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Entries in Harry Reid (2)

Tuesday
May152012

Reid Says JPMorgan Should ‘Take Their Business to Las Vegas’

Alex Wong/Getty Images(WASHINGTON) -- Senate Majority Leader Harry Reid, D-Nev., suggested Tuesday that JPMorgan “take their business to Las Vegas,” after the bank’s $2 billion loss stemming from bad trades.

“Because it’s just a gamble,” the Nevada senator said Tuesday. “It’s one of the things that’s clear that they were betting like they would do at a crap table in Las Vegas. And they bet the wrong way....If they make a bad bet Uncle Sam is there. We’ve got to stop that.”

Reid said he has great respect for JPMorgan Chase CEO Jamie Dimon, but “this is a bad deal.”

The majority leader is expected to force a vote, perhaps as early as this week, on two nominees to the Federal Reserve Board, a move influenced in part by the trading loss at JPMorgan.

“It’s important that we have a fully functioning Fed,” Reid said, “The Fed, who's responsible for drawing up those rules, should have been done a long time ago.”

Senate Minority Leader Mitch McConnell, R-Ky., said Tuesday that it is his impression that there is “bipartisan support” for both nominees in the Senate despite Sen. David Vitter’s, R-La., objection to a full vote in the Senate.

Copyright 2012 ABC News Radio

Tuesday
Jul192011

Reid: Cut, Cap, Balance Plan 'Radical, Restrictive, and Draconian'

ABC News(WASHINGTON) -- As the House of Representatives heads into a vote Tuesday on the “Cut, Cap and Balance” plan to let the government borrow another $2.4 trillion after adoption of a constitutional amendment requiring a balanced budget, Senate Majority Leader Harry Reid, D-NV., called the plan so “radical,” “restrictive” and “draconian” that it would not even pass the standards of George W. Bush or Ronald Regan.

“This legislation that they're debating now in the house is so restrictive,” Reid said on the Senate floor Tuesday. “It’s so restrictive, not one year of either George W. Bush or Ronald Reagan administrations would meet its standards.”

The plan would cut total spending by $111 billion in fiscal year 2012. The legislation would also cap total federal spending by creating a “glide path” that caps spending at 22.5 percent of GDP next year, and gradually decreases spending  levels over 10 years levels until locking in at 19.9 percent of GDP in 2021 and beyond.

The legislation would require that Congress pass a Balanced Budget Amendment (BBA) and it would need to be sent to the states for ratification before the president’s request for a debt limit increase is granted.

Reid said the amendment would impost “arbitrary, reckless” budget caps, force cuts to Medicare, Social Security, and protect loopholes.

“The so-called Cut, Cap, and Balance does absolutely nothing to protect our economy from the kind of recession from which we're now beginning to recover. If the economy wasn't already in recession, experts say this legislation would quickly produce one.”

The plan is all but dead on arrival in the Democratically-controlled Senate. President Obama has also promised a veto if it reaches his desk.

Senate Minority Leader McConnell, R-KY praised the House for taking up this plan, saying it is the “tough legislation” that the government needs.

The House is scheduled to vote Tuesday on the plan. The Senate will likely vote on the measure either Wednesday or Thursday but is not expected to pass.

Copyright 2011 ABC News Radio







ABC News Radio