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Virginia state is bordered by the states of North Carolina, Tennessee (south), Kentucky, West Virginia (west), Maryland and the District of Columbia (north and northeast).

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VIRGINIA News:

20080821

John McCain

Housing

Politics

Arizona

California

Virginia

2008 Election

"A housing issue: McCain not sure how many they own." ... "Days after he cracked that being rich in the U.S. [United States] meant earning at least $5 million a year, [2008 Election] Republican presidential candidate John McCain acknowledged that he wasn't sure how many houses he and his wealthy wife actually own." ... ""I think — I'll have my staff get to you," McCain responded to a question posed by Politico, according to a story Thursday on the publication's Web site. "It's condominiums where — I'll have them get to you."" ... "Later, the McCain campaign told Politico that McCain and his wife, Cindy, have at least four in three states, Arizona, California and Virginia. Newsweek recently estimated the two owned at least seven properties." ... "On the campaign trail, McCain doesn't refer to his wife's wealth, estimated by some at $100 million and based on her late father's Arizona beer distributorship." ... "According to her 2006 tax returns, Cindy McCain had a total income of $6 million." -By Douglass K. Daniel with contributions by Phil Elliott and Ann Sanner

-AP via -Yahoo

20080706

Don Young

Ted Stevens

Tom DeLay

Federal

Investigation

Legislative

Politics

2008 Election

Alaska

Texas

Virginia

Florida

Transportation

Construction

"When Alaska's Young needed help, lobbyists ponied up." ... "Facing bad publicity and a dwindling campaign account, [United States Alaska Republican Representative] U.S. Rep. Don Young last year turned to the "AK Wolfpack," a group of more than 20 lobbyists, including former Young staffers and retired former congressmen, with close ties to the Alaska Republican." ... "Young's chief of staff, Mike Anderson, sent the Wolfpack an e-mail to tell them that national Democrats planned aggressive fundraising and claims of misconduct by Young to topple the 35-year incumbent congressman and his fellow Alaska Republican [Senator], U.S. Sen. Ted Stevens." ... "If they succeed, Anderson warned, "you and your clients will be impacted."" ... "They include Rick Alcalde, the lobbyist at the heart of a Young earmark that is under federal investigation. They also include lobbyists Colin Chapman, Anderson's immediate predecessor as Young's chief of staff, and Randy DeLay, the brother of former Republican House Majority Leader Tom DeLay of Texas. Randy DeLay lobbied on a Virginia highway project before Young's transportation committee." ... "Anderson e-mailed his note a day after The New York Times ran a front-page story about Young's earmarking $10 million to study a Florida interchange that would benefit a developer who had raised money for an earlier Young campaign. The paper described the earmark as an "obvious" trade of campaign contributions for legislative favors." -By Sean Cockerham and Erika Bolstad

-McClatchyDC.com

20080621

China

Hackers

GOV

Lawmakers

Human Rights

Politics

Military

Intelligence

Investigation

Ill

"More congressional computers hacked from China." ... "More Members of Congress have had their computers infiltrated by hackers within China than initially suspected, a lawmaker has revealed." ... "[Representatives] Reps. Frank Wolf (R-Va. [Republican-Virginia), Chris Smith (R-N.J. [Republican-New Jersey), and Mark Kirk (R-Ill. [Republican-Illinois]) admitted to having data removed from their Capitol Hill computers last week, but Wolf says there are more." ... "“I would suspect that the Foreign Affairs, Armed Services, Intelligence, (and) Appropriations committees would all be top targets,” Kirk said." ... "Wolf and Smith said they believe the hackers focused on them because of their continued objections to China’s human rights violations, and suspected that the hackers were looking for information on dissidents." ... "The FBI [Federal Bureau of Investigation] asked the lawmakers not to speak publicly, fearing that if they did, they would be unable to track the IP addresses of the hackers, Kirk said." ... "“When you’re in the middle of a criminal investigation, you try not to alert the criminal of what’s happened so you can track it down,” he said." -By Jordy Yager

