Republican John Boehner predicted that the GOP will compromise on raising the debt ceiling. The House Speaker expects a majority of the Republicans will approve a modified plan proposed by the Senate even without a balanced budget amendment. According to Democratic Senator Harry Reid, the measure supported by the House is expected to be voted down by the Senate.
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James Sutliff
Moody’s has indicated that bond ratings of some states may be downgraded if the debt limit is not raised. The states that depend heavily on federal revenue are likely to be hurt most by a default. Five states with high bond ratings that may be affected are New Mexico, Virginia, Maryland, South Carolina, and Tennessee.
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Jim Sutliff
Republican Senator Mitch McConnell has a backup debt plan in the event that a broader compromise isn’t reached. The McConnell debt plan would raise the debt ceiling in three increments over the next 18 months. The plan is a backup for Republicans and would require Democratic support.
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James Sutliff
The debt negotiations between Republicans and Democrats have broke down and are scheduled to start again on Monday morning. In addition, Obama is set to hold a press conference relating to the debt negotiations at 11 AM on Monday morning.
To read a related Fox News article, please clcik here:
http://www.foxnews.com/politics/2011/07/10/tensions-flare-ahead-white-house-deficit-summit/
Jim Sutliff
The Iowa Straw Poll is scheduled for August 13th at Iowa State University in Ames Iowa. The straw poll is a Republican fundraiser and very important for several candidates. Tim Pawlenty and Michele Bachmann are two Republican candidates that are banking on Iowa. A poor showing for Pawlenty could derail his campaign and hurt future fundraising.
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James Sutliff
Republican Representative Eric Cantor indicated that there could be a compromise on tax loopholes. Republicans and Democrats have been in talks about raising the $14.3 trillion debt ceiling and have been negotiating tax loopholes, tax increases, and spending cuts. The debt ceiling has to be raised byAugust 2nd to prevent a default.
To read a related Reuters article, please click here:
http://www.reuters.com/article/2011/07/06/us-usa-debt-idUSTRE7646S620110706
James Sutliff
The draft map for redistricting in North Carolina strongly favors Republicans. The new districts solidify current Republican seats and place four Democratic seats into Republican leaning districts. The four Democrats that are in danger of losing are Brad Miller, Heath Schuler, Mike McIntyre, and Larry Kissell. The four districts supported McCain in 2008 and Bush in 2004. Schuler may leave Congress to become the athletic director at the University of Tennessee. The new districts were drawn by the Republican controlled state legislature.
To read a related Roll Call article, please click here:
http://www.rollcall.com/news/proposed_nc_map_seeks_large_gop_gains-206976-1.html?pos=hftxt
Jim Sutliff
Nebraska State Senator Deb Fischer is expected to announce her candidacy for the U.S. Senate. Fischer will face State Treasurer Don Stenberg and State Attorney General Jon Bruning for the Republican nomination. The winner of the Republican primary is favored to defeat Democrat Ben Nelson.
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Jim Sutliff
U.S. firms are heading to tax havens in greater numbers than in the past. Increased regulations and tax burdens are factors considered by companies that are going public or relocating. Bermuda and the Caymen Islands are two popular locations for American firms.
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James Sutliff
Jon Huntsman became the latest Republican to announce a run for the Presidency. The former Governor of Utah declared in a speech at Liberty State Park in New Jersey. Jon Huntsman served as Ambassador to China for the Obama administration.
To read a related Reuters article, please click here:
http://www.reuters.com/article/2011/06/21/us-usa-campaign-huntsman-idUSTRE75K2QC20110621
Jim Sutliff
Negotiations on the deficit and the debt ceiling are making progress in Congress. Democrat Senator Dick Durbin indicated that a delay could force interest rates higher. Democrats are attempting to raise the debt ceiling and Republicans are proposing budget cuts to lower the deficit.
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James Sutliff
Congress is set to pass free trade deals for South Korea, Columbia, and Panama. The free trade deals are expected to be sent to Congress from the Obama administration. The trade agreements have strong support in the Republican controlled House and enough Democrats in the Senate.
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Jim Sutliff
Michele Bachmann announced that she is an official candidate for President. The announcement came at the beginning of the CNN GOP Presidential debate. The Republican field is still wide open but it is clear that Michele will be a top contender for the nomination.
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James Sutliff
Indiana Congressman Mike Pence has announced that he will run for Governor. The Republican served six terms as a Congressman and is a social and fiscal conservative. Mike Pence will most likely defeat the Democrat and strengthen the Republican ticket.
To read a related Reuters article, please click here:
http://www.reuters.com/article/2011/06/11/us-indiana-idUSTRE75A1QQ20110611
Jim Sutliff
At a public forum on June 7th, Jamie Dimon questioned Bernanke about Wall Street regulators. The amount of regulation came into question as well as the end result possibly being a slowdown of the U.S. economy.
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James Sutliff
