Daily quackery: Banking industry reveals plan to push U.S. troops into debt crisis during lame duck
by padlerman, Thu Oct 26, 2006 at 03:29:02 PM EST
- Dow Jones reports that lobbyists for the financial industry are trying to use the lame-duck session to water down legislation that is meant to reduce the debt burden for military families. The debt problems of servicemen and women is a growing problem, according to DJ. "This summer, Defense Department officials
released a report alleging that many lenders stationed around military
bases attempted to hook servicemembers into predatory short-term loans
with high interest rates that would be difficult if not impossible to
repay. Defaulting on such loans has a devastating impact on
servicemembers, including the loss of security clearance. In fact, the
Associated Press reported last week that there has been a ninefold
increase from 2002 to 2005 in the number of military servicemembers who
have lost their security clearance because of debt problems, with
security clearance stripped from 2,654 Navy, Marine Corps and Air Force
personnel last year." For more info on the fight around this bill, read Ed Mierzwinski's blog here.
- The Indian press is reporting that a lobbying group called the The Coalition for Partnership with India has been formed to lobby Congress for approval of the India nuclear deal. "Success will require a Senate vote early in the
lame-duck session in order to permit time for reconciliation
of differences with the House version and final approval in
both chambers," the CPI has said in a statement. "The first step is to secure a unanimous consent
resolution (UC) defining the number of amendments to be
considered and the amount of time for debate. Republicans and
Democrats do not appear to be that far apart on either issue.
The coalition asks its supporters to urge each side to talk
to the other, to compromise, and to reach an agreement so that
the bill can be taken up immediately in the lame duck
session," it said. But even before talking of priorities of the lame duck
session it is being pointed out that the civilian nuclear
deal runs into major problem if the Democrats win either the
House of Representatives or the Senate or both. The point made is that in spite of all that talk of
strong bipartisan support for the deal, the Democrats will be
unwilling to give anything to the President George W Bush and
that too on his terms." Reuters also reports on this story, here.
- OMB Watch is trying to rally opposition to the shoddy procedure surrounding the confirmation hearing of a key White House regulatory appointee Susan Dudley, which the Senate Committee on Homeland Security and Governmental Affairs plans to conduct with only one witness: Susan Dudley. The Committee plans to have its hearing on November 13 (the first day of the lame duck) at 2:30 pm.
- Taxpayers for Common Sense is predicting that Congress could go wild on earmarks during the lame-duck session as a result of inadequate reform legislation earlier this year.
- New York's The Daily Star reports that Sen. Chuck Schumer (D-N.Y.) will be asking outgoing Senate Majority Leader Bill Frist (R-Tenn.) to renew in the lame duck the College Tuition Tax Deduction for middle-class families, which is expiring this year.
Tags: lame duck, predatory lending, banking, troops, college tuition, appropriations, Susan Dudley (all tags)
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