-TheHill.com

20080608

Barack Obama

John McCain

Hillary Clinton

2008 Election

North Carolina

Missouri

Montana

Virginia

Illinois

Arizona

New York

Economy

History

Gasoline

Unemployment

"Obama Maps a Nationwide Push in G.O.P. Strongholds." ... "[2008 Election Democratic Presidential Candidate and Illinois] Senator Barack Obama’s general election plan calls for broadening the electoral map by challenging [2008 Election Republican Presidential Candidate and Arizona] Senator John McCain in typically Republican states — from North Carolina to Missouri to Montana — as Mr. Obama seeks to take advantage of voter turnout operations built in nearly 50 states in the long Democratic nomination battle, aides said." ... "On Monday, Mr. Obama will travel to North Carolina — a state that has not voted for a Democratic presidential candidate in 32 years — to start a two-week tour of speeches, town hall forums and other appearances intended to highlight differences with Mr. McCain on the economy. From there, he heads to Missouri, which last voted for a Democrat in 1996. His first campaign swing after securing the Democratic presidential nomination last week was to Virginia, which last voted Democratic in 1964." ... "With [New York] Senator Hillary Rodham Clinton now having formally bowed out of the race and thrown her backing to him, Mr. Obama wants to define the faltering economy as the paramount issue facing the country, a task probably made easier by ever-rising gasoline prices and the sharp rise in unemployment the government reported on Friday." (1, 2) -By Adam Nagourney and Jeff Zeleny with contributions by Jim Rutenberg

-NYTimes

20080520

Kyle Dustin "Dusty" Foggo - Brent Wilkes - Randy "Duke" Cunningham - Money - Politics - Vacations - Intelligence - Federal - Va - Calif - "Former CIA official indicted anew in bribery case." ... "A new indictment of a former top CIA [Central Intelligence Agency] official alleges that he received bribes in the form of "sexual companionship" in exchange for helping a friend get an edge in landing multimillion-dollar contracts from the agency." ... "Federal prosecutors in Alexandria, Va. [Virginia], on Tuesday obtained a superseding indictment against Kyle "Dusty" Foggo, who as executive director held the CIA's No. 3 rank before leaving in 2006." ... "The indictment accuses Foggo of accepting tens of thousands of dollars in meals, vacations and other perks in exchange for helping friend Brent Wilkes obtain various contracts with the CIA." ... "Wilkes has already pleaded guilty to paying bribes to then-[California Republican Representative] Rep. Randy "Duke" Cunningham, R-Calif. [Republican-California], some of which came in the form of prostitutes." -By Matthew Barakat -AP via -SFGate.com

20080519

Vito Fossella - Money - Politics - Government - New York- Virginia - "Ethics complaint filed against NY Rep. Fossella." ... "A watchdog group asked lawmakers Monday to investigate whether New York [Republican Representative] Rep. Vito Fossella used government resources to conduct an extramarital affair." ... "The Staten Island [New York City, New York burrough] Republican has been under fire since his drunken-driving arrest at the beginning of the month led to revelations of an affair that produced a daughter. The 43-year-old congressman also has three children with his wife." ... "He faces five days in a Virginia jail if convicted of the drunken-driving charge." -By Devlin Barrett -AP via -Newsday.com
Vito Fossella - Politicians - Family - Virginia - Law - New York - 2008 Election - "Signs Fossella May Run Again Unnerve G.O.P.." ... "All signs indicate that [New York Republican Representative Vito] Mr. Fossella, a Republican who was arrested in Virginia on May 1 on a drunken driving charge and then admitted to fathering a child out of wedlock, is leaning toward running for a sixth term in November [2008 Election]." ... "Mr. Fossella, the only New York City [New York] Republican in Congress, represents a district that includes [New York City, New York burroughs] Staten Island and parts of southern Brooklyn. It is the most conservative-leaning district in the city. And he has portrayed himself during his years in politics as a Republican moderate who exemplified traditional family values." ... "As a result, many politicians on Staten Island initially expected that he would resign shortly after the revelations of an extramarital affair and a daughter born from that relationship — or at least not run again." ... "Stephen A. Harrison, a Brooklyn lawyer who was Mr. Fossella’s Democratic opponent in 2006 and hopes to challenge him again this year [2008 Election], has stopped short of calling for Mr. Fossella to resign or step down after his present term. In a statement, Mr. Harrison said, “If he decides to run, the people will decide in November if his recent behavior and revelations should disqualify him from continuing in office.”" -By Jonathan P. Hicks -NYTimes

