Sunset Caucus To Shed Light On Government Spending

By Aaron Richardson-Talk Radio News Service

The Republican Study Committee (RSC) introduced the formation of the Sunset Caucus today. Rep Tom Price (R-Ga.), the Chairman of the Republican Study Committee described the Sunset Caucus as “A new inititive that will continue to bring sensibility to Washington spending.” The Sunset Caucus is made up of Republican House Representatives from across the U.S. including Kevin Brady (R-Texas) who is the co-chairman, and Bob Goodlatte (R-Va).

The members of the Sunset Caucus plan to review certain federal programs and end those deemed wasteful, inefficient, or dangerous. Goodlatte named one program he was anxious to cut.

“The visa lottery program was established in 1990 and awards approximately fifty-thousand permanent resident visas to foreign nationals each year. The State Department’s Inspector General has testified that this program poses a serious national security threat to the U.S," said Goodlatte.

Rep. Bill Posey (R-FL) spoke about against funds going towards the island nation of Palau.

“Our government pledged $200 million in development assistance to Palau. That comes to $12 million per individual detainee. That's $200 million equals the annual college tuition for over 2,000 students," Posey stated. "The new slogan for Palau will be: Come tan with the terrorists and pay low.”

For information about the RSC or the Sunset Caucus visit www.rsc.price.house.gov

Auto-Makers Defend Dealership Closings

By Justin Duckham-Talk Radio News Service

The Presidents of General Motors and Chrysler, the two auto-giants that recently declared
bankruptcy, appeared before Congress Friday to defend their decision to close down several hundred dealerships.

"Today's automotive industry cannot support the number of dealers currently in the market place," said Chrysler President James Press during his testimony to the House Energy and Commerce Subcommittee on Oversight and Investigations. "The old Chrysler dealer network is not profitable and not viable."

Press expects that closing down the dealerships will save the company $3 billion.

The nation-wide streak of shut-downs, which has been slammed by House Majority Leader Steny Hoyer (D-Md.) as having 'zero' economic benefit, came as a result of Chrysler and GM's plan to redevelop their distribution network. The company will then presumably be in a key position to take their respective next steps. Chrysler is set to continue production under European auto-maker Fiat while the U.S. government will essentially own the majority of GM.

Chrysler is planning on closing 789 of their franchises. GM is set to close at least 1000 dealerships, although it has recognized appeals from 45 individual franchises. Chrysler has no such appeal process.

A handful of auto-dealers appeared before the subcommittee to voice their concerns over the shut-downs.

"I adamantly believe my constitutional rights have been violated. I think I am a victim of an illegal taking...I am hurt. I feel violated," said Frank Blankenbeckler, the dealer principal of Carlisle Chevrolet-Cadillac.

Blankenbeckler was visibly choked up and at points appeared to be holding back tears.

A number of auto-dealers used their testimony to announce their support of the Automobile Dealer Economic Rights Restoration Act of 2009, which if passed will effectively halt the closings.

Boehner: Cheney Is A Private Citizen And Has The Right To Speak

House Minority leader John Boehner (R-OH) discusses about how the knowledge and experience of former Vice-President Dick Cheney "are helpful to the debate." (0:39)

"PUMPed" about Energy Independence

By Courtney Ann Jackson-Talk Radio News Service

Energy independence is a must according to United States Representative Bart Stupak (D-Mich.) at his news conference Friday. Stupak introduced revised legislation of the Prevent Unfair Manipulation of Prices (PUMP) Act that will address excessive energy market speculation and regulation of any future carbon derivatives markets.

“We need the 2009 PUMP Act for two reasons. Number one, we’ve seen a dramatic increase in the price of oil and natural gas since the beginning of the year. Secondly, the carbon derivative trading market that’s being proposed...is creating a whole new market,” said Stupak.

The update and revised PUMP Act addresses more current carbon issues and gives the Commodity Futures Trading Commission (CFTC) the authority to regulate carbon derivates as an energy commodity. It will also aid in closing the swaps, involving energy transactions loophole, which will eliminate energy transactions to be excluded from the requirements of the Commodity Exchange Act.

Next week, the House Energy and Commerce Committee will consider the American Clean Energy and Security Act. The Act will create “an entirely new carbon derivatives market which speculators can manipulate,” according to Congressman Stupak’s office.

Stupak said the carbon derivatives market needs to be “based on a strong regulatory framework.” He also noted that despite the fact that energy costs are down significantly from this time last year, America can not become complacent.”

“I am tired of waiting. We should get it done. I don’t want to create a market and then try to fix the market once it’s functioning. Let’s fix it. Let’s get it frame worked before the market begins,” he said.

Just a Spoonful "Economic Medicine"

By Courtney Ann Jackson-Talk Radio News Service

The Recovery Act is doing just as its name promised, according a press conference Wednesday from the office of Vice President Joe Biden. Biden released his first of a series of quarterly reports to President Barack Obama Wednesday morning.

In an on background conference call, a senior administration official from the Vice President’s Office said the American Recovery and Reinvestment Act has shown “early progress providing immediate financial relief for American families.”

The recession has been broad-based, causing unemployment to rise across the country. However, the Recovery Act has been responsible for creation of 150,000 new jobs so far, across all 50 states, including those in areas where it is most needed. “There are programs targeted to specific high unemployment
areas,” the official said.

The report discussions on state fiscal stabilization funds highlights Wisconsin’s application. It is is a good example of how states are “ramping up,” according to the official.

“The report find the anticipated funds are already having an effect on economic and job growth as private sector companies step up to meet expected demand for their projects under the act and state governments adjust their spending plans and they expect to received additional funds,” the
official said.