Morning Bunker Report: Sunday 5.20.2012

WHAT THE REPUBLICAN PARTY STANDS FOR TODAY—————————–—

The GOP House passed a defense budget Friday that exceeds the deal cut by Congress and President Barack Obama last summer, and that would have to be paid for with cash taken from poverty programs, health care and the federal workforce. The National Defense Authorization Act permits $642 billion in defense spending next year. The White House has threatened to veto the bill, which passed 299 to 120, citing more than 30 changes to the budget the administration was seeking. But the measure also adds $8 billion more than called for in the Budget Control Act that Congress agreed to last summer in exchange for raising the nation’s debt limit. – HuffPo

  • $60 million to private military contractors in Afghanistan – money well spent, obviously. — Wired

Are Republicans deliberating trying to hurt the economy for political gain? Some top Democrats say yes, pointing to GOP stances on the debt limit and other issues that they claim are causing unnecessary economic anxiety and retarding growth. [...] “The last thing the country needs is a rerun of last summer’s debacle that nearly brought down our economy,” Schumer said in a statement. In an interview, Schumer added: “I hope that the speaker is not doing this because he doesn’t want to see the economy improve, because what he said will certainly rattle the markets.” Regardless of whether Schumer’s suspicions are right, there’s evidence that unceasing partisan gridlock and the prospect of big tax increases and spending cuts in January are causing some companies to postpone expansions. Even small economic slowdowns are bad news for Obama, who is seeking re-election amid high unemployment. – AP

Back in February, Paul Krugman argued that Mitt Romney is “running a campaign of almost pathological dishonesty.” Was this an intemperate analysis? Perhaps. Three months later, does it seem fair? Put it this way: take a look at the 18th installment of my weekly series, chronicling Mitt’s mendacity. – Steve Benen


image: conceivable

The severe racism of white, far-right Christians – Phyllis Schlafly founded a group called the Eagle Forum and this is what it had to say about the growing minority population here: It is not a good thing. The immigrants do not share American values, so it is a good bet that they will not be voting Republican when they start voting in large numbers.[...] Instead, the USA is being transformed by immigrants who do not share those values, and who have high rates of illiteracy, illegitimacy, and gang crime, and they will vote Democrat when the Democrats promise them more food stamps. That explains why the far-right — especially old-schoolers like Pat Buchanan and Schlafly — are so kerfuffled. First, America is becoming more brown and therefore “ghettoized” (their term) and, two, the brown people vote Democratic. They simply don’t believe that America can remain civilized and ordered if brown people take over, so they will use whatever means at their disposal to oppress the minority and immigrant population. This is racism illustrated. – Bob Cesca

Geraldo Rivera: Trayvon Martin was ‘dressed in thugwear’  – “I think what is far more significant is what Trayvon Martin looked liked that night Bill,” Rivera said. “Aside from the fact that he was dressed in that thugwear, look at the size of him. He’s not a little kid, he’s 6’2, he’s a strapping youngster. You can see that if this man, this young man was a stranger to George Zimmerman. He looks just like the people who have been burglarizing and victimizing that neighborhood for the last six months. He was exactly the person that George Zimmerman, the property owner, feared. He looked just like the others.” – Raw Story

WHAT THE PRESIDENT / DEMOCRATS STAND FOR ————————————

The leaders of the G8 conference, assembled this weekend at Camp David, Maryland, took a break to watch the riveting overtime shootout of the Chelsea vs. Bayern Munich Champions League soccer final today. Check out the range of expressions in this photo — especially those of Cameron and Obama (upper left) versus France’s new President, Francois Hollande at the lower right. — TPM

(Photo credit: Pete Souza | White House)

Watch Live from the NATO Summit in Chicago – This week, leaders from the 28 member countries of the North Atlantic Treaty Organization will gather in Chicago for a summit aimed at discussing international security and the war in Afghanistan. This will be the 25th time NATO has held a summit and the first time the United States has hosted the event since 1999. It will also be the largest such event in the organization’s history. Throughout the day on Sunday and Monday, the U.S. State Department will broadcasts events with President Obama and foreign leaders. Click here to watch.