20080508

Vito J Fossella - New York - Parent - Va - Law - Investigation - "Fossella Admits to Extramarital Affair." ... "[New York Republican] Representative Vito J. Fossella, a Staten Island Republican who was arrested on May 1 in Alexandria, Va. [Virginia], and charged with drunken driving, issued a statement on Thursday acknowledging that he had had an extramarital affair with Laura Fay, a former Air Force lieutenant colonel, and that the two of them have a 3-year-old daughter together." ... "The prospect that Mr. Fossella could face a mandatory jail sentence if convicted had already threatened to bring to an end his decade-long career in the House, where Mr. Fossella is the only Republican representing New York City [New York]." ... "He faces a mandatory five days in jail if convicted." ... "The House ethics committee also could open an investigation into the matter." ... "Mr. Fossella and his wife, the former Mary Patricia Rowan, married in 1990. They have two sons and a daughter." ... "“Vito Fossella’s behavior is a disgrace to himself, his family and to Staten Island,” said an anesthesiologist, Dr. John Ferguson, 44. “Given the fact that he votes along the Bush-Cheney line 90 percent of the time, which means he sees himself as a moral values candidate, I find his behavior completely, but not surprisingly, hypocritical. He should resign immediately.”" -By Jonathan P. Hicks with contributions by Sewell Chan, Carl Hulse, Maureen Seaberg and David Stout -NYTimes

20080507

Vito J Fossella - New York - Virginia - Cops - Law - "Vito Fossella told cops he was on way to see 'my sick kid' at mystery gal's address." ... "When cops stopped [New York Republican Representative] Rep. Vito Fossella for drunken driving, the married congressman said he was rushing to see his sick daughter on nearby Grimm St. [Street, Alexandria, Virginia] - the home of the mystery woman who later plucked him from jail." ... "Fossella's spokeswoman has insisted the single mom, Air Force Col. Laura Fay, 45, was only a "good friend," but the Staten Island Republican implied to suburban D.C. cops that Fay's 3-year-old was his." ... ""The subject stated that he was driving down from Washington, D.C., to Grimm St. because his daughter was sick and needed to go to the hospital," a police report obtained by the Daily News reveals." ... "The report describes how Fossella, who has a wife and three children in New York, failed a sobriety test by reciting the alphabet wrong, swaying while standing on one leg and stumbling while trying to walk a straight line. " -By Rich Schapiro and James Gordon Meek, and Tina Moore -NYDailyNews.com
Vito J Fossella - New York - Va - Law - Cheney - "After Fossella’s D.W.I. Arrest, District Is Puzzled and Torn." ... "Across Staten Island [New York] on Tuesday, voters were wondering what [New York Republican] Representative Vito J. Fossella was thinking when, the police say, he drove into a Washington suburb while severely intoxicated early one morning last week." ... "Prosecutors in Alexandria, Va. [Virginia], said Mr. Fossella, 43, was driving with a blood-alcohol level more than twice the legal limit when he was pulled over just after midnight last Thursday. Since last week, tabloid newspapers and the blogosphere have been filled with accounts of Mr. Fossella’s night, and The Daily News has taken to referring to him as “Vino Fossella.”" ... "An ally of [Republican] President Bush and Vice President Dick Cheney — who appeared at a fund-raiser for him last month — Mr. Fossella remains politically strong in Staten Island, but his margins of victory have been shrinking." -By Jonathan P. Hicks -NYTimes
Scott J Bloch - Criminal - Government - Computer - Censorship - Politics - Workers - Law - Virginia - "Federal Agents Raid Office of Special Counsel." ... "Nearly two dozen federal agents yesterday raided the Washington headquarters of the agency that protects government whistle-blowers, as part of an intensifying criminal investigation of its leader, who is fighting allegations of improper political bias and obstruction of justice." ... "Agents fanned out yesterday morning in the agency's building on M Street, where they sequestered Office of Special Counsel chief Scott J. Bloch for questioning, served grand-jury subpoenas on 17 employees and shut down access to computer networks in a search lasting more than five hours." ... "Bloch, who was nominated to his post by [Republican] President Bush in 2003, is the principal official responsible for protecting federal employees from reprisals for complaints about waste and fraud. He also polices violations of Hatch Act prohibitions on political activities in federal offices." ... "Bloch has long been a target of criticism, some of it by his agency's career officials, but the FBI's [Federal Bureau of Investigation's] abrupt seizure of computers and records marked a substantial escalation of the executive branch's probe of his conduct. Retired FBI agents and former prosecutors called the raid an unusual, if not unprecedented, intrusion on the work of a federal agency." ... "Agents from the Office of Personnel Management's inspector general's office, who have been investigating Bloch for more than two years, visited his home on Stockade Drive in Alexandria [Virginia] yesterday. They left carrying boxes of files." ... "Complaints from [whistle-blowers lawyer Debra] Katz's clients and others ultimately prompted the inspector general at the Office of Personnel Management to begin examining Bloch's treatment of workers and his handling of cases involving whistle-blowers at other agencies. During the probe, Bloch hired the technology service Geeks on Call to erase his computer hard drive and those of two aides, giving rise to new allegations that he was obstructing justice." (1, 2) -By Carrie Johnson and Christopher Lee with contributions by Stephen Barr and Daniela Deane and research editor Alice Crites -WashingtonPost

