House GOP unveils counter to Senate debt plan

Speaker of the House Rep. John Boehner, R-Ohio, walks away from the microphone during a news conference after a House GOP meeting on Capitol Hill on Tuesday, Oct. 15, 2013 in Washington. The federal government remains partially shut down and faces a first-ever default between Oct. 17 and the end of the month. (AP Photo/ Evan Vucci)

Speaker of the House Rep. John Boehner, R-Ohio, walks away from the microphone during a news conference after a House GOP meeting on Capitol Hill on Tuesday, Oct. 15, 2013 in Washington. The federal government remains partially shut down and faces a first-ever default between Oct. 17 and the end of the month. (AP Photo/ Evan Vucci)

Speaker of the House John Boehner, R-Ohio, with House Majority Whip Kevin McCarthy, R-Calif., right, walks to a meeting of House Republicans at the Capitol in Washington, Tuesday, Oct. 15, 2013, as a partial government shutdown enters its third week. It is not yet clear how Boehner and tea party members in the House majority will respond to the Senate's Democratic and Republican leaders closing in on a deal to avoid an economy-menacing Treasury default and end the partial government shutdown. (AP Photo/J. Scott Applewhite)

House Budget Committee chairman Rep. Paul Ryan walks to a House GOP meeting on Capitol Hill on Tuesday, Oct. 15, 2013 in Washington. The federal government remains partially shut down and faces a first-ever default between Oct. 17 and the end of the month. (AP Photo/ Evan Vucci)

WASHINGTON (AP) — House GOP leaders Tuesday floated a plan to fellow Republicans to counter an emerging Senate deal to reopen the government and forestall an economy-rattling default on U.S. obligations. But the plan got mixed reviews from the rank and file and it was not clear whether it could pass the chamber.

The measure would suspend a new tax on medical devices for two years and take away the federal government's contributions to lawmakers' health care and top administration officials. It would also fund the government through Jan. 15 and give Treasury the ability to borrow normally through Feb. 7.

House Speaker John Boehner, R-Ohio, said he's "trying to find a path forward" but that "there have been no decisions about exactly what we will do." He told a news conference, "There are a lot of opinions about what direction to go."

Senate Majority Leader Harry Reid, D-Nev., involved in negotiations with Senate GOP Leader Mitch McConnell of Kentucky, blasted the House plan as a blatant attack on bipartisanship.

"It can't pass the Senate and it won't pass the Senate," Reid said.

The move came as a partial shutdown entered its third week and less than two days before the Treasury Department says it will be unable to borrow and will rely on a this cash cushion to pay the country's bills.

The House GOP plan wouldn't win nearly as many concessions from President Barack Obama as Republicans had sought but it would set up another battle with the White House early next year.

"The jury is still out," said Rep. Michael Burgess, R-Texas.

Rep. Walter Jones, R-N.C., said he was not sure he could vote for the plan because it did not address the debt. "I have to know a lot more than I know now," he said.

The House move comes after conservative lawmakers rebelled at the outlines of an emerging Senate plan by Reid and GOP leader McConnell. Those two hoped to seal an agreement on Tuesday, just two days before the Treasury Department says it will run out of borrowing capacity.

The White House and Democrats quickly came out against the Republican plan. Obama planned to meet with House Democratic leaders Tuesday afternoon as negotiations continue.

"The latest proposal from House Republicans does just that in a partisan attempt to appease a small group of tea party Republicans who forced the government shutdown in the first place," said White House spokeswoman Amy Brundage. "Democrats and Republicans in the Senate have been working in a bipartisan, good-faith effort .... With only a couple days remaining until the United States exhausts its borrowing authority, it's time for the House to do the same."

"GOP's latest plan is designed to torpedo the bipartisan Sen solution," tweeted Rep. Chris Van Hollen, D-Md. "Plan is not only reckless, it's tantamount to default."

Political pressure is building on Republicans to reopen the government and GOP leaders are clearly fearful of failing to act to avert a default on U.S. obligations.

Republicans are in a difficult spot, relinquishing many of their core demands as they take a beating in the polls. Rep. Steve Southerland, R-Fla., led GOP lawmakers in several verses of "Amazing Grace."

"We have to stick together now," said Rep. Pete Sessions, R-Texas.

