Results tagged “Congress”

Just like last year, the press is having fun looking at how Congressman get around town at taxpayer expense. Representative Charles Rangel was previously skewered for (legally) using his office budget pay for the $777.54 a month lease on a Cadillac DeVille. Rangel's office now says he's using a ride owned by his campaign. But there are still other targets for populist outrage! According to House records, Queens Democrat Gregory Meeks doesn't give a damn about the American auto worker: He uses taxpayer money to cover his $998 a month lease on a Lexus, which is made by Toyota! And Rep. Edolphus Towns (D-Brooklyn) pays $715 monthly for his Lincoln, though his spokesperson tells the Daily News it's okay because the car is basically his mobile office and he "typically works seven days each week." But what about potential mayoral candidate Rep. Anthony Weiner? He's actually a paragon of modesty, budgeting just $147 a month for a Chevy Impala, though it's unclear how much more he pays to pimp it out.

       

President Barack Obama addressed Congress, proclaiming that the "day of reckoning has arrived" and the country must take action—but also emphasizing that there is hope, "While our economy may be weakened and our confidence shaken, though we are living through difficult and uncertain times, tonight I want every American to know this. We will rebuild, we will recover, and the United States of America will emerge stronger than before."

The Flight 1549 crew received a standing ovation before they testified before the House Transportation and Infrastructure Committee. The crew members, Captain Chesley B Sullenberger III, First Officer Jeffrey B. Skiles, flight attendant Sheila Dail, flight attendant Donna Dent, flight attendant Doreen Welsh, appeared before the committee alongside LaGuardia air traffic controller Patrick Harten, who gave his first statement about the flight that eventually splash-landed into the Hudson River with everyonen surviving.

The heads of U.S. banks who have received a combined $135 billion in Troubled Asset Relief Program funds were in the firing line of the House Financial Services Committee. When the executives were somewhat apologetic for the credit collapse—Morgan Stanley's John Mack said, "We are sorry for it. I am especially sorry for what's happened to shareholders [and the American public]. Clearly, as an industry, we have accountability and we're taking responsibility. I'll take responsibility for my firm."—many members of Congress took the Festivus-approach, by airing grievances.

President Barack Obama stressed the importance of his $800 billion economic stimulus package during his first prime time press conference. Before taking questions from the media, he explained why the package was important by mentioning his visit to Elkhart, Indiana, where the unemployment rate has tripled from 4.7% to 15.4% in the past year—"The single most important part of this Economic Recovery and Reinvestment Plan is the fact that it will save or create up to 4 million jobs. Because that is what America needs most right now." He also added, after mentioning the plan has support, input and compromises from both parties:

Despite all of this, the plan is not perfect. No plan is. I can’t tell you for sure that everything in this plan will work exactly as we hope, but I can tell you with complete confidence that a failure to act will only deepen this crisis as well as the pain felt by millions of Americans. My administration inherited a deficit of over $1 trillion, but because we also inherited the most profound economic emergency since the Great Depression, doing too little or nothing at all will result in an even greater deficit of jobs, incomes; and confidence. That is a deficit that could turn a crisis into a catastrophe. And I refuse to let that happen. As long as I hold this office, I will do whatever it takes to put this country back to work.

As you may have heard, on February 17th, all TV stations in America were supposed to stop broadcasting on analog airwaves and start broadcasting in digital. But the changeover turned into a big mess, with the government running out of the coupons TV fans need to get converters for their old analog sets. There are over 1.5 million people on a waiting list for the coupons, and Congress knows that if they can't watch their stories there's going to be hell to pay. So yesterday the House passed a bill to buy more time, which means we'll all have to wait until June 12th to watch Terminator: The Sarah Connor Chronicles digitally. Gotham Gazette has a damning exposé on the debacle, revealing that the converters are out of stock at many local retailers, and some stores like Radio Shack have been demanding unnecessary personal information from consumers when they try to redeem the coupons.

The ongoing ethics investigation of local Congressman Charles Rangel appears to be going nowhere in a hurry. Today's Post talks to the head of an ethics watchdog group who says, "Four months after the investigations started, there is no investigative subcommittee, no public hearings, and no sign of any progress whatsoever." House Speaker Nancy Pelosi had expected members of the Committee on Standards of Official Conduct investigating by the end of the session which ended earlier this month. But since that did not happen, the process will only be delayed further now that three of the four members looking into were rotated off with a new session of Congress in place. The Post sounds eager to see the probe take place in swift fashion, possibly because they've played no small role in prompting the investigation to begin with.

President Bush just announced loans to the GM and Chrysler totaling $17.4 billion: $13.4 billion now and $4 billion in February, if they, according to Times, "undertak[e] sweeping reorganizations to show that they can return to profitability." The money will come from the TARP bailout.

