In the News: ” The Week in Review ” by Sen. Bernie Sanders …

2 Mar

March 1, 2013

Senator Sanders

Sequester The Senate on Thursday defeated dueling bills to avert deep, automatic spending cuts that begin taking effect later today. A White House meeting with congressional leaders on Friday was unlikely to come up with an alternative to chopping $85 billion in federal spending by Sept. 30. The sequester, as the cuts are called, was set in motion by a 2011 budget deal that Sen. Bernie Sanders voted against. Interviewed Thursday night on Vermont Public Television, Sanders said the cuts will “contract the economy in the midst of a terrible recession” and may eliminate 700,000 jobs nationwide.

Wall Street Tax Democrats in the House and Senate, seizing on concerns over budget deficits, are renewing their push for a tax on financial transactions. Sen. Sanders cosponsored a bill introduced Thursday by Sen. Tom Harkin, CQ-Roll Call reported. The legislation is expected to run into opposition from the financial industry and the Obama administration.

Treasury Secretary Sen. Sanders voted against President Obama’s new Treasury secretary, Jack Lew, a former White House staffer who worked at Citigroup during the lead-up to the recession, WCAX-TV, Seven Days, Washington Monthly, Democracy Now! and OccuWorld reported. LINK, LINK, LINK, VIDEO


Banker Pay The European Union approved strict curbs on banker pay, tying salaries and bonuses to performance and investor decisions, Reuters reported. By contrast, Wall Street bonus pools were expected to total $20 billion last year, with the average cash bonus rising an estimated 9 percent to almost $121,900 LINK

Pope Emeritus Pope Benedict left the Vatican on Thursday after pledging unconditional obedience to whoever succeeds him to guide the Roman Catholic Church, Reuters reported. LINK


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