Senate Votes To Block Obama Jobs Plan

Tyler Durden's picture

The Senate is busy tonight: on one they have just started a currency war with China, on the other, they are about to force every bank to cut its GDP forecast now that the prospect of incremental future fiscal stimulus has just been kneecapped, following a widely expected failure to vote through Obama's job plan a move that immediately forcedthat pathological of pathologies, the US Treasury Secretary to announce that "the action by Republicans to block the full
plan would likely result in weaker U.S. growth."
Somehow, it will all be Bush's fault.

From Bloomberg:

  • Senate Lacks Votes to Advance Jobs Plan; Vote Is Continuing

From The Hill:

President Obama received a slap from members of his own party Tuesday
as the Senate voted to block his $447 billion jobs package.

 

The
jobs plan, which the president has spent much of the last month touting
on a cross-country tour, fell well short of the 60 votes it needed to
proceed.

 

The only Democrats to vote against the measure were Sens. Ben Nelson
(Neb.) and Jon Tester (Mont.), but a number of other centrists in the
party indicated they would vote against the package even though they
supported launching a debate on the measure.

 

All of the Republicans present on Tuesday voted against the motion.

 

The vote at 6:50 p.m. was 50-48.

 

Democratic leaders were holding the vote open to give Sen. Jeanne
Shaheen (D-N.H.) a chance to vote for it in a move that highlighted
their desire to show the package winning as many Democratic votes as
possible. She was scheduled to arrive late to town after receiving a
civic award in Boston.

 

“The truth of the matter is, most Democrats know just as well as I do
that passing another stimulus and tax hike is a lousy idea — which is
why the president is having such a hard time convincing many Democrats
to vote for it,” Senate Republican Mitch McConnell (R-Ky.) said before
the vote.

 

In the run-up to the vote, Obama’s political advisers portrayed it as a
black-and-white partisan fight between a president trying to address the
nation’s high unemployment rate and Senate Republican leaders more
interested in partisan politics than the national good.

 

“Their strategy is to suffocate the economy for the sake of what they
think will be a political victory,” Jim Messina, campaign manager of
Obama for America, wrote in an e-mail to supporters. “They think that
the more folks see Washington taking no action to create jobs, the
better their chances in the next election. So they're doing everything
in their power to make sure nothing gets done.”

 

Centrist Democrats undercut that narrative by speaking out against Obama’s plan, even though they voted to debate it.

 

Sen. Jim Webb (D-Va.) voted to cut off a potential GOP filibuster, but
said he nevertheless opposes raising taxes on ordinary income especially
during a time of recession.

 

Senate Democratic leaders rewrote Obama’s jobs bill to pay for its
stimulus by levying a 5.6-percent surtax on income over a million
dollars beginning in 2013.

 

Webb said the federal government should give wealthy people incentive to
invest in the economy instead of increasing their income taxes.

 

“I strongly believe that the way to bring good jobs back is to improve
our economy in the private sector and that means more capital
investment,” Webb said.

 

“Winston Churchill once said something to the effect that you can’t tax
your way out of an economic downturn any more than you can pick up a
bucket if you’re standing in it,” he added.

 

Sen. Joe Lieberman (Conn.), an independent who caucuses with Democrats,
supported Senate Majority Leader Harry Reid’s (D-Nev.) bid to begin
debate on Obama’s jobs package but voiced misgivings over its substance.

And from Reuters:

The U.S. Senate defeated President Barack Obama's job-creation package on Tuesday in a sign that Washington is likely too paralyzed to take major steps to spur hiring before the 2012 elections

 

As voting continued, opponents had amassed more than the 40 votes they needed to block the legislation in the Demcratic-controlled Senate.

 

The vote was not expected to officially close for several hours until one Democratic lawmaker returned to Washington, but that was not expected to affect the outcome. 

But not all hope is lost to Obama:

U.S. Treasury Secretary Timothy Geithner said on Tuesday that the Obama administration would push Congress to approve as much of its jobs plan as possible after the Senate voted to block the plan in its entirety.

 

In an interview with Bloomberg Television, Geithner said the action by Republicans to block the full plan would likely result in weaker U.S. growth.

 

"We're going to do everything we can to maximize the chance that we get as much of this done as possible," Geithner said. "And we should, because this bill includes things that have always had broad support among Democrats and Republicans, There's just no reason why politics should stand in the way of doing something for the economy now."

Good luck Treasury Secretary Timothy.

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Cassandra Syndrome's picture

What happened to Pass this Jobs Bill, Bitchez?

papaswamp's picture

The Prez forgot the majic wordage...'Bitchez'....

MillionDollarBonus_'s picture

If Americans want to know why unemployment figures are so high, they need look no further than these cowardly and despicable republican senators. Compassionate democrats have been trying desperately to help the poor during these tough times with fiscal stimulus programs and by investing in education and healthcare, but heartless conservatives won't even let Obama pass a common-sense jobs bill which would get this country working again. My heart goes out to all those affected by the ideas of spoiled brat libertarians, which have been spread by anarchist nerds and redneck doomers and have somehow managed to permeate the senate. I can only hope this country wakes up to the shocking implications of libertarian bigotry before it becomes a reality. 

nmewn's picture

lol...good one.

The senate is, of course, controlled by heartless democrats.

SWCroaker's picture

Your irrelevant facts have no bearing on MDB's programming/ideology.  Now that I think about it, I suspect we should be honored to be in the presence of one of the few remaining believers in the two party "dichotomy"!

nmewn's picture

He does have a way of twisting expectations with results...seems like I've seen this movie before.

UP Forester's picture

And here I thought spending bills had to originate in the house.  That must be one of the numerous passages redacted in that document they're supposed to give an oath to pretend to abide by....

nmewn's picture

You are correct, they do...at least until recently.

