Money & Politics --- Mike (fast)
i’m michael mckee. welcome to “money & politics.” we have some news from the white house today. the president has appointed david paulison, acting director of the federal emergency management agency, as the permanent director. he has been serving as an acting director since september 12 when michael brown quit after hurricane katrina. the president’s nominee will be subject to senate confirmation. in other news today, you don’t see this very often, leaders of both parties in the senate together telling reporters they’ve reached a rare agreement on controversial reform of the nation’s immigration laws. the compromise ends the dispute on how to deal with undocumented aliens already in the country. it may, the leaders say, clear the way for passage of a senate immigration bill in the senate this week. our peter cook has details on the deal. peter?
>> mike, the big sticking point in the immigration debate has been what to do with the 11 million illegal immigrants already in the united states. today, top republicans and democrats in the senate say they’ve come up with a compromise that answers that question fairly, in their view. but not everyone on capitol hill agrees and the legislation still faces several hurdles.
>> we’ve had a huge breakthrough.
>> senate majority leader bill frist hailed the agreement worked out by both parties. instead of granting citizenship to all 11 million illegal immigrants currently, it would divide the group into three categories. those in the u.s. at least five years would be put on a path for rd guaranteed citizenship provided they remained employed, paid fines and back taxes and learned english. those here between two to five years would have to leave the country briefly before given the chance to return as temporary workers and potentially gain citizenship. those here less than two years would be required to leave and they could apply to return as temporary workers.
>> it will improve our nation’s security and economy and it will give millions of people who live here today the opportunity to be what they have dreamed of being and want to be, which is americans.
>> president bush, who has pushed for a guest worker program, welcomed the compromise on the road in north carolina.
>> i want to thank the efforts of those involved in the process. i appreciate their understanding there needs to be a comprehensive immigration bill. i recognize there are still details to be worked out. i would encourage the members to work hard to get the bill done prior to the upcoming break.
>> that still may be difficult. some republicans in the senate say it is too lenient and are threatening to block it on the floor and even if the measure passes the senate, it must be reconciled with a bill in the house that does not include any guest worker provision.
>> at this moment in time, there are enough republicans in the house, i think, to reject this.
>> the most immediate challenge will take place in the u.s. senate as lawmakers opposed try to change the legislation. supporters say they remain focused on a final vote before the u.s. senate leaves for its break, set to begin tomorrow.
>> peter, before we let you go, what are people saying about whether this solution would work not just on capitol hill but in the real world?
>> senator mccain was asked that question directly today. he’s a supporter of the legislation. he acknowledged there will be complications with this, it’s not abundantly clear that all illegal immigrants in the country right now will raise their hands and make themselves known under the terms of the legislation but he believes this will work in the real world, that it is a viable solution and certainly, in his view, better than the status quo.
>> peter cook, thank you. another major story from washington today, former white house aide lewis security libby says president bush authorized disclosure of classified information on iraq’s weapons programs to rebut war critics, according to court documents filed in the perjury and obstruction case against libby. libby was vice president cheney’s chief of staff until his indictment last year on charges stemming from the investigation of who leaked the namg of covert c.i.a. operative valerie plame. the documents don’t ladies and gentlemen the president approved of the leak of the name, nor do they suggest that mr. bush violated any other rule or law on classified materials. the second phase of zacharias moussaoui’s sentencing trial was under way today with gripping testimony by former mayor rudy giuliani. giuliani says he thinks every day about two people he saw jumping hand-in-hand from the world trade center on september 11, 2001. prosecutors are urging jurors to impose the death penalty on moussaoui for the pain, anguish, terror and death suffered by the victims of the attack. the other option to consider is life in prison. moussaoui has pled guilty to conspiracy charges and is the only person in the u.s. charged in connection with 9/11. a new york judge is rejecting an attempt to delay a trial over former new york stock exchange chairman’s richard grasso’s pay and is calling for discussions aimed at settling the case. “this case begs for a settlement” the state supreme court judge said today in manhattan. “it’s not going to do anyone any good to try this case, you have to start talking to your clients about how to settle this.” new york attorney general eliot spitzer sued grasso in may 2004 to return part of his $1 know 90 million in pay, claiming it violated a law governing not-for-profit organizations. i can say with absolute certainty there will be no settlement talks. as long as i’m attorney general, i will try this case. if at all possible, we will prove our facts. this case is way beyond the point of settlement.
