In a 5-4 ruling, the justices ruled that the EPA should have taken into account the financial costs to utility companies, states and affected citizens before deciding whether to set limits for the toxic air pollutants it regulated in 2011.  SCOTUS forcing the EPA to consider the wholesale costs to the people benefiting from the power generation.

This case arises from the EPA’s efforts to regulate pollution – and in particular mercury – from power plants. The question before the Court was whether, when determining whether to regulate the emissions from power plants, the EPA should take into account the cost to the plants of complying.

States and industry groups had argued that the EPA must do so, while the EPA argued that it does not have to consider costs until later in the process, when it issues specific pollution standards. Today the Court agreed with the states and industry groups, holding that the EPA’s refusal to consider costs when deciding whether to regulate was unreasonable.

The opinion remands the case to the D.C. Circuit for further proceedings. But from the opinion (embedded below) it seems likely that the agency will have to scrap their plans, try again and finding some mechanism to consider costs, before it can act on this issue.

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(Via The Hill) The Senate voted Wednesday to approve fast-track authority, securing a big second-term legislative win for President Obama after a months-long struggle.

The 60-38 Senate vote capped weeks of fighting over the trade bill, which pitted Obama against most of his party — including Senate Democratic Leader Harry Reid (Nev.) and House Minority Leader Nancy Pelosi (D-Calif.).

[…] Fast-track, or trade promotion authority (TPA), will allow the White House to send trade deals to Congress for up-or-down votes. The Senate will not be able to filibuster them, and lawmakers will not have the power to amend them.

The expedited process, which lasts until 2018 and can be extended until 2021, greatly increases Obama’s chances of concluding negotiations on the TPP, which is a key goal of the president’s. (more…)

The vote was 218-208. Backing the bill were 190 Republicans and 28 Democrats; 50 Republicans and 158 Democrats voted against it. Eight members did not vote.

Neither Wall Street nor their 24/7/365 lobbying group, the U.S. Chamber of Commerce, care about U.S. jobs.  Their collective stakes are based on business financial statements which can be improved if expenses are reduced and labor costs are outsourced.

Tom Donohue, CoC President, controls the congressional reelection purse strings.  Both John Boehner and Mitch McConnell are beholden to Tom Donohue; that’s why both are working earnestly to deliver something vital to the CoC and President Obama.

Well written article -> (Via Politico) […]  It’s the second time in two weeks that Speaker John Boehner’s (R-Ohio) chamber voted to approve the legislation. The legislation was halted last week by House Democrats, who voted against an aid package for workers in an attempt to scuttle the larger trade agenda. This time, Boehner and McConnell devised a complicated process that could deliver Obama his biggest legislative achievement in years.

The legislative maneuvering, on which Boehner and McConnell consulted with Obama during a conference call this week, could result in Obama approving the trade package before the July 4 recess — and eventually usher in a trade deal that would touch 40 percent of the global economy. The fast-track authority is essential, proponents say, because it would bar Congress from making any changes to the Trans-Pacific Partnership after a deal is reached between the U.S. and other negotiating countries. Lawmakers would get only an up-or-down vote on the pact. (more…)

TAA or “Trade Adjustment Assistance” was a legislative package attached to the “fast track” portion of legislation for President Obama’s Trans-Pacific Trade Agreement Authority.

In essence, TAA was a provision to provide financial assistance for any displaced U.S. workers who were negatively affected by any trade agreement. TAA was attached to the Senate’s bill for “fast track trade authority” which lowers the threshold for Senatorial Consent on any Obama trade deal. TAA was basically attached to, packaged with, TPA to get more support the fast track measure.

However, TAA failed to pass (126-yea, 302-nay):

WASHINGTON […] Only 40 Democrats backed TAA while 144 voted against it. On the GOP side, 158 Republicans voted “no” while 86 Republicans voted “yes.”

The vote against TAA is a humiliating defeat for Obama, who had spent weeks lobbying House Democrats to support his trade agenda in the face of overwhelming opposition from liberal groups and organized labor.

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The key part of this vote is to remove the possibility for trade defeats in the Senate.  If Fast Track authority is passed/granted then a simple majority of 51 votes will be all that is required to approve President Obama’s trade deal.  

Mitch McConnell has essentially granted President Obama new powers not enumerated in the constitution.  John Boehner is about to do the same thing in the House of Representatives.  Paul Ryan has cemented his cross-over to the dark side of Chamber of Commerce Republicans led by CoC head Tom Donohue…..

