Below The Beltway

As I noted yesterday, the hyperbolic rage that propelled the 90% AIG bonus tax through the House is not finding much support in the Senate or in the White House.
Today, comes further evidence that the White House has doubts about what the Democratic House did last week:
Vice President Joe Biden’s economic adviser said Sunday that [...]

Now it’s clear why Judd Gregg decided not to take that cabinet appointment:
WASHINGTON – The top Republican on the Senate Budget Committee says the Obama administration is on the right course to save the nation’s financial system.
But Sen. Judd Gregg of New Hampshire also says President Barack Obama’s massive budget proposal will bankrupt the country.
Gregg [...]

Today’s New York Times brings news that the Obama Administration is set to unveil a series of unprecedented regulations:
WASHINGTON — The Obama administration will call for increased oversight of executive pay at all banks, Wall Street firms and possibly other companies as part of a sweeping plan to overhaul financial regulation, government officials said.
The outlines [...]

Today’s New York Times leaks details of the finacial bailout plan that will apparently be announced next week:
WASHINGTON — The Treasury Department is expected to unveil early next week its long-delayed plan to buy as much as $1 trillion in troubled mortgages and related assets from financial institutions, according to people close to the talks.
The [...]

It looks like the effort to tax away the AIG bonuses isn’t going to sail through the Senate the way it did through the House of Representatives:
WASHINGTON – Senate Republicans are drawing out a flap that has made the Obama administration squirm, applying the brakes to Democratic attempts to quickly tax away most of the [...]