Obama: ‘We Now Stand on The Verge Of Victory’ On Financial Reform
In this weekend’s YouTube address, President Obama promoted the financial reform package that has been making its way through Congress.
“Getting this far on Wall Street reform hasn’t been easy. There are those who’ve fought tooth and nail to preserve the status quo. In recent months, they’ve spent millions of dollars and hired an army of lobbyists to stop reform dead in its tracks,” said Obama. “But because we refused to back down, and kept fighting, we now stand on the verge of victory. And I urge Congress to take us over the finish line, and send me a reform bill I can sign into law, so we can empower our people with consumer protections, and help prevent a financial crisis like this from ever happening again.”
Ryan: Dems’ Non-Budget ‘A Recipe For Disaster’
In this weekend’s Republican address, Rep. Paul Ryan (R-WI) blasted the Democrats for failing to pass a budget.
“Talk about a recipe for disaster: Democrats are offering no budget, no priorities, and no restraints – yet all their taxing, borrowing, and spending continues unchecked,” said Ryan. “With this budget failure – a first in the modern era – Democrats are missing a critical opportunity to provide the fiscal discipline economists say is needed to create private-sector jobs and boost our economy. This unprecedented budget collapse also sends a clear signal to American families struggling to meet their own budgets that Washington still doesn’t recognize the severity of its spending problem.”
Obama’s Day In Canada — From G-8 To G-20
President Obama participated this morning in a 9 a.m. ET G-8 Working Session in Muskoka, Ontario. He departed Muskoka at 11:45 a.m. ET, arriving at 12:35 p.m. ET in Toronto, Ontario. He will hold a bilateral meeting at 2:15 p.m. ET with British Prime Minister David Cameron, a 3:15 p.m. ET bilateral meeting with South Korean President Lee Myung-bak, and a 4:15 p.m. ET bilateral meeting with Chinese President Hu Jintao. The President and First Lady will arrive at 7:15 p.m. ET at the Fairmont Royal York Hotel. Obama will attend a G-20 Working Dinner at 7:30 p.m. ET.
Banks Likely to Offset Impact of New Law, Analysts Say
The New York Times reports: “Banks are expected to find ways to offset the impact of the new financial regulations on their earnings, though they face a potentially complex process of adapting to the new requirements, analysts said on Friday…Analysts pored over the specifics of the deal as they emerged on Friday and expressed a wide array of views about the impact it would have. Some saw the bill as more of a political statement than a practical measure that could prevent another financial meltdown. Others said banks’ costs would increase, but banks would pass the increased costs along to consumers.”
Election Clock Ticks For Campaign Finance Bill Written For Midterms
The Hill reports: “Despite a hard-fought victory in the House, supporters of the Democratic campaign finance bill are now confronting a more dispiriting reality: the dwindling chances the legislation will affect the fall elections. Advocates of the Disclose Act have long pointed to July 4 as a deadline for enacting the law so that its provisions could be implemented and enforceable during the hotly-contested midterm congressional campaign. But with the Senate bogged down in fights over tax legislation, a Supreme Court nomination and energy proposals, that marker will almost surely pass without action on campaign finance.”
Kagan’s Life An Undeviating Course To High Court
Looking ahead to this coming week’s Supreme Court confirmation hearings, the Associated Press profiles Elena Kagan’s rise to the top: “She’s excelled by dint of hard work, smarts and what she describes as good ‘situation sense’ — the ability to size up her surroundings and figure out what truly matters, as she put it during confirmation hearings for her last job, as President Barack Obama’s solicitor general, the government’s top lawyer before the Supreme Court.”
Schwarzenegger On The Outs In California GOP
The Washington Post looks at the political decline of Gov. Arnold Schwarzenegger (R-CA): “He had some successes, but the movie star stumbled as he tried to navigate the state’s political establishment, with its touchy egos and endless compromises. He floundered as he tried to tame the state’s runaway budget and push through ambitious reforms such as universal health care. Part of Schwarzenegger’s initial appeal — he spoke bluntly and his politics were sometimes hard to pin down — made it difficult for him to build a deep base of support. He lost the trust of the conservative wing of the GOP by supporting gay rights and stronger environmental laws. He alienated just about everybody by supporting a tax increase last year.”
Palin Blasts ‘Dumpster Divers’ At California Campus
Sarah Palin spoke Friday night at a fundraiser for California State University, Stanislaus — and fired back at her local critics who investigated the costs of the speech. “Students who spent their valuable, precious time diving through dumpsters before this event in order to silence someone … what a wasted resource,” said Palin, also adding: “A suggestion for those Dumpster divers: Instead of trying to tell people to sit down and shut up … spend some time telling people like our president to finally stand up.”
