In it, but not of it. TPM DC
Biden's Day Ahead
Vice President Biden is visiting Florida Memorial University in Miami Gardens, Florida. At 9 a.m. ET, he will deliver remarks at the Martin Luther King, Jr. Community Interfaith Prayer Breakfast. Afterwards, Biden will return to Washington, D.C.
Biden: 'No Democracy Has Survived Needing A Supermajority'
Speaking at a fundraiser in Florida on Sunday, Vice President Biden slammed the new prominence of the filibuster, Politico reports. "As long as I have served ... I've never seen, as my uncle once said, the constitution stood on its head as they've done. This is the first time every single solitary decision has required 60 senators," Biden said. "No democracy has survived needing a supermajority."
Wall Street Weighs Legal Challenge To Proposed Bank Tax
The New York Times reports that Wall Street's main lobbying group, the Securities Industry and Financial Markets Association, has already hired a top Supreme Court litigator to study a possible legal challenge to the Obama administration's proposed fees on large financial firms. A potential challenge, if the measure were to pass, would be based around the idea that a tax on one industry could be considered arbitrary and punitive.
Reid Turns Next To Debt Ceiling Increase
Roll Call reports that Senate Majority Leader Harry Reid's (D-NV) next agenda item is to pass a $925 billion increase in the nation's debt limit. Reid will likely need to win some Republican support, which could potentially happen if he includes an amendment by Sens. Kent Conrad (D-ND) and Judd Gregg (R-NH) to create a special commission on deficit reduction.
Bernanke's Term Running Out As Senate Dems Try To Set A Vote
The Hill reports that Senate Democrats will try to reach an agreement within the next two weeks on when to hold a confirmation vote for Ben Bernanke's reappointment as chairman of the Federal Reserve, against a January 31 deadline when Bernanke's current term will expire. Several Senators, including Bernie Sanders (I-VT), Jim Bunning (R-KY) and Jim DeMint (R-SC), have placed holds on the vote.