Democrats Discuss the Advantages of their Budget

Democratic Senators Kent Conrad (D-ND) and Max Baucus (D-MONT.), Representatives John Spratt (D-SC) and George Miller (D-CA) held a press conference today talking about the Democratic Budget. Sharon Patterson-Stallings, a recipient of the Low-Income Home Energy Assistance Program (LIHEAP) and Carmen Berkley, a recent graduate from Pittsburgh University and Vice-President of the United States Student Association also joined the Senators and the Representatives to show their support to the Budget. This week, the Senate and the House will be debating the Democrats’ plan to cut taxes for the middle class, create jobs at home and strengthen the economy.

The plan is concentrated on education tax cuts, energy tax cuts, Alternative Minimum Tax relief and infrastructure. The objective is to restore fiscal responsible balance by 2012/2013.

This budget promises to secure both complex domestic society and economic leadership, “where Bush has failed” said Chairman Miller. It also promises to help homeowners, by property tax deduction, not only itemizing it, helps soldiers get houses, helps families with children and helps College graduates with their loans.

House Committee Joint Hearing on Disabled American Veterans

At the House Committee on Veteran's Affairs Joint Hearing to receive legislative presentation of the Disabled American Veterans, Congressman Steve Buyer (R-IN) said whether or not veterans are service connected or non-service connected (in regards to disability), he feel that the DAV should be able to stand for veterans. He wants to simplify the process for compensation and retirement, and essentially "take the DOD out" of the system to make the process faster.

Senator Richard Burr (R-NC) said his goal is to make sure that every veteran is given everything they deserve. We haven't looked at how society changes, he said, and the miracle of modern medicine. Willingness to change a system to make it better will provide better benefits to the veterans.

National Commander of the Disabled American Veterans Robert T. Reynolds said for six years, soldiers have been in harms way and they are returning, needing our help to return to "a normal life." Our nation cannot say, he said, that "we cannot afford to honor our veterans," our nation must show that if we can call upon our veterans, we can also honor them. We must make sure the leadership promise that the commitment to the veterans is upheld. We believe, he said, the veteran's health care system must be a top priority by us, as they are a top cost in our defense. It is imperative that the Veterans Administration improves helping veterans. All they need is the tools and funding to do so.

Some recommendations from Reynolds were supporting additional increases and annual cost of living allowances, providing better veterans insurance, updating mortality table, adjusting retirement pay, and reviewing disability compensation.

Ben Bernanke, Chairman of the Board of Governors of the United States Federal Reserve, Testifies Before House Financial Services Committee About State of the Economy and U.S. Monetary Policy

Federal Reserve Chairman Ben Bernanke testified before members of Congress this afternoon at a House Financial Services Committee hearing regarding monetary policy and the state of the American economy.

The Committee questioned Bernanke about a wide variety of factors that account for the financial successes and failures of our nation. As one of the most important decision makers in US economic policy, Bernanke was most critically interrogated about the fast increasing rate of housing foreclosures facing homeowners unable to pay back “risky” loans they are unable to afford.

In response to such criticisms, Bernanke discussed the need for American consumers to better understand where the money they spend goes. Regarding housing foreclosures and credit debt problems, Bernanke explained the need for American’s purchasing goods and real estate to understand the interest rates they are committing themselves to, as well as the additional fees many purchases are accompanied by.

Also emphasized by Bernanke was his hope that the economic stimulus package recently signed by President Bush would remain temporary. Bernanke discussed his desire to construct a thriving economy, yet at the same time cautioned that the only way for such success to become permanent would be for the American people to learn how to successfully maintain one.