BY admin | October 11, 2011
Washington DC, NVONews: Killing Obama jobs plan will be suicidal for GOP in next presidential elections. Senate Democrats are bringing Obama’s jobs bill on the floor for voting, but they plan to do it by breaking the legislation into parts since this holds greater promises for the bill that is facing tough odds.
One aid was reported as remarking that Democratic leaders may hold multiple votes on the plan in the coming weeks to underscore Republican opposition.
The idea of tackling the jobs bill in pieces gained the support of Obama last week, when he called in a news conference for Congress to show some progress in acting on his proposals.
Obama’s original plan threw off even seasoned Democrats and Sens. Joe Manchin of West Virginia, Jon Tester of Montana and Ben Nelson of Nebraska are planning to oppose the bill. The original plan of Obama was not a favoured one, so the $447 billion plan underwent certain changes to make it more acceptable to the warring parties. The changes can put the surtax on millionaires.
Republicans are unanimous in their no-vote for the bill and among the Democrats, with 53 votes in the Senate, it will be a tough fight to keep the bill alive by gaining the required 60 out of the 100 votes.
Sen. Charles Schumer, a Democrat, said, “If China continues its predatory practices, the future for our children and grandchildren in this country will not be bright.”
China’s yuan is undervalued by about 25 to 30% and possibly by as much as 40% against the dollar, as per economists. This translates to the fact that Chinese goods sold in the United States have a 25 to 30% advantage in price and U.S. goods exported to China face an equal amount of disadvantage.
The Fair Currency Coalition is a group pushing for changes in China’s exchange rate.