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GOP-Run Senate Kills Minimum Wage Increase...sm

Posted By: Democrat on 2006-06-22
In Reply to:

GOP-Run Senate Kills Minimum Wage Increase
Republican-controlled Senate derails proposed election-year increase in minimum wage

WASHINGTON, Jun. 22, 2006
By DAVID ESPO AP Special Correspondent
(AP)


(AP) The Republican-controlled Senate smothered a proposed election-year increase in the minimum wage Wednesday, rejecting Democratic claims that it was past time to boost the $5.15 hourly pay floor that has been in effect for nearly a decade.

The 52-46 vote was eight short of the 60 needed for approval under budget rules and came one day after House Republican leaders made clear they do not intend to allow a vote on the issue, fearing it might pass.

The Senate vote marked the ninth time since 1997 that Democrats there have proposed _ and Republicans have blocked _ a stand-alone increase in the minimum wage. The debate fell along predictable lines.

Americans believe that no one who works hard for a living should have to live in poverty. A job should lift you out of poverty, not keep you in it, said Sen. Edward M. Kennedy, D-Mass. He said a worker paid $5.15 an hour would earn $10,700 a year, almost $6,000 below the poverty line for a family of three.

Kennedy also said lawmakers' annual pay has risen by roughly $30,000 since the last increase in the minimum wage.

Republicans said a minimum wage increase would wind up hurting the low-wage workers that Democrats said they want to help.

For every increase you make in the minimum wage, you will cost some of them their jobs, said Sen. Johnny Isakson, R-Ga.

He described the clash as a classic debate between two very different philosophies. One philosophy that believes in the marketplace, the competitive system ... and entrepreneurship. And secondly is the argument that says the government knows better and that topdown mandates work.

The measure drew the support of 43 Democrats, eight Republicans and one independent. Four of those eight Republicans are seeking re-election in the fall.

Democrats had conceded in advance that this attempt to raise the minimum wage would fare no better than their previous attempts. At the same time, they have made clear in recent days they hope to gain support in the coming midterm elections by stressing the issue. Organized labor supports the legislation, and Sen. Chris Dodd, D-Conn., said that contrary to some impressions, most minimum wage workers are adults, not teenagers, and many of them are women.

When the Democrats control the Senate, one of the first pieces of legislation we'll see is an increase in the minimum wage, said Kennedy.

His proposal would have increased the minimum wage to $5.85 beginning 60 days after the legislation was enacted; to $6.55 one year later; and to $7.25 a year after that. He said inflation has eroded the value of the current $5.15 minimum wage by 20 percent.

With the help of a few rebellious Republicans, House Democrats on the House Appropriations Committee succeeded in attaching a minimum wage increase last week to legislation providing funding for federal social programs. Fearing that the House would pass the measure with the increase intact, the GOP leadership swiftly decided to sidetrack the entire bill.

I am opposed to it, and I think a vast majority of our (rank and file) is opposed to it, House Majority Leader John Boehner, R-Ohio, said Tuesday.

Pressed by reporters, he said, There are limits to my willingness to just throw anything out on the floor.

On Wednesday, his spokesman, Kevin Madden, said Boehner has told fellow Republicans the House will have to deal with this some way. He said no decisions had been made.

While Democrats depend on organized labor to win elections, Republicans are closely aligned with business interests that oppose any increase in the federal wage floor or would like changes in the current system.

Sen. Mike Enzi, R-Wyo., chairman of the Senate Health, Education, Labor and Pensions Committee, offered an alternative that proposed a minimum wage increase of $1.10 over 18 months, in two steps.

The increase was coupled with a variety of provisions offering regulatory or tax relief to small businesses, including one to exempt enterprises with less than $1 million in annual receipts from the federal wage and hour law entirely. The current exemption level is $500,000, and a Republican document noted the amount had lagged behind inflation.

Additionally, Republicans proposed a system of optional flextime for workers, a step that Enzi said would allow employees, at their discretion, to work more than 40 hours one week in exchange for more time off the next. Unions generally oppose such initiatives, and the Republican plan drew 45 votes, with 53 in opposition.


MMVI The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.


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she said her experience was w/ minimum wage workers
she said it herself what they were paid - minimum wage -duh
I refer to minimum wage workers because...
This type of work normally paid minimum wage.  I, however, did not...
Please comment on the OP...about minimum wage workers
x
You know what just kills me.....

