Tag Archives: United States Senate

An Oval Office Chat


President Barack Obama meets with senior advisors in the Oval Office, Jan. 8, 2013. Attending, from left, are: Kathryn Ruemmler, Counsel to the President; Mike Froman, Deputy National Security Advisor for International Economics; Chief of Staff Jack Lew; Senior Advisor Valerie Jarrett; Counselor to the President Pete Rouse; Nancy-Ann DeParle, Deputy Chief of Staff for Policy; Senior Advisor David Plouffe; and Director of Communications Dan Pfeiffer. (Official White House Photo by Pete Souza)

President Barack Obama meets with senior advisors in the Oval Office, Jan. 8, 2013. Attending, from left, are: Kathryn Ruemmler, Counsel to the President; Mike Froman, Deputy National Security Advisor for International Economics; Chief of Staff Jack Lew; Senior Advisor Valerie Jarrett; Counselor to the President Pete Rouse; Nancy-Ann DeParle, Deputy Chief of Staff for Policy; Senior Advisor David Plouffe; and Director of Communications Dan Pfeiffer. (Official White House Photo by Pete Souza)

In Case You Missed It

Here are some of the top stories from the White House blog:

Happy Birthday, Stephen Hawking On Professor Hawking’s 71st birthday, we shared a never-before-seen video from his visit to the White House.

President Obama Nominates John Brennan as CIA Director President Obama announced John Brennan as his nominee for the next head of the Central Intelligence Agency.

President Obama Wants Chuck Hagel to Run the Pentagon The President asked Sen. Chuck Hagel to serve as Secretary of Defense.

Credit Cards and Debit Cards Still Not Allowed at the Vatican


St. Peter’s Basilica, Vatican City
by: Conde’ Nast Traveler

I’m sitting here at the Condé Nast Traveler Travel Specialists Summit with Patrice Salezze of Papavero Villa Rentals (one of our top travel specialists). Her area of travel expertise is Rome, so we were just discussing the news that the central bank of Italy has blocked the Vatican City’s ability to accept credit cards or debit cards because of some questions about the holy city’s compliance with anti-money-laundering controls. The ban went into effect January 1 (happy new year, tourists!), but still hasn’t been fixed. So in the meantime, if you’re waiting in line for, say, the Vatican Museum, make sure you have cash on hand. Of course, the Vatican is scrambling to get this fixed and shake off doubts about its financial transparency. Maybe a higher power can help with this one? What do you think of the news—were the banks right to cut off the Vatican?

Indefensible-romney bs


By ThinkProgress War Room

The Mitt Romney Loophole

The basic principle underlying progressive taxation is that, generally speaking, the more you make, the higher your tax rate. The fiscal cliff deal passed last week made the tax code more progressive in one way by raising income tax rates on the wealthiest Americans, but unfortunately there remain numerous egregious examples of how our tax code is rigged in favor of the privileged few at the expense of middle-class workers.

Exhibit A in this rigged game is what we’ll call the Mitt Romney Loophole, a special giveaway that exclusively benefits private equity and hedge fund managers. In wonk speak, it’s called the “carried interest” loophole. We’ll let our Center for American Progress colleagues explain:

The carried interest loophole allows people who manage investment funds—such as private equity funds and hedge funds—to convert their income into lower-taxed capital gains.

Here’s how it works: The partners in businesses that manage pools of money on behalf of investors are paid in two ways. One part of their income is a “management fee” for managing the investments. This fee is generally taxed as ordinary income, according to progressive tax rates that currently top out at 39.6 percent. The other part of the fund managers’ income is their cut of the fund’s profits. The fund managers treat their part of the fund’s earnings as a capital gain, subject only to a top rate of 20 percent.

Investment managers, who include some of the world’s richest people, typically take a management fee equal to just 2 percent of the assets they manage—plus a 20 percent cut of their investors’ profits. In doing so, they are able to shield the bulk of their income from ordinary tax rates.

(You can find a more detailed explanation HERE.)

Lower tax rates on capital gains and dividends already disproportionately benefit the wealthiest Americans, but the Mitt Romney Loophole goes above and beyond that by allowing a narrow category of often extremely wealthy individuals to unfairly avoid paying their fair share.

This loophole is one of the main reasons that Mitt Romney paid a tax rate of just 13.9 percent on income of more than $20 MILLION. Meanwhile, millions of middle-class workers pay a much higher rate on their much, much lower salaries.