>> the trial is scheduled to start october 30, just before election day. those who are following the spread of bird flu around the world, british officials say the deadly avian flu virus has entered the united kingdom for the first time via an infected swan. the swan found in scotland tested positive for the deadly h5n1 strain, which has killed at least 108 people worldwide. the virus has been found in more than two dozen countries this year, sparking a drop in poultry sales across the european union. still, no evidence the virus can be transferred from person-to-person. senators john sununu and tim johnson are introducing legislation giving insurance companies the option to be regulated by a federal agency that would allow them to set rates without approval. sununu, a new hampshire republican, says their aim is to free insurers from a patchwork much state regulations that have stifeled competition, innovation and growth. the bill would create an office of national insurance within the treasury department, similar to agencies that regulate banks and thrifts. under the bill, car and home insurers that opt for a federal charter will be able to set prices without supervision and will be subject to federal antitrust laws for the first time. top business news today, it was a very busy day for commodities’ investors. crude oil rose to a two-month high and gasoline jumped on concern refiners won’t produce enough to keep up with peak demand this summer. the real action today in the gold pits, gold in new york climbing above $600 an ounce for the first time in 25 years as investors bet metals will fetch better returns than stocks and bonds. it closed just under that, but still up, gold as gained more than $100, or about 20% since the end of november. chain store retailers reported the slowest sales growth in more than a year as cold weather, higher gasoline prices and a late easter limited spending last month. the international council of shopping centers said today same-store sales increased 1.9%, the smallest gain since november 2004. they collect data from 60 retailers. the goldman sachs same-store sales index gained 1.6%. that was less than the firm’s forecast of 2%. the rise in oil and drop in spending took a toll on the stock market today, leaving stocks mixed. the dow jones industrials closed down by 23 points, the s&p 500 lower by about three and the nasdaq higher by about 1.5. we are also taking a look, today, at what’s been happening in other commodities markets . they’re also rising and that’s affecting other markets around the world. small business is also looking to get a break in complying with the sarbanes-oxley corporate governance rules. we’ll talk about their chances with securities and exchange commission chairman christopher cox. that will be coming up later in the program. first, when we return on “money & politics,” not everyone is convinced the immigration compromise is a good deal for america. we will talk with members of the u.s. senate when “money & politics” returns.
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Listen Interview: Capitol Hill Senator
>> welcome back. two big issues out of washington today. a compromise on immigration and a report the president authorized the disclosure of top-secret information about the war in iraq. two big issues for the senate’s number two democrat, minority whip richard durbin of illinois, joining me from capitol hill. senator, thank you very much for joining us. let me start with the compromise on immigration. kind of a rare scene today, seeing you and the republican leadership all standing together, agreeing on something. what brought it all together?
>> i think the senate came a long way today. a bipartisan agreement to move forward on comprehensive immigration reform, and a clear rejection of the harsh republican approach to this issue. i think we understand that enforcement is critically important but alone it is not enough. we have to combine that with a legal path to status in this country for the millions of people who are here working and will come out of the shadows once they have the opportunity to have legal status.
>> folks across the capitol building from you don’t agree with that analysis. they’ve passed a bill that puts the premium on enforcement. will you be able to come to agreement with them?
>> we can certainly agree on enforcement, if it means more border agents. we have a dramatic increase in border agents as well as investigators, criminal penalties, efforts to stop alien smuggling, new technology at the border. we really make that investment. but i think the break point is this, what the house did was, frankly, inconsistent with american values. when we talk about making criminals, felons out of those who are providing a helping hand to some of the poorest people in our country, that’s unacceptable.
>> they do not include the idea of a guest worker provision. you’ve had to twist the legislation into some knots to get that through. do you think it survives as is as it goes through congress? is there a commitment, now, from the majority in both parties to be able to keep this at least in tact through the senate?
>> through the senate, i believe there is an agreement. because, as part of our compromise, we have made some valuable changes to the guest worker program in terms of the number of people who will be able to come in this country, the portability of their job benefits as well as how they’ll advertise for jobs to make sure the american workers have the first chance at those jobs and also to establish the number of inspectors and investigators so that those who violate―those employers to violate it, will be held accountable.
>> when do we get a vote on this on the floor?
>> good question. we just sat down with senator frist a few hours ago. we are in a quagmire when it comes to senate procedures. it would take nothing for us to burn off 90 hours before we could even come up to this issue so we need to have bipartisan agreement about the number of amendments that will be considered, how quickly they’ll come up and how the conference committee will be constructed and how it will report back.
>> we will keep on top of that with you but i want to ask you about the story today that scooter libby has told the special counsel and a grand jury that the president authorized the release of classified information. does this suggest to you wrongdoing on the white house’s part?
>> yes, it does. even if the president complied with the letter of the law, the idea that he would release top-secret, classified information through scooter libby to a reporter for a favorable news story is unacceptable. it’s nothing short of outrageous. members of congress of admonished constantly never to breathe a word about the secret intelligence reports. i used to be a member of that committee. i know what i’m talking about and here we have the president and vice president gaming top-secret information for political advantage with a reporter for the “new york times.” it’s outrageous to this occurred.
>> what should be done about it?
>> let’s get to the bottom. vice president cheney’s chief of staff, security libby, is under indictment. if he has told the truth in this regard and we can establish that, there needs to be full accountability.
>> does that mean legislative action on capitol hill? russ feingold wants to censure him. would you support that?
