OVERNIGHT MONEY: Democrats dig in against split farm bill

“In the Senate, we passed an overwhelmingly bipartisan farm bill that helps farmers and families in Delaware and across the country, while achieving significant deficit reduction,” he said.

“But the House seems determined to ignore this bipartisan effort and instead push through a dramatically scaled-back, ideological farm bill that fails to protect the neediest and threatens the passage of comprehensive reforms that help reduce our deficit.”

{mosads}A big issue in the conference will likely be how much to cut food stamps; the Senate cuts the program by around $4 billion, whereas the House’s cuts are around $20 billion.

So, of course, House Democrats warned that it’s hard to see a path forward for the bill given the push to include food stamps.

“I believe the strategy of splitting the farm bill is a mistake,” said House Agriculture Committee ranking member Collin Peterson (D-Minn.). “It jeopardizes the chances of it ever becoming law.”

After the final tally, he said splitting the bill is a sign of dysfunction by the leadership and that there was no clear path to passing a House-Senate conferenced bill.

“This is no different than we have looked for the last few months. It’s why everybody hates us,” he said.

Only 12 Republicans voted against the bill, while no Democrats supported it in a tight 216-208 vote.

So, with many eyes on the measure, we’ll have to see if the bill goes out like a lamb in conference. 

WHAT ELSE WE’RE WATCHING

Kaboom!: The Senate was a bit noisy on Thursday, too.

Senate Majority Leader Harry Reid (D-Nev.) scheduled several votes to end debate on a slew of executive branch nominees, including several staunchly opposed by Republicans.

The procedural maneuver sets up a showdown with Republicans next week over the Senate’s filibuster rule.

Reid set votes to end debate and to proceed to a final votes on Richard Cordray, President Obama’s pick to head the Consumer Financial Protection Bureau, and the president’s picks for the National Labor Relations Board.

He also set up votes to end debate on Gina McCarthy’s nomination to head the Environmental Protection Agency, Tom Perez’s nomination to head the Labor Department and Fred Hochberg’s nomination to serve as president of the Export-Import Bank.

Republicans say the nominees to the labor board — Sharon Block, Richard Griffin Jr. and Mark Gaston Pearce — should be rejected because Obama violated the Constitution by making recess appointments despite the fact that Congress was holding pro forma sessions.

Republicans point to a D.C. Circuit Court ruling that the appointments were invalid, and have asked for the three to resign their positions.

Faced with confirming the nominees or losing their ability to filibuster, Senate Republican Leader Mitch McConnell (Ky.) expressed outrage and called it a “sad day in the Senate,” saying Reid would go down in history as “the worst leader of the Senate ever” if he went ahead with the nuclear option.

Hochberg hasn’t really faced much GOP opposition, although the Club for Growth continues to press McConnell to block the nomination in the name of corporate welfare.

The Senate has until July 20 to confirm him for his second term or risk the bank being unable to conduct business because its five-member board will no longer have a quorum to approve transactions.

Business groups have strongly back Hochberg and the bank’s business for helping boost exports.

The Senate Banking Committee voted 20-2 in favor of Hochberg’s nomination on June 6.

Meanwhile, Senate Banking Committee Democrats urged McConnell in a letter to allow a vote on Cordray’s nomination.

Chairman Tim Johnson (D-S.D.) and the 11 other Democratic members of the panel called for an up-or-down vote.

“Richard Cordray was first nominated nearly two years ago,” Johnson said. “Our Committee has acted twice in favorably reporting Mr. Cordray’s nomination for the full Senate’s consideration. The time has come for the Senate to act.”

LOOSE CHANGE

A line of agreement: Senate Banking Committee Chairman Tim Johnson (D-S.D.) and panel ranking member Mike Crapo (R-Idaho) announced Thursday that they have reached a bipartisan agreement on legislation to ensure the solvency of the Federal Housing Administration (FHA).

“Earlier this year, we agreed that the committee would first address the issues facing the solvency of FHA before turning to comprehensive housing finance reform legislation,” they said in a statement.  

“After months of hard work we have reached bipartisan agreement on a path forward to give the FHA the tools it needs to get back on stable footing. We are in the process of finalizing the text of our bipartisan bill and plan to release details publicly next week.”

Duke says farewell: Elizabeth Duke, who has seen the Federal Reserve through a financial crisis, will depart her position on Aug. 31.

Duke, who jointed the Fed on Aug. 5, 2008, submitted her letter of resignation to President Obama.

“I believe that history will judge that the Federal Reserve . . . met every test in a thoughtful, innovative and effective way,” Duke wrote.

The White House has yet to announce anyone to take her place and face the likely departure of Chairman Ben Bernanke when his term ends early next year.

She has made no announcements about her future plans.

“Betsy has made invaluable contributions to the Federal Reserve and to the country during her five years at the Board,” Bernanke said. “She brought fresh ideas grounded in her deep knowledge of the banking industry and the real-world dynamic between borrowers and lenders. I wish her the best in her future endeavors.”

Duke, 60, was appointed by then-President George W. Bush to fill an unexpired term that ended Jan. 31. 

ECONOMIC INDICATORS

Michigan Sentiment: Thomson Reuters/University of Michigan will release its July measure of consumer sentiment.

Producer Price Index (PPI): The Labor Department will release its June report that tracks the prices of goods at the wholesale level. The market tracks PPI closely because it represents prices for goods that are ready to sell to consumers.

WHAT YOU MIGHT HAVE MISSED

— Ways and Means chairman: Senate immigration bill unconstitutional
— Senators float plan to break up big banks
— New House farm bill cuts $12.9B, CBO finds
— Paul Ryan explains farm bill vote switch
— Boehner defends ‘unusual’ farm bill vote
— Ag group opposition splinters ahead of farm bill vote
— House to vote on farm bill in big test for Boehner, Republican leaders
— GOP: Pass farm bill, figure out food stamps in conference
— House advances farm bill after hours of heated debate
— House defeats Dem farm bill protest
— Dodd-Frank insider trades Senate for lobby job
— US, EU reach eleventh-hour deal on derivatives
— Warren presses Wall Street regulators to take more bad actors to trial
— Senate Dems ward off GOP efforts to thwart ObamaCare rollout
— ‘Delay ObamaCare’ amendments defeated in Senate committee
— Murray: Rubio’s threat to shut down government is ‘absurd’
— After public criticism, regulators make edits to mortgage rules
— GOP mulls limiting Defense bill changes
— Senators near deal on student loan rates
— House GOP bill would liquidate bailed-out mortgage giants
— Senators float bill giving offshore energy revenues to coastal states
— Acting IRS chief to testify at Small Business panel

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