In today's edition of Politico Morning Money, TRP's Jason Rosenstock suggests that the Congress in 2015 could look a lot like that of 2011. "I believe that 2015 will look an awful lot like 2011," Rosenstock states, "except that the man made crises will be smaller in scope (i.e., if there is a shut down of an agency in March it will be limited only to DHS) and McConnell and Boehner will limit the debt ceiling fight only to headline risk." Rosenstock goes on to suggest that, while the Banking Committee will hone in on a number of controversion issues – particularly on the framework of the CFPB – the next two years will be spent laying the foundation for a grand bargain that will bring reform in 2017.
This past week may be remembered as the sunset of two well-worn political clichés. First, the old adage about how “if you like laws and sausages, you should never watch either one being made,” might no longer be possible in the modern media age as factions from both the left and the right continue to expand their use of social media to rally their respective bases against “extraneous” provisions that had been added to the CRominbus, even if those provisions were incorporated in the traditional way that appropriation bills are put together. While the bill survived and is now on its way to the President’s desk, the intensity, and more importantly the rhetoric used by the opposition may portend for a similar strategy on future legislative battles.
Investment News posted an article quoting Thorn Run Partners' Jason Rosenstock. The online publication, which dives into the investment world, was parsing out industry news from the so-called Cromnibus. “It's going to be one of those high-level negotiations between the big four House and Senate leadership," said TRP's Jason Rosenstock. Mr. Rosenstock was commenting on riders that could be included in the large appropriations bill to "effectively stop a Department of Labor rule designed to expand the number of financial advisers who must act as fiduciaries to retirement plans, including brokers who sell individual retirement accounts."
Once again Friday’s jobs number came in significantly higher than expectations. While the Bloomberg survey of economists predicted an increase of 230,000 the BLS reported that the American economy added 321,000 plus added upward revisions from the previous two months totaling another 44,000 jobs. While the unemployment rate remained unchanged at 5.8 percent, this marked the 50th consecutive month of positive job growth. The news, along with dropping oil prices, drove the stock market to near record highs.
At the same time, Senator Landrieu’s loss on Saturday only served to reconfirm that Democrats were unable to convince the American public that their policies were responsible for the economic turnaround. One reason could be the soft underbelly of this report, which despite the great headline number, showed a skewering towards part time rather than full time jobs.
Today, at a House Energy and Commerce Subcommittee on Health hearing, bipartisan support emerged for an extension of Children’s Health Insurance Program (CHIP) funding beyond Sept. 30, 2015, while members examined policy issues that could be addressed in any funding measure. While Democrats were especially eager to express their support for a funding extension, pointing to legislation introduced by Rep. Frank Pallone (D-NJ), Republicans praised the program in equal measure, encouraging quick action to ensure continued federal support and highlighting the need for state legislatures to approve budgets early next year. In a wide-ranging discussion, Members and witnesses differentiated CHIP coverage from Marketplace Qualified Health Plans (QHPs), examined potential gaps in coverage if funding were allowed to expire, and discussed the CHIP program’s successes and “core mission.”
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