifts to climate change. -- Brian Wingfield
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