They call themselves the "New" Democrats, one supposes to distance themselves from "New Deal" Democrats, from the pro-Main Street policies of Franklin D. Roosevelt, to show themselves to be firmly pro-business, pro a robust Wall Street, pro "free" market ideology...
Congressman Peter deFazio (OR-04), not of the New Democrat Coalition, has introduced a number of bills to bring a little balance to our extremely unbalanced national budget such as:
H.R.1068
Title: To amend the Internal Revenue Code of 1986 to impose a tax on certain securities transactions to the extent required to recoup the net cost of the Troubled Asset Relief Program.
H.R.3379
Title: To amend the Internal Revenue Code of 1986 to impose a tax on transactions in oil futures and options and to deposit the revenues from the tax into the Highway Trust Fund.
H.R.4191
Title: To amend the Internal Revenue Code of 1986 to impose a tax on certain securities transactions to fund job creation and deficit reduction.
Admirable. A little tax here and there to do stuff like recouping the net cost of the Troubled Asset Relief Program (TARP), ramp up the the Highway Trust Fund to do stuff like, oh, what about repairing falling down bridges and stuff like that, or funding job creation and deficit reduction.
But Congressman Mike McMahon (NY-13), of the New Democrats coalition:
http://ndc.crowley.house.gov/...
is having none of that, especially (GASP!) taxing securities transactions.
Rep. Mike McMahon (D-N.Y.) is circulating a letter against the tax idea that Reps. Peter DeFazio (D-Ore.) and Ed Perlmutter (D-Colo.) are backing to raise $150 billion each year.
.... McMahon told The Hill on Friday that the 20 opponents of the measure have come just through an e-mail solicitation. "Starting next week I’ll speak directly to folks," McMahon said.
"It’s just the wrong idea at the wrong time," he said. While McMahon represents a district with a lot of voters who work on Wall Street and elsewhere in New York finance, he is making his case to Democrats from around the country that the measure would hurt their constituents and their local finances.
http://thehill.com/...
My congressman, Adam Smith (WA-09), alas, is of the New Democrat Coalition. I repeatedly ask him to co-sponsor the likes of deFazio's bills but he never hears me. I don't have his ear. Wall Street does.