My, My, Those Tax Cuts Look Big
January 05, 2009
President-Elect Obama is now willing to include as much as $300 billion in tax cuts as part of his proposed economic stimulus. While the final numbers aren't set yet, those tax cuts would apparently account for roughly 40 percent of the total package, which is expected to come in at arond $600 to $700 billion total. Some of the cuts would benefit individuals; others would go straight to businesses, as incentives to create new jobs.
December 31, 2008
It's been more than a month since the auto industry came to Washington, begging for a rescue. And, since that time, it's become clear just how dry Detroit's reservoir of goodwill has run. For conservative opponents of bailout legislation, like Alabama Senator Richard Shelby, the U.S. auto industry is an object of scorn—"dinosaurs," he has called them. For the liberals who support a rescue, like Connecticut Senator Christopher Dodd, Detroit remains an embarrassment.
Yes, Even Toyota Is Losing Money
December 22, 2008
Toyota Motor today reported that it will lose $1.7 billion for this fiscal year. It's not only the biggest loss since the company's founding in 1938. It's the only one. Analysts said Toyota’s downward revision, its second in two months, showed that the worst financial crisis since the Depression is threatening not just the Big Three but even relatively healthy automakers in Japan, South Korea and Europe.
Bush To Detroit: Don't Drop Dead
December 19, 2008
As you've probably heard by now, President Bush announced this morning that he wasn't going to let the domestic auto industry collapse. At least not on his watch. And while it'll probably take a day or two to sort out the details, and what they mean, here's the gist of it: Bush is authorizing the Treasury Department to loan Chrysler and General Motors $17.4 billion. (Ford has said it doesn't need money right now.) The money will come from the Wall Street rescue fund, or what's left of it, and it comes with a number of strings attached.
Why Bush Has To Save Detroit (for Now)
December 12, 2008
As of Friday night, it still appeared the Bush Administration was prepared to do what Senate Republicans wouldn't: Rescue the auto industry.
Obama On Health Care: "this Year ... This Administration"
December 11, 2008
At the Chicago press conference, Obama just gave the clearest signal yet that he intends to make health care reform a top priority. After running through the litany of familiar problems--rising costs, faltering coverage, poor quality--he vowed to tackle the problem "this year and in this administration." Afterwards, he confronted head-on the argument that the rough economy makes this a poor time to try health care reform. He noted that economic insecurity and our health care crisis our inextricably linked.
Obama Pushes Harder On Auto Bailout
December 11, 2008
Barack Obama just began his press conference by noting the new unemployment figures and pushing Congress to pass a rescue for Detroit. (Much as Michelle predicted.) "I understand people's anger and frustration" at the auto industry, noting that he had pushed Detroit to build more fuel efficient cars early in his campaign. But, Obama continued, "at this moment of great challenge, we cannot simply stand by and watch this industry collapse. ... doing so would lead to a devastating ripple effect through the economy." He reiterated his pledge for "short-term assistance ...
Public Warming To Detroit, If Not Its Cars
December 11, 2008
Following up on Michelle's post below, take a look at the latest NBC News/Wall Street Journal poll, which asked respondents whether they favored a bailout for Detroit. The results were 46 percent yes, 42 percent no. That's not exactly a ringing endorsement; as the Journal headline puts it, support is "tepid." But it does seem to represent a shift from as recently as a week ago, when polls showed voters opposing a bailout.
Daschle To Be Named Hhs Secretary (officially)
December 10, 2008
Barack Obama will be holding a press conference in Chicago on Thursday. And it's safe bet that most of the political world will be watching to hear Obama give his first extended remarks about the Rod Blagojevich scandal. But Obama will be making news of another sort, too: He will, according to transition sources, make official the appointment of former Senator Tom Daschle as the Secretary of Health and Human Services. And while that's not exactly news--sources had fingered Daschle as the likely nominee some time ago--Obama's broader statements about health care will be.
Somewhere A Liberal Is Angry...or Maybe Not
December 09, 2008
Apparently liberals are angry at Barack Obama. Well, some liberals. And, come to think of it, they may not actually be angry. They're just a little concerned about some of his cabinet appointments. Or, at least, they were merely concerned until former Obama deputy campaign manager Steve Hildebrand decided on Sunday to post an item on the Huffington Post. It was a message to Obama's progressive critics--something I know, with certainty, because the item's headline was "A Message to Obama's Progressive Critics." In the item--or message, if you prefer--Hildebrand told liberals to calm down.