SEC. FTC. DOD. DOJ. OCC. HHS. FAA. EEOC. OPM. CFTC. CPSC. CFPB. To most sane people, they probably recall a poor combination of letters during a game of Words With Friends. For demented Beltway minds, however, each string of letters carries specific connotations in the vast alphabet soup of the federal bureaucracy. Most operate outside the notice of the rest of the country, quietly protecting our financial markets, inspecting the cars we buy, or upholding labor standards.
Barack Obama and Mitt Romney's stances on health insurance mandates stand as one of the great ironies of the 2012 presidential race. At various points both have opposed the mandate and both have advocated for the idea, successfully forcing the measure into legislation. The only problem is that they have evolved in opposite directions.
Last week Scott offered a great defense of the Voting Rights Act, arguing that Section Five—a clause that requires southern states to receive preclearance before changing any voting procedures—is a necessary correction to the limits of the Fifteenth Amendment. That provision was recently overturned by the D.C. Circuit, setting up a hearing in the Supreme Court that could possibly strike down the landmark civil rights legislation. Given the recent conservative tilt of the Supreme Court, some legal experts are predicting that the circuit court's decision will be upheld, with the majority arguing that the act was crafted during circumstances no longer relevant to the political climate.
For a moment last fall, it looked as if the last-minute debt-ceiling deal was all for nothing. Democrats had caved to Republicans’ demands to cut spending in order to keep the government funded. But Standard and Poor’s decided that the brinkmanship displayed by John Boehner and Republicans reflected poorly on the country’s ability to pay its bills, and decided to lower the U.S.’s credit rating anyway from AAA to AA+. Luckily, that decision was taken more as a reflection of the rating agency than a proper assessment of the country’s credit-worthiness. The U.S. continues to sell Treasury bonds at record low interest rates, a sign that investor confidence hasn’t been shaken.
Congress is deadlocked on a host of issues that will need to be solved before the end of the year lest the country plunge off a fiscal cliff at the start of 2013. If no action is taken, all of the Bush tax cuts will expire, the payroll tax will return to higher rates, and the full-sequester spending cuts will go into effect, with the debt ceiling hitting its limit shortly thereafter. Estimates from the Congressional Budget Office released early this week paint a horror story for the start of 2013, with the economy contracting by 1.3 percent.