20080505

Vito J Fossella - New York - Virginia - Cops - Driving - Law - Marketing - Money - 2008 Election - "Vito Fossella's relationship with 'mystery woman' under scrutiny." ... "This is the first look at the mystery woman whom [Staten Island, New York Republican Representative] Rep. Vito Fossella (R-S.I. [Republican-Staten Island]) called for help after he was charged with drunken driving in Virginia." ... "Fossella aides continued to describe the two only as good friends." ... "In other developments:" ... "Watchdog groups questioned Fossella's use of campaign funds to pay a high-priced damage control expert." ... "The Republican, facing reelection in November [2008 Election], had a blood-alcohol level of 0.17 - twice the legal limit, cops said, and hired damage consultant Susan Del Percio with money from his campaign war chest." -By Kenneth R. Bazinet, Joe Gould, and Tina Moore -NYDailyNews.com

20080501

Vito J Fossella - New York - Politician - Virginia - Law - "Rep. Fossella Arrested on Charges of Driving While Intoxicated." ... "[New York Republican Representative] Rep. Vito J. Fossella (R-N.Y.[Representative-New York]) was arrested overnight in Alexandria [Virginia] and charged with driving while intoxicated, court records showed today." -By Daniela Deane -WashingtonPost

20080424

US - Iraq - Military - Family - Photographs - People - Media - Politics - Virginia - "What the Family Would Let You See, the Pentagon Obstructs." ... "[Lieutenant Colonel] Lt. Col. Billy Hall, one of the most senior officers to be killed in the Iraq war, was laid to rest yesterday at Arlington National Cemetery [Arlington, Virginia]. It's hard to escape the conclusion that the Pentagon doesn't want you to know that." ... "The family of 38-year-old Hall, who leaves behind two young daughters and two stepsons, gave their permission for the media to cover his Arlington burial -- a decision many grieving families make so that the nation will learn about their loved ones' sacrifice. But the military had other ideas, and they arranged the Marine's burial yesterday so that no sound, and few images, would make it into the public domain." ... "That's a shame, because Hall's story is a moving reminder that the war in Iraq, forgotten by much of the nation, remains real and present for some. Among those unlikely to forget the war: 6-year-old Gladys and 3-year-old Tatianna. The rest of the nation, if it remembers Hall at all, will remember him as the 4,011th American service member to die in Iraq, give or take, and the 419th to be buried at Arlington. Gladys and Tatianna will remember him as Dad." ... "Journalists were held 50 yards from the service, separated from the mourning party by six or seven rows of graves, and staring into the sun and penned in by a yellow rope." ... "It had the feel of a throwback to Donald Rumsfeld's Pentagon, when the military cracked down on photographs of flag-draped caskets returning home from the war. Rumsfeld himself was exposed for failing to sign by hand the condolence letters he sent to the next of kin." -By Dana Milbank -WashingtonPost

