An Override and Blockages Are On the Way in Congress

Mish

Trump demanded changes and Pelosi will put them to a vote.

Trump Signs Covid Bill, Makes Demands

Yesterday, Under Bipartisan Pressure Trump Signed the Covid Bill.

He then issued an unusual Statement On the Covid Bill demanding many changes. 

Trump's List of Demands

  1. Increase payments to individuals from $600 to $2,000. A family of four would receive $5,200.
  2. Focus strongly on the very substantial voter fraud which took place in the November 3 Presidential election. 
  3. Repeal section 230 of the communications decency act.

Trump's Lies

  1. Trump claims "The House and Senate have agreed to focus strongly on the very substantial voter fraud which took place in the November 3 Presidential election."  The House and Senate did no such thing.
  2. Trump says "Congress has promised that Section 230, which so unfairly benefits Big Tech at the expense of the American people, will be reviewed and either be terminated or substantially reformed." Congress made no such promise.

House to Vote on Some of Trump's Demands

  • $2,000 Stimulus Checks: The House will vote Monday evening on the legislation to increase the checks to $2,000, from $600 per adult and per child for individuals with adjusted gross incomes under $75,000.
  • NDAA Defense-Policy Bill: Trump vetoed the $740.5 billion defense proposal which includes a measure to remove Confederate names from military bases. Status: Congress to vote on overriding President Trump’s veto.
  • Section 230: Trump demands a repeal section 230 of the communications decency act either as part of the defense bill or a separate bill. Status: None. This is hot air.

The Senate will return from Christmas break tomorrow and it's likely Majority Leader Mitch McConnell will make a statement.

Pressure on Republicans

Amusingly, the Democrats Agree With Trump's Request to Send $2,000 Free Money to Everyone.

Despite Trump's pressure, I do not expect Republicans to go along with Trump's spending proposal.

Defense Bill Veto Math

The Senate voted 84-13 (7 Republicans and 6 Democrats) on the NDAA bill. The House vote was 335-78. Both are veto-proof majorities.

However, some Republicans now say they will side with Trump on the override vote. 

It takes a two-thirds majority to override a veto. In the Senate, that is 67 votes. 

84-67 = 17. 

A veto override appears likely, pending what McConnell has to say tomorrow.  

Mish

Comments (9)
Doug78
Doug78

Larry Summer said on Bloomberg “When I see a coalition of Josh Hawley, Bernie Sanders and Donald Trump getting behind an idea, I think that’s time to run for cover." “When you see the two extremes agreeing, you can almost be certain that something crazy is in the air.”

I think he is right to be worried, very worried. The old way of bailing out the same people and then making others pay for it by austerity measures is not going to be accepted anymore.

Johnson1
Johnson1

I would not trust anything from Larry Summer. If he disagrees....go for it. He protected the banks in the housing bubble.

Do we want to take advice from somebody who teamed up with Ken Lay of Enron and also support repealing the Glass-Steagall which caused the housing bubble?

During the California energy crisis of 2000, then-Treasury Secretary Summers teamed with Alan Greenspan and Enron executive Kenneth Lay to lecture California Governor Gray Davis on the causes of the crisis, explaining that the problem was excessive government regulation.[27] Under the advice of Kenneth Lay, Summers urged Davis to relax California's environmental standards in order to reassure the markets.[28]

Summers hailed the Gramm–Leach–Bliley Act in 1999, which lifted more than six decades of restrictions against banks offering commercial banking, insurance, and investment services (by repealing key provisions in the 1933 Glass–Steagall Act): "Today Congress voted to update the rules that have governed financial services since the Great Depression and replace them with a system for the 21st century," Summers said

Eddie_T
Eddie_T

Is that the Larry Summers who said :

"The country will not have to pay the piper. Through a combination of sound policy actions and a great deal of good luck we are well on our way to a soft landing and a period of growth and price stability.””

Or the one who said:

"No free country will ever again have anything like the 90 percent tax rates that we had in this country. Past a certain point, high marginal tax rates are, indeed, terribly destructive.”

Or this one:

"I think the economic logic behind dumping a load of toxic waste in the lowest wage country is impeccable and we should face up to it."

PecuniaNonOlet
PecuniaNonOlet

Reminds me of the Wayan Brothers, "Mo money mo money mo money. ..." just picture Trump and AOC saying it.


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