Like the House GOP bill, the emerging Senate measure — though not finalized — would reopen the government through Jan. 15 and permit the Treasury to borrow normally until early to mid-February, easing dual crises that have sapped confidence in the economy and taken a sledgehammer to the GOP's poll numbers.

"There are productive negotiations going on with the Republican leader," Reid said as he opened the Senate Tuesday. "I'm confident we'll be able to reach a comprehensive agreement this week in time to avert a catastrophic default."

On Wall Street, stocks were mixed early Tuesday, with investors somewhat optimistic over a potential deal.

"We're willing to get the government open. We want to get the government open," Scalise said. "Hopefully they get something done that addresses the spending issue."

The competing House and Senate plans are a far cry from the assault on "Obamacare" that tea party Republicans originally demanded as a condition for a short-term funding bill to keep the government fully operational. It lacks the budget cuts demanded by Republicans in exchange for increasing the government's $16.7 trillion borrowing cap.

Nor do either the House or Senate frameworks contain any of a secondary set of House GOP demands, like a one-year delay in the health law's mandate that individuals buy insurance.

Another difference between the Democrats and Republicans involves a Democratic move to repeal a $63 fee that companies must pay for each person they cover under the big health care overhaul beginning in 2014. Unions oppose the fee and Senate Democrats are pressing to repeal it, but House Republicans are positioning to block them and Senate Republicans are adamantly opposed as well.

Democrats were standing against a GOP-backed proposal to suspend a medical device tax that was enacted as part of the health care law, but might not be able to win a floor vote since many Democrats oppose the tax too.

Democratic and Republican aides described the outlines of the potential agreement on condition of anonymity because the discussions were ongoing.

But with GOP poll numbers plummeting and the country growing weary of a shutdown entering its third week, Senate Republicans in particular were eager to end the shutdown — and avoid an even greater crisis if the government were to default later this month.

Any legislation backed by both Reid and McConnell can be expected to sail through the Senate, though any individual senators could delay it.

But it's another story in the House. Rep. Joe Barton, R-Texas, signaled that conservative members of the House were deeply skeptical. He said any bill had to have serious spending cuts for him to vote to raise the debt ceiling and said he thought Obama and Treasury Secretary Jack Lew had more flexibility than they had said publicly.

"No deal is better than a bad deal," Barton said.

In addition to approving legislation to fund the government until late this year and avert a possible debt crisis later this week or month, the potential pact would set up broader budget negotiations between the GOP-controlled House and Democratic-led Senate. One goal of those talks would be to ease automatic spending cuts that began in March and could deepen in January, when about $20 billion in further cuts are set to slam the Pentagon.

Democrats also were seeking to preserve the Treasury Department's ability to use extraordinary accounting measures to buy additional time after the government reaches any extended debt ceiling. Such measures have permitted Treasury to avert a default for almost five months since the government officially hit the debt limit in mid-May, but wouldn't buy anywhere near that kind of time next year, experts said.

The House GOP plan would repeal the extraordinary measures, which would make the Feb 7 date a hard deadline to revisit the fight.

___

Associated Press writers Donna Cassata, David Espo, Henry C. Jackson, Julie Pace and Alan Fram contributed to this report.

Associated PressSource: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2013-10-15-Budget%20Battle/id-6daa38af517348c3b65aa723fee09a92
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The AP Misreports the Debt Ceiling (Powerlineblog)

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The Surprising Story of 'Thomas Jefferson's Qur'an'

Denise Spellberg is an associate professor of American and Islamic history at the University of Texas at Austin.

University of Texas at Austin/Courtesy of Knopf

Denise Spellberg is an associate professor of American and Islamic history at the University of Texas at Austin.

University of Texas at Austin/Courtesy of Knopf

Thomas Jefferson had a vast personal library reflecting his enormous curiosity about the world. Among his volumes: a Quran purchased in 1765 that informed his ideas about plurality and religious freedom in the founding of America.

In her book Thomas Jefferson's Qur'an: Islam and the Founders, author Denise Spellberg draws parallels between the beliefs of the founding father and religious tolerance in the United States today.

"I think that there is anxiety about what Muslims believe, largely because people don't understand Islam very well. I think that was also true in the 18th century," Spellberg says. "It strikes me that Jefferson was theorizing for a future that included Muslims — not in spite of their religion, but because of it and because of his notion of universal civil rights."