20080423

Privacy - Politics - Drug - Enforcement - Virginia - "Supreme Court broadens police searches." ... "The Supreme Court offered unanimous support for police Wednesday by allowing drug evidence gathered after an arrest that violated [Virginia] state law to be used at trial, an important search-and-seizure case turning on the constitutional limits of "probable cause."" ... "The state had argued an arrest is constitutionally reasonable if officers have probable cause to believe a suspect has committed a crime. "This standard represents the best compromise between the needs of the citizens and the duty of the government to combat crime," Stephen McCullough, Virginia's deputy solicitor general, had told the high court." ... "But Moore's attorney, Thomas Goldstein, called an "extreme proposition" the idea that it would be reasonable "to go out and arrest someone for a non-arrestable offense and not only do that, but having committed that trespass at common law, to further search them."" -By Bill Mears -CNN

20080420

John McCain - Psychology - Politician - History - US - International - 2008 Election - Rick Renzi - New Hampshire - Virginia - Texas - Arizona- "McCain: A Question of Temperament." ... "Since the beginning of [2008 Election Republican Presidential Candidate John] McCain's public life, the many witnesses to his temper have had strikingly different reactions to it. Some depict McCain, now the presumptive Republican nominee for president, as an erratic hothead incapable of staying cool in the face of what he views as either disloyalty to him or irrational opposition to his ideas. Others praise a firebrand who is resolute against the forces of greed and gutlessness." ... "Former senator Bob Smith, a New Hampshire Republican, expresses worries about McCain: "His temper would place this country at risk in international affairs, and the world perhaps in danger. In my mind, it should disqualify him."" ... "He [McCain] recalls in his writings how, as a toddler, he sometimes held his breath and fainted during moments of fury." ... "The nicknames hung on him at Episcopal [private High School in Alexandria, Virginia] mocked his hair-trigger feistiness: "Punk" and "McNasty."" ... "In 2007, during a heated closed-door discussion with Senate colleagues about the contentious immigration issue, he angrily shouted a profanity at a fellow Republican [Senator], John Cornyn of Texas, an incident that quickly found its way into headlines." ... "Reports recently surfaced of [Representative] Rep. Rick Renzi, an Arizona Republican, taking offense when McCain called him "boy" once too often during a 2006 meeting, a story that McCain aides confirm while playing down its importance." ... "[Former New Hampshire Republican Bob Smith] "I've witnessed a lot of his temper and outbursts," Smith said. "For me, some of this stuff is relevant. It raises questions about stability. . . . It's more than just temper. It's this need of his to show you that he's above you -- a sneering, condescending attitude. It's hurt his relationships in Congress. . . . I've seen it up-close."" (1, 2, 3, 4, 5) -By Michael Leahy -WashingtonPost

20080410

Bob Schaffer - Colorado - Virginia - Video - Ad - Money - Politics - 2008 Election - "Schaffer ad maker slapped: Watchdog group says law violated." ... "A national group behind a political ad showing schoolchildren repeatedly thanking U.S. [Colorado Republican] Senate candidate Bob Schaffer for his commitment to charter schools has run afoul of federal election laws." ... "U.S. Term Limits, a Virginia- based group, paid for the ad, which includes a written disclaimer: "U.S. Term Limits does not endorse candidates for public office."" ... "But when the ad was posted to YouTube .com, it was labeled "Bob Schaffer for Senate video." That's considered election advocacy, according to a national ethics watchdog group." ... "Anyone who pays for an ad advocating the election or defeat of a candidate must file a report with the Federal Election Commission within 48 hours after the ad appears. No report was filed." ... "Schaffer, a Fort Collins Republican, faces Democrat Mark Udall, of Eldorado Springs [Colorado], in November [2008 Election]." -By Lynn Bartels -RockyMountainNews.com

