In an effort to stimulate the economy by fostering a positive environment for small business owners, Republicans have been steadfast about extending Bush’s tax cuts for every American, including those with an income of over $250,000. Democrat Senate Majority Leader Harry Reid, however, fresh off his own hard-fought reelection, indicates his unwillingness to bend on the Bush tax cuts, explaining that he wishes to see them extended only for those families earning less than $250,000.
While conservatives prevailed in the elections on Tuesday, liberals on San Francisco’s Board of Supervisors voted 8-3 to approve an ordinance that would limit toy giveaways in fast-food children’s meals that have excessive calories, sodium, and fat. The ordinance also demands that fast-food children’s meals include servings of fruits or vegetables. To boot, the ordinance includes an amendment that would restrict restaurants’ free speech or advertising.
On November 4, CBS News reported a U.S. seizure of 30 tons of marijuana after surveillance of a warehouse in Otay Mesa, California. After following a tractor-trailer leaving the warehouse and finding 10 tons of marijuana inside, U.S. authorities obtained a search warrant for the warehouse. They discovered an additional 4 tons of pot and the opening to an elaborate 600-yard tunnel connecting the warehouse to one across the border in Mexico.
On Election night, NBC’s David Gregory joked that the “elephant in the room” was ironically the Tea Party, and not the Republican Party. Exit polls showed that 4 out of 10 voters were Tea Party supporters, and of those Tea Party supporters, 8 out of 10 voters supported the Republican candidates. Given the powerful influence that the Tea Party movement has had in political and on the Republican Party as a whole, it seems reasonable to witness the creation of a Tea Party coalition on Capitol Hill.
In 1940, the statutory national debt limit was authorized at $43 billion. Today, the debt ceiling stands at $14.3 trillion dollars — 291 times larger than the original limit. Since President Barack Obama took office, the debt limit has been raised three times, though that is not unusual for a sitting president. However, the most recent limit increase was staunchly opposed by the GOP and did not secure one Republican vote. Whether the Republicans did that to assure their own victories on November 2 or they truly believe in reducing the debt remains to be seen, but it certainly prompts the question: What would happen if the GOP banded together next year and blocked the Treasury from issuing more debt?