Obama makes comments about the wicked CEOs making big bucks and having private jets, spending money, etc.  What does our government do?  They use private jets and/or helicopters.  The spend money like it is going out of style.  I don't see where our government has cut back at all.  It would be nice to not only hear our government talk about CEOs cutting back, but it would be nice if our government did the same.  Lead by example.  Show the American people that you do care about us and are willing to sacrifice something in order to make it better for the people who voted you in instead of flying all over the country and getting serenaded by Stevie Wonder and using tax payers money for Pelosi to go to Italy, etc.  Practice what you preach President Obama.  Say what you mean and mean what you say.  I'm tired of the double standards.  I'm tired of the lies and BS. 


I truly hope that as Americans we take a look at what is going on.  The deficit that Bush created and the trillion that Obama is adding to it.  Spend, spend, spend.  When does it stop? 


well put. Marijuana is passive, helps pain. Alcohol kills.
nm
Why not? The basic minimum that should be required. nm
.
Very true. Can anyone imagine living on minimum...sm
wage and being made to feel you are not valued, never mind paying your bills. There are a LOT of working poor out there that do not look for a handout and struggle every day to be good parents. It is unbelievable to me that so many people think that the poor are all lazy and worthless. I am sure the sterotype makes the rich able to justify not paying a little more to those lazy ignorant people that just need to pull themselves up by their boot straps while I have a house for every month of the year and a yacht and never have to worry about if my light or heating bill is paid or if I have enough money to buy food for my kids. Don't get me started.
An increase of 3% -
An increase of 3% on taxes of $250,000 will only amount to $7500 a year. Minimum wage is what, $6 an hour? That would be $12,480 a year if you worked full time. A business would only have to lose 1 full-time person for not even 6 months to save that money.

I am not saying it is okay to lose that one person. I am saying I think a business making $250,000 a year and above can absorb another $7500 in costs without going bankrupt or else they will just find another tax loophole to keep from paying that money.




there has been an increase the last sm
two years. there is some kind of increase every year. There just won't be an increase for the next three years.

That being said, I think its a disgrace that the feds even touch the SS benefits of the elderly and disabled. As for medicare....medicare is a joke! If you don't have a supplement to go with it you are in big trouble. There are no caps on what comes out of your pocket like on group insurance and you can wind up losing everything you have worked for your whole life if you don't have a medical supplement to pick up what medicare doesn't pay.

Just because someone gets SS doesn't mean their houses are paid for! There are millions who get medicare disability and they don't have their homes paid for and most don't even have homes!

Im sorry that the economy is bad, jobs are scarce, etc but there is absolutely no cause to touch SS benefits. Why don't some of the Washington politicians take a pay cut? They don't pay into SS so they won't ever have to live on it. If they did, they would rethink how they handle it.

They need to leave SS alone and stop the pork spending on other things. The current administration is a joke with their spending. They are up there printing money like nobody's business. If you and I did that we would be in jail!
minmum wage
I think a lot of people are forgetting that the minimum wage jobs are mainly the non-degree jobs and basically are for those high-school/ college kids who are trying to save up money for whatever...It's unfortunate that these jobs have become the main source of income for a lot of adults trying to raise a family. However, you can't just raise the minimum wage without it affecting the total picture for the businesses involved. It will create higher prices and/or lay-offs from those businesses. It always has in past times.

This is exactly why there is a state welfare system and also unemployement for those who qualify. There is basic medical insurance also provided to those who once again qualify for it. I know by experience that there are some things these insurances pay on that private ones don't. For example, when I was a manager of a retail store years ago, I needed to get my front teeth capped secondary to a car accident. My insurance didn't cover enough of the cost as they felt it was more "cosmetic." However, one of my employees ended up getting all of her teeth capped via Medicaid with no cost to her at all. I finally was able to afford my two teeth caps about 15 years later.

Obama has done what most presidents do. They get done a few of the things they promise in their campaigns but then change their tune on the majority of issues. It appears he is much more interested in the banks and insurance companies than with the average person. His solution is to keep giving them more and more money. He wants to give breaks to "first time" home buyers and "troubled" mortgage holders...if the banks go along with it that is. Why not just require all banks to adjust any mortgage above the current interest rate period! No qualifying, no nothing, just press the key and change the rate. Yes, it will involve some paperwork on the bank's end but so what.