She sat down with All Things Considered host Arun Rath to discuss Jefferson's Qur'an and the lasting impact of the third U.S. president's views on religious freedom.

On how Jefferson came to have a Quran:

"He actually was a bibliophile from the beginning. He ordered this Quran in 1765, eleven years before he wrote the Declaration of Independence. He was a law student at the time, and he had the book shipped from England to Williamsburg, Va. ... There's an entry in the local newspaper because they were the booksellers for the time.

...

"Europeans, and Americans after them, in this period tended to be quite hostile toward Islam. And yet Jefferson was curious about the religion and law of Muslims, and that's probably why he bought the Quran."

On his views of religious freedom:

"Jefferson was unique in many ways. He criticized Islam as he did Christianity and Judaism. He talked about Islam as a religion that repressed scientific inquiry — a strange idea he got from Voltaire that wasn't right — but ... was able to separate his principles about Muslim religious liberty and civil rights from these inherited European prejudices about Islam.

"He did the same thing when arguing for the inclusion of Catholics and Jews, actually. He had not very good things to say about either Catholicism or Judaism, but he insisted that these individual practitioners should have equal civil rights. ... [Jefferson] resisted the notion, for example, that Catholics were a threat to the United States because of their allegiance to the pope as a foreign power. There were many Protestants who would have disagreed with him about Catholics, and many who would have disagreed with him about Muslims.

"They were the outsiders, whose inclusion represented the furthest reach of toleration and rights. So for Jefferson and others — and he was not alone in this, although it was a minority — for him to include Muslims meant to include everyone of every faith: Jews, Catholics and all others. And to exclude Muslims meant that there would be no universal principle of civil rights for all believers in America."

On the Muslim population in America during the 1770s:

"Jefferson and [George] Washington and others were theorizing about a future American population when, ironically and tragically, they never knew that real Muslims were already in America. But they were slaves, brought from west Africa against their will.

"We don't know how many were the first American Muslims; we think they numbered in the thousands or tens of thousands. And it's not impossible that Jefferson actually owned Muslim slaves from Africa, but there's no direct evidence of it. That's not the case for George Washington, his neighbor in Virginia.

"Washington, among his taxable items ... someone on his plantation listed the names of Fatimer and Little Fatimer. And despite being spelled with an 'er' at the end, this is clearly the name of the prophet's daughter Fatima. So there were Muslim women working on Washington's plantation at the same time he was inviting people of all faiths to a protected religious liberty and rights in the United States."

Source: http://www.npr.org/2013/10/12/230503444/the-surprising-story-of-thomas-jeffersons-quran?ft=1&f=1032
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3 US economists win Nobel for work on asset prices

Ordinary investors don't stand much chance of beating the market. It moves way too fast and efficiently. Or it behaves in ways that make no sense at all.

Three Americans won the Nobel prize in economics Monday for their sometimes-contradictory insights into the complexities of investing.

Eugene Fama and Lars Peter Hansen of the University of Chicago and Robert Shiller of Yale University were honored for shedding light on the forces that move stock, bond and home prices — findings that have transformed how people invest.

Fama's research revealed the efficiency of financial markets: They absorb information so fast that individual investors can't outperform the markets as a whole. His work helped popularize index funds, which reflect an entire market of assets, such as the Standard & Poor's 500 stock index.

"Fama's work was incredibly fundamental in the '60s and '70s," said David Warsh, who follows economists at his Economic Principals blog. "It led to enormous practical change in terms of people not buying particular stocks but buying index funds."

Shiller's research examined asset prices from a contrasting angle. He showed that in the long run, stock and bond markets can behave irrationally, reaching prices that are out of whack with economic fundamentals.

Shiller, 67, predicted the dot-com crash of the early 2000s and the implosion of home prices in 2007. He has also been a pioneer in the field of behavioral economics, or how human emotions, biases and preferences can collectively influence financial markets.

Using mathematical tools like the well-known Case-Shiller index of home prices, Shiller has expanded the available information on asset prices.

Meb Faber, chief investment officer at Cambria Investment Management, said his firm uses a model developed by Shiller to seek stock bargains around the world.

Hansen has focused on statistical models, creating ways to test competing theories of why asset prices move as they do.

