Their mission is to handcuff some of the money President Barack Obama seeks in his budget request to Congress … deficit-spending that they fear will prey on future generations.
Tales from the Trail
While Hollywood strutted the red carpet at the Academy Awards, President Barack Obama hosted a black-tie dinner on Sunday for U.S. governors — who are debating whether it’s a good idea to take federal bailout money — at the White House in advance of a self-described “Fiscal Responsibility Summit” on Monday. The afternoon event is part of the push to sell Obama’s broader economic package before his speech to Congress on Tuesday and the unveiling of his first federal budget on Thursday.
All eyes will be on Capitol Hill today as the Senate moves closer to a vote on the massive $900 billion stimulus bill. Lawmakers added expanded help for home buyers late last night in a bid to attract much-needed Republican support, but it’s still unclear whether Democrats have enough votes to pass the measure.
WASHINGTON – Republican critics of the Democratic-backed landmark stimulus package are pointing out that its 800-billion-dollar-plus price tag would — “in one fell swoop,” as Republican Representative Todd Akin put it — consume more resources than have been laid out for two wars, so far.
It’s a busy old day on Capitol Hill.
President-elect Barack Obama’s picks to head the Securities and Exchange Commission and the Department of Homeland Security and his nominees for attorney general and ambassador to the United Nations will be on Capitol Hill for their Senate nomination hearings.
Congress is nervous about spending more money.
In other news, pigs are flying, hell is freezing over and Democrats and Republicans are cooperating for the good of the country.
Two of those things are actually true. The outgoing Bush administration and the incoming Obama administration are working together to get Congress to approve the second half of the $700 billion financial bailout, so Obama can hand it out quickly if needed.
But Democrats on Capitol Hill want to attach more conditions to banks that accept federal cash — limits on executive pay, more oversight, and more help for homeowners facing foreclosure.
“My colleagues in the Senate will not provide any additional funds unless they are assured by the Obama administration taht these provisions will be a part of it,” Senate Banking Committee Chairman Chris Dodd said on ABC’s “Good Morning America.”
Republicans, meanwhile, question whether the money is needed at all.
Obama is also urging Congress to approve an additional $800 billion economic stimulus package. Should be a stimulating week.
Obama also will discuss trade and the drug war with Mexican President Felipe Calderon today in his first meeting with a foreign leader since his election.
Bush, meanwhile, holds a press conference at 9:15 EST.