Reality is a bank is there to make money and they won't decrease their profits unless mandated to do so. Regardless of whether it is coming from a mortgage, credit card, etc.


Wage-Law Enforcement

As the wages of most MTs has gradually dwindled to pennies (I made 10 cpl 16 years ago....now that's considered "good.") It's nice to see there may be some help on the horizon. BTW - they can stuff their VBC. Article link:  http://www.truthout.org/032609LA


US Steps up Wage-Law Enforcement



by: Melanie Trottman  |  Visit article original @ The Wall Street Journal


photo
US Secretary of Labor Hilda Solis said she is committed to ensuring that all workers are paid at least minimum wage and proper overtime. (Photo: Getty Images)



    Washington - The Labor Department is hiring 150 more investigators to enforce wage and child labor laws in the wake of a government probe that found the agency failed to effectively fight wage theft over the last few years.

    The stepped-up hiring is a signal to employers that attempts to dodge full payment of wages will be met with new focus, and the latest sign of the increasingly vigorous approach to workplace regulation President Barack Obama vowed his Labor Department would take.

    In addition to the 150 investigators being hired to help enforce wage and child labor laws, the department is hiring another 100 investigators in Wage and Hour as part of the government stimulus plan to ensure contractors on stimulus projects are in compliance with applicable laws. The total of 250 will increase staff in the division by more than a third.


Posible new "boon" to the economy? Higher minimum wages??.....PSM
I was just thinking, we did a lot of discussion yesterday about welfare reform, the bloated welfare roles that we have now, and how to end it.  How about passing a DECENT, HONEST, REALISTIC minimum wage act that is based on the present economy, the proposed future economay, and will make it more profitable for an American to get a fair-paying job on which he can feed his family, pay his REASONABLE mortgage, pay his bills, etc., instead of having the minimum wage so low that it is actually more profitable for many families to say on welfare, medicaide, and food stamps, along with subsidised housing AND NOT have to juggle three low-paying jobs to do it?  Don't you think that if American workers felt they were more faily paid, were being compensated fairly for their efforts, and would bring home enough wages each week to live within comfortable means, that more and more folk would jump off the roles and into a job (of course, we first need the part of the stimulus package to address keeping our companies solvent and employing).  Just a thought!!!  
then why were you referring to "minimum wage" workers
I never said I'm for giving them a handout...don't know where that's coming from. I was just pointing out the quality of employee you get when you pay minimum wage...why would you refer to minimum wage if you paid them well and didn't pay min wage? I wouldn't expect to get the most reliable people if I were paying minimum.
I said typical minimimum wage workers

I paid well above minimum wage...I guess reading my post it looks like I paid minimum.  That was my mistake.


One thing Bush did is increase

to $100,000 each.


Maybe if he spent more money on protective armor and less money on free health care for all IRAQIS, there might not be the need to pay out so many $100,000 policies.


Our soldiers obviously hold no value to Bush unless they're DEAD.


And every single point you mentioned in your post is right on target!


Keep this up and your doctor appointments will increase - sm

There are so many ways to cut food costs and eat healthy.


Cook, repeat cook oatmeal for breakfast. Eggs anyway


One pound of ground turkey, chopped onion sauteed, mix with 1-2 cans of diced tomatoes, 1-2 cans of beans (pinto, black, etc.) seasonings like cumin, chili, etc. serve over brown rice that you cook - or over a small pasta, or in a tortlla.


Soup - homemade - diced tomatoes, onion, celery, carrots, any type of beans, frozen cut okra, etc. add water and seasonings - add Butterball smoked turkey sausage cut into half slices


I make a pot of soup every week and eat until gone, then a new one.


I also cook my beans from dry - very inexpensive and very nutritious


Hope you think this is helpful for that is what I want to be. Your present eating program is soooo unhealthy. I would be glad to share any of my other low-cost recpies with you.


Best wishes.


 


 


 


The problem is that she was able to increase the taxes...sm
on oil leaving Alaska and give each Alaskan a hefty rebate. Now tell me, do you think those people that benefited are going to complain about a few airplane tickets?
Largest tax increase in HISTORY and you think it
nm
and jobs that pay min. wage often have to scrape the bottom of the barrel - nm
:)
Obama Secretly Trying To Increase Unemployment

Rep. Pete Sessions, head of the House Republican committee tasked with electing more GOP members, has a unique theory as to why unemployment continues to rise: Obama wants to wipe out capitalism.