There are about 100 bills sitting on Reids desk right now that went through the proper channels...he's afraid to bring any of them before the senate as some may pass and have to be vetoed publicly by Barry.

He's Obama's little bitch ;-)

StychoKiller's picture

“Their strategy is to suffocate the economy for the sake of what they
think will be a political victory,” Jim Messina,

The best rebuttal:

"We have tried spending money.  We are spending more than we have ever spent before and it does not work.  And I have just one interest, and if I am wrong ...somebody else can have my job.  I want to see this country prosperous. I want to see people get a job.  I want to see people get enough to eat.  We have never made good on our promises. ...I say after eight years of this Administration we have just as much unemployment as when we started. ...And an enormous debt to boot."  -- Henry Morgenthau ( U.S. Secretary of Treasury 1937)

Jena's picture

Wouldn't this be a hoot?

 

"We have tried spending money.  We are spending more than we have ever spent before and it does not work.  And I have just one interest, and if I am wrong ...somebody else can have my job.  I want to see this country prosperous. I want to see people get a job.  I want to see people get enough to eat.  We have never made good on our promises. ...I say after four years of this Administration we have just as much unemployment as when we started. ...And an enormous debt to boot."  -- Timothy Geithner ( U.S. Secretary of Treasury 2011)

Alvaro de Esteban's picture

Mmm..., are you Obama´s Lewinsky???

Yancey Ward's picture

If he was, the entire comment would have been:

 

 

MMphmmmmph.

Tsunami Wave's picture

@MillionDollarBonus: Are you a professor at an ivy league university?? What's your real job? Why do you always say Keynsian drivel?

Pure Evil's picture

MillionDollarBonus_'s spiel is the equivalent of reading turd leaves. First he sits on the toliet, a bunch of shit spews out of his mouth, he then rises, faces the toliet and then proceeds to write down the day's Democratic talking points to be posted on ZH later in the evening.

Translation: He's so full of shit, he makes a sewage treatment plant smell like a bed of roses.

ElvisDog's picture

Don't be silly, MillionDollarBonus is for "entertainment purposes only". Mildly amusing, but don't get worked up about anything he writes.

Dr Bob's picture

its more like MillionDollarDumbAss

krispkritter's picture

Hey! I copyrighted that one! Great minds think alike...or it's the alcohol...

piceridu's picture

LOL- MDB simply awesome! Just think, we get the greatest ZH lounge show act by far for free...it never gets old. Please tell me you'll never leave!

TrulyBelieving's picture

Hey MDB, If you think the dems here are compassionate I suggest you try on some compassion from their heroes, like Mao, Marx, Lenin, Stalin, Pol Pot. Do yourself a favor and move to Cuba or Venezuala, compassionate lot down there, sure you'll fit right in.  

thatthingcanfly's picture

What's funniest is how so many people writing responses to MDB simply don't get his sarcasm. As of this writing he's got 41 red ticks. The joke went completely and utterly over the heads of forty-one people here. Astounding.

Z Beeblebrox's picture

To save others the trouble:

"Poe's law states:Without a winking smiley or other blatant display of humor, it is impossible to create a parody of fundamentalism that someone won't mistake for the real thing."

grgy's picture

I don't think it was sarcasm at all.  Hard to believe but there are people who think just like that.

azzhatter's picture

pas this currency war, er....I ,mean jobs holder........er ....I ,,,,,,mean .....Ah fuckit, I'm going golfing

Dr Bob's picture

thats exactly what i did today.

swissaustrian's picture

A democratic senate votes down it´s own president?

Please explain this to a foreigner...

nmewn's picture

The president is insane.

You're welcome.

cossack55's picture

and the senate is stupid and the house is corrupt.

nmewn's picture

Actually, on this, the senate did the right thing...for themselves first...and the country.

knukles's picture

I'm not sure you'd want me to at this juncture.

Tijuana Donkey Show's picture

Please do, your answers are always the best, you live up to your namesake!

chet's picture

The GOP is insane, but unified.

The Dems are incompetent, and disunified.

Raynja's picture

the gop is unified? how do you work the tea party into that point of view?

papaswamp's picture

Not enough 'bring home said porkulous baconage' yet. Think 'more bribery needed'.

PartysOver's picture

The Big "O" has perfected the fine craft "Delusional Academia".

Enough said.

Jena's picture

Some of those Democrat Senators want to be re-elected in 2012 and they know they would not have a chance if they had voted for that bloated spending bill.

colfaxcap's picture

Obama is a Lame Ass err lame duck Prezi

Rainman's picture

.....more like a paralyzed duck with his poll numbers

Mercury's picture

It will be re-spooned in smaller pieces.

reinman60's picture

Tragic mistake. If this had passed, it would have done as much for the economy as QE1 and QE2 combined...um...lets see...well...maybe not mistake after all.

Spitzer's picture

As of now, the Fed and treasury can do no wrong. They can openly monetize debt, become the largest holder of treasuries, get downgraded, lie about inflation, you name it, the world still buys bonds. But when sentiment shifts, the Fed or the treasury can do no right. They can try and cut spending and raise rates but nothing will stop the capital flight. NOTHING.

http://freegoldobserver.blogspot.com/

Arkadaba's picture

For second time today - Surprise, Surprise! 

Everybodys All American's picture

When you have a bad president the elections can't come soon enough.

gall batter's picture

Elections bring only more bad presidents.

 

Cheesy Bastard's picture

Closely followed by more bad precedents.

tickhound's picture

and ultimately ends in famine and pestilence.

Silverhog's picture

Sorry for the off topic but this is interesting. Paypal to send out 1099 on sales. Will curb PM sales for sure.

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cossack55's picture

The Black Market will be the last and only Free Market soon.