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2008 World News Archive

AP:RT:US Domestic Politics 25 Apr 200...

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#15 of 19 Posted 4/25/05 4:20 PM

From Gerard <Sysop> Posts 82654 Last 3/19/09
To All [Msg # 195377.15 195377.1 ]

      Bush Faces Hurdles on Energy Agenda

APO 25/04/2005 07:20

Copyright 2005 The Associated Press. All rights reserved.
The information contained in this news report may not be published, broadcast or otherwise distributed without the prior written authority of the Associated Press.
   By TOM RAUM
Associated Press Writer
   WASHINGTON (AP) -- Running for president five years ago, George W. Bush pledged to jawbone energy-exporting nations to keep oil prices low and to win passage of legislation to spur more domestic energy production.
   Delivering on either count has proved difficult for the Texas oilman.
   Soaring oil and gasoline prices are beginning to take a toll on U.S. economic growth and on Bush's approval ratings. To get his long-stalled energy agenda passed, the president is putting more of his political prestige on the line.
   The House voted 249-183 last week for White House-backed legislation that would give tax cuts and subsidies to energy companies and open a wildlife refuge in Alaska to oil exploration.
   At a meeting Monday at his Texas ranch, Bush is promising to press Saudi Arabia's de facto ruler, Crown Prince Abdullah, to do more to help ease global oil prices.
   Still, the president acknowledges that there is little that he or Congress can do to quickly lower gasoline prices, which have climbed past $2.20 a gallon nationwide.
   Critics also claim that Bush's energy bill does little to promote conservation or alternate energy approaches, and that he has done little of the lobbying of oil-country leaders that he promised during in his first presidential campaign.
   Robert Ebel, an energy analyst at the Center for Strategic and International Studies, said nothing that Bush is proposing "is going to have any immediate, or even near-term impact" on prices.
   He said Bush is responding politically to consumer concerns that "gasoline prices are high, we haven't yet entered the summer driving season, and what is the president going to do about it?"
   Ebel said increasing world demand for oil, particularly from fast-growing China, and lack of new refineries in the United States will exacerbate the problem for years.
   With his Social Security overhaul plan winning few converts, Bush may find that promoting his energy agenda has a more immediate political payoff for jittery Republicans.
   In a speech last week, Bush said high prices are "like a foreign tax on the American dream." He challenged Congress to send him an energy bill by August and described the proposal as making energy "more affordable and secure" in the future.
   Similar legislation passed the House twice in Bush's first term, only to bog down in the Senate under a Democratic filibuster that was waged, in part, to protest possible exploratory drilling in the Arctic National Wildlife Refuge in Alaska.
   Crude oil prices have risen 40 percent in the past year. But finding ways to curb them pose a particular dilemma for Bush -- complicated by his own actions.
   The war in Iraq, for instance, limited Bush's influence among Persian Gulf oil-producing nations.
   The president recently ruled out releasing oil from the nation's emergency stockpile, saying he would only tap the 700 million barrel reserve in a national crisis.
   Bush criticized President Clinton for tapping into the reserve in 2000, suggesting it was a political gesture to help Vice President Al Gore, then Bush's Democratic rival for the White House.
   Bush also criticized the Clinton administration for not lobbying the Organization of Petroleum Exporting Countries, saying Clinton "must jawbone OPEC members to lower prices." Yet as president, Bush mostly has emphasized that market forces should set world oil prices.
   In a CNBC interview, Bush said he would press the Saudi crown prince to boost production. "I'll be talking to our friends about making sure they understand that if they pinch the world economy too much, it'll affect their ability to sell crude oil in the long run," Bush said.
   Still, he said, there was a chance the Saudis already were pumping crude at "near capacity" levels. Ahead of the crown prince's visit, Saudi Arabia said it would do what it could to step up oil production.
   Saudi oil minister Ali Naimi said the kingdom is now pumping about 9.5 million barrels per day and could increase that to 12.5 million barrels per day by 2009 if necessary to maintain "market stability."
   But, he told a conference in Paris, "The measures taken by OPEC in general and by Saudi Arabia in particular are only a few factors among those which affect oil prices; consequently, our influence is limited."
   Bush's expected appeal to the Saudi leader already is drawing scorn from some Democrats. "The president is right to meet with this powerful man, but it is wrong that the leader of the United States must ask favors from a foreign prince," Rep. Ed Markey, D-Mass., said Saturday in his party's weekly radio address.
   Jerry Taylor, an energy analyst at the Cato Institute, a Washington-based think tank that advocates less government regulation, said the idea that "jawboning OPEC or arranging for nice relations with OPEC will somehow get us more oil is utter illusion."
   "The Saudis will produce as much oil as they think is necessary to maximize revenue. Period," Taylor said. China's rising thirst for oil, not supply shortages, is the main factor driving up global oil prices, he and other oil analysts suggested.