Deep into a New York Times item Monday about rising jobless numbers comes a theory that the Times gently refers to as an "argument" that "may indeed face an uphill fight."


Sessions told the Times that Obama's plan is to "diminish employment and diminish stock prices." By doing so, Obama "intended to inflict damage and hardship on the free enterprise system, if not to kill it" as part of a "divide and conquer" strategy to consolidate power.


The Times then follows with another understated gem: "Polls offer little evidence that Americans are prepared to accept those arguments."


So is Obama part of some communist sleeper cell intent on destroying America? For Sessions, it's nothing new to think of politics in terrorist terms -- only in the past Sessions has argued that the Republican Party ought to emulate terrorists, not that Obama already does.


The GOP, Sessions famously argued in February, ought to model its "insurgency" after the Taliban. "Insurgency, we understand perhaps a little bit more because of the Taliban," he said.


"And that is that they went about systematically understanding how to disrupt and change a person's entire processes. And these Taliban -- I'm not trying to say the Republican Party is the Taliban. No, that's not what we're saying. I'm saying an example of how you go about is to change a person from their messaging to their operations to their frontline message.


And we need to understand that insurgency may be required when the other side, the House leadership, does not follow the same commands, which we entered the game with."


Asked to clarify if he was indeed suggesting House Republicans model themselves after the Taliban, he said: "I simply said one can see that there's a model out there for insurgency."


A Sessions spokesman didn't immediately return a call. An NRCC spokesman stood by the remark:


"The Chairman was simply reiterating what many members of the Democratic Party have echoed over the past several weeks, which is that one-party dominance in Washington has further damaged our economy and undercut our country's free enterprise system."


Not hourly wage - paid by the amount of people they registered nm
x
Food for thought on Capital Gains increase

Anytime you sell anything, be it a home, car, truck, or anything at all that appreciates in value, do you realize the capital gains tax will affect your bottom line?


Say you buy a car for $200 and know it's worth $1200. If you turn around and sell that car for $1200, you're paying capital gains on the difference.


If the O raises the capital gains tax to 24-25% like he wants to, it will be your loss. Do you really want to pay another $250 in taxes on something you paid $200 for?


I sure don't.


I had heard about the tent cities, but never even thought about the increase in arsons. nm
nm
If business taxes are increased, guess who they pass the increase down to??
And guess who they'll be laying off?? 
no courage in the Senate
They all voted for it.  Democrats and Republicans.  Let's all come together and get rid of these guys.  Lets vote for Nader. At least he has some integrity
senate bill

this is all way over my head... anyone make any sense of it who is willing to share?


That would be the US Senate....same place as McC
x
Senate seats

I thought senate seats belonged to the state that person resided in.  And I thought the people who fill the seats are picked by the people of their states in a vote.  These DC people are acting as though their seats are to be handed down to their family members as though they are Royalty.  Last I knew I didn't think we lived in a Monarchy, but now I'm beginning to wonder.  Bill Clinton is now "suggesting" Hillary's old seat should go to Chelsea Clinton?  Impeached Bill should have no say in who the senate seat goes to.  The Clintons don't want Caroline Kennedy to fill it because Caroline backed Obama.  This is rediculous.  They think they are entitled to these positions.  My feeling is that the senate seat should be filled with someone who is qualified from that state.  Not family members of family members of family members.  Caroline Kennedy should run for the seat when the time to run comes up.  Not be placed there because her name is Kennedy.  As for Chelsea?  Talk about someone with NO skills or qualifications to fill the position.  She has worked for a manager at some Hedge fund company.  She is a total id!ot.  Just because daddy was the Prez and mommy held the senate position, does not mean that Chelsea is qualified.  And certainly just because she attended a lot of mommy's fund raising events doesn't mean she's qualified.  Blimey, why not let Obama's daughter take his old senate seat. 


I heard someone describe our government as an aristocracy.  There are so many people who are qualified for the positions, but they will never get appointed because they are not rich or don't have the "name' or in the club.  I also heard that someone is sitting in Biden's old senate seat "keeping it warm" until Biden's son comes back from the service where he will just waltz in and the seat will be his.  All I can say is W-T-F??????


