Bank of America Repays $45 Billion

The Bank of America, as of Wednesday, had repaid entire $45 billion sum which it got from the government bailout plan earlier in the year. According to some, this is a sign that the economy is rising once again, because banks are now starting to actually stand on their own two feet. However, it seems that the money was paid back because the bank did not like the government restrictions which came with the funds. Apparently, the government rules where hampering the banks ability to select a new CEO, and without these government controls, this process could take the front seat for the bank. So far, a total of $116 billion have been payed back from the initial bailout, a sign that at least some of the companies are showing signs of growth and success. It seems that the criticized bailout has actually done something positive for the economy, as shown by this move of repayment. Banks are beginning a new era of management, hopefully, and will learn from the governmental which were place on them for a time. The link to the article is here.

Subpoena of White House Crashers

Apparently, in Congress, a House Homeland Security Committee voted, on Wednesday, to subpoena the couple which crashed a White House party last month, in an attempt to know the truth about what went wrong. Certain subjects in the Secret Service have already been put on a leave of absence, but the committee just wants to know what happened from the crashers point of view. However, the Salahis have invoked their 5th amendment write to not answer and questions. Overall, in my opinion, this issue is a waste of time for Congress. Yes, something went wrong; but no, we do not have to spend a month trying to sooth the feelings of the media. The United States Congress, after all, has much more important things to be working on than trying to figure out how a couple crashed a party. I understand that it is an issue of safety, but their are more important issues of safety which the House could be using their time to discuss. The link to the article is here.

A Medicare Buy-In?

Currently, one issue being debated on Capitol Hill is that of a possible Medicare buy-in for people who have not yet reached the 65 year cutoff. The buy-in discussed would be for people of ages 55 to 64 who do not have any sort of private insurance. The main problem, however, is the fact that the buy-in would cost an average of $7,600 a year as a premium. This is well above the average premium in the private sector, which is in the $4,000 range. The expense of the Medicare buy-in comes from the general costs of running the program. So if Medicare is a good option for this "middle-of-the-road" group, how could they pay for it? The answer at the moment seems to be subsidies from the government. In my mind, this seems quite strange, considering the $7,600 cost would practically be paid to the government to cover cost. So, if the government is also providing subsidies for the cost, they would essentially just be lower the age requirements for Medicare, because costs would cancel each other out. To me, it seems that Congress should come up with a more effective idea for covering this middle age group, without compromising the Medicare plane for the people which already have it. The link to the article is here.

Leaked Climate Change Emails Stir Congress

When a hacker broke into the private emails of the U.K.'s University of East Anglia's Climate Research Unit, emails were made public on the internet that were never meant to be so. The controversy behind the emails caused the director of the unit, Phil Jones, to stand down. This may have been unimportant to American politics had Congress not been debating climate change issues on Wednesday. The emails made some skeptics of climate change resort to their founded beliefs. Republican representative James Sensenbrenner of Wisconsin stated an argument along the lines that the email invalidated the recently concreted thought that humans are a cause of climate change. Others, however, such as Democratic representative Ed Markey of Massachusetts, say that climate change is a threat to our planet, and all of this is a diversion from the real problem at hand. For the most part, I agree with this view from Markey. A couple of private emails that were not supposed to be released to the public should not make legislators change their mind about the issues. The scientific reports are what should be concentrated on. However, because scandal is God in America, the issue of the contradicting emails will be blown out of proportions. The link to the article is HERE.

Medicare Cuts to Stay in Health Care Bill

In anther issue of bill amending, the proposed cuts in Medicare that are currently in the health care bill are to remain in the bill. This was decided upon the decline of an amendment put forth by Arizona Republican Senator John McCain. The proposal from McCain would have given up the 400 billion dollar cuts from Medicare in the health care bill, which would have overall added more money (400 billion dollars) to the cost of the bill. The bill was vetoed with a 58-42 vote. The Republicans who supported the bill were worried that 400 billion cut from Medicare would make people who rely on Medicare Advantage lose some benefits. Democrats argued against this by saying that no "guaranteed" benefits would be lost in the cut. Interestingly enough, and perhaps the most interesting aspect of this story, is the fact that the AARP strongly supported the Democrats in this decision. To me, it seems strange that the interest group supporting retirees would support a cut in Medicare, because retired people are the majority of people who would be effected by the cut. In this sense, their Democratic support goes against rational thought. In a way, it shows that other measures in the health care bill are more important that this single Medicare cut; other privileges supported by the bill must balance out the cut in the eyes of the AARP. This issue shows the amendment process in the legislature, as well as the influence of interest groups in politics. The AARP is powerful, and their support does not go unnoticed. The link is HERE.

Senate Passes Second Amendment to Health Care Bill

As the Senate debates the controversial health care bill, amendments to the bill have begun to arise. One such amendment was passed today, the second to be passed regarding the bill. This amendment, forwarded by Maryland Democrat Barbara Mikulski, would expand, specifically, the coverage of women's health care. The amendment, which was passed 61 to 39, would allow the government to require health insurance companies to cover screenings and other preventative care measures for women at little or no cost to the woman. This proposal was one of two regarding women's health care coverage, the other being an amendment to the bill introduced by Alaskan Republican representative Lisa Murkowski. Mikulski argued that Murkowski's plan did not do enough to cover the up-front costs of preventative measures for women; Mikulski want "universal access" for the service. This is an interesting event in the health care process, because it shows an issue not often thought about in health care reform. It is known that screenings and preventative measures for women are needed, but it is not so well known that many people cannot afford what the bill is basically calling "essentials." This is also and interesting issue because it shows the legislative debate process. While a bill is on the floor, many changes are made through and amendment process - an amendment process which takes time and money. It shows the thouroughness, yet slowness, of the American Legislative system. The article link is HERE.