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| Welcome to Wonkbook, Wonkblog's morning policy news primer byMax Ehrenfreund (@MaxEhrenfreud). Send comments, criticism or ideas to Wonkbook at Washpost dot com. To read more by the Wonkblog team, click here. Follow us on Twitter and Facebook. |
| Wonkbook: States are where the policy action is |
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The House and Senate quarreled over the simple task of funding the government this week and last, with liberals colliding with Republicans -- and the White House -- over a key provision on financial regulation. Over in the upper chamber, the quirks of senatorial procedure morphed a symbolic objection to President Obama's immigration polices into a nine-hour voting marathon.
The most interesting debates were happening elsewhere, however, thanks to state GOP politicians seeking to set the party's new course.
-- Gov. Bill Haslam (R-Tenn.) has announced a plan to expand Medicaid in his state, potentially helping 142,000 adults buy health insurance. He's the third Republican governor to declare his support for an expansion under Obamacare since the midterms.
-- In other states, though, Republicans are making public
-- Sam Brownback's budget director has suggested repealing some of the Republican governor's tax cuts, which have created a $280 million deficit this fiscal year. "Everything is on the table," he said.
At times like these, when national politics feel spectacularly, frustratingly irrelevant, it's worth remembering that the decisions made by state policymakers have
What's in Wonkbook: 1) Rouble falls 2) Opinions, including Brooks on Warren 3) Obamacare deadline passes 4) Vivek Murthy confirmed 5) Schools rarely expel students in sex-assault cases, and more
Number of the day: 1.7¢. That's the cost of minting a penny. A nickel costs 8.1¢. Christopher Ingraham in The Washington Post.
Chart of the day:
Brent crude oil is now trading at $62 a barrel. A dollar is now trading for 62 Russian rubles. And Vladimir Putin is 62 years old. Jason Karaian at Quartz.
1. Russian rouble implodesThe Central Bank of Russia raised interest rates 6.5 percentage points. In an emergency meeting at 1 a.m. Tuesday morning, the central bank raised rates to a brutal 17 percent in an effort to halt the decline of the rouble, which lost more than 10 percent of its value and rose to 67 roubles to the U.S. dollar, a record. The currency continues to lose value. Alexander Winning and Vladimir Abramov for Reuters.
"Appliance stores in Moscow have seen runs on refrigerators, washing machines and televisions." If you're Russian and you've been saving up to buy something expensive, you had better buy it right now. David M. Herszenhorn and Neil Irwin in The New York Times.
Sanctions and cheap oil are damaging the Russian economy. Many Russians are now excluded from the international financial system, so they're stuck with their roubles. And buyers for Russia's oil are paying less. All around, people have far more roubles than they want. But the central bank is holding some $400 billion in foreign assets, with which it could buy roubles to support the currency. Kathrin Hille and Michael Hunter in The Financial Times.
Sorry, Putin. Russia's economy is toast. In order to defend the value of the currency and avoid a financial crisis, the central bank will have to engineer a major recession. The last time this happened, the Soviet Union collapsed. Matt O'Brien in The Washington Post.
BERSHIDSKY: Cronyism could undermine efforts to salvage the rouble. Putin might be letting his friends out through the back door. They'll only put more roubles on the market. Bloomberg.
Meanwhile, yields on U.S. Treasuries are falling. Borrowing has become cheaper for the federal government as turmoil in Russia and elsewhere has encouraged international investors to seek refuge in a stable currency. Min Zeng in The Wall Street Journal.
2. Top opinionsCARROLL: We have no clue whether we are using the most cost-effective drugs. In the United States, we avoid talking about whether drugs are too expensive for what they deliver. But just because the topic leads to uncomfortable questions doesn't mean we can avoid it. The New York Times.
BROOKS: Elizabeth Warren could win the Democratic nomination. She understands Democrats' frustration with the American political and economic elite. The New York Times.
BEINART: Obama's stock has gone from "hold" to "buy." The economy is improving. Republicans are learning to live with the executive action on deportations. And the contrast with Hillary Clinton will remind journalists of Obama's charisma. All of these factors will contribute to positive coverage of the president in the next two years. The Atlantic.
RAMPELL: Congress hamstrings the IRS and pokes holes in the tax code. In the long term, the only consequence will be that raising tax rates for everyone becomes necessary. Too bad. The Washington Post.
