The continuing resolution to fund the gov't $1.1 trillion, the sum of the entire national debt under President Reagan in 1980, narrowly passed the House late Thursday by a 219-206 vote, with support from 57 Democrats. This was after a much turmoil amid fierce lobbying from the White House and Congressional leaders. That's right. Obama supported the repeal of Dodd Frank. Why, lift the rug and you will see. Donations to political parties was raised from $32,400 to $324,000. They think some of us are stupid and do not pay attention to where the hide the decimal points.
There were some Democrats who refused to follow Obama. The House extended the time the Senate has to vote by two days, and this actually opened the door for some changes they might make. But Obama is on board with the Republicans on this, After all, the bankers were the biggest contributor to him as well and so there is no objection from Obama to the bill's inclusion of a rollback of financial reforms. Sen. Elizabeth Warren of Massachusetts, famed as a thorn in Wall Street's side, branded those changes a “bailout” for big banks at taxpayers' expense. She is correct on this one. Nevertheless, Harry Reid supported the bill and Minority Whip Steny Hoyer, D-Md., said on the House floor it was “better to pass it than to defeat it.” Yet House Minority Leader Nancy Pelosi opposed the inclusion of the banking changes calling it a loosening of financial regulations that amount to “a ransom and a blackmail”.
This is the way politics functions. If you want to get something passed corruptly, stuff it inside a bill they have to pass. This is totally unethical and such practices are most likely unconstitutional. But Congress created these rules to allow for such provisions to be included that would never stand on their own. This is how democracy died in the USA.
White House officials – including Vice President Joe Biden and President Barack Obama – worked the phones to push passage of the bill along with Jamie Diamond of J.P.Morgan.. The White House chief of staff Denis McDonough went to Capitol Hill late Thursday to personally lobby Democrats to support the measure in a closed-door meeting.
