United Liberty
Bad Day in the Senate: Bernanke reconfirmed, debt limited increased by $1.9 trillion
Thu, 01/28/2010 - 6:52pm | posted by Jason Pye
In case you haven’t already heard, the Senate gave Americans a double-dose of bad economic news this afternoon.
The Senate, on a 60 to 39 party line vote, passed a record increase of $1.9 trillion in the debt limit (to $14.3 trillion). The body also shot down a five year freeze on all discretionary spending from fiscal years 2010 to 2014. The amendment needed 3/5 (67 votes) to pass. It failed 56 to 44.
Federal Reserve Chairman Ben Bernanke was reconfirmed by the United States Senate for another four year by a vote of 70 to 30, leaving status quo of bailouts and loose monetary policy as the status quo.
Disagree with your Senators’ votes? Let them know.
I don’t know that Bernanke’s confirmation is that bad of a decision. I think that using his confirmation hearing as a giant flashing neon sign pointing to S604 (Audit the Fed) was a smart move, but I don’t think that forcing the White House to nominate someone else is the right thing here. Trust me… I dislike Bernanke as much as anyone in this country does, but would THIS White House choose someone to be MORE involved and controlling or LESS involved and controlling in the economy? Can you imagine the party politics and backroom deals it would take to get some other guy from Goldman Sachs or Lehman Brothers to chair the Fed?
I was thinking the same thing. It’s only a good decision to remove Bernanke if a suitable replacement is found. Do we really trust the Obama administration not to appoint someone who’s the exact same or worse?
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