The Cincinnati Enquirer reports that in Cincinnati yesterday, Vice President Biden "defended the $787 billion federal stimulus against critics who say it isn't creating jobs." The Business Courier of Cincinnati says Biden "formally announced a $1.6 million federal grant, one small part" of the "massive economic stimulus package." Bloomberg News says Biden's trip follows a poll that found President Obama's approval rating "has dropped by 13 percentage points from two months ago in Ohio."
The AP reports Biden also promoted the stimulus package in Clifton Park, New York. Rep. Scott Murphy "said Biden's staff reached out to him last week to set up the appearance in his district. Murphy narrowly won the 20th congressional district seat vacated" when Kirsten Gillibrand was appointed to Hillary Clinton's Senate seat. The Albany Times Union says Biden "said part of the recovery effort is about 'building the infrastructure to be able to compete in the 21st century.'"
The Washington Post reports the Vice President's "aggressive tone and tempo of his speech came at a moment when the Obama administration is facing sustained criticism from the GOP amid worries that the recovery may stall."
Meanwhile, the Washington Times reports, the Republican National Committee "is using President Obama's own words against him in a tough new ad that points out the nation's rising unemployment numbers as it shows the president with his feet up on his desk and defending his economic stimulus plan." The Washington Times reports the Administration "revealed last week that as much as $16.1 million from the stimulus program is going to save the San Francisco Bay Area habitat of, among other things, the endangered salt marsh harvest mouse." That item "has revived Republican criticism that the pet project was an 'invisible earmark' in the massive spending bill for" Speaker Nancy Pelosi.
The GOP's economic criticism may be gaining traction, The Politico reports, and in a "potentially alarming trend for the White House, independent voters are deserting President Barack Obama nationally and especially in key swing states, recent polls suggest." Obama's "job approval rating hit a -- still healthy -- low of 56 percent in the Gallup Poll on Wednesday."
On ABC World News, Bianna Golodryga interviewed Warren Buffett, and asked him if "we need a second stimulus." Buffett said, "Well, I think that the second one may well be called for. Our first stimulus bill seemed to me sort of like taking half a tablet of Viagra and then having also a bunch of candy mixed in, that everybody was putting in things for their own constituencies. It doesn't have really quite the wallop that might have been anticipated." But the Wall Street Journal reports, "Just eight of 51 economists in The Wall Street Journal's latest forecasting survey said more stimulus is necessary, suggesting an average of about $600 billion in additional spending."
Coverage of the healthcare reform debate portrays Democratic efforts at quick action to be in peril. The AP reports reform "suffered yet another setback" in the House Thursday, when the "pivotal" Blue Dog Coalition of "moderate to conservative Democrats" complained to House leaders that "the emerging bill 'lacks a number of elements essential to preserving what works and fixing what is broken.'" Meanwhile, the New York Times reports the House and Senate appeared "to be on a collision course" over how to pay for "a sweeping overhaul," with the House "planning to propose an income tax increase on the wealthiest Americans, an idea that Senate negotiators have all but dismissed as unworkable."
None of the three broadcast networks reported specifically on the healthcare debate Thursday evening, but on NBC Nightly News, Chuck Todd suggested the fact that President Obama is currently 4,500 miles away from Washington could be a problem. CNBC's John Harwood added, "It's too early to say this trip per se is a major setback for healthcare reform. But we certainly know as soon as the President gets back in Washington, he is going to be confronting a couple of weeks that are especially critical."
McClatchy, meanwhile, examines criticism that Obama is not fulfilling his campaign vow to have reform "negotiated publicly and televised for all to see." McClatchy says "the big deals have been struck in secret." In its report, the AP said Rep. Mike Ross, a leader of the Blue Dogs, does not want any vote to take place before September, "well past a midsummer informal deadline" set by Speaker Nancy Pelosi. The Washington Times reports the "core of President Obama's congressional agenda stalled" with the Blue Dogs' statement that they "won't support a bill that's not fully paid for" and their expression of "doubts over increasing taxes."
Under the headline "Congress Targets Wealthiest Earners For Health Reform Fund," the Washington Post reports both chambers "are looking to wealthy individuals to pay much of the $1 trillion price tag" for reform, "though they are struggling to agree on the most viable option for obtaining that new revenue." Bloomberg News reports the Senate Finance Committee "is discussing whether to apply Medicare taxes to capital gains and other non-wage income to help pay for an overhaul" of the healthcare system, which "would potentially raise hundreds of billions of dollars" over the next decade.
