Bill to help small firms raise money stalls

Republicans have offered more concessions including an agreement to hike taxes on those making as little as $400,000 (up from the $250,000 sought by Obama). They also backed down on a proposal to slow the growth of Social Security benefits. They may as well throw out the white flag at this point. While I do not know if they reach a compromise today, it appears Senate Republicans are willing to do more than they should. The fact remains this is pathetic effort by both parties to rein in unsustainable budgets.

(wikimedia)

WASHINGTON — In a victory for Democrats, the Senate has voted to weaken filibusters and make it harder for Republicans to block confirmation of the president’s nominees for judges and other top posts. The mostly party-line vote was 52-48. It came Thursday after a series of procedural moves and angry accusations from both parties’ leaders. Senate Majority Leader Harry Reid complains that Republican gridlock has prevented the chamber from functioning.

Following a full court press by the Obama administration, and specifically gun tzar Joe Biden, to legislate "stronger" gun law in the last several months ever since the Sandy Hook massacre, the initiative may have just suffered a terminal defeat following a failure to even pass a bipartisan background check amendment in the democrat-controlled Senate.

Denying decorated war hero and foreign policy luminary Chuck Hagel the Pentagon’s top job will be a daunting task for his opponents. But Republicans are spoiling for a fight against President Obama over the nomination of the former GOP senator for secretary of defense.

The U.S. House of Representatives doesn’t plan any votes on the federal budget Monday night, meaning that Congress for now will fail to avert US$600-billion in tax increases and spending cuts set to start at midnight. Taxpayers and investors won’t see immediate effects of the changes, which would accumulate over a matter of months. Congress could reverse them by acting retroactively early in 2013. There are signs they may do just that. It appears that an agreement to prevent this New Year’s tax hike is within sight, but it’s not done

Following last week's surprising passage of the preliminary approval to extend emergency unemployment claims, i.e. emergency jobless claims, for 3 months, when six republicans sided with democrats and gave approval to the original $6.4 billion legislation, there was an expectation that up to 1.4 million Americans would get their benefits extended once again (despite the so-called recovery in the economy, and the job market, instead of just all time high S&P500).

Democratic leaders fail to get the 60 votes needed to end debate and push the legislation to a final vote amid concerns from two in their own party and widespread Republican opposition. Attempts to pass a sweeping overhaul of financial regulations stalled in the Senate as a key procedural vote failed Wednesday because of near-unanimous Republican opposition and concerns from two Democrats that the legislation was not tough enough on Wall Street.