In the 111th Congress Rep. Ron Paul (R-Texas) introduced legislation to perform a wide-ranging audit of the Federal Reserve. That bill was, in Paul’s words, “gutted” before it came to the floor for a vote. Ultimately only a few very weak provisions of Paul’s original bill became law.
Senate Minority Leader Mitch McConnell of Kentucky claims congressional lawmakers intend to repeal President Barack Obama’s healthcare law, repeatedly if necessary. After Tuesday’s elections, McConnell is now the leader of a significantly strengthened Senate minority, placing Republicans in a stronger position to take action.
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.