Obama Will Get Next $350B, Pelosi Signals

President takes more hands-on approach to legislation

(NEWSER) - President Obama is growing more assertive on Capitol Hill. Since he took office, the president's supporters have criticized him for not exerting enough control over the details of legislation, instead letting Harry Reid and Nancy Pelosi hammer out specifics—even on major administration goals, like the health care bill. On legislation this week concerning the Gulf oil spill and financial regulation, Obama has switched to a prescriptive style, reports Politico . More»

(NEWSER) - The Obama administration has devised a maybe-legal method of avoiding Congress’ restrictions on companies that accept bailout funds, including limits on executive pay and a requirement that taxpayers get an ownership stake in the firms, the Washington Post reports. To sidestep the restrictions, the administration has created special entities to act as middlemen between the government and the firms it aims to help. More»

Republicans court Blue Dog Dems to fight further spending

(NEWSER) - Talk of a second stimulus proves the first one isn't working, Republican leaders said today in blasting the possibility. “We don't even know what was in the first stimulus yet,” one senator said, while Minority Leader Mitch McConnell noted that Congress had spent “$1 billion an hour” so far this year. Republicans tell Politico they aim to lure discontented Dems in their fight for fiscal restraint. More»

Prez still didn't get much GOP support

(NEWSER) - President Obama promised a new spirit of cooperation in Washington, and in his relationship with Congress, he did his best to deliver, the Wall Street Journal reports. Obama left congressional leaders wide leeway in crafting the stimulus bill and stayed in close touch with members. Joe Biden stayed on pivotal senators like Susan Collins, calling her back repeatedly in rural Maine. More»

Package bans cash bonuses for bailed-out firms' high earners

(NEWSER) - A late addition to the stimulus package puts tougher restrictions on executive pay at bailed-out financial institutions, reports the Wall Street Journal. The rules go further than the Obama administration proposed, affect more employees, and could seriously crimp the culture of gargantuan bonuses. The big one: Bonuses can't exceed one-third of annual salaries. If banks don't play along, they have to return their bailout money. More»