Democratic Chatter 3-19-2009

George Wenschhof Bio

Today, President Barack Obama remains in California - He will tour a electric vehicle research plant in the morning and in the afternoon he will be joined by California Governor Arnold Schwarzenegger at a town hall meeting at the Miguel Contreras Learning Center in L.A. Before heading home, the president will tape a show with NBC's The Tonight Show with Jay Leno which will be broadcast tonight at 11:30 PM ET. ThePage.Time.com has more here.

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The Federal Reserve announced yesterday it will spend another 1 Trillion to help stabilize the economy - The NY Times has more here. the question is rapidly becoming how much national debt can the country withstand? The one trillion will be spent to purchase mortgage and securities interests. The Obama budget for fiscal year 2010 will have an additional 1.75 trillion in deficit spending and we have not added the recent 787 billion Stimulus bill. When added to the current 11 Trillion in national debt, the total could near 15 Trillion by the end of fiscal year 2010.

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Senator Chris Dodd (D-Conn.) admits he added loophole allowing for A.I.G. to pay bonuses - CNN.com has more here. Reportedly, he first denied and then admitted to CNN, he added language to the Stimulus bill to allow for existing bonuses to be paid. He added Obama administration officials also pushed for the change over legal contractual concerns pertaining to the bonus agreements in place. These revelations will not help Dodd in his reelection bid in 2010 which is already shaky due to favorable mortgages he received previously on homes he owns. This news will not help the Obama administration either who claimed they were unaware of the planned bonus payments.

The Government Accountability Office (GAO) threw gasoline on the fire yesterday when testifying before Congress saying it is unlikely A.I.G. will be able to repay the government the 170 billion in loans received. McClatchydc.com has more here.

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Not all Congressional Democrats supportive of President Obama's budget - elected Democrats have not been shy in denouncing various aspects of the president's proposed 3.55 Trillion budget. Expect this to heat up even more as the budget debate moves forward. TheHill.com has more here. Up until now, the president has been able to blame the economic woes on the previous Republican George W. Bush administration and rightfully so. However, at some point the voters will say this is your problem Mr. President. Stay Tuned.

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New Mexico Governor Bill Richardson (D) signs repeal of the death penalty - this action was a reversal in thought by the Governor who indicated he is comfortable with his decision. Time.com has more here. Maryland Governor Martin O'Malley (D) was unsuccessful in his recent attempt to repeal the death penalty in his state, instead opting to support limitations.

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On the foreign policy front, North Korea detains two U.S. women journalists - an area where tensions are already high, two journalists who were filming on the frozen river Tumen on the border of China and were seized by North Korean security guards. Reuters.com has more here.

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