WASHINGTON, March 1 (Reuters) – White House economic adviser Larry Summers said on Monday winter blizzards were likely to distort U.S. February jobless figures, which are due to be released on Friday.

“The blizzards that affected much of the country during the last month are likely to distort the statistics. So it’s going to be very important … to look past whatever the next figures are to gauge the underlying trends,” Summers said in an interview with CNBC, according to a transcript.

Construction activity was hit particularly hard by the storms, but many restaurants and stores also had to close, putting the brakes on hiring plans and temporarily throwing some employees out of work.

Summers, director of the White House’s National Economic Council, also said the United States was closely monitoring Greece’s debt problems and U.S. Treasury Secretary Timothy Geithner was encouraged by what he had heard from European officials about the issue.

“With respect to Europe, I am obviously very concerned about what’s happening in Greece and Portugal, in Spain, in Italy, on the European continent,” Summers said.

“I think there have been increasing signs of recognition both in Greece and in the major countries of Europe that this is a situation that has to be managed; that combination of getting the Greek budget under better control and providing more support is necessary to stabilize this situation.”

Summers brushed aside speculation that he was interested in changing jobs.

“I like what I’m doing,” he said. “My view is if the president asks me to do something in which I think I can make a contribution, the right approach to it is to say yes, and that’s why I’m very pleased to be here working at the National Economic Council.”

PAPER: Obama's fortunes set to deteriorate further...
Bernanke under pressure; Faltering support for Fed chief...
Dow Suffers Worst Week SInce Last March...
Obama seen as anti-business by 77% of investors...
Europe welcomes bank plan, won't imitate it...
White House nightmare persists...

RASMUSSEN:
Obama Approval Index: -19
Strongly Approve 24%
Strongly Disapprove 43%
Total Approval 44%

THE DAY HEALTH CARE DIED

Many rank-and-file Democrats said their stunning defeat in this week’s Massachusetts special election — in which Republicans captured the Senate seat held for decades by the late Edward Kennedy — meant it was time to seek more modest health legislation.

It would be “problematic” to persuade House members to approve the Senate measure, Pelosi said, though Democrats haven’t completely ruled out trying to do so. Many of them say the Senate bill does too little to help people afford health coverage.

“In its present form without any changes I don’t think it’s possible to pass the Senate bill in the House,” Pelosi said, adding, “I don’t see the votes for it at this time.”

Any effort to reshape the health legislation could well be a lengthy process — despite Democrats’ desire for a quick election-year pivot to address jobs and the economy, which polls show are the public’s top concern. Lawmakers have already been working on the issue for a year.

“We’re not in a big rush” on health care, Pelosi said. “Pause, reflect.”

Several Democrats said they should refocus the legislation onto popular proposals like barring insurance companies from denying coverage to sick people.

via DRUDGE REPORT 2010®.

WALL ST CHILLED...
MORE JOBS LOST...
Democrats propose $1.9 trillion increase in debt limit...

2074 Pages… And senators will have a full three days to read it before voting.

NEW YORK (Reuters) – Freddie Mac (NYSE:FRE – News; NYSE:FRE – News), the second largest provider of U.S. residential mortgage funding, on Friday posted a loss of $5 billion in the third quarter and predicted it would need more government support amid a “prolonged deterioration” in housing.

Reid brought the bill to the floor in an effort to secure the support of doctors groups such as the American Medical Association (AMA) for the future fight over an overhaul of the nation’s healthcare system.

Reid’s gambit, however, backfired, leaving Reid blaming the AMA for failing to secure GOP votes and the AMA retorting that the leader misinterpreted its pledge.

Reid told colleagues that the AMA said it could deliver 27 Republican votes for the legislation, according to two Senate Democratic lawmakers, who spoke on condition of anonymity.

Some Democrats wondered whether it was reasonable to expect that as many as 27 Republicans would support a 10-year freeze in light of the fact that only 17 Senate Republicans voted for a one-year freeze last July. Of that group, only 11 remain in the Senate.

Joe Gandelman has an excellent roundup on this topic

–Ed Morrissey:

Winners take responsibility, while losers look for scapegoats. Last I looked, the AMA doesn’t have any leadership role in the Senate. They don’t “deliver” votes, and it’s not their role anyway. Perhaps a real Senate Majority Leader would have enough pull to count his own votes and make his own case, rather than leave that to a lobbying group and then get shocked, shocked to discover that most Republicans would not allow Reid to play his shell game with $250 billion that should get counted in the full ObamaCare proposal instead of hidden from the CBO.

