Democratic Chatter 1-30-2009

George Wenschhof Bio

Irresponsible and Shameful are the words used by President Obama yesterday - he was referring to the Wall Street bankers who gave themselves 18 Billion in bonuses. This. at a time when they are accepting help from the government and taxpayers during this severe economic downturn. The WhiteHouse.gov blog has more here.

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Commerce Department releases more gloomy news on the economy - seems the decline of 3.8% in the last quarter of 2008 was the worst in a quarter since 1982. There are indications the first quarter decline in 2009 could be even higher. MSNBC.com has more here.

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Meanwhile, Exxon reports record 45.2 Billion profit for 2008 - their fourth quarter earnings were down by 33% from 2007, but the fourth quarter profit was still a staggering 7.8 Billion. A 7.8 Billion profit in a quarter when gas prices plunged and the country had it's worst decline in the economy in a quarter of a century. This could easily have some calling for some government intervention. You can read more here.

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A Republican for Commerce Secretary? - rumors are flying that Republican Senator Judd Gregg (NH) is seriously being considered for the position by the President. This Cabinet position has been open since New Mexico Governor Bill Richardson withdrew from his nomination.

The scuttlebutt that has everyone talking is the Governor of New Hampshire is a Democrat and would be able to pick the replacement should Gregg be picked for Commerce Secretary. A Democrat would most likely be picked to fill Gregg's position and if Al Franken survives the court challenge in Minnesota, this would give the Democrats 58 plus 2 Independent Senators (Lieberman-Conn. and Sanders - Vt.), giving them the magic 60 filibuster proof number of Senators.

In spite of the allure, do not expect this to happen. Politico.com has more here.

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Vice President Joe Biden to head Middle Class task force - President Obama was often critical of the George W. Bush administration and the Republican "trickle down" theory of economics. Biden has an editorial in USAToday.com you can read here. As part of their commitment to a change recognizing middle class challenges, a new White House website will be announced today astrongermiddleclass.org

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SCHIP approved by Senate 66-32 - after some reconciliation with the House bill, it will head to the President for signature. This twice vetoed bill by former President George W. Bush will provide health insurance to 11 million disadvantaged youth. This is a 4.1 million increase from the current 6.7 million children currently being served by the program. TheHill.com has more here.

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On the foreign policy front, new envoy Richard Holbrooke to visit Pakistan/Afghanistan - as George Mitchell stays busy in the Middle East, Holbrooke has plenty to be discussed here as well. India and Pakistan continues to be a potential flash point and the new Pakistan government could easily be classified as fragile. Afghanistan poses it's own unique issues and challenges as President Obama prepares to send an additional 20,000 troops to help stabilize the country. CNN.com has more here.

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