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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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POPSObama: Getting Closer to an Energy Policy Obama suggests tapping the Strategic Petroleum Reserve. So far, he hasn't outlined a comprehensive energy policy. Expect him to pay closer attention to this issue as a response to McCain's ad campaigns
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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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POPSGoing Ba(ra)ck On His Word? Obama opts to pursue private financing, resulting in a blitz of protest from McCain's camp. This was expected as Obama raised an unprecedented level of cash during the primaries. It also invites more scrutiny of his donors.
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POPSMcCain, Hillary, Obama, Economy Start paying attention now to what the three presidential contenders are saying about the economy. Regardless of who gets the Democratic nomination, that's going to be the overriding issue in November.
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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.