The Federal Reserve's chairman and the secretary of the treasury are making a rare joint appearance at a congressional hearing, ostensibly to take a scolding over the handling of bonuses at AIG, the giant insurance company that has become the symbol of reckless risk-taking on Wall Street.
But after venting their spleen yet again at a House hearing Tuesday, lawmakers also were expected to press Fed boss Ben Bernanke and Treasury Secretary Timothy Geithner on the new risks to taxpayers from their latest effort to save tottering banks and the U.S. economy: a plan to take over up to $1 trillion in dodgy mortgage securities with the help of private investors.
Rep. John Murtha celebrated his 35th anniversary as a congressman by getting an early start on his next campaign, staging an invitation-only fundraising luncheon for dozens of lobbyists and defense contractors at the private Army-Navy Country Club in Arlington, Va.
But last month's event, with tickets starting at $1,400, was missing one longtime friend: Paul Magliocchetti, the founder of a lobbying firm that over the past two decades has been one of Murtha's biggest sources of campaign donations.
Democrats may want to start thinking about a bailout for Senate Banking Committee Chairman Christopher Dodd (left), whose political stock has slipped amid the financial meltdown.
As a five-term Democrat who blew out his last two opponents by 2-1 margins in a blue state that President Barack Obama won handily, Dodd, D-Conn., should be cruising to re-election in 2010. Instead, he's feeling heat from a Republican challenger eager to make him a poster boy for the tumult in the housing and financial markets.
Acting swiftly, the Democratic-led House approved a bill Thursday to slap punishing taxes on big employee bonuses at firms bailed out by taxpayers. The bill would impose a 90 percent tax on bonuses given to employees with family incomes above $250,000 at American International Group and other companies that have received at least $5 billion in government bailout money.
"We want our money back now for the taxpayers," House Speaker Nancy Pelosi said.
Venting their outrage, lawmakers are preparing to slap heavy taxes on employee bonuses at insurance giant AIG and at other companies that have received large bailout packages from the government.
The House was scheduled to vote Thursday on a bill that would levy a 90 percent tax on bonuses paid to employees with family incomes above $250,000 at companies that have received at least $5 billion in government bailout money.
The idea of devoting $1.8 million to research controlling the smell of pig dung stinks to high heaven to opponents of Congress' proclivity for pork-barrel projects.
"Pigs stink. We know why," said Sen. Tom Coburn, R-Okla. "We know where they live. So is that a priority right now?"
The Senate, tied up in a fight over a huge omnibus appropriations bill, will have to pass a stopgap spending measure Friday in order to avoid a partial government shutdown.
Armed with an agreement by top Bush administration aides to testify under oath, congressional Democrats may finally learn the answer to a 2-year-old question: What role did George W. Bush's White House play in politically motivated firings of U.S. attorneys?
Karl Rove and Harriet Miers agreed Wednesday to be questioned by the House Judiciary Committee, settling for now a major constitutional dispute that was going to be decided by the courts.
The legal issue was the constitutionality of Bush's assertion of executive privilege, to order the aides not to testify.
President Barack Obama's proposed tax increases are being met with misgivings by both Republicans and Democrats in Congress as he sends his Treasury secretary to Capitol Hill to defend them.
Lawmakers in both parties question Obama's call to reduce high-income earners' tax deductions for the interest on their house payments and for charitable contributions. Also drawing fire is his proposal to start taxing industries on their greenhouse gas pollution — a move sure to raise consumers' electric rates.
Obama and his top aides have been promoting the budget package since unveiling an outline last week, but Tuesday will provide the lawmakers their first opportunity to publicly question top officials about the details.
Political Action Committees (PACs) spent a record $416 million in the 2008 federal elections -- most on candidates for the House and Senate.
As one who once ran the multi-million dollar PAC for the National Association of Realtors -- at the time the largest in the nation -- I can say as an absolute fact that those who sign the checks don't do so without expecting something in return.Read More