What You’ll See This Week…

We got this off an e-mail circulating around following an update from a Democrat lobbyist in Washington. See if this stuff bears out this week as it goes along…

“Congress is a week away from its September session, and President Barack Obama will use this week to frame the economic debate.  After employment fell for a third straight month in August and the unemployment rate increased to 9.6 percent, on Monday President Obama proposed $50 billion in immediate investment for transportation infrastructure.  On Wednesday, he will announce a $100 billion proposal for business tax cuts.  To pay for the plans, the Administration is looking at tax increases for oil and gas companies and corporate offshore earnings.

“The infrastructure spending and tax breaks for business will be popular with Congress; the tax increases will be less well liked. Three hurdles make passage less than likely: limited Republican willingness to hand Democrats legislative accomplishments just before the midterm elections; the larger debate over extending the expiring 2001 and 2003 tax cuts; and, resistance to the proposed offsetting tax increases.

“The White House domestic economic agenda follows a week that emphasized Foreign affairs as President Obama announced the end of combat operations in Iraq and, together with Secretary of State Hillary Clinton, helped lead Palestinian President Mahmoud Abbas and Israeli Prime Minister Benjamin Netanyahu to agreements that could set the stage for Middle East peace negotiations.

“When Congress returns to session next week, it will present polarized moods.  Democrats, especially those who face pending defeat and are likely to be cut off by their party campaign machinery, will be bitter and confrontational to their leadership.  Republicans will return buoyant at the prospect of regaining congressional majorities.  Cooperating with Democrats, especially in a way that might help some Democrats hold onto office, will hardly be their first priority.”



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