Like I say, I thought senate seats were appointed by people who vote for the candidates to fill the seat.  Now I'm hearing seats are just being given to the children and relatives of the ones who held the seat before them.  Tell me there isn't something wrong with what is going on.  Cripes!  We got rid of Bill (finally), sort of got rid of Hillary, and now little miss Chelsea is trying to weezle her way into the scene via mommy and daddy to get there.  


I am really disgusted with the political scene. 


Will Ferrell for senate! (sm)
At least he has a thong with the stars and stripes on it! (If anyone reading this missed this SNL, youtube Will and Casual Friday)
It passed the Senate........... sm

Now it's on to the House-Senate negotioations.  I just hope we can stand this as a nation. 


http://www.msnbc.msn.com/id/29119293/


GOP Discourages Harris Senate Run in '06





GOP Discourages Harris Senate Run in '06

Monday, July 25, 2005

By Kelley Beaucar Vlahos













PHOTOS
















Click image to enlarge








STORIES




WASHINGTON — Katherine Harris (search) may have been the darling of the Republican establishment when she stuck her neck out as Florida secretary of state to halt the 2000 presidential election recount, but she doesn't seem to be getting much love from GOP powerbrokers today.


Bailout dies in Senate.........sm
It's over, at least for this year.  I don't know, and the article did not state, whether there will be more talks after the first of the year. 

http://www.reuters.com/article/topNews/idUSTRE4B50CL20081212?feedType=RSS&feedName=topNews
That was in his Illinois senate term...
this one was in the US Senate. Yeah, he shows up for the important votes like against the Infant Born Alive Act...twice...and now we find out FOR the bridge to nowhere and AGAINST Katrina victims. Still makes me question his judgments and his priorities. Sorry, that is the way I see it.
He spent most of his time in senate
running for president. It is a shame the people of socialism did not even get proper representation from him. Anyone else with a job to do would be expected to actually DO the job. What's he going to run for if he actually does win the presidency? World Socialization and kissing cousins with terroists?
He makes money outside of the senate -
http://www.msnbc.msn.com/id/23796726/

his tax returns have been released. The link above kind of breaks it down - but he does not make $4 million a year. But his books do sell pretty darn good...
He knows DC, knows how to get results, Congress, Senate,
Yeah. Sounds like a real scary threat. Do qualified, highly skilled and immensely experienced people such as this always intimidate you so?
Senate document 06-570 supposedly
verifies this info, but I searched and couldn't find it. Maybe someone smart can find this.
Very concerned. Senate acts like
for not paying his taxes. If I did not pay my taxes can I just have a slap on the hand too?

All I care about is that Mr. G. knows what he is doing and hope it works for our economy. I think Mr. G. is the one who has the most difficult job right now with our economy and housing market. Hope he knows how to distribute money, etc., because he sure has heck does not know how to pay his taxes.
What a concept, a politician who come to the Senate.....sm
with tons of experience in screwing people....and is not ashamed to record it!! I say she is uniquely qualified for the politics! IMHO
I'm hoping that some in Congress and the Senate

don't let him blindly lead them down that road. We have a national security force now, the National Guard, but of course, they're stuck fighting for our country since the draft was banned.


We need to get back to draft registration like it used to be, then our military will be good and the Guard can stay home and protect us like they're supposed to be doing.


Ohio War Veteran Running for Senate... sm

Hackett has his work cut out for him, but I hope the vets keep running. It is a good sign of potential changes in the WH soon.


Ohio War Veteran Running for Senate




By DAN SEWELL
The Associated Press
Monday, October 24, 2005; 2:54 PM



CINCINNATI -- Paul Hackett, the Democratic veteran of the Iraq war who narrowly lost a special election in a heavily Republican congressional district in August, made his official entry into a U.S. Senate race Monday.


He faces a tough Democratic primary with Rep. Sherrod Brown in the race for the nomination to challenge second-term Republican incumbent Sen. Mike DeWine next year.







src=http://media.washingtonpost.com/wp-srv/photo/largerPhoto/images/enlarge_tab.gif
Paul
Paul Hackett, the Democratic veteran of the Iraq war who narrowly lost in a special election in a heavily Republican congressional district in August, announces his candidacy for the U.S. Senate, Monday, Oct. 24, 2005, at his home in Cincinnati, Ohio. (AP Photo/Al Behrman) (Al Behrman - AP)











Hackett's only political experience is a stint as a small-city councilman.