Money in politics is a good thing. When campaigns and parties can raise plenty of money, groups on the fringe have less power, and politics becomes less polarized and more predictable. The Wall Street Journal.
3. Surgeon general confirmedVivek Murthy cleared the Senate over the opposition of the gun lobby. The National Rifle Association objected forcefully to Murthy, who has described gun violence as a public-health problem. Ed O'Keefe and Brady Dennis in The Washington Post.
Murthy won confirmation the day after the second anniversary of the Newtown, Conn. massacre. He was opposed by Sen. Joe Manchin (D-W.Va.), who sponsored legislation to restrict gun sales after the shooting and has since come in for criticism from gun-rights advocates. Sarah Mimms in National Journal.
Public opinion now favors gun rights. For the first time in two decades, a Pew poll found that a majority of Americans think gun rights are more important than gun control. Emily Badger in The Washington Post.
4. Obamacare deadline passesMost people were passing up an opportunity to save money.Most consumers could have found a cheaper insurance plan with comparable coverage if they had shopped around on the government-run exchanges, but unless there has been a late rush, the numbers so far suggest that most people are content with the coverage they bought last year. Jason Millman in The Washington Post.
California and other states are extending their deadlines to meet demand. In California, which has the largest exchange run by a state, consumers will be able to sign up for another six days. Chad Terhune in the Los Angeles Times.
Premiums are low for now, but next year could bring rate hikes. Two federal programs that subsidize insurance companies -- risk corridors and reinsurance -- are expiring, which could lead to drastic increases in premiums. Stephen T. Parente in The Wall Street Journal.
5. In case you missed itExpulsions are rare for students accused of sexual assault. For the most part, colleges avoid punitive sanctions, even when they believe that a student has committed sexual misconduct. Nick Anderson in The Washington Post.
The ACORN ban is forever. A law barring the organization's successors from receiving federal funds is still on the books, but Republicans don't seem interested in beating a dead horse. Dave Weigel for Bloomberg.
The technology sector is fighting a search warrant issued against Microsoft. The federal government wants Microsoft to surrender data stored on its servers in Ireland, but Microsoft has appealed, and several other major companies have filed briefs in support. They want their clients to be confident that they are legally capable of keeping data private. Brendan Sasso in National Journal.
Sequestration returns in October. After the spending bill just passed by Congress expires, lawmakers will have to negotiate their way to a new agreement on the federal budget, or severe reductions will go back into effect. Kristina Peterson and Damian Paletta in The Wall Street Journal.
The most interesting debates were happening elsewhere, however, thanks to state GOP politicians seeking to set the party's new course.
-- Gov. Bill Haslam (R-Tenn.) has announced a plan to expand Medicaid in his state, potentially helping 142,000 adults buy health insurance. He's the third Republican governor to declare his support for an expansion under Obamacare since the midterms.
-- In other states, though, Republicans are making public
-- Sam Brownback's budget director has suggested repealing some of the Republican governor's tax cuts, which have created a $280 million deficit this fiscal year. "Everything is on the table," he said.
At times like these, when national politics feel spectacularly, frustratingly irrelevant, it's worth remembering that the decisions made by state policymakers have
What's in Wonkbook: 1) Rouble falls 2) Opinions, including Brooks on Warren 3) Obamacare deadline passes 4) Vivek Murthy confirmed 5) Schools rarely expel students in sex-assault cases, and more
Number of the day: 1.7¢. That's the cost of minting a penny. A nickel costs 8.1¢. Christopher Ingraham in The Washington Post.
Chart of the day:
Brent crude oil is now trading at $62 a barrel. A dollar is now trading for 62 Russian rubles. And Vladimir Putin is 62 years old. Jason Karaian at Quartz.
1. Russian rouble implodesThe Central Bank of Russia raised interest rates 6.5 percentage points. In an emergency meeting at 1 a.m. Tuesday morning, the central bank raised rates to a brutal 17 percent in an effort to halt the decline of the rouble, which lost more than 10 percent of its value and rose to 67 roubles to the U.S. dollar, a record. The currency continues to lose value. Alexander Winning and Vladimir Abramov for Reuters.
"Appliance stores in Moscow have seen runs on refrigerators, washing machines and televisions." If you're Russian and you've been saving up to buy something expensive, you had better buy it right now. David M. Herszenhorn and Neil Irwin in The New York Times.