Closing this loophole would not only make our tax code fairer and more progressive, it would help raise the revenue that we need in order to protect vital programs and leave room in the budget for investments to grow the middle class. Closing just this one loophole that often benefits the ultra-wealthy would raise $21 BILLION over ten years.

Evening Brief: Important Stories That You Might’ve Missed

Since 2011, 3/4 of deficit reduction has been spending cuts.

2012 was officially the warmest year on record.

Americans prefer cockroaches, root canals, Nickelback to Congress.

Mexican restaurant defends racist t-shirt as “witty and comical.”

On two-year anniversary of the Tucson shooting, Gabby Giffords launches new group to end gun violence.

Neocons promote Iranian propaganda in their anti-Hagel campaign.

GOP Congressmen says Saddam Hussein may have had something to do with 9/11.

Brett Musberger, Katherine Webb, and football’s culture toward women.

AIG might thank America for its $205 BILLION bailout by suing America.

CONGRESS: Republican led House :::: the Senate led by Democrats


capitol30

The 113th Congress will convene at 12:00noon on Thursday, January 3, 2013.

  • Following the prayer and pledge, the Senate will be presented with the certificates of election and subsequently swear-in elected Members.
  • Following the swearing-in, the Senate will conduct a required live quorum. Senators are requested to be on the floor at this time.

WRAP UP

No ROLL CALL VOTES

LEGISLATIVE ITEMS

Adopted S.Res.1, a resolution notifying the President that a quorum of each House has assembled.

Adopted S.Res.2, a resolution notifying the House that a quorum of the Senate has assembled.

Adopted S.Con.Res.1, a concurrent resolution to provide for the counting on January 4, 2013, of the electoral votes for President and Vice President of the United States.

Adopted S.Con.Res.2, a concurrent resolution extending the life of the Joint Congressional Committee on Inaugural Ceremonies.

Adopted S.Res.3, a resolution fixing the hour of daily meeting of the Senate.

Adopted S.Con.Res.3, a concurrent resolution providing for an adjournment or recess of the Senate.

No EXECUTIVE ITEMS

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Watch Most Recent House Floor Activity

Congress: the Republican led House :ends the cliff dive 257-167 for now but ignores Sandy Aid :::::: the Senate led by Dems


UScapitoltakenfromkenschramstory

the Senate Convenes: 12:00pmET January 2, 2013

  • Following any Leader remarks, the Senate will be in a period of morning business for debate only until 1:30pm with Senators permitted to speak therein for up to 10 minutes each.

Senator Reid asked unanimous consent the Senate take up and confirm the nomination of David Medine, of Maryland, to be Chairman and Member of the Privacy and Civil Liberties Oversight Board.

 Senator Grassley objected.

WRAP UP

No ROLL CALL VOTES

LEGISLATIVE ITEMS

Passed H.R.4606, a bill to authorize the issuance of right-of-way permits for natural gas pipelines in Glacier National Park, and for other purposes.

Discharged the HELP committee, referred to the Finance committee and discharged the Finance committee of H.R.6655, Protect Our Kids Act of 2012 by voice vote.

Passed S.3716, to amend the Internal Revenue Code of 1986 to include vaccines against seasonal influenza within the definition of taxable vaccines.

Adopted S.Res.630, Congratulating the Navy and the current and former officers and crew of the U.S.S. Enterprise (CVN 65) on completion of the 26th and final deployment of the vessel.

EXECUTIVE ITEMS

Discharged the HELP committee and confirmed PN1404 Erica Groshen to be Commissioner of Labor Statistics by voice vote.

Discharged the Foreign Relations Committee and confirmed the following:

PN1928 Deborah Ann McCarthy, of Florida, to be Ambassador to the Republic of Lithuania

PN1951 Robert F. Godec, of Virginia, to be Ambassador to the Republic of Kenya

—————————————————————-

Watch Most Recent House Floor Activity

The House adjourned. The next meeting is scheduled for 10:00 a.m. on January 2, 2013

 10:00:24 A.M.   The House convened, starting a new legislative day.
10:00:32 A.M.   The Speaker designated the Honorable David Rivera to act as Speaker pro tempore for today.
10:01:05 A.M.   MORNING-HOUR DEBATE – The House proceeded with Morning-Hour Debate. At the conclusion of Morning-Hour, the House will recess until 12:00 p.m. for the start of legislative business.

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