Political News: Boehner Speaks Out on Possible Credit Downgrade

By Jonah Loeb  SEP 12, 2012 11:55 AM

Also, Sheldon Adelson isn't supporting Mitt Romney so much as investing in him.

 


This column highlights the most interesting and useful business and financial commentary on politics from around the Web each day.
[Editor's Note: Don't miss Lobbyists Rebrand Themselves Consultants, Evade Campaign Finance Laws.]

POLITICO On Congress
Link: Boehner ‘Not Confident’ About Debt Deal
“Speaker John Boehner said he's 'not confident at all' that a deal will be struck to avoid another credit downgrade by Moody's (MCO).

“Moody's, the credit agency, said that it would likely lower the country's credit rating if lawmakers and the White House can't reach a long-term debt deal.

“‘I’m not confident at all," Boehner told reporters, when asked about the prospect of a deal. ‘Listen, the House has done its job on both the sequester and on the looming tax hikes that will cost our economy 700,000 jobs. The Senate, at some point, has to act. And on both of these, where’s the president? Where’s the leadership? Absent without leave.'"

Huffington Post
Link: Sheldon Adelson Stands to Get $2 Billion Tax Cut if Mitt Romey Is Elected
"Casino mogul Sheldon Adelson's backing of GOP presidential candidate Mitt Romney may not just make political sense for the billionaire -- it may also be in his best interest financially.

“Adelson has vowed to spend as much as $100 million to help sway the 2012 election. According to a new report by Seth Hanlon, the director of fiscal reform at the Center for American Progress Action Fund, Adelson could turn that investment into a $2 billion tax cut if Romney is elected.

“[Romney would] provide a tax windfall of an estimated $1.2 billion to Adelson’s company, Las Vegas Sands Corp. (LVS), on untaxed profits from its Asian casinos, as well as a tax exemption for future overseas profits.”

New York Times: The Caucus
Link: Obama Condemns Attack That Kills Ambassador to Libya
“An attack that killed the American ambassador to Libya on Tuesday night has brought foreign policy to the forefront of the presidential race, puncturing the solemn unity seen on the campaign trail one day earlier as both candidates observed the anniversary of the Sept. 11 terrorist attacks.

“In a statement released Wednesday morning, President Obama called the attack on the consulate in Benghazi, Libya, which led to the death of J. Christopher Stevens, the ambassador, and three other Americans 'outrageous.' The attack apparently began as a reaction by an angry mob to a YouTube video denouncing Islam’s founding prophet.

“'While the United States rejects efforts to denigrate the religious beliefs of others, we must all unequivocally oppose the kind of senseless violence that took the lives of these public servants,’ Mr. Obama said in a statement released by the White House.”

CNN Election Center
Link: Dems Get Boost as Both Parties Seek to Leverage Conventions
“For Democrats who gathered at their convention in the swing state of North Carolina, the high glitz extravaganza watched by millions on television was a partisan infomercial that has paid off, for the moment, in energizing their voters.

“For Republicans who convened in the battleground state of Florida, the impact on the party faithful of their event has waned.

“The Democratic convention in Charlotte last week revved up the base as a CNN/ORC International poll released Monday showed more Democrats than Republicans were enthusiastic about voting.”
 
Washington Times
Link: Selling Health Care Law Tricky On Campaign Trail
“President Obama’s health care law has helped millions of Americans obtain insurance coverage, prescription-drug discounts and premium rebates — but with only part of the overhaul in place and widespread confusion about what it does, the administration is still struggling to sell it to voters.

“In the 2½ years since Mr. Obama signed the Affordable Care Act, the administration has been frenetic in highlighting tangible benefits. On Tuesday, it announced that Americans saved $1 billion from rate increases that never happened but could have if the law didn’t force companies to publicly justify any increases.

“But the heftiest parts of the law, including a massive Medicaid expansion and the insurance exchanges estimated to cover 40 million uninsured, won’t take effect until well after the November election, meaning most Americans aren’t seeing major changes.”
No positions in stocks mentioned.