Cross posted from The Stars Hollow Gazette

As we move closer to the debt ceiling limit and defaulting on the debt, two proposals have been put forward by opposing sides. The Republicans have put a bill together that will come up for a vote on Wednesday that calls for a two-step plan that would allow the debt limit to be raised by $1 trillion and create “a “Super Congress,” composed of members of both chambers and both parties, isn’t mentioned anywhere in the Constitution, but would be granted extraordinary new powers.”

From the Democrats, House Majority Leader Harry Reid has proposed $2.7 trillion in spending cuts and raising the debt ceiling through 2012 with no revenue increases but would not touch any of the big three social safety nets. It does include the proposed “super congress”:

“made up of 12 members, to present options for future deficit reduction. The committee’s recommendations will be guaranteed an up-or-down Senate vote, without amendments, by the end of 2011.”

There are a few problems though. The first problem is the neither bill will pass both houses. The other obstacle two-fold. Reid’s bill will need 60 votes for cloture. It is unlikely that Reid can convince four Republicans to vote for it. He may get able to convince Sen, Olympia Snowe (R-VT) and Sen. Collins (R-ME) but he also must get the blue dogs to fall in-line. The only way I can see Reid getting this bill to the floor for a vote is to use the “Cheney nuclear option” and call bull shit on the filibuster. They don’t have the guts for that.

House Speaker John Boehner has similar problems. He needs 217 votes to pass. With 89 tea party Republicans many who signed a letter refusing to raise the debt ceiling no matter what the deal, Boehner would need to convince at least 23 to 50 Democrats. That won’t happen either. Some of the tea party crew may break tier “oath” since they are taking heat from their constituents at home. The House bill stands a better chance of suvival.

If both bills by some miracle pass, then it goes to reconciliation and both bills have to be voted on again. This isn’t going to happen in less than a week. If only the House bill makes it, the Senate probably reject it. That is the most probable scenario.

That leaves one option and it falls back to the White House to use the 14th Amendment, Article 4. Obama has already rejected this option but as it gets closer to August 2 and default, given the choice of a constitutional crisis versus a global economic melt down, let hope Obama put his “big boy pants on” and starts acting like a responsible adult who has to make a decision not everyone is going to like.

If you do not get Current TV you can watch Keith here:

Cross posted from The Stars Hollow Gazette

July 26 is the 207th day of the year (208th in leap years) in the Gregorian calendar. There are 158 days remaining until the end of the year.

On this day in 1775, the U.S. postal system is established by the Second Continental Congress, with Benjamin Franklin as its first postmaster general. Franklin (1706-1790) put in place the foundation for many aspects of today’s mail system. During early colonial times in the 1600s, few American colonists needed to send mail to each other; it was more likely that their correspondence was with letter writers in Britain. Mail deliveries from across the Atlantic were sporadic and could take many months to arrive. There were no post offices in the colonies, so mail was typically left at inns and taverns. In 1753, Benjamin Franklin, who had been postmaster of Philadelphia, became one of two joint postmasters general for the colonies. He made numerous improvements to the mail system, including setting up new, more efficient colonial routes and cutting delivery time in half between Philadelphia and New York by having the weekly mail wagon travel both day and night via relay teams. Franklin also debuted the first rate chart, which standardized delivery costs based on distance and weight. In 1774, the British fired Franklin from his postmaster job because of his revolutionary activities. However, the following year, he was appointed postmaster general of the United Colonies by the Continental Congress. Franklin held the job until late in 1776, when he was sent to France as a diplomat. He left a vastly improved mail system, with routes from Florida to Maine and regular service between the colonies and Britain. President George Washington appointed Samuel Osgood, a former Massachusetts congressman, as the first postmaster general of the American nation under the new U.S. constitution in 1789. At the time, there were approximately 75 post offices in the country

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Cross posted from The Stars Hollow Gazette

President Obama’s Chief of Staff Bill Daley, former bankster and Third Way board member, thinks that it is “the deficit is a serious drag on the economy.” You would think that the Tea Party Republicans had taken over the White House. Oh, wait, they have.

Mr. Daley appeared on Meet the Press with corporate shill, David Gregory

As Scarecrow at FDL points out

Apparently, the man closest to the President of the United States, and on whom the President relies for political and economy advice, does not know that the only reason the terrible unemployment numbers that may end his President’s re-election hopes are at 9.2 percent and not 11 or 12 percent or higher is because of the increased federal deficit spending of the last two years.