Senate Leaders Open To Co-Op Plan The Wall Street Journal reports Senate Democratic leaders also "appeared open" to "establishing a non-government cooperative" as part of reform. Majority Leader Reid and Sen. Charles Schumer "said they were amenable to considering a cooperative -- perhaps in lieu of a government-run insurance plan -- to compete with private insurers." FoxNews.com reports Reid told reporters that a "system of nonprofit cooperatives could pass as a 'public option,' or government-run health care, depending on how they are set up." Fox added, "This is not likely to please the legions of liberal Democrats clamoring for a plan fully-setup and managed by the federal government."
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The Wall Street Journal reports several Wall Street firms "seeking to buy back warrants held by the government as part of the $700 billion financial bailout are complaining that the Treasury Department is demanding too high a price." The "disagreement indicates that the banking sector, despite being pilloried for its role in the financial crisis, is becoming increasingly confident in its dealings with Washington."
The Washington Post reports a congressional oversight report shows that banks participating in the TARP "could end up repaying the government as much as $2.1 billion less than taxpayers are entitled to under a plan being implementing by the Obama administration."
AIG To Pay Millions More In Executive Bonuses The Washington Post reports American International Group is "preparing to pay millions of dollars more in bonuses to several dozen top corporate executives after an earlier round of payments four months ago set off a national furor." The payments "coming due next week include $2.4 million in bonuses for about 40 high-ranking corporate officers at AIG, according to administration documents from earlier this year."
The AP reports, "President Obama plans to nominate Philip Murphy, a former finance chairman for the Democratic National Committee, to be ambassador to Germany, the White House announced Thursday." The nomination "continues a pattern of naming high-profile fundraisers and contributors to Democratic politics to choice ambassador posts, a long-standing political tradition."
However, the Washington Times reports, "The White House, unaware of historic norms, had been on track to give more than the usual 30 percent of ambassadorial jobs to political appointees until objections from career diplomats forced it to reconsider, administration officials say." And "as a result of the reversal, some donors to President Obama's election campaign -- as well as senior advisers" and supporters of the failed presidential campaigns of Vice President Biden and Secretary of State Hillary Rodham Clinton -- are "likely to find their hopes of being rewarded with an embassy dashed."
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The AP reports that Nevada Sen. John Ensign (R) "said Thursday his parents gave his mistress and her family nearly $100,000 'out of concern for the well being of longtime family friends during a difficult time,' providing his first public acknowledgment that the woman received payments tied to the affair." The Washington Post adds that the gifts "roughly coincided with Hampton's departure as treasurer of Ensign's political committees, as well as with the resignation of her husband, Doug, as Ensign's chief of staff, on May 1, 2008." The New York Times says the "latest revelation" is "sure to provide grist for political detractors." ABC World News said that the $96,000 payment "sounds like hush money" to some.
The Chicago Tribune reports that Illinois Sen. Roland Burris (D), "his political prospects and personal legacy weakened by controversy," is expected to announce today that he will not seek election to the seat he was appointed to by Rod Blagojevich (D) "after the then-governor's arrest." NBC Nightly News noted that the Senator "has reportedly raised very little money to mount an election effort and fund-raising reports will be released next week." Chicago Sun-Times columnist Michael Sneed said Burris "has reportedly only raised approximately $20,000" during the second quarter. The AP says the move "increases Democrats' chances of holding on" to President Obama's former Senate seat.
The Hill reports Florida Gov. Charlie Crist (R) announced yesterday he "raised an astounding $4.3 million for his 2010 Senate campaign in the second quarter," which "should help Crist erase any doubt about how much of a favorite he is in the race." The Washington Post says that Crist's "eye-popping total...will put a great deal of pressure on" primary rival Marco Rubio. However, Rubio's "advisers said the primary battle will be about ideology, not money." The St. Petersburg Times cautions, "Until the detailed reports are released next week, it's not clear how much of Crist's total can be spent in the GOP primary because the maximum campaign donation allowed is $2,400 per election." Crist's camp "had been pressing people to donate $4,800 -- or $9,600 per couple -- with half to be used in the general election. But even if half of Crist's money must be held until after the primary, he's still on his way to drowning" Rubio.
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Conan O'Brien: "The latest rumor in the entertainment industry is that Sarah Palin may be getting her own TV show. ... Experts say it will be perfect for TV viewers who find Paula Abdul too coherent."
Conan O'Brien: "House Speaker Nancy Pelosi said she sees no need for a House resolution in praise of Michael Jackson. ... Pelosi added, 'Isn't it enough that I'm slowly starting to look like him?'"
David Letterman: "World leaders pledged to stop global warming. They said, 'Yeah we got to stop global warming.' And they all said, 'Yes, absolutely.' Then they got on their private planes and flew home. So that'll nip that in the bud."
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