Word: congressed
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Farmers like Liu sell to small-scale companies--often family-run businesses--that process the intestines into crude heparin, which in turn becomes the key ingredient for the heparin that Baxter and other major drug firms sell worldwide. SPL's CEO, David Strunce, told Congress last spring that the raw material comes from "government-regulated slaughterhouses." But that regulation, farmers in Jiangsu told TIME, is haphazard at best. And if the slaughterhouses are haphazardly regulated, the small heparin-processing businesses--hundreds of them across the country--are virtually unregulated. "We haven't ever had the government come and inspect...
...pointless. Getting the timing right was too hard. Increasing the deficit could bring higher interest rates that would stifle growth. Besides, the Federal Reserve, with its legions of smart economists and ability to make quick changes in monetary policy, was in a far better position to battle downturns than Congress...
Times sure have changed. Fiscal stimulus is Topic A in Washington. Congress is returning for a lame-duck session with plans to pass a spending bill in the $100 billion range. An even bigger effort is likely in January, when Barack Obama moves into the White House. And it's not just Washington: China has announced a $586 billion stimulus plan, although it's not clear how much of that will be new spending. Germany has approved $29 billion in spending and tax cuts. British Prime Minister Gordon Brown is expected to announce tax cuts soon...
...Agenda Dilemma Beyond personnel, the transition period is likely to yield insights into Obama's executive abilities and his agenda. Obama, following a model set by F.D.R. during his transition, has signaled that he does not intend to get deeply involved in the wrangling between Bush and Congress over an economic-stimulus package. Nor does he intend to return to Washington from Chicago to vote on one if it should come to the Senate chamber, where he technically still serves...
...relatively easy way that he can put early points on the change board once in office is by issuing a series of Executive Orders - for instance, reversing Bush policies on stem-cell research, offshore drilling and the prohibition against using foreign-aid money for abortion counseling. Congress, with its stronger Democratic majorities in both houses, is likely to quickly pass legislation that previously died under a Bush veto, beginning with expanded funding for the children's health-insurance program that is administered by the states. And lawmakers may also begin passing parts of Obama's economic and energy plans piecemeal...