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20080403

John McCain - Chuck Hagel - Military - Money - Account - Law - Politics - Virginia - Nebraska - US - Iraq - Op-Ed - 2008 Election - "McCain Is AWOL On New GI Bill." ... "In November 2007, Sens. [Virginia Democratic Senator] Jim Webb and [Nebraska Republican Senator] Chuck Hagel penned an op-ed in the New York Times advocating a reformed G.I. Bill that would provide Iraq war veterans with greater educational opportunities." ... "The idea, which was first introduced in January 2007, was at once ambitious and benign. Adjust the current landmark law -- which requires members of the armed services to pay $1,200 in order to participate -- to better account for spikes in tuition and living expenses. Not only would there be a greater incentive for those considering enlistment, but the American economy would be bolstered by an influx of educated veterans." ... ""We must put together the right formula that will demonstrate our respect for those who have stepped forward to serve in these difficult times," wrote Webb and Hagel. "First-class service to country deserves first-class appreciation."" ... "Flash-forward several months and Webb and Hagel's vision (after months of consideration) is on the cusp of codification. The 21st Century G.I. Bill may be included in the language of the next Iraq war supplemental. And while, if considered separately, it could require 60 votes for passage, more than 50 Senators -- including many Republicans -- have already signed on as co-sponsors." ... "And yet, surprisingly, one of those Senators who has not yet offered his support is [2008 Election Republican Presidential Candidate] John McCain." -By Sam Stein -HuffingtonPost.com
John McCain - Jet - Vacation - Homes - Phoenix - Arizona - California - Va - Political - 2008 Election - "Beer heiress could be next first lady: [2008 Election Republican Presidential Candidate and Arizona Senator] Sen. John McCain's marriage has mixed business and politics from beginning." ... "As heiress to her father's stake in Hensley & Co. of Phoenix [Arizona], Cindy McCain is an executive whose worth may exceed $100 million. Her beer earnings have afforded the GOP [GOP=Grand Old Party=Republican 2008 Election] presidential nominee [John McCain] a wealthy lifestyle with a private jet and vacation homes at his disposal, and her connections helped him launch his political career — even if the millions remain in her name alone." ... "Within a few years of marrying Cindy Hensley, the daughter of a multimillionaire Anheuser-Busch distributor, John McCain won his first election. He was new to Arizona politics and fundraising in the 1982 House race, and his campaign quickly fell into debt. Personal money -- tens of thousands of dollars in loans to his campaign from McCain bank accounts -- helped him survive." ... "Cindy McCain's father, James Hensley, and other Hensley & Co. executives gave so much the Federal Election Commission ordered McCain to give some of it back." ... "Beverage industry analysts estimate Hensley's value at more than $250 million and its annual sales at $300 million or more." ... "Assets held by Cindy McCain alone or with her children also include Anheuser-Busch stock; two condominiums along the California coast worth a total of at least $3 million and Arizona investments in rental medical offices and a parking lot, according to property records and John McCain's latest financial disclosure reports." ... "Cindy McCain, through a family trust, sold the family mansion in Phoenix for $3.2 million and bought a $4.6 million Phoenix condo in 2006. The couple may also jointly own a condo in Arlington, Va. [Virginia], assessed at $847,800." ... "John McCain held a barbecue recently for reporters at a two-story cabin near Sedona, Ariz. [Arizona], that sits on 15 acres owned by his wife's family trust and a real estate partnership in her name. The property includes four single-family homes and is worth nearly $1.8 million." (1, 2) -AP via -MSNBC