World Leaders at U.S. Meeting Urge Growth, Not Austerity  – CAMP DAVID, Md. — Leaders of the world’s richest countries banded together on Saturday to press Germany to back more pro-growth policies to halt the deepening debt crisis in Europe, as President Obama for the first time gained widespread support for his argument that Europe, and the United States by extension, cannot afford Chancellor Angela Merkel’s one-size-fits-all approach emphasizing austerity. Pointedly recognizing “that the right measures are not the same for each of us,” the leaders of the Group of 8 nations, at a meeting hosted by Mr. Obama at Camp David, committed to “take all necessary steps” to strengthen their economies. They said they wanted to keep Greece in the euro zone and vowed to work to promote growth in Europe, though they did not detail how they would do so. “Our imperative,” the leaders said in their statement, “is to promote growth and jobs.” – NY Times

  • Statement by G8 Leaders on the Global Economy – (STATE DEPARTMENT): Our imperative is to promote growth and jobs. The global economic recovery shows signs of promise, but significant headwinds persist. Against this background, we commit to take all necessary steps to strengthen and reinvigorate our economies and combat financial stresses, recognizing that the right measures are not the same for each of us…

Hawaii wants Arizona to know it is sick of their nonsense: The attorney general’s office in Hawaii is telling Arizona’s secretary of state that if he wants confirmation of President Obama’s birth records, he’ll have to prove he legitimately needs it.  Special Assistant Joshua Wisch said late Friday that Arizona Secretary of State Ken Bennett hasn’t done that despite numerous email and phone exchanges between their offices.  […] Hawaii officials have confirmed multiple times that Obama was born there. – John Cole

Facts on Romney’s Steel Mill Video – corporate welfare, corporate welfare, corporate welfare:  FACT: “Steel Dynamics received $92,000 in government cash for every job created” and “Romney’s Bain Capital provided less than 5% of the initial investment for SDI – government subsidies were valued at 10%”

Jobs records: comparing Bush and Obama — So compare private-sector job creation from January 2001 to January 2009 — the Bush era — with job creation from January 2009 to April 2012. Or maybe you think presidents shouldn’t be held accountable for their first year, and want to start either comparison from the first January after inauguration. Here are the results: (via: Paul Krugmn)

Morning Bunker Report: Saturday 5.19.2012

WHAT THE REPUBLICAN PARTY STANDS FOR TODAY—————————–—

A Romney Presidency: Day One – this is from the Romney campaign itself, describing how “President Romney” would approve the Keystone pipeline, introduce pro-growth tax reforms, and repeal Obamacare. So, yeah, no surprise—Day One: tax cuts for the wealthy, because ‘job creators!’  And all you people without health insurance, with pre-existing conditions, with kids in their early 20s? Suck it, plebs! Hurry up and die but in the meantime, thank your lucky stars for the minimum wage jobs that will (someday?) be ‘created’ by CEOs making hundreds of millions of dollars, who just got more tax cuts from “President Romney.”

  • The only “acceptable” outcome for Romney is one in which tens of millions of Americans lose their health care coverage, seniors pay higher prescription drug costs, small businesses lose their tax breaks, and the deficit goes up by hundreds of billions of dollars over the next decade. But there’s another point that’s gone largely forgotten: we’ve gone from a policy landscape in which Republicans agreed with 80% of Obamacare to one in which Republicans agree with 0% of Obamacare. – Steve Benen

Senate Republicans quickly united behind House Speaker John Boehner (R-OH) on Tuesday after he telegraphed his intention to use the debt limit as leverage to avoid a scheduled tax increase. Democrats balked at his demand that raising the debt ceiling — which is set to max out this December — be paired dollar-for-dollar with spending “cuts and reforms.” The widening rift foreshadows another self-inflicted battle, the likes of which nearly collapsed the U.S. economy last fall. […] And the Democrats’ response to the prospect of another deficit-reduction package devoid of new tax revenues? Dream on.TPM