#16 of 19 Posted 4/25/05 4:20 PM

From Gerard <Sysop> Posts 82654 Last 3/19/09
To All [Msg # 195377.16 195377.1 ]

    Kerry's Influence Affecting Mayor's Race

APO 25/04/2005 07:19

Copyright 2005 The Associated Press. All rights reserved.
The information contained in this news report may not be published, broadcast or otherwise distributed without the prior written authority of the Associated Press.
   By MICHAEL R. BLOOD
Associated Press Writer
   LOS ANGELES (AP) -- Sen. John Kerry hasn't hit the campaign trail this spring to support his friend Antonio Villaraigosa, but their relationship is paying off for the city's front-running mayoral candidate.
   Activists and major donors with ties to the 2004 Democratic presidential nominee have been making calls around the country to raise money for Villaraigosa by tapping into the senator's extensive national fundraising network.
   Their involvement is another sign that the Massachusetts senator could soon get personally involved in the race. He is expected to endorse Villaraigosa, one of his national campaign co-chairs in last year's presidential race.
   The Villaraigosa camp had no immediate comment on the possible endorsement.
   Villaraigosa's fundraising is hardly dependent on the Kerry connection. He has been banking cash at a fast clip from a wide variety of real estate, entertainment and other sources for the May 17 runoff election against Democratic Mayor James Hahn, who is seeking a second, four-year term.
   Earlier this month, Villaraigosa reported raising $652,000 from March 9 to April 2, while Hahn had about $408,000 in donations over the same period. Polls indicate the challenger is leading the race.
   Villaraigosa's political trenchwork in the presidential campaign made him a favorite with the Kerry faithful, a relationship that has reciprocal benefits.
   "Clearly through his role and visibility in the (presidential) campaign, Antonio made important contacts with people in the Kerry organization and his donors across the country," said Larry Grisolano, Kerry's California campaign director in the 2004 primary, who has donated to the Villaraigosa effort. "That has positioned him to go back to those donors for his own campaign."
   Among those raising money for Villaraigosa are San Francisco venture capitalist Mark Gorenberg, who was Kerry's California finance chairman last year; Lara Bergthold, a Kerry 2004 deputy director who has long-standing ties to the entertainment community; and Arden Realty Inc. chief executive Richard Ziman, one of Kerry's major fundraisers.
   At a Villaraigosa fundraiser in Washington, D.C., on April 12, the co-chairs included Sky Gallegos, who directed Kerry's general election campaign in California last year.
   Asked about ties between the senator and Villaraigosa, and the possibility of an endorsement, Kerry spokeswoman Jenny Backus said only, "Antonio Villaraigosa is a very good friend of Senator Kerry."
   An Associated Press comparison of federal and city campaign finance documents found that at least 250 people who donated to Kerry also have written checks to Villaraigosa, with the total contributions reaching as much as $200,000.
   It was unclear exactly how much of that money came as a direct result of work by Kerry supporters.
   Kerry's endorsement would bring Villaraigosa a spat of publicity, but it's not clear what it would mean in terms of votes in the Los Angeles election.
   The Massachusetts senator is a liberal, like Villaraigosa. But the councilman has been attempting to project a more middle-of-the-road political outlook to attract moderates and Republicans who spurned him in his unsuccessful 2001 run against Hahn.
   High-profile supporters for the challenger also includes basketball legend Earvin "Magic" Johnson and Rep. Maxine Waters, a Democratic icon in the city's black community.

#17 of 19 Posted 4/25/05 4:21 PM

From Gerard <Sysop> Posts 82654 Last 3/19/09
To All [Msg # 195377.17 195377.1 ]

   New Law Protects IRA, College Savings

APO 24/04/2005 20:20

Copyright 2005 The Associated Press. All rights reserved.
The information contained in this news report may not be published, broadcast or otherwise distributed without the prior written authority of the Associated Press.

