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Bailing out

18 Jan 2009 - Preaching the News for Sunday

The psalmist this Sunday promises to do the will of the Lord. Just hours after saying in his final press conference that he would follow the wishes of President-elect Barack Obama on the matter, President Bush asked Congress to release the remaining $350 billion dollars in federal bailout funds. Obama will make the decision on how that money is spent--if he can get Congress to agree to the request. Obama visited Capitol Hill Tuesday to lobby Senate Democrats for the release of the funds amid deep concerns among lawmakers about the program's effectiveness. Lawmakers are pushing for new conditions as well as substantial new spending to prevent foreclosures, while some would like to scrap the program altogether. Lawmakers argue that the funds haven't led to more bank lending as planned and that the Bush administration failed to use the funds as it promised it would, such as to advance programs to prevent foreclosures. During Tuesday's meeting Obama's pitch for release of the bailout funds framed the issue as something that could help define "our ability to govern together," said Connecticut Sen. Joseph Lieberman, an independent who caucuses with the Democrats. The request for the remaining Troubled Assets Relief Program money has set in motion action on a resolution of disapproval, which could block the funds' release. The Obama team and top Democratic congressional leaders have little hope of defeating the resolution in the House, where wariness of the program runs high. But they hope to derail it in the Senate. A vote on the issue could come by week's end. Source: Articles by Greg Hitt and Jon Hilsenrath for the Wall Street Journal and by Colin Barr for CNN

barack obama bailout george bush joseph lieberman congress
Democratic Senators begin to exit, stage left

23 Jan 2011 - Preaching the News for Sunday

The psalmist this Sunday seeks “to dwell in the house of the Lord" forever. A growing number of U.S. senators don’t feel the same about hanging around the upper chamber of Congress after 2012. Democratic hopes of retaining the Senate have dimmed in recent days with a series of retirement announcements. On Tuesday North Dakota Sen. Kent Conrad said he will not seek reelection in 2012. The heavily Republican state is unlikely to throw its support to President Obama, so Conrad’s retirement makes the state's next senatorial race much less complicated for Republicans. That situation will also allow the GOP to put more resources into other Senate races. Wednesday Sen. Joseph Lieberman of Connecticut, erstwhile Democrat turned independent, joined the exit line. Other potential retirements will not bring any better news for the majority party. Virginia Sen. Jim Webb is reportedly undecided about running for reelection and has done little fundraising. Were he to run, he could face former Virginia governor and senator George Allen in a 2006 rematch. Webb beat Allen by only one percentage point in their last contest. Democratic Senators Herb Kohl of Wisconsin and Jeff Bingaman of New Mexico are also considering retirement. Both of their states went heavily Republican in 2010. The Democrats already face a difficult challenge retaining the Senate because they will have to defend 13 more seats than the GOP in 2012. Source: An article by Cullen Linebargar for Examiner.com

senate jeff bingaman herb kohl george allen jim webb kent conrad republicans democrats joseph lieberman senators
Medicare needs intensive care, argue senate rebels

03 Jul 2011 - Preaching the News for Sunday

Saint Paul encourages his hearers in the Letter to the Romans this Sunday to focus on the spirit more than the body, reminding them that “we are not debtors to the flesh.” The body still needs tending, however, and for seniors in the U.S. Medicare is a big part of that. Medicare is also a big part of the federal budget, which itself is deeply in debt. Two U.S. senators stepped forward this week with a provocative plan that would apply strong medicine to the program. "We can't save Medicare as we know it," said Sen. Joseph Lieberman (I-Conn.), who authored the plan with Republican Sen. Tom Coburn of Oklahoma. "We can only save Medicare if we change it.” The two Senate mavericks want to raise the age of Medicare eligibility to 67 and increase monthly premiums for millions of current beneficiaries, especially better-off seniors. Democrats reacted with criticism of the proposal, which Coburn said was designed to rescue the financially imperiled program and help the nation confront a "wall of debt." Republicans offered no sign of support either. The plan the two men outlined includes a gradual increase over the next five years in the monthly premium that seniors pay for doctor and other non-hospital services. Aides said it would translate into a monthly increase of $15 to $20 initially. The age of eligibility would rise gradually from 65 to 67. And for the first time better-off seniors would be charged more money for Medicare Part A, which covers hospital care. They already pay more for doctor visits as well as for prescription drug coverage and under the plan would face even higher monthly premiums. "Nobody's going to like this plan, we understand that," said Lieberman, who was the Democratic vice-presidential candidate in 2000 but is now an independent who regularly picks spots to challenge his former party. Coburn is a conservative Republican, but he defied his party orthodoxy earlier this year when he said he was willing to include higher revenues as part of any deficit-reduction deal. Sources: Articles by David Espo and Ricardo Alonso-Zaldivar for the Associated Press

joseph lieberman medicare democrats republicans debt tom coburn