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你可能喜欢? ? ? ? ? ? ? ? ? ?The IRS is a good political issue for Republicans. But are they in danger of overreaching on it?
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Congress returns to Washington this week with a schedule chock full of hearings in the Republican-controlled House focused on the IRS's targeting of conservative groups.
The U.S. Capitol Building. Washington Post photo.
On Monday, a House Appropriations subcommittee will be in the national spotlight as acting IRS director Danny Werfel testifies before Congress for the first time since being named to the job in the wake of last month's scandal. On Tuesday, conservative groups flagged by the IRS will testify before the House Ways and Means Committee. On Thursday, the. By the end of the week, there will have been six hearings in the House or Senate regarding the IRS's scandal, which leads to the question: How many is too many? "My suspicion is Republicans in Congress will stay too obsessed," former White House senior adviser . "Kind of surfing scandals, trying to repeal Obamacare for the 40th time, and less on the economy, and doing the job they were sent [to do]." Karl Rove, the chief political strategist for George W. Bush's presidency, acknowledged that he worries "a little bit" about the possibility of overreach, particularly if his party loses sight of the need to offer its own vision on the economy. Rove may be the most visible Republican to admit a bit of concern about the possibility of his side going down a political rabbit hole over the next few years, but he is not the only one. That said, . (Rove, too, defended the IRS investigation, calling the actions taken by the agency as "worthy of a third-world country, not the United States.") What remains to be seen is how long Congressional GOPers can -- and should -- continue to focus on the agency and its admitted wrongdoing if no new revelations tying the IRS's targeting to senior administration officials arise. At the moment, the American public seems perfectly comfortable with how Republicans are handling the IRS scandal. A showed that the majority of Americans believe GOPers have reacted appropriately to the IRS revelations while more than three-quarters of respondents think a special prosecutor should be appointed to further investigate the wrongdoing, according to a. Plouffe's suggestion of overreach is designed to do two things: 1. Raise the image of the late 1990s and impeachment, which backfired for Republicans, in the minds of the political world. 2. Send a signal to Democrats -- elected officials, operatives and the like -- that the best message going forward is one that focuses on why Republicans continue to take their eye off the economic ball. So much of how the IRS plays politically depends on whether (and how much) new information comes out from either the hearings this week or in the weeks to come. If Republicans unearth nothing new -- or nothing major -- there may come a time when it behooves them politically to begin to refocus on other topics. If, however, the IRS and administration continues (as they have) to struggle to get their collective story straight on what happened and why, this could wind up being a deep electoral vein well worth the time spent mining it by Republicans. Fixbits: Republican National Committee Chairman Reince Priebus
the GOP is "open for repairs." Sen. Charles E. Schumer (D-N.Y.)
a bipartisan immigration measure would pass the Senate by July 4. Rep. Darrell Issa (R-Calif.)
White House Press Secretary Jay Carney a "paid liar." The IRS
about $49 million on at least 220 conferences for employees over a three-year span, according to a new watchdog report. Virginia GOP lieutenant gubernatorial nominee E.W. Jackson
Attorney General and Republican gubernatorial nominee Ken Cuccinelli suggested he consider running for lieutenant governor during a 2010 conversation. Cuccinelli's campaign challenged Jackson's recollection. A
about what went wrong for Republicans with young voters in 2012 paints a grim picture of the party. Florida Democratic Rep. Joe Garcia's chief of staff
after being implicated in an election manipulation scheme. National Republican Senatorial Committee Chairman Jerry Moran (R-Kan.)
candidates must agree to be mentored by a current GOP senator if they want NRSC money. Former Secret Service agent and 2010 Senate nominee Daniel Bongino (R)
Rep. John Delaney (D-Md.) next year. Must-reads:
-- Sandhya Somashekhar, Washington Post
-- Lauren Smith, Roll Call
-- Edward Wyatt, New York Times
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Next StorySean Sullivan &REPORT: The SEC Is Checking To See If Any Funds Are In Danger Of Blowing Up If Puerto Rico Goes Down
REUTERS/Alvin Baez A billboard announces office space and parking for sale in San Juan, August 31, 2013. The SEC is probing U.S. mutual funds to make sure they don't blow up if Puerto Rico's credit rating degrades further,
Puerto Rico is facing a credit crisis. Its bonds having declined more than 19% in value in 2013, . Although, .
The island's economy has
from the financial crisis, and yields on 10-years now stand at nearly 8%.
Many funds — including 77% of muni bond mutual funds, according to Kaske — have huge exposure to the island's debt because it is tax free. Franklin Templeton’s “Franklin Double Tax-Free Income A” fund comprises 61% Puerto Rico debt, and Oppenheimer Funds’ “Oppenheimer Rochester VA Municipal A,” contains 33% Puerto Rico debt, Bond Buyer reports.
While the SEC is qualifying its probes as “limited scope examinations,” the situation is now serious enough to merit closer scrutiny. The agency has asked for, "copies of the most recent stress test, the VAR, or Value-At-Risk analysis performed for the fund, and policies and procedures used to value portfolio positions."
"Securities law experts said the SEC probes appear to be aimed both at understanding the potential effects on the market if the heavily-indebted commonwealth suffers a further downgrade or even a default. They also seem to be checking to make sure that funds investing in those bonds are adequately disclosing the risks involved in Puerto Rico debt."
Because of its unique status as a U.S. territory, Puerto Rico . The Obama Administration has said no federal bailout is imminent but that they are monitoring the situation.
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