>> russ feingold’s concern went to a program not authorized by law. this new revelation is equally troubling. before i prejudge it, i want to know the facts, but let’s see if this republican congress is willing to exercise important oversight over the president of the united states and vice president if there’s been any wrongdoing.
>> another issue to ask you about today, legislation to keep all companies from raising prices when there’s a shortage. you co-sponsored that, that has been introduced in the senate. tell us more about what it does.
>> what we found is outrageous profit-taking by the biggest oil companies in the united states at the expense of consumers and families and businesses. record profits for exxon-mobil and record profits for other oil companies at the expense of individuals. and no effort by this administration through the antitrust division of the department of justice or the federal trade commission, no effort to contain these runups in prices. they are devastating to our economy, they are forcing bankruptcies in business, causing unemployment and there’s been no response from the administration. so we are seeking a legislative response. it won’t be easy.
>> thank you very much, illinois senator richard durbin, the democratic whip. attorney general alberto gonzales is defending the f.b.i.’s $12 million contract with data reporting company choicepoint. choicepoint paid $15 million to settle federal trade commission charges in january after disclosing the personal financial records in its database may have been viewed by thieves. vermont senator pat patrick leahy says the f.b.i. is license ing services from the poster child for lacks protection. raytheon, the world’s largest missile maker, lost potential bonus pay for work on a $12.9 billion defense contract because of flaws in the management and production of a warhead. raytheon is working with boeing to aggressive performance on the project. fees awarded for performance are an important source of profit for defense companies such as raytheon and boeing. contracts to develop new technologies such as missile defense are usually structured to cover a company’s costs. profit comes from incentives and fees awarded for performance. president bush wants to eliminate the small business administration’s microloan program and cut therear ones to help narrow a federal budget deficit projected at $423 billion this year. the proposals hit at a constituency that is his natural ally on many of his other initiatives. not everyone thinks today’s compromise on immigration is a good one. georgia republican senator johnny isakson joins me now from capitol hill. senator, you are one of the few senators who object to this compromise. tell us why.
>> well, i don’t know that “one of the few” is the right way to characterize it. there are a lot of us that have concerns and my concern is the same concern i had with mccain-kennedy and that is there is no assurance or certification requirement that our borders are secured. in 1986, the last time we attacked the immigration issue, we promised border security and granted a form of amnesty to three million people well people here undocumented and illegally but 12 million more came because we neff secured the border. so everybody’s awe talking about a comprehensive plan and that means both ways, you secure the border so you stop the program and once you’ve done that, it’s a lot easier to manage whatever legal status problem you may have down the line.
>> this bill puts more border patrol agents on the payroll. what more would you have done?
>> this is an authorization bill. this place authorizes things all the time that it never does. we’ve had authorized for border security officers before, authorizes for border patrol officers before, authorizes for unmanned area vehicles before and they never got appropriated and funded. until we put a requirement on ourselves, the united states senate and united states house, that we’ll appropriate the funds and make the investment in securing the border, then the border is not going to be secure.
>> focus on the house immigration bill is on enforcement. they even want to put up a fence. how do you feel about their bill?
>> on the issue of the fence, i’ve been on the border, did a lot of research on this issue. there are certain geographic areas where a barrier makes sense but practically speaking, you build a 10-foot fence and you’ll find someone with an 11-foot ladder. you need the unmanned vehicles in the sky which we have in arizona which does protect 150 miles. you need the ground sensors and the manpower to take that intelligence and intercept and stop and turn around those coming in illegally. it is doable in certain sections of the border along with the united states and mexico, it is doing it. one of the reasons the canadian border is so much more secure is we have cooperation from canada because they’re as interested in border security their side as we are on our side. that doesn’t exist on the border with mexico which is why we’ll have to make so much larger an investment.
>> how do you stop this bill if a majority of people in both parties are in favor of it?
>> well, one person in the senate controls that one person’s vote. i’m also trying to be a part of a solution to bring together border security and a commitment that this bill will include border security that is in fact going to happen. if we make border security the trigger for whatever legal status were to come down the line, then we will appropriate the money, the border will be secure and we will have done the best thing we could ever do for the american employer and for the citizens of this country.
>> let me ask to you clarify. senate rules can be complex. are you talking about putting a hold on the legislation?
>> no, no, no.
>> or a filibuster?
>> no, i didn’t say either one of those things. i said one person controls only their vote and―so i’ll cast my vote according to what the final version is. and if it is what it is now, i’ll cast a vote against it. one person can’t stop it, it’s going to have to be a coalition that does it and that coalition will have to include people for border security and not making an idle promise, but seeing to it we make the investments to secure the border.
>> would you predict at this point that you will lose, that this bill will make it through the senate?
>> no, i don’t, buy any assumptions right now. there have been a lot of people talking. i had meetings all day long. i just had another interview with another senator that negotiated the initial platform. this is a work in progress and i’m g