And the only thing that can keep unemployment from reaching higher levels in 2012 is continued federal spending, which they will cover via more deficits. If Mr. Daley’s diagnosis were translated into policy – and that seems to be what’s happening – he and his President will need new jobs in 2013.

Mr. Daley and the completely useless David Gregory totally ignore the real causes for current economic disaster:

On the debt reduction negotiations, David Gregory asked Mr. Daley what he must have thought was a gotcha now question. He showed Mr. Daley a graphic showing the increase in the total debt since Obama took office, with the debt going from $10 trillion to $14 trillion or so, and projected to rise another $2 trillion.

Then Gregory smuggly concluded, “can’t you [Mr. Daley] see the logic of those who argue that given this huge increase in the debt, it makes sense that we reduce that only with spending cuts and not tax increases?”

The correct response to a question that jaw-droppingly stupid would have been to award Gregory the Douglas Feith Award and terminate his contract with NBC. Daley may not get the allusion and couldn’t say that in any event.

But in responding, Daley couldn’t even remember to remind viewers that the bulk of that debt increase was entirely the result of the recession: fallen tax revenues and increased safety-net spending, plus the stimulus, all responding to the recession Mr. Obama inherited. Instead, he left us with the lecture on how the debt or deficit was a serious drag on the economy, so our President was really focused on that.

Scarecrow is so right that “there are no more adults in this conversation.”

 

If you do not get Current TV you can watch Keith here:

Cross posted from The Stars Hollow Gazette

The GOP and some of the blue dog Democrats would like to decimate the EPA and the Interior Department. They believe that carbon emissions are harmless, that fracking is safe and want to reduce clean water standards. They want to allow mining next to our precious nature preserves and water supplies, as well as, continued mountain top mining. A bill currently under consideration in the House has that has been aptly called “Pro-Pollution Omnibus Bill,” that contains an industry wish list of riders:

• allows uranium mining on federal lands adjacent to the Grand Canyon by lifting the moratorium on uranium mining along the Colorado River, potentially exposing 17 million people, dependent on the river for drinking water, to radioactive waste.

• stop new protections for animals at risk of extinction and their habitat. Clark says this could be “disastrous” for species like walruses, which are struggling to survive.

• prevent legal action to challenge Wyoming’s shoot-on-sight wolf plan.

• prevent the Environmental Protection Agency from doing more to protect waters and the wildlife and communities that depend on them. Pesticides are already a major threat to salmon, frogs and other wildlife.

• reduce grant programs that provide funding to states to protect declining and imperiled species and to other countries to protect migratory species that live in the United States during parts of the year.

• slash funding for national wildlife refuges, habitat restoration and other key conservation spending. The committee approved billions in spending cuts, which would damage already underfunded refuges and undercut environmental protection.

• paves the way for more mountain-top mining by blocking protections against toxic chemicals from mining waste running into our streams.

• protects BP and makes schools less safe by rejecting additional funding for the air toxic monitoring at schools or for the Deepwater Horizon litigation.

• allows thousands of pounds of pollutants into the air by exempting big oil companies like Shell, Exxon and BP from the Clean Air Act for any new drilling area outside the Gulf of Mexico

• increases the odds of another oil spill by rejecting requested funds for additional staff and funding for increased facility inspections on offshore drilling rigs.

• prohibits funding for the Wild Lands Secretarial Order, which Republicans say would negatively impact ranching, energy production, recreation, and other activities on public lands. A similar measure passed the House in the FY 2011 continuing budget resolution.

• prohibits funding for the EPA to regulate levels of particulate matter in the air, including farm dust, under the Clean Air Act.

• prohibits funding for the EPA to develop additional financial assurance requirements for hard rock mining operations.

• prohibits states from receiving EPA Great Lakes funding if they have adopted ballast water requirements that are more stringent than federal requirements.

• directs the EPA to do a cumulative assessment of the impacts of EPA regulations.

• prohibits funding for the Utility Maximum Achievable Control Technology rule and the Cross-State Air Pollution Rule, also called the “Transport” rule, which both require power plants to limit toxic air emissions. Both rules respond to court orders.

The GOP claims that they want to cut spending and end regulations to create jobs. There will be no jobs if they continue with policies that destroy the environment and kill our home, Earth.

h/t to Edger who asked that we use the video liberally.

