Daily Political Wire 6-30-2010

George Wenschhof

Today, President Obama heads to Racine, Wisconsin to hold economic town hall meeting - This is a continuation of the tag-team effort with Vice-President Joe Biden called "Recovery Summer". Unfortunately, for the president, the effort so far is falling short with consumer confidence at it's lowest sine February and the Dow Jones falling 270 points yesterday. Unemployment continues to hover at 10%. AP has more here.

Results are needed more now than speeches as the mid term elections near.

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Wall Street Reform bill forced back to reconciliation committee - concessions lead to likely passage by end of the week - Senator Scott Brown (R-Mass.) became a "No" vote after learning the 19 billion bank fee had been included in the final legislation. With the passing of Senator Byrd (D-W.Va.), Democrats did not have the 60 votes needed to end a planned filibuster.

Democratic leadership caved and removed the 19 billion bank fee, replacing it with 11 billion from the 2008 TARP (bail-out) bill and a slight increase of fees paid by banks to the F.D.I.C.
Passage is expected by the House tomorrow and then the Senate with the bill on the president's desk prior to the 4th of July weekend. The Boston Globe has more here.

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Democrat Senators Mary Landrieu (La.) and Frank Lautenberg (NJ) battle over succeeding the late Senator Byrd chair position - the subcommittee is Homeland Security and oversees FEMA. TheHill.com has more here.

Democratic Leaders are leaning toward Lautenberg and Landrieu is objecting saying she has more seniority. The position would be interim chair as the senate will reorganize in January 2011 after the mid term elections.

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President Obama brought up in Rod Blagojevich Corruption Trial - the former Illinois Governor's trial promises to be interesting to follow. A former Union Leader; Tom Balanoff testified President Obama had personally asked him to mention Valerie Jarrett to Governor Blagojevich as a replacement for his vacant Senate seat. Politico.com has more here.

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