
Tomorrow night
Charlie Rose will host an interview with the staff of
Politico, a political website, about the likelihood of the Obama agenda clearing Congress. Many have called Obama's legislative agenda The Big Bang Theory, meaning that the urgency of the economic crisis has spurred democrats to try to pass as much sweeping legislation as possible. Members of Politico's staff will make their predictions on the success of Obama's agenda. I am going to use this opportunity to make my own predictions on Obama's main legislative priorities.
Cap and Trade: Of all Obama's big-ticket legislative priorities, I believe this has the largest chance of failure. While I personally believe that a straight-forward carbon tax would have been a simpler, more effective way of curbing emissions, it would have been much harder politically. That said, I do support the plan for a cap and trade system. Unfortunately, this would be an impossibly hard piece of legislation to pass during good economic times. Republicans are casting this as an economy killer. The bill barely squeaked by House Democrats on a narrowly partisan vote. Time will tell how it holds up under the shaky 60-vote majority in the Senate.
My prediction is that this bill will fail. Health Care Reform: I would probably support most efforts to expand health care coverage to more Americans. I would also support efforts to curb inflation on health care costs. I believe these are the two most pressing issues in America's health care system. (Somewhat conversely, I also support Tort Reform that would reduce damages awarded in malpractice litigation). In addition, today's post-bailout, post-stimulus political climate requires that these goals be met without substantially increasing the size of the federal deficit. As legislation moves through Congress and
Republicans increase their criticism, I believe the chances of comprehensive reform are shrinking. Many pundits are claiming, however, that Obama has a backup plan that he will eventually fallback on in the case of a loss in order to claim victory.
My prediction is that a less-sweeping version will pass.
Reforming the Financial Regulatory System: After the last two years, I would be astonished if some kind of regulatory reform wasn't passed. The question is what kind of reform it will be. So far, this issue hasn't reached the kind of super-charged political hot-button status as the previous two. It's going to be a long summer and fall, however, and Republicans seem determined to fight the Democrats at every pass (with the exception of Sonya Sotomayor who seems poised for confirmation). Undoubtedly, this battle will begin to heat up.
My prediction is that financial reform will pass after a fight and a few compromises. For those of you who were keeping track--that's no to Cap and Trade and yes on Health Care and Regulatory Reform. This fall, winter and spring we'll be able to look forward to Immigration Reform, Don't Ask Don't Tell, Guantanamo Bay, the future of NASA, Columbia Free Trade Agreement, Eastern European Missile Shield, and maybe Social Security and Medicare. Not to mention Iraq, Iran, North Korea, Afghanistan and Pakistan.