Fama and Shiller "provide the ends of the spectrum" between those who believe financial markets are efficient and those who think them deeply flawed, with Hansen "in the middle doing the math," said Allen Sanderson, a University of Chicago lecturer in economics.

The three economists share the $1.2 million prize, the last of this year's Nobels to be announced.

"Their methods have shaped subsequent research in the field, and their findings have been highly influential both academically and practically," the Royal Swedish Academy of Sciences said in Stockholm.

Fama, 74, and Hansen, 60, became the 11th and 12th professors from the University of Chicago to win a Nobel in economics, the most for any university. Harvard is second, with six laureates.

Hansen said he received the phone call from Sweden while on his way to the gym Monday morning. He said he was "still working on taking a deep breath."

Fama was preparing to teach his first class as a Nobel laureate Monday. Asked whether his students would get a break, he said: "We'll see, but they're going to get an exam tomorrow, anyway. They paid their money; they're going to get the full pill."

The Nobel prizes in medicine, chemistry, physics, literature and peace were created by Swedish industrialist Alfred Nobel in 1895. Sweden's central bank added the economics prize in 1968 as a memorial to Nobel.

Americans have dominated the Nobel in economics in recent years. The last time there was no American among the winners was 1999.

Collectively, Fama, Shiller and Hansen didn't create a simple, unified theory of how financial markets work. Rather, they worked like "blind men feeling an elephant" — each finding a bit of the truth in a vast and complicated field, Sanderson said.

Fama's work drew criticism after the financial crisis of 2007-09 seemed to prove that financial markets were anything but efficient. Housing prices, after all, had scaled great heights and then crashed.

But David Backus, an economist at New York University, said "people completely misunderstand" what Fama was arguing.

"He said that information out there will be reflected in (asset) prices. That is completely different from saying financial markets work well," Backus said.

It was striking that Monday's prize went to both Fama and Shiller, who emphasizes not market efficiency but market failures and inefficiencies.

"The committee covered all the bases," George Mason University economist Tyler Cowen quipped on his blog, Marginal Revolution.

Still, the University of Chicago's Sanderson said Fama, with his belief that investors can't outsmart the market, and Shiller, with his study of financial excess, would probably offer similar investment advice.

"Both would probably say: 'Don't spend a whole lot of time listening to your stockbroker.'"

___

Wiseman reported from Washington, Ritter from Stockholm. Associated Press writers Malin Rising in Stockholm, Stephen Singer in Hartford, Conn., and Don Babwin and Ashley Heher in Chicago, contributed to this report.

Source: http://news.yahoo.com/3-us-economists-win-nobel-asset-prices-154513241--finance.html
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Al-Qaida Suspect Captured In Libya Will Be Tried In New York

Abu Anas al-Libi, a suspected leader of al-Qaida who was seized by U.S. special forces during a raid in Libya earlier this month, is now on American soil and will face trial in New York on charges related to 1998 bombing attacks on two U.S. embassies in Africa, a U.S. official tells NPR's Carrie Johnson.

After his capture on Oct. 5, al-Libi spent several days on a U.S. Navy ship undergoing interrogation. Now he's in New York, where he is expected to appear in court early this week, Carrie reports for our Newscast unit. The suspect's given name is Nazih Abdul-Hamed al-Ruqai.

Update at 3:35 p.m. ET: Al-Libi Has Hepatitis C

Citing a U.S. official, Carrie tells us that al-Libi left the Navy ship on Saturday and that he has "a number" of medical conditions including hepatitis C, for which he is receiving treatment.

Source: http://www.npr.org/blogs/thetwo-way/2013/10/14/234218360/al-qaida-suspect-captured-in-libya-will-be-tried-in-new-york?ft=1&f=1003
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Michiel Huisman, Peter Outerbridge Board 'Orphan Black'

TORONTO – Nashville's Michiel Huisman, Peter Outerbridge and Ari Millen have boarded the Space and BBC America conspiracy clone thriller Orphan Black for its second-season shoot.

Huisman will play Cal Morrison, a rugged, resourceful outdoorsman, while Outerbridge is Henrik "Hank" Johanssen, a modern-day cowboy.

And Ari Millen has been cast as Mark, a cunning predator with a dark edge.

