Daily Political Wire 7-30-2010

George Wenschhof

Today, President Obama is in Detroit, Michigan - he will tour GM and Chrysler factories. The Obama administration invested 64 Billion into the failing auto industry and it has paid big dividends as both companies are posting profits one year after entering bankruptcy.

GM is set for a public offering of stock this fall which would enable the automaker to repay the government the 43 billion it owes. You can read more here.

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Second Quarter Economic Growth lowest in one year - at 2.4%, it was lower than forecast as the trade gap remains and consumer spending is down. Bloomberg.com has more here.

To make matters worse, the International Monetary Fund is saying the U.S. Banking system, while stable, remains fragile and may need as much as 76 billion in capital. You can read more here.

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Elena Kagan vote set to begin Tuesday - the Senate debate will begin late Tuesday in an effort to shorten the debate and have the confirmation vote passed by the end of Thursday, the last day before summer recess. The Supreme Court Justice nominee is expected to win nomination. Four Republicans have already signaled their support. TheHill.com has more here.

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Republican Party of "No" strikes again - using the filibuster once again, Republican Senators blocked a bill that would give aid to small businesses by providing expanded loan programs and tax credits. Interestingly, these are exactly the type of provisions Republicans have championed for quite some time. The NY Times has more here.

Republicans are expected to also battle approval of 21 billion in aid to states for medicaid and to prevent teacher layoffs in a bill to be introduced prior to the August recess.

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Republican Senator John Ensign joins Rangel in the Hot Seat - just when Republicans were hoping to be able to exploit the upcoming Ethics trial of long term Representative Charles Rangel (D-NY). Politico.com has more here.

The Nevada Senator is under investigation by a federal grand jury that he illegally tried to cover up an extra marital affair with an aide. The senate, by a voice vote yesterday, allowed Ensign aides to testify to investigators.

This comes after investigators requested and received thousands of emails from Senator Tom Coburn (R-Ok.) pertaining to the case. Stay tuned....

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