Word: congresses
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...next President, whether it's Barack Obama or John McCain, will take the helm amid a maelstrom. Testifying before Congress, former chairman of the Federal Reserve Alan Greenspan - not known for his colorful public statements - professed "shocked disbelief" at the "tsunami" that has plunged global finance into disarray. He predicted a deep recession that will cost jobs and devastate balance sheets across the economy - "much broader than anything I could have imagined." When the chief economic advisers to McCain and Obama met recently for a debate, they found little to agree on. But they shared the realization that...
...hard to say exactly how much of the next President's energy will have to go toward pulling us out of it. And the economy is far from the only unpredictable force the 44th President will contend with. Experts are forecasting a surge in the number of Democrats in Congress that would give Speaker of the House Nancy Pelosi and Senate majority leader Harry Reid the largest majorities either party has had since the early 1990s. This would obviously limit the options of a Republican President McCain. But Congress would be a complicating factor in the life of President Obama...
...pitched into a needless controversy over gays in the military. His crime-fighting proposals were drowned out by his difficulty in finding an Attorney General who had paid all her taxes. He antagonized the White House press corps and seemed unsure in his dealings with the Democrats who ran Congress. He took his eye off the ball overseas and let a police action in Somalia turn into a national embarrassment. The Republicans saw all this, hauled themselves up from the canvas and, led by Gingrich, pounded Clinton and the Democrats in 1994. Eventually, Clinton delivered on much that he promised...
...other hand, in a period of ballooning deficits, an energy bill has the advantage of seeming to pay for itself. The sale of carbon-emission permits would raise billions of dollars, money Congress could then disperse in the form of grants for alternative-energy research, tax credits for greening homes and businesses, and loans to retool inefficient industries - starting with Detroit's struggling automakers. Republicans doomed a Clinton-era attempt to do something similar by christening the plan a "carbon tax." For Obama to succeed, he would have to convince the public that this tax is truly an "investment...
...mark on history - by signing a Democratic energy bill or health-care-reform bill, say - would clash with his gut-level identification with the gop. Washington veterans agree that McCain's conservative ideas for tax cuts and health-care reform wouldn't stand a chance in a Democratic Congress. But he might enlist enough swing-district Democrats - whose hold on their seats is tenuous - to join congressional Republicans in a grand compromise between the spenders on Capitol Hill and the tax cutters in the White House...