With the Senate's failure to pass the $14 billion auto industry bailout bill, world stock markets fell: Asian markets fell over 5% and European markets are down more than 3%. Futures suggest that Wall Street will open lower as well, also due to news from JPMorgan Chase (it had a "terrible" November and December) and Bank of America (cutting 35,000 jobs over three years).

of cash left to keep operating. However, it's now a "race against the clock," because it appears it may fall short of the 60 votes needed to pass it as Senate Republicans have voiced opposition to the plan (they think the "Car Czar," appointed to oversee the plan, doesn't have enough authority). Rep. John Dingell (D-Michigan) said, "Without this bridge, we’re going to fall into the biggest calamity this country has known since the Great Depression. A terrible disaster looms."

The Dow Jones went over 9,000 but ended the day at 8,930 points, gaining almost 300 points (+3.46%). The Nasdaq rose over 4% and S&P 500 ended 3.84% up, as investors were hopeful about the government bailing out automakers to the tune of $15 billion. The White House has reportedly received a draft of a bill from Congress, and the Senate Majority Leader Harry Reid said passage would be possible if "senators are willing to work together in the next few days." The bill would help the Big Three automakers stay in business for a few months; Rep. Barney Frank said $15 billion was not enough but "It's better than nothing."

It's politician vs. big newspaper pissing match! Representative Charles Rangel wasn't happy when the NY Times blew the lid on his four rent-stabilized apartments in Harlem (at a press conference, he told a Times reporter, "Don’t make yourself look more dumb than you want") over the summer.

Right before the Thanksgiving holiday, House Speaker Nancy Pelosi issued a statement saying she expected the ethics committee investigation into Rep. Charles Rangel by January 3, 2009: "I look forward to reviewing the report at that time." The ethics panel is looking into three things: Rangel's use of Congressional letterhead to solicit donations to City College's school of public service (which is being named after him); his four rent-stabilized apartments; and unreported income from his vacation villa in the Dominican Republic. As allegations and questions have accumulated over recent months (most recently, about a $1 million donation to the school from an oil executive), Rangel has denied any wrongdoing and has been allowed to keep his chairmanship of the powerful House Ways and Means Committee in the meantime.

Former governor Eliot Spitzer's dalliances with an expensive escort were discovered after the federal authorities noticed "suspicious money transfers." Concerned that Spitzer was being blackmailed, the FBI and IRS found that he was actually paying shell companies set up by the prostitution ring! Now, months later, the NY Times reports a congressional committee is "pursuing what would be the first public examination of the events that prompted the initial inquiry into" Spitzer's banking. House Financial Services Committee member Rep. Michael Capuano (D-Mass.) said, "The question was: Why were they looking for this? Is this political retribution?" Testimony could be heard from the Treasury, North Fork (Spitzer's bank) and HSBC (the prostitution ring's bank).

Despite falling into a heap of controversy over the summer that led to a congressional investigation at his own request, Congressman Charles Rangel will hold onto his prestigious position as Chairman of the Ways and Means Committee. Despite GOP Leader John Boehner calling for his removal, Speaker Nancy Pelosi and other House Democrats unanimously voted to keep him as chair. Rangel said that he would like to see the alternative minimum tax eliminated, but generally supports the Obama tax plan--something he will have sway over within the committee that oversees tax regulation. And when asked what Rangel would like from whomever Obama chooses as the next Secretary of the Treasury, Rangel responded, “Him sharing with me whether [Henry] Paulson makes any sense at all," saying that Americans losing their jobs and health benefits were not on Paulson's agenda whatsoever.

Democrat Michael McMahon won the Congressional seat vacated by Vito Fossella, who had been the lone Republican Representative from NYC. McMahon, a City Council member, took 61% of the vote; his opponent, Robert Straniere, said, "The tides were against us, and due to events largely out of our control-- including the severe downturn in the global economy and the declining support of the McCain-Palin ticket --things did not go as we had hoped." The Staten Island Advance reports that McMahon referred to Fossella's DWI and love child by saying he wouldn't disgrace the office, "If we roll up our sleeves, we can make times great again." And the Democrats gained 18 other seats in the House--a total of five in the Northeast.

The NY Post takes up the marriage of Representative Charles Rangel and Alma Rangel, aftertalking to Mrs. Rangel's lawyer who says Rangel "scorned and dumped" his wife of 42 years after becoming the chair of the House Ways and Means Committee--by filing for divorce. Lawyer Sherri Donovan said that's why Alma Rangel demanded a jury case, "She did not want this divorce. She wanted to stay married to him. She's been a loyal wife for a long time." Then last month, Rangel stopped divorce proceedings, as reports questioned his taxes and other dealings. In fact, Rangel's lawyer blamed the non-reporting of income tax on a vacation villa on Alma Rangel and an accountant. When asked if Rangel's change of tune was related to the ethics issues, Donovan said, "Who knows? Maybe that made him real. Or maybe he realized he needs her." Rangel's own lawyer said, "It's very unfair for The Post to do this story and sad that it considers this legitimate journalism."

The Senate will vote on the $700 billion bailout plan (or the Economic Rescue Plan, as the White House calls it) tomorrow. The NY Times, which described it as a "surprise move," reports that Senate majority leader Harry Reid (D-Nevada) said, "It has been determined, in our judgment, this is the best thing to move forward. This is good for the country.”

All but one of NYC's representatives in Congress voted for the $700 billion bailout package that failed in the House of Representatives yesterday (Bronx Democrat Jose Serrano voted against it).

