MOMENT OF SILENCE TODAY. Members are reminded that today at 3:40 p.m., there will be a moment of silence on the Senate and House floors in honor of U.S. Capitol Police officers, Officer Jacob J. Chestnut and Detective John M. Gibson, who were killed in the line of duty 10 years ago today. Immediately following the ceremony, there will be a tree planting ceremony on the Capitol East Front, across from the House steps. Both Roll Call and The Hill have front-page coverage on the anniversary of the shootings.
ENERGY. A new report by the U.S. Geological Survey has found that the Arctic “contains just over a fifth of the world's undiscovered, recoverable oil and natural-gas resources, confirming its potential as the final frontier for energy exploration,” according to The Wall Street Journal. The report marks “the first time anyone has produced a comprehensive, publicly available estimate of the Arctic's hydrocarbon treasures.” The paper notes that while “exploration in the area north of the Arctic Circle has already unearthed more than 400 oil and gas fields,” large swaths of the Arctic “remain unexplored” for various reasons, including near permanent sea ice and rising nationalism.
- CQ Today reports that “the House will vote Thursday on a bill that would release about 70 million barrels of light, sweet crude oil from the nation’s Strategic Petroleum Reserve into the open market — replacing it with heavy, sour oil that is tougher to refine.” This bill, CQ says, “is the Democratic leadership’s latest effort at a short-term solution to record-high gasoline prices.” Democrats see it a short-term fix “while leaders look for consensus on broader energy legislation.” The bill will be considered under suspension of leaders in part because “Democrats want to avoid the potential for any debate on a pro-drilling amendment.” Republicans decry the measure as “political cover.”
- E&E News reports, “Today's vote comes as Republicans continue to press Democratic leadership to allow a vote on GOP-authored energy legislation before the chamber breaks for August recess next week. Minority Leader John Boehner (R-Ohio) unveiled his party's latest energy effort -- H.R. 6566, an amalgamation of previously introduced GOP bills aimed primarily at boosting domestic production of oil and alternative fuels -- while calling on Democrats to stop the procedural maneuvering that has prevented Republican energy proposals from coming to the House floor. ‘To not have a vote and to avoid a vote is not the answer,’ said Boehner.”
- UPI reports that “the White House Wednesday called on Congress to act on energy legislation, saying investment in domestic resources is imperative. White House spokeswoman Dana Perino said the Republican-sponsored American Energy Act will open up access to the Outer Continental Shelf and the Arctic National Wildlife Refuge, as well as spurring development of oil shale resources.”
- The New York Times, meanwhile, reports that “Congressional Republicans and Democrats agree that high gasoline prices are the driving domestic political issue of the moment, spurring new campaign advertisements and maneuvering almost every day. But that is about all they can agree on when it comes to the national panic at the pump.” The paper notes that “Democrats, worried about defections in the ranks, are scrambling to avoid votes on expanded drilling and this week canceled a series of Senate committee sessions that could have provided an opening for Republicans. In the House, Democrats are increasingly bringing legislation to the floor under rules that deny Republicans the chance to counter with a drilling proposal.” Republican Leader John Boehner is quoted: “What does Nancy Pelosi have to fear from allowing the House to vote?”
TROPICAL STORM DOLLY. The AP is reporting that “Hurricane Dolly slammed ashore and then loitered over deep south Texas as a tropical storm, dumping as much as a foot of rain in places and ripping roofs off buildings with 100 mph winds.” Dolly weakened to a tropical storm by 10 p.m. last night after hitting South Padre Island around midday as a Category 2 hurricane. The National Weather Service expects Dolly to weaken to a tropical depression and accelerate slightly today. A key paragraph from the AP: “While the rain set records in Brownsville's Cameron County—ranging from six to 12 inches with another three to seven expected overnight—they did not appear to pose the threat to the Rio Grande's levees that had been feared.”
TODAY. The Dow begins the day at 11, 632.38 after ending the day up nearly 30 points. At this hour, oil is trading at just below $125 a barrel.
- After finishing a visit to Israel, where he visited the Western Wall, Sen. Barack Obama is in Berlin today, where he will deliver a major address on U.S.-European relations at Tiergarten Park’s Victory Column.
- Sen. John McCain is in Ohio – he will attend a fundraiser in New Albany before participating in a health care town hall meeting with Lance Armstrong at the LIVESTRONG Summit in Columbus.
- This morning, President Bush speaks on the Freedom Agenda at the Ronald Reagan Building and International Trade Center. Later today, he will participate in a photo-op with officers of the National FFA Organization at The White House.
HOUSING. The Washington Post reports on its front page that President Bush was "persuaded" by Treasury Secretary Henry Paulson to rescind his veto threat after arguing that the "overall measure was urgently needed to stabilize the housing and credit markets." USA Today also says Paulson "said the bill's 'wasteful' provisions were outweighed by the need for expanded Treasury power to make emergency loans to, or buy stock in, Fannie Mae and Freddie Mac."