Season one of the Canadian sci-fi drama, which stars Tatiana Maslany, was a breakout hit for BBC America and Space. Maslany also took home a Television Critics Association Award for her work on the show.

Orphan Black is produced by Ivan Schneeberg and David Fortier of Temple Street Productions, and Graeme Manson and John Fawcett.

BBC Worldwide distributes the series internationally.

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Roberto Luongo vs. Cory Schneider: Looking back at hockey's ...

Getty ImagesOn Tuesday night in Vancouver, two men who despise each other will meet.

They have the same job, only one was sent packing last summer. They’re competitive to a fault, and sometimes that fire would spill over into the public eye. The notion that this reunion could end in punches being traded between the two isn’t all that outlandish.

But enough about Peter DeBoer and John Tortorella …

When the New Jersey Devils meet the Vancouver Canucks, it will be the first time Cory Schneider faces his old team and his old crease-mate, Roberto Luongo. Their reunion is far less contentious than that of their coaches, whose nastiness was on display in the Devils’ rivalry with Tortorella’s New York Rangers.

Luongo already defused any sense of animosity with a tweet that referenced the humorous skit he and Schneider did for TSN about their rivalry:

But then again, why would there be animosity between the players when it’s the organization that made a complete hash out of what should have been a blessing of riches, managing to lose Schneider, alienate Luongo and create an undeniable distraction for a franchise that was one win away from the Stanley Cup in 2011?

The soap opera that was Luongo vs. Schneider boils down to a few distinct moments, each of which changed the course of the franchise and the goaltenders’ careers ...

April 24, 2011 – Vancouver Canucks at Chicago Blackhawks

Coach Alain Vigneault turns to Schneider in Game 6 of the Western Conference quarterfinals, after the Canucks lost Games 4 and 5 by a combined score of 12-2 (and given Luongo’s torment at the hands of the Hawks). Schneider made 17 saves on 20 shots before cramping up, and Luongo returned to play the last 17:29.

He would also start Game 7 and propel the Canucks to the semifinals, finally beating the Blackhawks in overtime on a 31-save performance.

June 10, 2011 – Game 5 vs. Boston Bruins

Getty ImagesThere were calls for Schneider to start Game 5 of the 2011 Stanley Cup Final back in Vancouver after Luongo had been torched for 12 goals in the previous two losses in Boston.

The Canucks were a different team on home ice, having gone 9-3 in the postseason to that date with three shutouts.

In an alternate universe, it’s Schneider who gets the start in Game 5, pitches a shutout like Luongo did and then gets the call in Game 6. Would he have given up three goals on eight shots like Luongo? Probably not.

[Watch: Why a surprising team will win the Stanley Cup]

Are the Canucks Stanley Cup champions in this scenario? And if so, how would “Cory Schneider, Playoff Savior” have changed the Luongo dynamic?

But in reality, the Canucks could have still given Schneider the start in Game 6 in Boston. It made total sense, given how Luongo played in Beantown. But when Lou pitched a shutout in Game 5, Vigneault’s hand was forced. He couldn’t bench Luongo after that. He just couldn’t.

April 3, 2012 – Anaheim Ducks at Vancouver Canucks

GM Mike Gillis had a plan for Schneider, and the goalie ruined it by being really, really good.

“Three years ago, we had planned it. Then Cory became a great young goaltender. Roberto took us to the seventh game of the Stanley Cup Final and won a gold medal. His résumé is impeccable,” said Gillis at the NHL Draft. “Our plan three years ago was to develop Cory and move him for a high pick, and that’s what we ultimately did.”

This is, of course, the abridged version, skipping over how the rise of Schneider led to the attempted trade of Luongo and the ongoing soap opera between the pipes. But you get the point.

April 3, 2012, is a great example of this. The Anaheim Ducks went up 4-2 in the second period in Vancouver. Luongo got booed and was pulled. Schneider came in, the Canucks rallied and won in a shootout. Schneider improved to 20-7-1 with a perfect performance. It was moments like this that cemented his place as the next goalie for the franchise. Then came …

April 15, 2012 – Vancouver Canucks at Los Angeles Kings

Game 4 of the Western Conference quarterfinals saw Alain Vigneault bench Luongo in favor of Schneider’s second career playoff start. He stopped 19 of 20 shots in the loss, earning two more starts in the series before the Canucks were eliminated.