(Via Washington Examiner) The House will vote Friday on legislation to give President Obama “fast track” authority to secure trade deals.

Republican leaders announced plans for the vote in a closed-door meeting with their rank and file, who are divided over whether to support the legislation.

The vote is likely to be close. With just two days until the vote, GOP leaders continue to negotiate with members to win their approval for the bill. (more…)

(CNSNews.com) – The Trans-Pacific Partnership that President Barack Obama is negotiating with 11 other nations seeks to eliminate both tariff and nontariff trade barriers with these countries, according to the Congressional Research Service. One of those countries is Vietnam, which the State Department says maintains a Communist regime.
In 2014, the U.S. ran a $24,858,700,000 trade deficit with Vietnam, according to U.S. government trade data published by the Census Bureau. U.S. producers sold $5,724,900,000 in goods to purchasers in Vietnam. At the same time, producers in Vietnam sold $30,583,600,000 in goods to purchasers in the United States.
Documents related to the TPP are currently classified. Members of Congress can only review them in a secured room. But a report published in March by the Congressional Research Service—“The Trans-Pacific Partnership (TPP) Negotiations and Issues for Congress”–describes the basic purpose of the deal the administration is seeking. (read more)

• *Greece has signaled its willingness to default on its upcoming IMF payment
• *Sets in place a plan to shift from Euros to a new issue of Greek controlled Drachmas
• *Tspiras boards a plane for Moscow
• *Seeks alternative creditors in Russia and China
• *A “Grexit” would be the de facto end of NATO and shift alliances in the Aegean from Europe to Russia
• *IMF formally withdraws staff from Athens….

Greece arrives at an existential fork in the road:  which way to turn? Continue to go West or strike out for an unknown path heading East ——————————————————————————————————————————–

The far-Left Syriza party of Greece, contrary to assertions of the European Monetary Union (EMU) has not agreed to further “austerity” measures, but has decided to double down on its threats to default on its IMF payments and align itself with Russia.

The Telegraph explains some of the backstory for Syriza’s popularity and rejection of “austerity” measures that don’t include significant debt write-offs (forgiveness).

“…One might righteously protest at what amounts to open blackmail by Mr Tsipras, deeming such conduct to be a primary violation of EU club rules. Yet this is to ignore what has been done to Greece over the past four years, and why the Greek people are so angry…

An apartment building for “middle class” Athens residents, in a “decent” part of Athens, 1 block from our 4 star hotel  (Jan 2015).  According to local social workers, 50% of the population of Greece has migrated from the countryside to Athens in an effort to find work and pool resources with other like-impoverished family members. (Click to embiggen detail)

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Running out of other people’s money….

(Reuters) – Chicago drew closer to a fiscal free fall on Friday with a rating downgrade from Moody’s Investors Service that could trigger the immediate termination of four interest-rate swap agreements, costing the city about $58 million and raising the prospect of more broken swaps contracts.

The downgrade to Baa2, just two steps above junk, and a warning the rating could fall further still, means the third-biggest U.S. city could face even higher costs in the future if banks choose to terminate other interest-rate hedges against fluctuations in interest rates.

All told, Chicago holds swaps contracts covering $2.67 billion in debt, according to a disclosure late last year. (more…)

The last time a federal budget was passed into law was September of 2007 for fiscal year 2008 and it was signed by President Bush. President Obama has not had a single day in office with a federal budget, EVER.

For the first time in six years President Obama will actually meet a statutorily required deadline for submitting a federal budget. The Executive Branch budget proposals are due by the first Monday in February; however Obama usually blows off the rules. I digress.
This 2016 proposal is a little disingenuous no?

…”The president’s budget features a six-year, $478 billion public works program for upgrading the nation’s infrastructure, including roads, railroads and ports”….

Didn’t congress spend $1,000,000,000,000.00 (trillion) on Obama’s “stimulus plan”, aka “shovel ready jobs”, aka “American Reinvestment and Recovery Act”, for public works in 2009/2010? And what exactly did we get out of that little expenditure?
WASHINGTON DC – President Obama will unveil a $4 trillion budget Monday, featuring an ambitious public works program, a one-time tax on foreign profits kept overseas by corporations, tax credits for middle-class Americans, and a 1.3 percent pay raise for federal employees and troops. (more…)