This is a perfect example of why you can’t rationally cut programs to balance every spending item. This is just stupid:
The Republican-controlled House of Representatives passed an amended energy and water bill Friday that would divert $1 billion from high-speed rail projects — including electrical upgrades on the busy Northeast Corridor Line in New Jersey — to pay for flood relief along the Mississippi and Missouri rivers.
But New Jersey’s two Democratic U.S. senators are trying to get the Department of Transportation to obligate the money before Congress gets hold of it. Continue Reading »
WASHINGTON — A top Obama administration official on Thursday questioned the scope of the state and federal investigations into alleged mortgage abuses and “illegal” foreclosures perpetrated by the nation’s largest mortgage companies, marking the first time a senior White House official publicly broke ranks with the administration over the issue and raising fresh questions about the wisdom of the government’s rush to settle with the firms.
Elizabeth Warren, a senior adviser to President Barack Obama and Treasury Secretary Timothy Geithner, told a congressional panel that government agencies may not have sufficiently investigated claims that borrowers’ homes were illegally seized by banks such as JPMorgan Chase, Bank of America, Wells Fargo, Citigroup and Ally Financial.
“I think there’s a real question about whether there’s been adequate investigation,” said Warren, the temporary custodian of the Bureau of Consumer Financial Protection, a new federal agency charged with protecting borrowers from abusive lenders. Her statement came in response to questions from Rep. Trey Gowdy (R-S.C.), a former federal prosecutor who asked Warren why her agency needed to oversee such abuses when the U.S. Department of Justice is already probing such matters. Continue Reading »