Feinstein Pitches Manufacturing Assistance Program

Sen. Dianne Feinstein (D-Calif.) today released a letter she wrote to President Obama this past Thursday, in which she urged him to consider her new plan to help out manufacturers in California.

Feinstein’s proposal involves allowing the U.S. Export-Import Bank to lend $20 billion to manufacturers who promise to use the money to directly hire domestic workers.

Prospective employers would be required to apply for loans and would have to present business plans showing how the money would allow them to expand their payrolls. Only manufacturers who can prove that they are being forced to compete unfairly with subsidized foreign companies would be eligible for the loans.

“The recent string of disappointing economic news underscores the need for us in Congress to continue to push for more robust job creation,” Feinstein wrote in her letter to Obama. “The longer we wait to counter the efforts being made by our strongest competitors, more and more of our manufacturing base will be siphoned away.”

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The Supercommittee Gears Up For Work

* All 12 committee members are picked, the supercommittee MUST meet by 16 September - at the moment they’re NOT required to meet in public, though there’s a push in Congress for public meetings, and to force them to declare their fundraising.

* They’re saying nice things but: Sen Pat Toomey (R) says the panel must focus on cutting spending, regulations; and Rep Jim Clyburn (D) says the panel needs to work to close the growing gap that divides rich and poor in America, says the human side gets lost in the debt and deficit talk.

* However, others say they’re flexible: Rep Xavier Becerra (D) pledges to “be as open as possible, check my ego and my preconditions at the door.”

* Rep Dave Camp (R) who chairs the tax writing Ways and Means Committee says nothing should be off limits.

* Sen Patty Murray (D) the co chair (and the only woman) says members need to “look each other in the eyes and find common  values that we have to move forward”

** IF they don’t, there is an automatic trigger of $1.2 trillion in cuts over 10 years split between domestic and military spending.

** Chances they’ll reach consensus: 50/50 at this time - chances they’ll reach consensus after they’ve met.

Clyburn, Becerra And Van Hollen Join Supercommittee

House Minority Leader Nancy Pelosi (D-Calif.) tapped Representatives Jim Clyburn (D-S.C.), Xavier Becerra and Chris Van Hollen (D-Md.) to serve on the supercommittee tasked with finding $1.5 trillion in savings.

Noting that the committee “has a golden opportunity to take its discussions to the higher ground of America’s greatness and its values,” Pelosi said that their focus should be on job creation, economc stimulation and wage growth for working families.

The three Democratic Congressman join 9 others names by Senate leaders Harry Reid (D-Nev.) and Mitch McConnell (R-Ky.) as well as House Speaker John Boehner (R-Ohio).

The Republican members of the committee are Senators Rob Portman (R-Ohio), Jon Kyl (R-Ariz.) and Patrick Toomey (R-Pa.), House Republicans Fred Upton (R-Mich.), David Camp (R-Mich.) and Jeb Hensarling (R-Texas.). Reid selected Senators Patty Murray (D-Wa.), Max Baucus (D-Mont.) and John Kerry (D-Mass.).