Macroeconomic Advisers judge the GOP jobs plan
Sen. John McCain (R-AZ) (C) and other Senate Republicans hold a news conference on Capitol Hill on October 13 to introduce the Jobs through Growth Act, a Republican jobs proposal to compete with the proposal put forward by President Obama. The legislation targets the tax code, spending, and regulation in an attempt to grow the private sector. (Brendan Hoffman/Getty Images)
October 24th, 2011
05:28 PM ET

Macroeconomic Advisers judge the GOP jobs plan

When President Obama rolled out his American Jobs Act last month, the administration chose not to include with it specific projections of the bill’s possible economic effects. Instead, it left the prognosticating up to third-party analysts who quickly filed various projections of the plans potential benefits. Since then, the president has been traveling around the country touting these independent analyses and challenging Republicans to submit their jobs plan to similar scrutiny.

At a press conference on October 6, Obama took this tack when he gave the members of the White House press corps a “homework assignment.”

“Go ask the Republicans what their jobs plan is if they’re opposed to the American Jobs Act, and have it scored, have it assessed by the same independent economists that have assessed our jobs plan,” Obama said. “These independent economists say that we could grow the economy as much as 2 percent, and as many as 1.9 million workers would be back on the job. …Have those economists evaluate what, over the next two years, the Republican jobs plan would do. I’ll be interested in the answer.”

Well, last week a group of Republican senators released the Jobs through Growth Act and today Macroeconomic Advisers – one of the firms who helped provide Obama with his numbers – posted its analysis of the plan on its blog. Among other proposals, the GOP plan calls for the adoption of a balanced budget amendment to the constitution, an idea that MA took issue with. White House Press Secretary Jay Carney wasted little time highlighting the firm's analysis as proof that the president’s plan does more for job creation, even reading from the blog post before taking questions from members of the media traveling with the president aboard Air Force One today.

Here’s the portion of MA’s blog post that Carney read: FULL POST


Topics: Jay Carney • jobs • President Obama
Obama goes west to find campaign gold
October 24th, 2011
03:53 PM ET

Obama goes west to find campaign gold

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Las Vegas, Nevada (CNN) –President Obama's west coast swing is expected to yield big rewards for his 2012 re-election campaign, and attract some Hollywood heavy hitters.

A Democratic official estimates the campaign will haul in more than $4 million dollars from six fundraisers in three states.

At a fundraising event in Las Vegas Monday at the Bellagio Hotel, 300 people are expected to attend with tickets starting at $1000.

Later, the president will travel to Los Angeles for two star-studded events.

One is a dinner at the home of Producer James Lassiter and his wife, Mai, with tickets going for $35,800, the legal limit an individual is allowed to contribute to a campaign per cycle and to a party committee per year.

The other is a $5,000 per person event  at the home of actress Melanie Griffith-Banderas that will include high-profile Latinos in Hollywood. Actress Eva Longoria, Los Angeles mayor Antonio Villaraigosa and San Antonio Mayor Julian Castro are expected to be in attendance, the official said. FULL POST


Topics: 2012 Election • Hispanic Vote • The News
Help for 'responsible' underwater homeowners
October 24th, 2011
10:42 AM ET

Help for 'responsible' underwater homeowners

The Obama administration’s latest attempt to help the housing market targets homeowners whose credit is solid, who are up to date on their mortgage payments, but can’t refinance because they own homes in areas where the market has plummeted and their homes are underwater.

So he's announcing his plan in Nevada. A key state the President must win in 2012 – and bottom there has fallen out of the housing market. Since the peak of the housing market home prices fell 53%. In the Vegas metro area they fell by 59%.  This official says there’s been virtually no refinancing activity for underwater borrowers in the area and this is designed to change that dynamic.

Today the President will announce a series of changes to ease up on responsible current borrowers  so they can take advantage of today’s better mortgage rates. Under the new rules a homeowner with good credit who has missed one payment in a year can still qualify as a responsible current borrower.

The administration official advises that these homeowners will no longer be required to get an appraisal, they won’t need a new full credit check. The official explains, if you’ve been current your lender already owns  the risk. They’ll also do away ‘risk based fees’ currently assessed on homeowners who have bad credit which increases the benefit of a refinance and eliminates the hassle factor.

The official tells CNN the administration has been working this issue with the banks and FHFA to get coordinated. Next, the FHFA will consider the proper guidelines and announce them to banks November 15th.  Homeowners will be able to apply for the refinancing sometime after the 15th.

Between now and the 15th the FHFA could also decide to include another group of homeowners in this package. They could extend these changes to homeowners who have equity in their homes, are current on their payments but have bad credit scores.

One government official advises there are other ongoing plans to address larger housing issues that impact the overall market which will be announced down the line.

As a reminder recall the administration already announced up to one year forbearance for homeowners who lose their job you lose your job – you can defer mortgage payments when unemployed.

On the college loan piece on Wednesday the administration will unveil a plan to ease the burden on recent graduates who are paying down student loans. They can do this unilaterally through the Student Aid and Fiscal Responsibility Act, passed as part of the health care law.


Topics: President Obama
Romney unrolls Nevada welcome for Obama
October 24th, 2011
09:19 AM ET

Romney unrolls Nevada welcome for Obama

Mitt Romney's campaign is giving President Obama a hearty welcome to the state of Nevada, unveiling a web video highlighting the dire state of Nevada's economy the same day the president is scheduled to bring his jobs push to the Silver State.


Topics: Uncategorized
POTUS' Day Ahead: Looking for gold out west
October 24th, 2011
08:18 AM ET

POTUS' Day Ahead: Looking for gold out west

President Obama heads west Monday morning for a three day swing that will take him to Las Vegas, Los Angeles, San Francisco, and Denver. On the agenda is a heavy dose of fundraising as well as a string of events to push his revised version of the jobs bill.

CNN has also confirmed the president will unveil a series of measures within the authority of the executive branch that the administration argues will help struggling homeowners and cash-strapped students. The new policies, which do not need congressional authority to implement, will allow homeowners– who are close to underwater on their property - to refinance at a lower rate if they hold a federally guaranteed mortgage. Another initiative will help ease repayment of education loans, according to a senior administration official.

Full schedule after the jump

FULL POST


Topics: Daily Schedule