  • House GOP Throws Out Entire Summer Of Debt Ceiling Negotiations In Less Than 10 Minutes – Last August, debt ceiling negotiations between House Republicans and Senate Democrats came to an end when President Obama signed into law the Budget Control Act, a not-so-grand bargain that created a legislative super committee tasked with finding spending cuts to offset the debt ceiling increase. If the super committee failed, automatic cuts from the defense budget and discretionary spending levels would offset the cost.In less than 10 minutes, the House officially unwound a budget deal that took an entire summer to craft… — Think Progress

What’s that called when the people who know you the best dislike you the most? “If Mitt Romney is to win the presidency, he’ll likely have to clear a high historical hurdle: Getting elected while losing both his state of residence (Massachusetts) and his native state (Michigan)… The last person to get elected president while losing his home state and his state of birth was James Polk, in 1844.” — Greg Sargent

The ‘competence’ theme of the Romney campaign: Mitt Romney’s campaign, eager to attack the Recovery Act that pulled the economy back from the brink of collapse, thought it had come up with a brilliant idea. The former governor would go to New Hampshire and mock the 19th century Sawyer Bridge, which was restored with public funds, but which is closed to traffic. […] The project was championed by 28 New Hampshire Republicans who now support Romney’s presidential campaign.  […] Last month, Romney blamed President Obama for a closed drywall plant in Ohio, but the facility was shut down during the Bush era. This week, the Romney campaign released a video showing a closed Electrolux plant in Iowa, but the company has added more American jobs than it had lost. Then it released a video of a steel plant that benefited in part from an investment by Bain Capital, but which thrived thanks to government assistance Romney opposes. Now it’s new evidence of wasteful spending that isn’t an example of wasteful spending. — Maddow Blog

PRESIDENT OBAMA / DEMOCRATS————————————————————

“Unless you run a financial institution whose business model is built on cheating consumers, or making risky bets that could damage the whole economy, you have nothing to fear from Wall Street reform.” – President Obama, in his weekly address, calling for stricter reform after J.P. Morgan’s multi-billion dollar loss. – Political Wire

It’s a busy weekend for international diplomacy, with a G8 meeting at Camp David, followed by a NATO gathering in Chicago on Monday.

President Obama’s re-election campaign is getting increasingly engaged on voting laws, unveiling GottaVote.org today, along with a new video highlighting voting restrictions approved by state Republican policymakers. – Steve Benen

Volcker takes on Dimon: “You’ve got great advantages if you’re a government regulated bank,” Volcker explained. “Take the two big remaining investment banks — used to call them investment banks — Goldman Sachs and Morgan Stanley. Both during the crisis got a banking license. Why’d they get a banking license? They wanted the protection of the government in the middle of the crisis. Now the crisis is over, if they want to do proprietary trading, they want to do a lot of other things, it’s very simple: give up their banking license.” This was back in April, but takes on greater significance now. JPM’s losses appear small enough that they won’t need the government to step in and cover them. But the idea behind the Volcker Rule is that federally insured banks shouldn’t be making these kinds of bets at all — because when the bets go spectacularly bad, it falls to taxpayers to cover them. — TPM

  • What’s this tell you? “Donors from big banks are betting on Mitt Romney to defeat President Obama and repeal new restraints on risky, large-scale investments,” the Boston Globe reports.
  • Think Progress: the top six donors to Romney come from the biggest banks — Goldman Sachs, JP Morgan Chase, Bank of America, Morgan Stanley, Credit Suisse, and Citigroup. And the finance/insurance/real estate industry is far and away the largest donor to Romney’s campaign, giving him $18 million. Of course, banks also throw money at the Democrats, but in this cycle, they’ve clearly favored the GOP.

Meanwhile at the G8 in France…

Obama, Medvedev and Sarkozy join hands when they first arrive at the G8 Summit in Deauville, France The G8 has  pledged £12bn/$20bn to the Arab SpringThis money will come in the form of aid, loans, and debt relief for countries like Egypt and Tunisia transitioning to democratic rule in order to ensure that the processes aren’t held back by flagging economies. Photo Credit:  Jeff J Mitchell/Getty Images

Read more at the Guardian.

via thepoliticalnotebook