Chances Of Climate Bill Passing This Year Are Slim, Says Expert

The odds of Congress passing a comprehensive climate control bill in 2010 are not very good, according to Margie Kriz Hobson with the National Journal. Hobson, an energy and environment reporter at the Washington, D.C. based political news organization, told Talk Radio News Service on Friday that simply put, Democrats who want a bill passed do not have the votes.

"I think that the chances of passing climate change legislation are less than 50/50," Hobson told TRNS correspondent Geoff Holtzman. "A dozen Democrats are saying they're not necessarily interested in a bill, and very few Republicans have even hinted that they'd consider voting for a bill, so you just don't have the numbers."

The Washington Post reported on Friday that Sens. John Kerry (D-Mass.), Lindsey Graham (R-S.C.) and Joe Lieberman (D-Conn.) will unveil a climate proposal on April 26. According to sources, the legislation would include a measure to place carbon emissions caps on businesses and manufacturers. Hobson said most experts believe that many lawmakers just don't have the political will to support a cap-and-trade provision.

"People can definitely describe [cap-and-trade] as a tax," she said. "The House passed a climate bill last year, only the Democrats voted for it. And now, many have discovered that their votes are being used against them in their campaigns for re-election. [Senate Democrats] have to see the pain that it's causing their House colleagues."

Follow Geoff Holtzman on Twitter

Some Stimulus Recipients To Face Increased Scrutiny

Vice President Joe Biden today announced the release of a Presidential memo calling for tighter oversight of recipients of Recovery Act (ARRA) funds.

According to government figures, agencies failed to file reports on 1,036 Recovery Act awards in the last fiscal quarter. Although spending reports were submitted for 65,429 other awards, Biden said the goal should be to have every single federal dollar accounted for.

“After more than a year implementing the Recovery Act, I can proudly say that we’re not only creating jobs across the country, but doing so responsibly and with a level of transparency never before seen in this town,” Biden said. “This Presidential Memorandum will continue to make sure that every dollar is accounted for and every official is held accountable.”

Earl Devaney, Chairman of the independent Recovery Accountability and Transparency Board, created by the ARRA, said cracking down on recipients that fail to report is the best way to ensure full accountability.

“I have been a strong advocate of compliance measures that would encourage recipients of Recovery funds to submit their spending reports to the Recovery Board, as required by the Recovery Act,” Devaney said. “The President’s decision to issue a memorandum to the senior officials of executive departments and agencies will go a long way toward helping the Board achieve our goal of 100 percent compliance.”

Obama Announces Plan To Explore Offshore Drilling

President Barack Obama announced today that his administration will approve oil and gas exploration off parts of the nation's Atlantic and Gulf coasts.

"Given our energy needs, in order to sustain economic growth, produce jobs, and keep our businesses competitive, we’re going to need to harness traditional sources of fuel even as we ramp up production of new sources of renewable, homegrown energy," said the President during remarks delivered on Andrews Air Force Base in Maryland.

The announcement marks the end of a long-standing federal moratorium on offshore drilling, and comes as somewhat of a surprise to both critics and supporters of Mr. Obama, who until now has opposed the idea of opening up U.S. coastlines to drilling for energy resources.

The initiative involves a slight compromise between the administration and environmentalists. While government agencies will be allowed to conduct studies in parts of the Atlantic Ocean and the eastern Gulf of Mexico, no exploration will be allowed to take place in Alaska's Bristol Bay, considered an oil haven by drilling advocates.

"My administration will consider potential new areas for development in the mid and south Atlantic and the Gulf of Mexico, while studying and protecting sensitive areas in the Arctic. That’s why we’ll continue to support development of leased areas off the North Slope of Alaska, while protecting Alaska’s Bristol Bay," said Mr. Obama.

The President's slightly modified energy strategy will likely be viewed as an attempt to appease groups on each side of the issue. Oil and natural gas companies, who may have a chance in two years to lease areas the government deems suitable for drilling, should embrace the decision. On the other hand, environmental organizations, who oppose increased domestic drilling, should appreciate the administration's continued attempts to promote the development of renewable energy sources, an initiative Mr. Obama acknowledged on Wednesday.

"With less than 2 percent of oil reserves, but more than 20 percent of world consumption, drilling alone cannot come close to meeting our long-term energy needs, and that for the sake of the planet and our energy independence, we need to begin the transition to cleaner fuels now."