Earlier this morning, President Bush addressed other lawmakers and the American public, expressing his disappointment that the $700 billion bailout plan for financial institutions failed to pass yesterday and his desire for Congress to pass the package to help the markets (he did acknowledged that "producing legislation is complicated" and "contentious"):

I recognize this is a difficult vote for members of Congress. Many of them don't like the fact that our economy has reached this point, and I understand that. But the reality is that we are in an urgent situation, and the consequences will grow worse each day if we do not act. The dramatic drop in the stock market that we saw yesterday will have a direct impact on the retirement accounts, pension funds, and personal savings of millions of our citizens. And if our nation continues on this course, the economic damage will be painful and lasting.

Continue reading "Bush Presses for Action on Bailout Package"

Earlier today, the House of Representatives failed to pass the bailout plan, 228 votes to 205 votes. It needed 218 votes for passage.

Congressional leaders and the White House agree on a bailout plan that will aid troubled financial firms, but now it must be passed by Congress. The Wall Street Journal reports the bill, which would "effectively nationalize an array of mortgages and securities backed by them -- instruments whose deteriorating value has clogged the nation's financial system," was finished late yesterday, and Speaker of the House Nancy Pelosi says it's "frozen"--as in no more changes.

Early this morning, lawmakers announced that they had agreed on a tentative plan to bailout financial firms. The Wall Street Journal reported an "exhausted" Treasury Secretary as saying, "I think we're there," during a press conference with House Speaker Nancy Pelosi, Senate Majority Leader Harry Reid, Senator Christopher Dodd, and House FInancial Services Chairman Barney Frank--all top Democrats. Pelosi said, "We've made great progress. We have to get it committed to paper so that we can formally agree."

If some lawmakers aren't jumping the gun, there seems to be progress with getting the $700 bailout plan for financial firms approved. Rep. Barney Frank said, "I'm convinced that by Sunday we will have an agreement that people can understand on this bill." Earlier this morning, President Bush sought to reassure the public, since discussions spectacularly flamed out last night, “We will rise to the occasion. Republicans and Democrats will come together and pass a substantial rescue plan.” Well, the stock market believed it, ending the day up 118 points.

While they're not trying to, uh, agree on a bailout plan for financial firms, two Democrats and two Republicans are investigating Representative Charles Rangel for the House Ethics Committee. The Post reports that Rangel has "crossed paths" with the four men, not surprising given how long he's served. And his relations with them range from Rangel contributing to one's campaign fund (that would be Gene Green, D-Texas) to someone who has wanted an investigation into the Harlem congressman for a while (Doc Hastings, R-Washington). And on Tuesday, the Washington Post said Rangel should stay put, as the ethics committee gets working, "If it's death by a thousand cuts, [then Rangel] has 994 to go."

It looks like the government is moving closer to passing the $700 billion bailout plan: Senator Chris Dodd (D-Conn) said, "We are very confident that we can act expeditiously." And Senator Bob Bennett (R-Utah) said, "I now expect that we will indeed have a plan that can pass the House, pass the Senate (and) be signed by the president." The NY Times reports, with Thai food in the Senate and pizza for House members, that lawmakers were working on a draft of the bill. This morning, Governor David Paterson said that the bailout will probably cost more like $1 trillion, but at least it'll restore consumer confidence. (Or increase public outrage!) Congressional leaders will be meeting with President Bush and Senators John McCain and Barack Obama.

Republican presidential candidate John McCain said he was suspending his campaign tomorrow and asked for Friday's much-anticipated debate with Democratic candidate Barack Obama be delayed, so he can work on the bailout plan in Washington D.C. He said he contacted Obama's campaign and emphasized that partisan differences must be put aside for a solution (not counting that both Democrats and Republicans have problems with the plan).

Insanity! Even though the Republican nominee for Vito Fossella's congressional seat is Robert Straniere, the Manhattan GOP nominated Straniere to a State Supreme Court judgeship. Which, as the Advance suggests, could help baby-daddy, DWI arrestee Fossella "to re-enter the race by allowing Straniere to get off the GOP congressional line." However, Straniere (who is not popular among Republicans) is adamant about running for Congress, " I'm not getting off the line for nobody, no way, no how. I am totally committed to this race. I'm not going to do anything but run for Congress... I don't want to be a judge." Stay tuned.

Yesterday was a mixed day for the financial sector. Congress still had questions about the government's proposed $700 billion bailout plan for financial firms, sending the market down. But the after-market close announcement that Warren Buffett would invest $5 billion in Goldman Sachs has sent stock futures higher. But now there's word that the FBI is searching for possible fraud at Fannie Mae, Freddie Mac, Lehman Brothers and AIG.

Sure, as the NY Times reports, "Bailout Talks Advance" between Congress and the Bush administration over the $700 billion financial institutions bailout. But the two sides have differences of opinions on things like executive pay, reducing "mortgage payments of borrowers facing foreclosure," and whether the taxpayers should get a stake in companies the U.S. bails out. The Wall Street Journal also details some of the issues with the plan, from both Republicans and Democrats.