Analysis: This week the House may consider two bills that would amend Dodd-Frank, the Retail Investor Protection Act and the Swaps Regulatory Improvement Act. On October 30, conferees from the House and Senate will meet to begin conferencing the House and Senate farm bills.
Well, imagine a Choose Your Own Adventure Farm Bill Edition! There is a variety of possible outcomes that could result from a farm bill conference between the House and Senate, but there’s a catch: all the outcomes of a conference will be bad, at least for some of the characters. The other catch is that this is real life, not fiction, so real people will be harmed.
Taxpayers and consumers will get the shaft, while wealthy farmers continue to feed at the farm bill trough.
Why is the picture necessarily so grim?
Heritage Action has an ongoing ad campaign to tell Sen. Mark Begich (D-AK)Heritage ActionScorecardSen. Mark BegichSenate Democrat Average13%, Sen. Mark Pryor (D-AR)Heritage ActionScorecardSen. Mark PryorSenate Democrat Average16%, Sen. Mary Landrieu (D-LA)Heritage ActionScorecardSen. Mary LandrieuSenate Democrat Average3% and Sen. Kay Hagan (D-NC)Heritage ActionScorecardSen. Kay HaganSenate Democrat Average6% to stop working for President Obama and Sen. Harry Reid (D-NV)Heritage ActionScorecardSen. Harry ReidSenate Democrat Average9% and start working for their constituents.
Conservative activists have been calling their representatives to tell them to stop Obamacare, and several of them took the initiative to call their senators as well. After they made the call, they told us about their call experience.
Which is more important: working for you or standing with Harry Reid and Barack Obama to save Obamacare?
The Heritage Foundation and other conservatives have explained that U.S. has much more tax revenue coming in on a daily basis than it has to pay each day on interest payments; this means the U.S. has the financial means to cover its debt obligations without incurring more debt. Heritage notes:
The Obama Administration argues that failure to raise the debt limit would lead to a default on federal debts, causing unacceptable harm to the economy. But the President has ample discretion to prioritize debt payments and avoid default. The President has failed to address the more fundamental risk of default: unconstrained increases in entitlement spending.