The Wall Street Journal: "The Federal Reserve left its short-term interest rate target at 5.25% for a second consecutive meeting... Stocks, meanwhile, which have been rallying because of falling oil prices and on hopes the Fed is finished raising rates and the economy escapes recession, extended their winning streak. The Dow Jones Industrial Average rose 72.28 points yesterday to 11613.19, just 110 points short of its January 2000 record."
USA Today reports on how Bush's job approval rating appears to track inversely with the price of gasoline. "For some Americans, analysts speculate, gas prices provide a shorthand reading of the general state of the economy. Even though prices at the pump are largely outside the president's control, he gets credit when they fall - and blame when they rise."
House Ways and Means ranking member Charlie Rangel is pledging to take a bipartisan approach should his party retake the majority in November, landing Rangel in the committee chairmanship. Even so, per his interview with Bloomberg, Rangel "said he 'cannot think of one' of [Bush's] first-term tax cuts that merit renewal. He also said no discussion would be possible on overhauling Social Security until Bush dropped a plan to create individual accounts funded by payroll taxes."
Speaking of a Chairman Rangel, we think this effort began a while ago, at least unofficially, but the Washington Times says the Republican National Committee "will begin a major campaign offensive today to warn voters of far-left Democrats who would take leadership posts and committee chairmanships if they win control of Congress in November."