Cross posted from The Stars Hollow Gazette

A corporate tax holiday? Does Sen. Chuck Schumer (D-NY) seriously think that by cutting the tax rate on overseas profits for US Multinationals from 35% to 5,25% it will encourage these companies to create jobs here? That is what Schumer, our elected Wall St. lobbyist, is pushing despite the fact that the last time this was done in 2005, most of the money went to shareholders and executives (pdf) in the form of dividends and stock buy backs. We all know how many jobs were created, zero. Indeed, the companies that profited the most actually laid off more workers and cut back production in the US. We all know how many jobs were created, zero. Indeed, the companies that profited the most actually laid off more workers and cut back production in the US. As to increased revenue, short term it might bring $50 billion into the Treasury but over a ten year period there would be an $80 billion loss.

In his Rolling Stone blog, Matt Taibbi explains how this is just another “con” by corporation lobbyists:

Here’s how it works: the tax laws say that companies can avoid paying taxes as long as they keep their profits overseas. Whenever that money comes back to the U.S., the companies have to pay taxes on it.

Think of it as a gigantic global IRA. Companies that put their profits in the offshore IRA can leave them there indefinitely with no tax consequence. Then, when they cash out, they pay the tax.

Only there’s a catch. In 2004, the corporate lobby got together and major employers like Cisco and Apple and GE begged congress to give them a “one-time” tax holiday, arguing that they would use the savings to create jobs. Congress, shamefully, relented, and a tax holiday was declared. Now companies paid about 5 percent in taxes, instead of 35-40 percent.

Money streamed back into America. But the companies did not use the savings to create jobs. Instead, they mostly just turned it into executive bonuses and ate the extra cash. Some of those companies promising waves of new hires have already committed to massive layoffs..

According to Forbes, Chuck Schumer has garnered the blessings of some “left” Democrats by pairing it with a job creating infrastructure program. Former SEIU president Andy Stern and Sen. Kay Hagen (D-NC), who voiced her support at a Third Way breakfast, have endorsed the idea and the multi-nationals have already sent out their dogs to push it:

While the repatriation holiday alone is a non-starter for most Democrats, pairing it with an infrastructure program could marshal labor support. It’s an approach backed by former Service Employees International Union president Andy Stern, who’s emerged as the most vocal proponent of the tax holiday on the left.

snip

The team of corporate heavyweights behind the lobbying push for the holiday — including Apple (AAPL), Cisco (CSCO), Duke Energy (DUK), Google (GOOG), Kodak (EK), Microsoft (MSFT), Pfizer (PFE), and Oracle (ORCL) – has shown some success softening up Democratic opposition recently. Last week, the centrist Democratic think tank Third Way hosted a breakfast on the topic that featured Sen. Kay Hagan (D-N.C.). “A repatriation holiday can encourage economic activity at a fraction of the cost of recent fiscal policy,” Hagan said in her prepared remarks.

My head hurts.

While mishima is on hiatus, I will be cross posting some of our daily and weekly features from The Stars Hollow Gazette

Find the past “On This Day in History” here.

Click on images to enlarge

July 23 is the 204th day of the year (205th in leap years) in the Gregorian calendar. There are 161 days remaining until the end of the year.

THE GREAT COMET OF 1997. Above, the bright head of comet Hale-Bopp, called the coma, is pointed towards the Sun. The coma is composed of dust and gas, masking the solid nucleus of the comet made up of rock, dust and ice. Photo taken by Jim Young at NASA’s Jet Propulsion Laboratories Table Mountain Observatory in March 1997.

The comet was discovered in 1995 by two independent observers, Alan Hale and Thomas Bopp, both in the United States. Hale had spent many hundreds of hours searching for comets without success, and was tracking known comets from his driveway in New Mexico when he chanced upon Hale-Bopp just after midnight. The comet had an apparent magnitude of 10.5 and lay near the globular cluster M70 in the constellation of Sagittarius. Hale first established that there was no other deep-sky object  near M70, and then consulted a directory of known comets, finding that none were known to be in this area of the sky. Once he had established that the object was moving relative to the background stars, he emailed the Central Bureau for Astronomical Telegrams, the clearing house for astronomical discoveries.

Bopp did not own a telescope. He was out with friends near Stanfield, Arizona observing star clusters and galaxies when he chanced across the comet while at the eyepiece of his friend’s telescope. He realized he might have spotted something new when, like Hale, he checked his star maps to determine if any other deep-sky objects were known to be near M70, and found that there were none. He alerted the Central Bureau of Astronomical Telegrams through a Western Union telegram. Brian Marsden, who has run the bureau since 1968, laughed, “Nobody sends telegrams anymore. I mean, by the time that telegram got here, Alan Hale had already e-mailed us three times with updated coordinates.”

The following morning, it was confirmed that this was a new comet, and it was named Comet Hale-Bopp, with the designation C/1995 O1. The discovery was announced in International Astronomical Union circular 6187.