Word: capitols
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...mails indicating that the New York Federal Reserve had sought to conceal details of the controversial $182 billion bailout of troubled insurance giant AIG, U.S. Treasury Secretary Timothy Geithner--head of the New York Fed when the e-mails were sent--was called to testify Jan. 27 on Capitol Hill, along with his Treasury predecessor Henry Paulson. At issue: the use of taxpayer money to cover AIG's debts to Goldman Sachs, Morgan Stanley and other Wall Street firms. Both men defended the "backdoor bailout" and denied any involvement in the alleged attempt to hide the details of payments...
...recently concluded presidential election also indicates a deep divide between two cultures in Sri Lanka. Tamil and Muslim minorities living in the North, East and the hills have said that they are a different people and put forth a resounding no-confidence vote. The elite of Sinhalese in the capitol Colombo have also voted for a political solution and lasting peace...
...Maybe not, but what comes out of Elmendorf's office is just about the closest thing there is to holy writ in Washington these days. In a nondescript building across a freeway from the Capitol, on a floor where J. Edgar Hoover once housed the FBI's fingerprint files, the CBO has for decades been regarded as the unbiased scorekeeper in the capital's never-ending budget battles, which alone gets to judge whether legislation will add to or lighten the national debt. A bumper sticker posted on a billboard in the hallway gives you an idea of what passes...
...that is subject to enormous political pressure, seen and unseen, from both parties, Elmendorf is nobody's pushover. In July, he rocked Capitol Hill when he testified that instead of bringing the government's health care costs down, earlier versions of legislation under consideration in both the House and the Senate would drive them up faster. "I can think of 30 ways to say that, that would have been honest but would have gotten less in the way of headlines," says Urban Institute president Robert Reischauer, one of Elmendorf's predecessors as the head of the CBO. "I fired...
While climate legislation isn't dead by any means - it still has powerful supporters on Capitol Hill, including Republican Senator Lindsey Graham - it faces an uphill battle in an election year. As a defense of last resort, the Environmental Protection Agency has the authority to regulate carbon emissions directly, but that logistically sticky tack is one Obama has repeatedly said he'd rather not use. "There's increasing concern that if we don't get it together in the U.S., we will lose the clean-energy markets and jobs and growth that come with [a carbon cap]," says David Doniger...