Sanctions and cheap oil are damaging the Russian economy. Many Russians are now excluded from the international financial system, so they're stuck with their roubles. And buyers for Russia's oil are paying less. All around, people have far more roubles than they want. But the central bank is holding some $400 billion in foreign assets, with which it could buy roubles to support the currency. Kathrin Hille and Michael Hunter in The Financial Times.
Sorry, Putin. Russia's economy is toast. In order to defend the value of the currency and avoid a financial crisis, the central bank will have to engineer a major recession. The last time this happened, the Soviet Union collapsed. Matt O'Brien in The Washington Post.
BERSHIDSKY: Cronyism could undermine efforts to salvage the rouble. Putin might be letting his friends out through the back door. They'll only put more roubles on the market. Bloomberg.
Meanwhile, yields on U.S. Treasuries are falling. Borrowing has become cheaper for the federal government as turmoil in Russia and elsewhere has encouraged international investors to seek refuge in a stable currency. Min Zeng in The Wall Street Journal.
2. Top opinionsCARROLL: We have no clue whether we are using the most cost-effective drugs. In the United States, we avoid talking about whether drugs are too expensive for what they deliver. But just because the topic leads to uncomfortable questions doesn't mean we can avoid it. The New York Times.
BROOKS: Elizabeth Warren could win the Democratic nomination. She understands Democrats' frustration with the American political and economic elite. The New York Times.
BEINART: Obama's stock has gone from "hold" to "buy." The economy is improving. Republicans are learning to live with the executive action on deportations. And the contrast with Hillary Clinton will remind journalists of Obama's charisma. All of these factors will contribute to positive coverage of the president in the next two years. The Atlantic.
RAMPELL: Congress hamstrings the IRS and pokes holes in the tax code. In the long term, the only consequence will be that raising tax rates for everyone becomes necessary. Too bad. The Washington Post.
Money in politics is a good thing. When campaigns and parties can raise plenty of money, groups on the fringe have less power, and politics becomes less polarized and more predictable. The Wall Street Journal.
3. Surgeon general confirmedVivek Murthy cleared the Senate over the opposition of the gun lobby. The National Rifle Association objected forcefully to Murthy, who has described gun violence as a public-health problem. Ed O'Keefe and Brady Dennis in The Washington Post.
Murthy won confirmation the day after the second anniversary of the Newtown, Conn. massacre. He was opposed by Sen. Joe Manchin (D-W.Va.), who sponsored legislation to restrict gun sales after the shooting and has since come in for criticism from gun-rights advocates. Sarah Mimms in National Journal.
Public opinion now favors gun rights. For the first time in two decades, a Pew poll found that a majority of Americans think gun rights are more important than gun control. Emily Badger in The Washington Post.
4. Obamacare deadline passesMost people were passing up an opportunity to save money.Most consumers could have found a cheaper insurance plan with comparable coverage if they had shopped around on the government-run exchanges, but unless there has been a late rush, the numbers so far suggest that most people are content with the coverage they bought last year. Jason Millman in The Washington Post.
California and other states are extending their deadlines to meet demand. In California, which has the largest exchange run by a state, consumers will be able to sign up for another six days. Chad Terhune in the Los Angeles Times.
Premiums are low for now, but next year could bring rate hikes. Two federal programs that subsidize insurance companies -- risk corridors and reinsurance -- are expiring, which could lead to drastic increases in premiums. Stephen T. Parente in The Wall Street Journal.
5. In case you missed itExpulsions are rare for students accused of sexual assault. For the most part, colleges avoid punitive sanctions, even when they believe that a student has committed sexual misconduct. Nick Anderson in The Washington Post.
The ACORN ban is forever. A law barring the organization's successors from receiving federal funds is still on the books, but Republicans don't seem interested in beating a dead horse. Dave Weigel for Bloomberg.
The technology sector is fighting a search warrant issued against Microsoft. The federal government wants Microsoft to surrender data stored on its servers in Ireland, but Microsoft has appealed, and several other major companies have filed briefs in support. They want their clients to be confident that they are legally capable of keeping data private. Brendan Sasso in National Journal.
Sequestration returns in October. After the spending bill just passed by Congress expires, lawmakers will have to negotiate their way to a new agreement on the federal budget, or severe reductions will go back into effect. Kristina Peterson and Damian Paletta in The Wall Street Journal.
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