Obama Proposes $634 Billion Fund for Health Care

February 25, 2009 06:00 PM
 
Snapshot of news and events for today

 

Quick links

* Financial markets

* Ag futures

* USDA reports this week

* NWS forecast

* Major media

* Ag media

* Political humorists



Financial markets Major world indicators

Japanese trading...

  • The 225-issue Nikkei Stock Average was down 3.29 points at 7,457.93.

  • The dollar was at 97.84 yen compared to 97.42 yen.

Tuesday's U.S. Markets...

  • The Dow Jones Industrial Average declined 80.05 points, or 1.1 percent, to close at 7,270.89.The Dow is off 19.52 percent from its highest close this year of 9,034.69, hit on January 2. The Nasdaq Composite Index slipped 16.40 points, or 1.1 percent, to 1,425.43.
  • The 10-year Treasury note fell 1-5/32 to yield 2.936 percent.

  • The dollar ose against major rivals. One euro cost $1.2707, down from $1.2846. One dollar fetched 97.53 Japanese yen, up from 96.81 yen.

Ag futures Yesterday's action and
overnight indicators

What happened the prior trading day...


  • Corn: Futures opened choppy, turned lower, but found late-session buying interest to end mostly around 9 cents higher and posted a high-range close.
  • Soybeans: Futures closed slightly lower for the day, but well off session lows. In fact, most soybean contracts finished near the top of today's trading range.

  • Wheat: Futures extended gains into the close to finish with solid gain and in the upper end of today's range.
  • Cotton: Futures posted a two-sided day of trade, but finished 6 to 23 points lower.
  • Lean Hogs: Lean hog futures rebounded from a lower start to close sharply higher and near session highs.
  • Live Cattle: Live and feeder cattle futures were under pressure most of the day, but trimmed losses into the close and finished mixed. Nearby contracts closed 25 to 50 cents lower, with far-deferred futures slightly higher. Feeder
    cattle futures closed 15 to 45 cents lower.

Scheduled USDA Reports & Summaries This Week

Agricultural Marketing Service = (A)
Census Bureau = (CB)
Economic Research Service = (E)

Farm Service Agency (FSA)

Foreign Ag Service = (F)

National Agricultural Statistics Service = (N)

World Agricultural Outlook Board = (W)

Monday

Tuesday

Wednesday

Thursday

Friday

Feb. 23

Grain Inspections (A)

24

Weather - Crop Summary (N)

25

Poultry Slaughter (N)
Poultry Slaughter - Ann. (N)
Broiler Hatchery (N)
Vegetables and Melons Outlook (E)

26

U.S. Export Sales (F)
Outlook for U.S. Agricultural Trade (E)
USDA Outlook Forum
Chickens and Eggs - Ann. (N)
Trout Production (N)

27

Dairy Products Prices (N)
USDA Outlook Forum
Agricultural Prices (N)
Chickens and Eggs (N)
Egg Products (N)
Honey (N)
Peanut Stocks and Processing (N)
Peanut Prices (N)


Overview Other reports affecting agriculture
Major media Links to top news reports
with potential U.S. ag impact

Wall Street Journal (subscription to site required for access)

  • $318 Billion Tax Hit Proposed Obama will propose $634 billion in upper-income tax increases and cuts in government spending to pay for his promised health-care expansion. The tax increases would raise an estimated $318 billion over 10 years.
  • Silencing the Lambs: Scientists Target Sheep Belching to Cut Methane A global effort is being made to keep livestock from belching methane when they eat grass in hopes of curbing one of the most potent greenhouse gases.
  • Bank Capital Gets Stress Test Dark Scenario Includes Jobless Rate Above 10% and Further 25% Drop in Home Prices he Obama administration, in unveiling details of its financial-rescue plan, laid out a dark economic scenario it expects banks to be able to withstand, the starting point for what could become a significant new infusion of government cash into the banking system.
  • Hopes of Quick Rebound in China Start to Fade Despite an Increase in Bank Lending, Steel Prices Fall, Demand for Exports Shrinks and Consumers Buy Fewer Foreign Goods Hopes for an early recovery in China's economy are starting to unravel, undercutting the optimism that has helped to make the country's stock market the world's best performer this year.
  • A Compromise Energy Policy Is Within Reach Alternative fuels and carbon caps, yes -- but we need more drilling too. Commentary
  • Japanese Yen Is Less of a Shelter The Japanese yen's status as a safe haven for investors during times of crisis is under attack as the global economic malaise hits Japan hard.
  • After the Crash, Stocks May Face Long Road Back History shows that the road to recovery from a catastrophic bear market can be distressingly long.

New York Times (registration to site required)

Washington Post

  • Obama Proposes $634 Billion Fund For Health Care Aides Call Money a 'Down Payment' Toward Universal-Coverage Efforts President Obama is proposing to begin a vast expansion of the U.S. health-care system by creating a $634 billion reserve fund over the next decade, launching an overhaul that most experts project will ultimately cost at least $1 trillion.
  • Obama's Ambitious Agenda Will Test Congress In the budget he will submit to Congress today, President Obama will outline an agenda that confronts the era's most intractable problems, from a tattered financial system that has helped fuel a deepening recession to health-care, education and energy policies. The task: Obama is asking lawmakers to deliver legislation on the scale of the No Child Left Behind education bill or the Medicare prescription drug benefit -- two of Bush's signature achievements -- roughly once a month.
  • In President's Budget Plan, Broad Agenda and a Few Gaps President Obama's spending plan is built on the assumption that lawmakers can resolve some hugely contentious issues -- and it relies on a few well-worn budget tricks.
  • Obama's Budget Expects Limits on Greenhouse Gases to Produce Revenue A mandatory cap on the nation's greenhouse gas emissions, which President Obama embraced on Tuesday as central to his domestic agenda, would be designed to generate badly needed revenue for the government while addressing arguably the world's most pressing environmental issue.
  • Expanded Rescue Of Banks Outlined U.S. to Help if Firms Can't Find Capital The Obama administration yesterday detailed its expanded aid plan for the banking industry, laying the groundwork for the government to take large ownership stakes in the most troubled banks and giving other banks up to seven years to repay taxpayers.

 

Ag media Monitoring the countryside

Omaha World-Herald (Nebraska)

Laughing with, not at From political humorists

Jimmy Kimmel: “President Obama gave his first” speech “to a joint session of Congress tonight. Obama focused on the three most critical things he wants Americans to understand: First, that the economy is in a lot of trouble; second, that the road to recovery won’t be easy; and third, that it’s all President Bush’s fault.”
Jimmy Kimmel: Obama’s speech “was televised on all the networks. Fox had to move ‘American Idol’ tonight to accommodate it, which is outrageous. But that’s why it was smart that Obama opened by singing with ‘Livin’ on a Prayer.’ Even Simon liked it.”


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