   NEW YORK (AP) -- The new bankruptcy law provides broad protection for retirement and education-savings accounts, giving cautious investors one more reason to save.
   Under the law signed Wednesday by President Bush, 529 plans and Coverdell accounts generally won't be subject to creditors when investors file for bankruptcy.
   Also, most assets in individual retirement accounts, or IRAs, will be excluded from bankruptcy proceedings, giving these vehicles similar protection to 401(k) savings plans and pensions.
   Consumer advocates say that these provisions are among the few bright spots in a law that they overwhelmingly oppose.
   "It's not like every single provision in there is bad, but the overall effect is to harm consumers" because it will unfairly penalize families subject to financial misfortune, said Travis Plunkett, legislative director for the Consumer Federation of America in Washington.
   Under the law, an unlimited amount of funds rolled over into IRAs from employer-sponsored retirement plans are protected from bankruptcy proceedings. Also, up to $1 million in new contributions to these tax-advantaged vehicles are sheltered.
   "This is a huge step forward because it removes a key concern for completing IRA rollovers," said Theresa Fry, manager of distribution planning at A.G. Edwards Inc.
   IRAs already got a boost earlier this month from a Supreme Court ruling that these assets couldn't be seized during bankruptcy. But the decision didn't address whether an unlimited amount of assets would be exempt from the bankruptcy estate. Also, it was unclear whether Roth IRAs, besides traditional IRAs, would be covered by the ruling.
   Regardless, the new law trumps the Supreme Court decision and provides "a little oasis" for debtors, said Ed Slott, author of "Parlay Your IRA Into a Family Fortune." This protection should encourage investors to put more money in these vehicles, according to Slott.
   About $3 trillion in assets are currently in IRAs, according to the Investment Company Institute, and this number is expected to increase dramatically as baby boomers retire and park their savings in these accounts.
   College-savings plans also are getting more protection. The new law exempts most assets from 529 plans and Coverdell accounts from creditors in bankruptcy proceedings.
   States, which sponsor individual 529 savings plans, had pushed for federal protection for these assets, hoping it would encourage more people to sock money away to offset the spiraling costs of post-secondary education.
   Currently, 529 savings plans hold more than $52 billion in assets.
   These accounts "are a gift from the contributor to the beneficiary, so the thought was to ensure that it remains a gift and is not taken under bankruptcy," said Chris Hunter, program manager for College Savings Plans Network, a Lexington, Ky., coalition of state officials.
   College 529 savings plans, named after a section of the tax code, allow investors to put away $11,000 a year -- or frontload five years' worth of contributions at one time -- and later withdraw this money to pay for education tax free at the federal level. Their counterparts, 529 prepaid plans, let parents lock in future college expenses at today's prices. Coverdell education-savings accounts, on the other hand, allow $2,000 in contributions a year as well as tax-free withdrawals.
   Not all college-savings assets, however, are protected. Contributions made within a year of filing for bankruptcy are not exempt, and only about $5,000 of contributions made within a year to two years of the filing are excluded from the estate.
   Many states already provide some protection for education-savings assets. In some cases, the protection is even stronger than what the federal law provides. Virginia, for instance, exempts certain college funds fully from creditors if investors file bankruptcy.
   The new law is a "good step," said Diana Cantor, executive director of the Virginia College Savings Plan, but it would have been nice if it applied to all college-savings assets.

#18 of 19 Posted 4/25/05 4:28 PM

From Gerard <Sysop> Posts 82654 Last 3/19/09
To All [Msg # 195377.18 195377.1 ]

   Republicans Say Have Votes to Ban Filibusters

RTos 24/04/2005 19:21

Copyright 2005 Reuters Ltd. All rights reserved.
The following news report may not be republished or redistributed, in whole or in part, without the prior written consent of Reuters Ltd.

    By Thomas Ferraro
     WASHINGTON (Reuters) - U.S. Senate Republicans have the votes to ban any more Democratic procedural roadblocks against President Bush's judicial nominees, a top Republican said on Sunday.
     A spokesman for Senate Democratic leader Harry Reid of Nevada promptly questioned the claim, while another Democrat, Sen. Joseph Biden of Delaware, floated a possible compromise to avert a fight that could bring the Senate to a near halt.
     There was no immediate response from Senate Majority Leader Bill Frist. But a spokesman for the Tennessee Republican reiterated that Frist planned to present Reid with a "comprehensive proposal" within a week to 10 days.
     The key question is whether Republicans can muster the support needed to change Senate rules to ban procedural roadblocks known as filibusters against judicial nominees.
     "There's no doubt in my mind, and I'm a pretty good counter of votes ... that we have the votes we need," Senate Majority Whip Mitch McConnell of Kentucky told CBS's "Face the Nation."
     Sen. Christopher Dodd, a Connecticut Democrat appearing with McConnell, said conservative Republicans including former Senate leader Bob Dole "have urged the Republican leadership today to think long and hard about doing what they want to do."
     Democrats blocked 10 of Bush's judicial nominees during his first term while they helped confirm about 200 others. Bush renominated seven of the filibustered nominees after winning re-election in November.
     Biden, appearing on ABC's "This Week," said, "I think we should compromise and say to them that we're willing to -- of the seven judges -- we'll let a number of them go through, the two most extreme not go through and put off this vote" to end the filibuster.
     Fifty-one votes would be needed in the 100-member Senate to ban judicial filibusters.
     While there are 55 Senate Republicans, about a half dozen or so have been seen, at least publicly, as undecided. Many have voiced fear such a rule change could hurt them in a future Democratic-led Senate.
     "No one knows for sure what the vote will be, other than that it will be very, very close," said Jim Manley, a Reid spokesman.
     Reid has vowed to retaliate by invoking other procedural measures that would tie the Senate into knots.