20080401

John McCain - Money - Private School - Virginia - Press - 2008 Election - ""I Hope Attendance Here Was Not Compulsory"." ... "On the second day of his week-long bio tour, [2008 Election Republican Presidential Candidate] John McCain visited his alma mater, Episcopal High School [a private school in Alexandria, Virginia], to speak today about the importance of education in the formation of a person's character." ... "The boldest inquiry came from junior Katelyn Halldorson, who asked what exactly the senator was doing at her school." ... ""I think judging by the amount of press representatives here and also by the integration of your previous political endorsements in your earlier personal narrative, we can see that this isn't completely absent – er political motivation isn't completely absent," she said. "Yet we were told that this isn't a political event. So what exactly is your purpose in being here – not that I don't appreciate the opportunity, but I'd just like some clarification."" ... ""I knew I should have cut this thing off. This meeting is over," McCain joked, before launching into a long description of his biography tour...." ... "McCain concluded the visit by saying, "I hope that attendance here was not compulsory…I apologize if you were unwillingly in attendance here."" ... "According to one EHS [Episcopal High School] staff member, attendance was required, although it was unclear what the punishment would have been if a student had refused to show." ... "The DNC [Democratic National Committee] noted that McCain's alma mater now costs $38K [$38,000.00] annually. The Dems also mention in a memo sent to reporters that McCain's voucher plan would only cover $2K a year. “Apparently, John McCain’s biography tour includes bragging about his own education, but not his 26 years as a Washington Republican putting tax cuts for the rich ahead of efforts to ensure every student a quality education,” says DNC spokesman Damien LaVera in a statement." -By Adam Aigner-Treworgy -NationalJournal

20080328

Financial - Law - Politics - New York - Minnesota - Virginia - "Fed May Rethink Greenspan's Hands-Off Approach Towards Bubbles." ... "Federal Reserve officials may be rethinking their aversion to acting against asset-price bubbles, an article of faith during former Chairman Alan Greenspan's 18 years at the helm." ... "After this month's near-collapse of Bear Stearns Cos., Minneapolis [Minnesota] Fed Bank President Gary Stern -- the longest-serving policy maker -- said in a speech yesterday that it's possible ``to build support'' for practices ``designed to prevent excesses.'' New York Fed President Timothy Geithner, whose district bank took on almost $30 billion of Bear Stearns assets to rescue the firm, argued two years ago for a larger role for asset prices in decision-making, and there's no indication his views have changed." ... "For Fed policy makers, ``the consequences of their permissiveness have become so disastrous that they simply can't keep singing the same old tune in public,'' said Tom Schlesinger, executive director at the Financial Markets Center in Howardsville, Virginia." ... "The collapse of the U.S. subprime-mortgage market has led to $208 billion in writedowns and credit losses since the start of 2007, pushing Bear to the brink of bankruptcy before its purchase by JPMorgan." -By Craig Torres and Vivien Lou Chen -Bloomberg

20080316

Dennis Hastert - Money - Accounting - Oil - Iraq - Military - US - Ill - Ark - Va - "Republicans See Storm Clouds Gathering: Week of Bad News Highlights Difficult Challenges for GOP in Fall Elections." ... "It started with the loss last weekend of the seat held for two decades by [Illinois Republican Representative and] former House speaker J. Dennis Hastert (R-Ill. [Republican-Illinois]). It got worse when Republicans lost potentially strong challengers to Democratic senators in South Dakota and New Jersey, and failed to field anyone to oppose the reelection bid of [Arkansas Democratic Senator] Sen. Mark Pryor (D-Ark. [Democratic-Arkansas])." ... "The latest blow came with the revelation that the former treasurer of the National Republican Congressional Committee (NRCC) had allegedly diverted hundreds of thousands of dollars -- and possibly as much as $1 million -- from the organization's depleted coffers to his own bank accounts." ... ""It's no mystery," said [Virginia Republican Representative] Rep. Thomas M. Davis III (R-Va. [Republican-Virginia]). "You have a very unhappy electorate, which is no surprise, with oil at $108 a barrel, stocks down a few thousand points, a war in Iraq with no end in sight and a president who is still very, very unpopular. He's just killed the Republican brand."" (1, 2) -By Jonathan Weisman with contributions by Paul Kane -WashingtonPost

20080312

Barack Obama - Hillary Clinton - 2008 Election - Lawmakers -