Daily Political Wire 7-2-2010

George Wenschhof

Today, President Obama attends the memorial services of the late Senator Robert Byrd (D-W.Va.) - earlier this morning, the president will comment on the disappointing job numbers and the Stimulus bill. This evening, he will depart to Camp David; the presidential retreat located in the Catoctin Mountains near Thurmont, Maryland.

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Unemployment figures troublesome - 125,000 less jobs were available last month as construction and service related industries were not adding to their payrolls. Bloomberg.com has more here.

The jobless rate dropped from 9.7% to 9.5%, but that was due to a reduction in the size of the labor pool brought about by long term unemployed no longer actively seeking employment.

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Senator Maria Cantwell (D-Wa.) now on board for Wall Street Reform bill - she will help to ensure passage by the senate when they return after the July 4th break. She and fellow Democratic Senator Russ Feingold (D-Wis.) had been saying "No" as they felt it did not go far enough.

Cantwell wants a return of the Glass-Seagall Act which separated investment and commercial banking. She is right about her position for the decision to repeal the Act during the Clinton administration is what led to the Wall Street meltdown. However, she will now support the bill passed by the House earlier this week.

With a replacement for the late Senator Byrd (D-W.Va.) to be sworn in after the break, Democrats with the support of Republican Senators Olympia Snowe and Susan Collins of Maine will be able to avoid a sure Republican filibuster.

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The long term replacement process for the late Senator Byrd is still being debated - some calling for a special election this year and others saying 2012. The final decision will impact West Virginia Governor Joe Manchin who previously intended to run for the senate seat in 2012. Politico.com has more here.

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House passes FY'11 1.12 Trillion "Budget Enforcement Resolution" - Due to Democrats not wanting to deal with a traditional budget resolution because it would show the large deficits prior to the upcoming election. The vote was 215-210.

It is 7 billion less than President Obama had and it does not reflect where the cuts will come from. Instead, leaving it for the bipartisan budget reduction commission appointed by President Obama. TheHill.com has more here.

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