     'WHAT'S FAIR'
     Sixty votes are needed to end a filibuster.
     Republicans say all nominees deserve a confirmation vote, while Democrats say the filibuster must be maintained as a tool by the minority to check the power of the majority.
     Frist, seeking to bolster support among lawmakers as well what polls show to be a somewhat divided public, urged Americans on Sunday to tell their senators to permit votes on all judicial nominees.
     "Tell them to do what's fair," Frist said in a prerecorded address for a nationwide telecast organized by Christian conservatives and entitled, "Justice Sunday -- Stopping the Filibuster Against People of Faith."
     Frist said emotions "are running high on both sides," and that "there is a need for more civility in political life."
     The Senate Republican leader said, "I've been trying to work out a compromise," but "it's not easy."
     "My Democratic counterpart, Senator Reid, calls me a radical Republican," Frist said. "I don't think it's radical to ask senators to vote."

#19 of 19 Posted 4/25/05 4:28 PM

From Gerard <Sysop> Posts 82654 Last 3/19/09
To All [Msg # 195377.19 195377.1 ]

      VP Cheney Meets with Saudi Leader in Dallas

RTos 24/04/2005 18:05

Copyright 2005 Reuters Ltd. All rights reserved.
The following news report may not be republished or redistributed, in whole or in part, without the prior written consent of Reuters Ltd.

    By Chris Baltimore and Tom Doggett
     DALLAS (Reuters) - Saudi Crown Prince Abdullah met on Sunday with Vice President Dick Cheney, one day before the kingdom's leader was scheduled to talk with President Bush about record high oil prices and other issues.
     The Sunday meeting took place at a luxury hotel in Dallas, where the Saudi delegation is staying through Tuesday, according to Saudi sources.
     The White House declined to comment on Cheney's meeting with the crown prince. Saudi officials were also unwilling to say what the men discussed.
     Saudi Oil Minister Ali al-Naimi was part of the delegation and was expected to attend the crown prince's meeting with Bush at his Texas ranch on Monday afternoon. Naimi declined to answer reporters' questions on Sunday.
     On Sunday evening, Abdullah was scheduled to have dinner with the president's father, former President Bush, in Dallas.
     Cheney was the main architect of Bush's energy plan three years ago, which the president has sought to push through Congress. Last week, the U.S. House of Representatives approved a wide-ranging, $8 billion bill to encourage more domestic production of oil, natural gas, coal and nuclear energy. The Senate has yet to act.
     Record high crude oil and retail gasoline prices this month were expected to figure prominently in the Bush administration's Saudi meetings.
     The White House is facing growing consumer unease about oil prices that are sapping motorists' budgets, adding to the U.S. trade imbalance, and fanning fears of inflation. Retail gasoline prices hit a record nationwide average of $2.28 per gallon earlier this month.
     Saudi Arabia is the biggest oil producer within the Organization of Petroleum Exporting Countries, which has struggled to keep world oil markets balanced as China and India consume growing amounts of energy.
     Industry sources have said Saudi Arabia will boost supplies to major international oil companies and some Asian customers by 500,000 barrels per day (bpd) next month, putting it near production of 10 million bpd for the first time since 1980.
     Last week, Naimi told an oil conference that Saudi Arabia would try to keep a spare supply capacity of at least 1.5 million bpd. The kingdom will increase its capacity to 12.5 million bpd by early 2009, and could boost it to 15 million bpd if needed, he said.
     President Bush recently told CNBC he planned to ask the Saudi crown prince for a clear answer about the size of the kingdom's spare oil production capacity.
     In early April, U.S. crude oil futures briefly topped $58 a barrel. On Friday, crude futures closed above $55 a barrel.
     While in Dallas, Cheney also met separately on Sunday with the son of former Lebanese Prime Minister Rafik Hariri, an administration official said.
     The Saudi delegation was scheduled to leave Dallas on Tuesday evening following a U.S.-Saudi Business Council dinner honoring the crown prince.

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2008 World News Archive

AP:RT:US Domestic Politics 25 Apr 200...

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