- In a front-page story, the Wall Street Journal reports that the "sprawling bill" will "now likely touch a vast array of borrowers, lenders, and investors: from owners in Colorado facing foreclosure to community banks in California and investment banks on Wall Street." The Christian Science Monitor says the "price tag of a banking crisis for ordinary Americans is large. It would rise if economic conditions worsen. And, for all the justifiable public outrage about bailouts for pinstriped bankers, the cost of not intervening to rescue the financial system would simply push the public costs even higher, finance experts say."
- The Politico reports that “a massive mortgage rescue bill advanced in Congress on Wednesday, powered by President Bush’s endorsement but leaving House Republicans and the administration badly split over the government’s response to the current housing crisis.” The paper notes that “although the measure passed easily, 272-152, the defections underscore the perils facing Cabinet secretaries such as Paulson who have tried to bridge the partisan divide in Congress to advance legislation.” The Senate poses “a second test,” but one in which the Treasury Secretary “appears to have more strength” as Sen. Richard Shelby, the ranking Republican on the Senate Banking Committee “announced his support for the package Wednesday.”
LAWMAKERS. Under the headline “Democrats and Ethics: Swamp Not Drained Yet,” CQ Today points to several examples of how despite setting “high expectations” to “drain the swamp,” the majority’s performance has been “a mixed bag.” One, of course, is the way in which “they approved the creation of a panel of outsiders to vet ethics complaints (H Res 895) but moved slowly in populating that panel.” Another is how they “adopted rules requiring identification of earmark sponsors (H Res 6), but that drew attention to how numerous the special projects are and gave candidates willing to denounce earmarks a way to stake a claim to even higher ethical ground.” And finally, “the embarrassment of a powerful chairman, Charles B. Rangel, D-N.Y., asking for an ethics investigation of himself in an effort to rebut accusations that have been raised against him.” CQ notes that “meanwhile, the Republicans have been doing all they can to depict the new majority as ethical failures.” Republican Whip Roy Blunt is quoted: “The House ethics committee has never been as disengaged as it has been in the last 18 months.”
ECONOMY. MarketWatch reports that “the dilemma facing Federal Reserve policy-makers went on vivid display Wednesday as the central bank's latest snapshot of the economy showed price pressures intensifying even as growth has slowed over the past month.” Only four of 12 regional banks reported “steady, stable, or improving growth” – with all 12 districts reporting that prices are “elevated or increasing.” The Fed’s next interest rate meeting is to be held Aug. 5, when most observers expected the bank to hold rates at 2%.
- On a related note, CNN reports that the national minimum wage goes up 70 cents today “as the second of three planned increases mandated by Congress took effect.” The national mark now stands at $6.55 – before last year’s legislation was passed, the wage had been left unchanged at $5.15 an hour since 1997. CNN notes that “the act calls for a third and final increase, scheduled to take place on July 24, 2009, that will raise the minimum wage to $7.25 per hour.”
FORD. Ford Motor Co. posted a second-quarter loss of $8.7 billion “and said it will convert three truck factories to produce small cars as rising gasoline prices sap U.S. truck sales,” according to Bloomberg. These results mark “the sixth loss in eight quarters under Chief Executive Officer Alan Mulally, recruited from Boeing Co. to restore growth at the automaker.” Mirko Mikelic, a senior portfolio manager at Fifth Third Asset Management in Grand Rapids, Michigan, is quoted: “This is going to be an extremely painful year. The F-150 is really where they've made money for years, and that's gone.'' Ford says that three large truck and SUV plants in Wayne, Mich., Louisville, Ky., and Cuautitlan, Mexico would be switched over for the manufacture of small cars.
AFGHANISTAN. The AP reports top Pentagon leaders "are expected to recommend soon that Defense Secretary Robert Gates order hundreds of additional U.S. troops to Afghanistan over the next month or so, according to a senior military official." Officials have "not ruled out identifying a larger, brigade-sized unit before the end of the year that could either be shifted to Afghanistan from a planned deployment to Iraq or moved from some other location." US commanders in Afghanistan "have been asking for three combat brigades, or roughly 10,000 more troops, to help quash rising violence there."
NEW NBC/WSJ POLL. Here are some noteworthy results from a new NBC/Wall Street Journal poll taken July 18-21. 1,003 registered voters. MoE 3.1%
- Right Direction/Wrong Track: 13/74 (record low)
- Presidential Job Approval: 30/64
- Congressional Approval: 15/75 (approval is up 2 points since last month.)
- Highest government priorities: Job creation 23%, Energy/cost of gas 20%, War in Iraq, 16%.
- Desired outcome for control of Congress: Democrats 49, Republicans 36%. (Gap has closed six points since last month.)
- Feel your Rep. deserves to be re-elected/give a new person a chance: 40/47. (Largely unchanged.)
- General election: Obama 47/McCain 41.
- Safer choice for president: McCain 45/Obama 41.
- Good idea/bad idea to set timetable for withdrawal of troops from Iraq: 60/30.
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