Healthcare Fight Not Over, Say GOP'ers

Although President Barack Obama will soon sign the main health reform bill passed by the House last night, Republican lawmakers aren't convinced that their window of opportunity to 'kill the bill' has closed. Hours after the House passed the Senate's bill, as well as a subsequent reconciliation bill, Rep. Steve King (R-Iowa) drafted legislation to repeal them.

“Americans across the country are outraged that liberals have made an unconstitutional bill full of special interest bribes the law of the land. Democrats will pay a price for their overreach. This fight is far from over. Now the work begins to repeal this monstrosity and restore the principles of freedom that made America a great nation," said King in a statement released Monday morning.

King's effort will most likely enjoy support from at least a few on the other side of Capitol Hill.

Sen. Jim DeMint (R-S.C.) has already said he will introduce a repeal measure in the Senate, and during an appearance on ABC this morning Sen. John McCain (R-Ariz.) vowed "we're going to repeal this."

Realistically, Republicans will more than likely have to win control of both Houses this fall in order to have a shot at repealing the soon-to-be laws. Additionally, without 60 seats in the Senate, Republicans would have to use the same reconciliation process they have assailed Democrats over the past few months for using. However, while attaining a super-majority is out of the question, Republicans are betting on the fact that Obamacare will pay dividends for their candidates later this year.

One such candidate is Rev. Isaac Hayes (R), a youth Minister from Chicago, who sees healthcare as a way to defeat Jesse Jackson Jr. (D-Ill.) in his race to get re-elected to the House.

"I believe the process by which health insurance reform has been jammed down our throats will be the centerpiece of the November election...America knows this is a government grab of one-sixth of the economy and they are encouraging Republicans to repeal this bill the moment we are sworn in as the 112th Congress," Hayes told Talk Radio News Service on Monday.

Time To Act On Financial Reform Is Now, Says Dodd

Citing the urgent need to repair the nation’s ailing financial system, Sen. Chris Dodd (D-Conn.) unveiled his own financial regulatory reform plan on Monday.

Dodd, who presides over the powerful Senate Banking Committee, said although a package he had been working on with fellow committee members Richard Shelby (R-Ala.) and Bob Corker (R-Tenn.) was close to being finished, he decided he could no longer wait for them to help put forth legislation.

“Nearly seven million have lost their homes to foreclosure over the last several years. Millions more have lost their retirement funds or their small businesses...Americans are frustrated...and they wonder if anyone is looking out for them...It is certainly time to act.”

In an attempt to prevent future collapses of both the housing and credit markets, Dodd’s plan would do four main things: First, it would abolish the belief that certain banks and financial institutions are “too large to fail,” ensuring that taxpayers would not again be asked to help bail out firms that fall into trouble. Next, it would create a new independent consumer protection agency (CFPA) to serve as a watchdog over various financial products, and would also establish a council tasked with identifying threats to the nation’s economic stability. Finally, it would increase the transparency by which complex financial tools such as hedge funds and derivatives are regulated.

“The legislation I’m offering is comprehensive in its scope because the crisis it aims to solve is comprehensive in its scope,” Dodd said.

While the plan has bipartisan agreement on several of its provisions, Dodd acknowledged that it currently lacks bipartisan support. Additionally, Dodd hesitated to say that the plan would even receive the blessing of every Democrat on the committee.

There are a few reasons for this. First, lawmakers and outside experts are skeptical over whether housing the CFPA inside the Federal Reserve (Fed) is a good idea. Those skeptics argue that the Fed contributed largely to the economic decline, and thus should not be given increased authority. During his press conference however, Dodd insisted that the CFPA would be an independent body, under no command of the Fed.

Another area of concern for some is that smaller-to-medium-sized banks would be needlessly subjected to tightened regulation under the legislation. But Dodd assured that firms with assets valued at under $10 billion would be excluded from increased oversight.

“We must restore confidence and optimism in our economy, accountability in our markets and stability to our middle class,” he said.

The hardest part for Dodd will now, of course, be getting the votes necessary to pass his plan. With the debate over health reform having renewed an atmosphere of partisanship in Washington, Dodd’s legislation will probably be viewed as too politically risky by moderates and conservatives who face re-election this year. Yet on Monday, Dodd -- who has announced he will not be running for another term in office -- viewed the prospects of passage with an almost defiant sense of confidence.

“We will have financial reform adopted this year in the Congress of the United States.”