But the torch had been passed.

June 29, 2012 – Schneider Re-signs

A restricted free agent that the Canucks were concerned would be poached with an offer sheet, Schneider was given a 3-year, $12-million deal to remain with Vancouver. The thought was that with Schneider locked up, and with him having taken the starting gig in the previous postseason, Luongo would then be traded. And then the season was cut in half, and Luongo’s contract got a whole lot more complicated.

January 6, 2013 – The Lockout Ends

The NHL lockout ended after 113 days, bringing forth a new Collective Bargaining Agreement that would again change the dynamic in the Canucks’ relationship with Luongo. The so-called “Luongo Rule” (a.k.a. “cap recapture”) punished teams that signed players to cap circumventing deals under the previous CBA, like Luongo’s 12-year, $64-million deal that runs through 2022. The cap penalties the Canucks, and any team to which he would be traded, would face if he retired early made this a toxic contract.

[Watch: Why Panthers, Predators may be NHL surprises]

As Gillis said after the Schneider trade, he knew he’d end up keeping Luongo “right after the CBA was ratified.”

March 15, 2013 – The Skit

Along with friend and TSN proxy James Duthie, Luongo and Schneider play off their “rivalry” in a skit that completely changes the perception of their relationship, while further cementing Luongo’s reputation as a supreme goofball that he earned on Twitter.

April 3, 2013 – NHL Trade Deadline

Schneider puts together a 6-3-2 streak ahead of the trade deadline. The hockey world waits to see if Luongo would be traded. When he was pulled off the ice during practices, hearts palpitated.

And then … nothing. No deal.

Luongo gave his infamous “my contract sucks” press conference, and it appeared the Canucks weren’t going to ever be able to move the veteran in lieu of Schneider.

May 7, 2013 – Game 4 at San Jose Sharks

Roberto Luongo was given the start in Games 1 and 2 of the 2013 Western Conference quarterfinal against the San Jose Sharks, due to an undisclosed injury to Schneider. But Schneider returned for Games 3 and 4 with the Canucks down 2-0, and couldn’t rally them – losing both games, including Game 4 in overtime. He had a chance to play the hero. He didn’t; just under two months later, he was gone.

June 30, 2013 – NHL Draft

A gleeful Gary Bettman announces to a stunned New Jersey crowd that Schneider had been traded to the Devils for the No. 9 overall pick, which was used on center Bo Hovart of the London Knights. Luongo was told about the trade as it was being announced by Canucks owner Francesco Aquilini, who visited the goalie in Florida. Luongo was shocked, and shocked he wasn’t consulted on the trade.

Having taken that risk, the Canucks began attempting to smooth things out with Luongo, as Schneider prepared to share time with yet another goaltending great.

• • •

Luongo and Schneider have both downplayed their battle, and hoped to move on.

Said Luongo:

“It wasn't an easy situation to be in for both of us. We leaned on each other for support and made the best of it. He deserves to start. Unfortunately he's in a situation right now where he's not able to do that (sharing with Martin Brodeur) so I kind of feel for him in that way. But obviously his time will come. He just has to wait a little.”

Said Schneider:

“I'm hoping this will be the final chapter but I don't know if it will be for you guys. I'm sure every time we play the Canucks it will be brought up and that's fine. Obviously it's the first time back since the trade and it's exciting, it's fun, it's different and I'm just hoping to move on from here once this is done and just start playing hockey.”

Schneider’s right: It’s not the final chapter. It never will be until either the star or the understudy retire … or when one finally breaks through to win a Stanley Cup.

[Watch: Can Alexander Ovechkin repeat as NHL MVP?]

But they’re tied together in a rivalry not of their making. Their success or failure will be less definitive for their careers than it will be for the Canucks.

Sometimes cheers for Schneider meant detracting from Luongo. But not this time. This time, the fans that warmly greet Schneider will be greeting a player that did everything he could to not rock the boat, despite the predicament he was in. Ditto Luongo. They were both in a soap opera, but refused to inflate the drama. They face each other as they carried themselves: as professionals.

Source: http://sports.yahoo.com/blogs/nhl-puck-daddy/roberto-luongo-vs-cory-schneider-looking-back-hockey-214812095--nhl.html
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