Battling over a transportation bill that now also addresses student-loan interest rates, congressional lawmakers are scrambling to appease their constituents in a legislative boondoggle littered with election-year politics. Aimed for final passage this week, the legislation intends to extend federal highway funding, prevent new student-loan interest rates from doubling, renew and revise federal flood insurance, and a slew of other provisions.
If Congress does not reach a decision by Saturday, the federal government’s ability to administer road, mass transit, and other transportation-related programs will be vanquished, along with its authority to impose the gasoline taxes that subsidize most of those programs.
The Pension Benefit Guaranty Corporation is underwater by $26 billion. But a small premium increase will fix things up just fine. When the Pension Benefit Guaranty Corporation (PBGC)’s president, Josh Gotbaum, announced that the bankruptcy of AMR (the parent company of American Airlines) wouldn’t impose additional demands on PBGC’s already flimsy financial statement, his relief was nearly audible:
It is great progress and good news that American recognizes that can reorganize successfully and preserve its employees’ pension plans.
We’re also glad the company is willing to work with us to preserve their pilots’ plan too.
The House Oversight and Government Reform Committee voted along partisan lines to bring contempt charges against Attorney General Eric Holder June 20 by a vote of 23-17 over the Attorney General's refusal to conform with subpoenas related to the "Fast and Furious" gun-walking scandal. The Obama White House had claimed “executive privilege” over the documents earlier in the morning.
A week ago both Mississippi Republican senators, Thad Cochran and Roger Wicker, announced their support of S.B. 2205 — the Second Amendment Sovereignty Act of 2012 — that would allegedly protect American citizens from any abrogation of their Second Amendment rights if the UN Arms Trade Treaty was signed by Secretary of State Hillary Clinton in July. That makes a total of 17 senators who are supporting the bill.
Congressional Budget Office Director Doug Elmendorf testified on Wednesday before the House Budget Committee about the federal government’s “Long Term Budget Outlook.” His office just released its latest study which showed two scenarios: one bad, the other worse.