Republicans stand poised to gain substantial influence in Congress, putting at stake billions of dollars in investment as a shift among power brokers throws legislative initiatives old and new into doubt. Reuters Washington Summit will bring together an influential line-up of insiders just weeks before Americans cast their votes, promising a must-read stream of exclusive news on the outlook for Congress and President Barack Obama's agenda. Editors and correspondents from the Reuters Washington bureau are sitting down with senior lawmakers, including GOP heavyweights in line for leadership, and regulators whose implementation of Wall Street and healthcare reform could be complicated by a change in control on Capitol Hill.
Tales from the Trail
from Summit Notebook:
As a Brit I never like to write too much about the Tea Party, but today I have no choice.
Every week that goes by the movement seems to gain more momentum. On Tuesday, our poll showed Democratic heavyweight Harry Reid clinging to a narrow lead in Nevada against Tea Party insurgent Sharron Angle. That night, Republican establishment favorite Michael Castle was knocked off his perch in the Delaware primary by upstart Christine O’Donnell. Today, our Reuters/Ipsos poll shows one of the Tea Party’s most well-known favorites, Marco Rubio, opening a clear lead in the race for a Senate seat from Florida. With just six weeks to go until the elections, Rubio leads state Governor Charlie Crist, now running as an independent, by 40 percent to 26 percent, with Democrat Kendrick Meek trailing behind.
Perhaps it will become known as a tale of two Reids.
Senate Majority Leader Harry Reid is barely ahead of his Republican opponent Sharron Angle in the Nevada race for U.S. Senate, and his son Rory Reid is slipping against Republican Brian Sandoval in the governor’s race, according to a Reuters-Ipsos poll.
On Friday, President Barack Obama threw down the gauntlet to Republicans on taxes, effectively daring them to vote against a tax cut for the middle classes, just so that they can give an average of $100,000 in tax cuts to millionaires.
President Barack Obama has come face-to-face with the reality of change (his campaign slogan) and found it is slow moving when the economy is involved.
On Wednesday, President Barack Obama plans to announce his latest package of plans to stimulate the sagging U.S. economy, most of which are already known. It was hardly a surprise to see Republicans quickly positioning themselves to block the plans, but more disappointing to the White House must have been the cautious response even from the president’s fellow Democrats on the Hill, who simply said they were looking at the proposals. Even more damning, perhaps, was the verdict from the financial markets, which greeted the news with a big yawn. Both the Dow and the S&P indices ended the day more than one percent lower, dragged down by fresh growth worries in Europe. Economists on Wall Street said the plans would not do enough for small businesses or to solve the Democrats’ biggest economic and political problem: finding work for the 14.9 million unemployed. There are big questions, too, about how the plans will be paid for. “If he chooses to take away a corporate tax break to pay for this proposal, the net gain is zero,” said Andrew Busch at BMO Capital Markets. “This is likely why U.S. stocks are not seeing much of a bounce on the news.”
Republicans have the momentum going into Election Day for the U.S. Senate seat held by Arlen Specter for three decades in Pennsylvania.
We travel the Karakoram Highway from China to Pakistan on today’s edition of Washington Extra. Driving the agenda for Reuters today is news that the United States could be heading for another trade row with China, after it announced plans to toughen rules against what it sees as unfair trade practices. A number of the proposals are likely to irk Beijing and could provoke retaliation.