I'm asking all the people of this great state, regardless of political affiliation, to consider my message and to consider joining me in the fight to take back our government from the career politicians and their special interest support groups who have hijacked our government, he said as he announced his campaign at his home in suburban Indian Hill.


Hackett decided to run for Congress earlier this year after completing a seven-month tour of duty in Iraq as a Marine reservist. That special election in southern Ohio's seven-county 2nd District was to replace Rep. Rob Portman, who left his seat to become the U.S. trade representative.


Hackett won the Democratic nomination, then battled Republican Jean Schmidt, a former state legislator, in a campaign in which he linked her to embattled Republican Gov. Bob Taft while sharply criticizing President Bush's handling of the war.


Schmidt won on Aug. 2 with 52 percent of the vote, though Portman had consistently won re-election in the district with more than 70 percent and Bush had carried it in 2004 with 64 percent.


Hackett's strong showing in a state that was a pivotal presidential battleground solidified the attorney as a likely 2006 candidate for Congress or statewide office.


After Hackett decided to oppose DeWine, Hackett was irked when Brown, with three decades of elective politics behind him, decided he also would run.


Brown, a former state legislator and Ohio secretary of state, is in his seventh congressional term, representing northeastern Ohio's 13th District. He's expected to officially launch his Senate race in early November.


Brown said Monday he initially didn't plan to run because of family reasons, but changed his mind with his family's encouragement. He said he wasn't expecting the race for the May 2 primary to damage his chances of defeating DeWine in the general election.


I've had primaries before, Brown said. It makes me a stronger candidate.


Joe Biden, 30 years in senate, VP candidate...
not a speechwriter, on Obama's qualifications:  "He is not ready to be President.  The job does not lend itself to on-the-job training."
McCain has not voted in the senate since April. Hello? nm
.
This should be the full text of the new Senate bill...sm

but I can't get it to open. Can anyone open this?



http://money.cnn.com/2008/10/01/news/pdf/index.htm
Full Control? Like in the Senate and the House?
xx
United States Senate...who voted for what

http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=110&session=2&vote=00137


Do you actually look up anything?


Senate Attendance/Jack Welch
Would we still have our jobs if we did this?

 


 

 

"

Jack Welch's Take

Former GE CEO on whether 'spreading the wealth' sinks small business

More scared of congress and senate than Bush.
x
Chelsea is not eligible for a senate seat
Nice rant though. :)
Listening to the Senate debate this so-called

stimulus package, I'm getting more furious every hour with some of the senators.


It seems there is no bipartisanship happening except the republicans trying to stop the bloated parts of the package, that which has nothing to do with the stimulus. So far, the amount is up to $990B and growing. One senator pointed out that if it passes the way it is, it will be over $1.7 TRILLION and we can't afford it.


Senator Tom Coburn (R) OK stated the Constitution gave us no authorization to do what we're doing (meddling in business, banking, etc.)  He had a wonderful speech. I hope to find it on the 'net later.


Sen. Lamar Alexander (R) TN stated fix housing first.


Sen. James Inhofer (R) OK states he hopes all republicans stand up and agree this won't work but Sen. McCain's amendment should pass and WILL work. I don't know what's in Sen. McCain's amendment as it's not posted yet.


Now, my absolutely favorite senator (NOT!): Sen. Schumer (D) NY.  He stated THE AMERICAN PEOPLE WANT THIS STIMULUS and sort of threatened in a veiled way that it WILL PASS no matter what the republicans want.  I think everybody and their friends and family ought to clog his email with messages of how we DON'T want this package the way it is and since when is he a mindreader? The article I posted is probably the American people he is talking about.


Now there's a guy who really understands the American people. I found a little item on the 'net while I was looking for other stuff and I'm providing the link. Maybe a lot of you saw this before, but this is the first I've seen it. The date is JANUARY 22, 2007, so he knew all along that there was trouble brewing.


http://www.nytimes.com/2008/12/14/business/14schumer.html


 


C-Span had a rerun of the senate yesterday on AIG

According to Schumer and Klobuchar, they are sending a letter to AIG Liddy (sp) to tell them to renegotiate the bonuses or give the bonus money back, or else they will draft a LAW and take immediate steps to impose a tax as high as 91% on these bonuses.


I don't know how they can do that, although I would like to see it happen. But if they can break the contracts for AIG, then they can break any contract at will. That's a bit scary.