Daily Political Wire 7-14-2010

George Wenschhof

Today, after meeting with Senate Democratic leadership, President Obama will meet with House Democratic leadership - continued discussions on what legislation can be passed this year prior to the mid term elections. Financial reform is not set to be voted on tomorrow, so now it will be on to the struggling economy, Climate/Energy bill, and possibly a comprehensive immigration bill.

In yesterday's meeting with Senate Democrats, three bills were targeted for completion in the next two weeks; the Financial Reform bill, extension of unemployment benefits, and aid to small businesses.

Senate Majority Leader Harry Reid will introduce the Energy/Climate bill in August. TheHill.com has more here.

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Jack Lew to replace Peter Orzag as OMB Director - let's see how he does at reducing the annual budget and deficit. He was the man in charge who helped bring the U.S. budget to a surplus at the end of the Bill Clinton administration. By the end of the George W. Bush administration the annual budget deficit had grown to 1.3 trillion.

Lew replaces Peter Orzag who resigned recently. First Read has more here.

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Vote on Financial Reform bill set for tomorrow - Three Republican Senators are now on board which is enough to secure passage of the bill. Scott Brown (Mass.) is joined by Maine Senators Snowe and Collins.

While the bill contains many positive changes, it does not go far enough in reducing the size of banks, still allowing for abuses which led to the financial market collapse of 2008. The Glass-Steagall Act which was passed in 1933 to regulate Banks was repealed in 1999 which led to the 2008 financial market debacle. Wall Street lobbyists were successful in blocking attempts to reinstate Glass-Steagall.

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Robert Bentley wins Republican run-off election in Alabama - he came from behind to beat Bradley Byrne for the Rupublican nomination for Governor. he will now face Democrat Ron Sparks.

In a congressional seat run-off election, favored Martha Roby easily beat tea party candidate Rick Barber. Roby will now face Democrat incumbent Representative Bobby Bright. The Washington Post has more here.

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