Obama Wins White House, Democrats add to Majorities in House and Senate

Capturing roughly 52 percent of the popular vote, more than any Democrat since Lyndon Johnson (D-TX), Sen. Barack Obama (D-IL) was elected to become the nation’s 44th President. With tallies in Missouri and North Carolina yet to be completed, Obama captured 349 electoral votes to Sen. John McCain’s (R-AZ) 163. At the time of press, Obama held a slim lead in North Carolina and trailed slightly in Missouri.

President-Elect Obama now turns his attention to assembling a Cabinet; a process that began quietly more than a month before the election and was spearheaded by former Clinton Chief of Staff John Podesta. A Chief of Staff could be announced within the next day or two, with many expecting current House Democratic Caucus Chairman Rep. Rahm Emanuel (D-IL) to assume the post. Former Senate Majority Leader Tom Daschle (D-SD) and former Commerce Secretary William Daley also have been mentioned as candidates.

In addition, a “shadow” Treasury team to monitor the financial situation, could be in place by the end of the week. Reports also indicate that transition teams have already begun with many agency officials.

In the Senate, Democrats picked up Republican-held seats in Colorado, New Hampshire, New Mexico, North Carolina and Virginia. Close races still remain to be decided in Alaska, Georgia, Minnesota and Oregon, all of which are currently held by the GOP and maintained narrow leads as of Wednesday morning.

Despite the outcomes in the “too-close-to-call” races, Senate Democrats will enter the 111th Congress with at least 56 seats, four short of a filibuster-proof majority. In addition, the position of Sen. Joe Lieberman (I-CT) within the Democratic Caucus is unclear. An Independent who caucuses with the Democrats, Lieberman currently serves as Chairman of the Senate Homeland Security and Government Affairs Committee. His support of the Sen. McCain may lead Democratic leaders to strip him of this position. If this occurs, his willingness to continue to caucus with Democrats may be in question.

Democrats added 19 seats to their majority, bringing the balance of power in the House to 252-173, with 11 races yet to be formally declared. Many prognosticators predicted a 20-30 seat pick up for Democrats. The precise division of the House would be known until December, when two races in Louisiana will be decided.

With the elections completed, congressional Democrats and Republicans will focus on unfinished business and return November 17 for a “lame-duck” session to consider a second economic stimulus package.

NADO will provide additional information as it becomes available. For questions, contact NADO Legislative Director Jason Boehlert at 202.624.8590 or jboehlert@nado.org.


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NADO Briefing on Housing Assistance Legislation

NADO members are invited to participate in a special briefing from HUD and CDFI staff who will provide an overview and update on programs to support state and local housing assistance initiatives. The briefing will take place Thursday, November 6 at 4:00 pm (Eastern).

Housing assistance legislation (HR 3221) enacted earlier this year contained significant program resources to assist states and local governments to address foreclosures and downturns in local housing markets. Included in this was $4 billion in funds directed to states and local governments. In addition, within the Community Development Financial Institutions (CDFI) Fund, the legislation established a new Capital Magnet Fund to sustain a variety of housing and community and economic development activities.

Presenters include:

Steve Johnson, Director, Entitlement Communities Division, Office of Block Grant Assistance, Department of Housing and Urban Development

Matt Josephs, Program Manager, New Markets Tax Credit Program, Community Development Financial Institutions Fund, Department of the Treasury

To participate:

Dial-In: 1-877-250-4161 or 1-847-413-3744
Passcode: 9372569#

For additional information, contact NADO Legislative Director Jason Boehlert at 202.624.8590 or jboehlert@nado.org.
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Action Alert

ACTION ALERT: ECONOMIC DEVELOPMENT ADMINISTRATION

URGE MEMBERS OF CONGRESS TO INCLUDE FUNDING IN ECONOMIC STIMULUS BILL
CONTACT REPRESENTATIVES AND SENATORS
RELEASED OCTOBER 29, 2008

BACKGROUND:

House and Senate Democratic leaders revealed that they expect Congress to consider a second economic stimulus package that could be ready for consideration shortly after the November elections. The measure would follow a stimulus package (PL 110-185) that was enacted in February that provided tax rebates to individuals.

Prior to recessing for the elections, the Senate attempted to take up a $56 billion stimulus package (S 3604) that contained $50 million in funding for the Economic Development Administration’s (EDA) Economic Adjustment program. The chamber failed to achieve the 60 votes needed for a quorum, and the measure never received floor consideration. House members approved a $60 billion stimulus package (HR 7110) that did not contain EDA funding.

Speaker of the House Nancy Pelosi (D-CA) has raised the idea of developing a new $150 billion stimulus package focused on increased infrastructure spending as well as extending unemployment insurance and food stamp programs. House Minority Leader John Boehner (R-OH) has also indicated that he is drafting a GOP version that would increase the Child Tax Credit and reduce the corporate tax rate. Democrats and Republicans have agreed that a new stimulus package should focus on ready-to-go infrastructure projects that could be initiated quickly.

Congress is moving forward with hearings on the issue and is expected to have legislation ready for consideration if the House and Senate return in November for a “lame-duck” session. Both chambers have indicated a willingness to reconvene to consider measures to mitigate the current financial situation.
 
ACTION NEEDED:

Regional development organizations are asked to contact members of their congressional delegations (U.S. Representatives and Senators) and urge them to request funding for the Economic Development Administration (EDA) in the second economic stimulus package currently being developed by Congress that may be considered after the elections (a sample fax can be found on the NADO website at www.nado.org/legaffair/edastim2.pdf).

For additional information, contact NADO Legislative Director Jason Boehlet at 202.624.8590 or jboehlert@nado.org.
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