Besides, let’s not forget that Reid has 60 Democrats in the Senate. Why should the AMA have to deliver any Republican votes? Reid can’t even deliver his own caucus. The cloture vote wasn’t even close at 47-53, which means that a number of Democrats defied Reid and rejected the shell game, too. Reid can sob all he wants about Tonsil Vultures, but the problem is that Reid is pushing legislation so radical and dishonest that he can’t deliver his own caucus.

–McQ:

Vote counting is a tried and true art within legislative bodies and any competent leader would pretty much know what to expect before ever putting a bill or amendment up for a vote. In fact, Reid missed by 27 – just on the Republican side.

Apparently he wasn’t aware of the 13 Democrats who were going to vote against it as well. That’s 40 no votes in a body of 60. That’s a pretty big miss.

Then he whines about things being run by a minority – a game he was more than happy to play when he was the Minority leader.

Harry Reid – incompetent (not that I’m complaining, mind you – just pointing it out), and the opposition’s best friend.

–My DD’s Charles Lemos:

How is it that the nation is being held hostage by a caucus of forty?

Nor is it terribly reassuring that the Majority Leader can’t keep his own caucus in line. A dozen Democrats and one independent crossed party lines and voted with the Republicans on the 53 to 47 roll call. The Democrats who voted against the party leadership were Senators Evan Bayh of Indiana, Kent Conrad of North Dakota, Bryon Dorgan of North Dakota, Jon Tester of Montana, Russ Feingold of Wisconsin, Herb Kohl of Wisconsin Claire McCaskill of Missouri, Bill Nelson of Florida, Mark Warner of Virginia, Jim Webb of Virginia, Robert Byrd of West Virginia and Ron Wyden of Oregon. Independent Joe Lieberman of Connecticut also joined the GOP in defeating the measure.

Still it is more concerning that the Democrats are being outwitted tactically by Senator Mitch McConnell.

This news won’t help the Democrats’ efforts:

Also, career government economists within the Department of Health and Human Services dealt a blow to the House bill Wednesday, releasing a report concluding national health care spending would increase because newly insured people would seek care.

Unlike the analyses produced by the Congressional Budget Office, which looked at the impact of legislation on the federal government alone, the HHS report examined the impact on the national economy. The report complicates President Barack Obama’s pledge to sign a bill only if it slows the rate of health care spending.

WHITE HOUSE MASTER TO SLASH EXEC PAY

Gaffes in federal reports this week about stimulus have called into question the government’s ability to accurately track how many jobs are being created by the massive $787 billion Recovery Act.

The data in Thursday’s reports were filled with mistakes, including an error that made it look like a French vaccine maker received the largest stimulus contract, $1.4 billion, when in fact it has gotten an award one-100th the size.

Government research organization OMB Watch said its assessment of the reports revealed many inconsistencies in the job data.

“The data is rife with mistakes,” said Craig Jennings, senior federal fiscal policy analyst at OMB Watch. “When you put out data that hasn’t yet been checked, it undermines transparency, because you are putting out wrong information.”

…A mistake in the very first contract listed on the site prompted doubts about the reliability of the reports.

Recovery.gov erroneously reported Thursday that French vaccine maker Sanofi Pasteur had received $1.4 billion in stimulus funds from the Department of Health and Human Services. The company topped the site’s list titled “Largest federal contracts in U.S.”

When CNNMoney.com first asked about the contract Thursday, a spokeswoman from Sanofi Pasteur suspected the $1.4 billion figure was a mistake. HHS spokeswoman Vicki Rivas-Vazquez said the number on recovery.gov was erroneous and the actual amount was $10.4 million.

Sanofi Pasteur said Friday that $10.4 million is the correct figure.

“We anticipated errors in the reporting and so informed many reporters beforehand,” said Edward Pound, spokesman for the Recovery Board. “This is the first time this kind of reporting is being done. These reports are being reviewed by federal agencies and recipients to catch any errors or problems.”

The Recovery Board has the tall task of compiling all of the data, and is spending $18 million revamping its Web site to manage all of the information.

OMB Watch said its review yielded “really weird job numbers,” including many discrepancies within the reports themselves. For instance, Jennings said OMB Watch found that many companies said in a narrative portion of their reports that it was able to retain several employees because of stimulus funds, but the “jobs created” column read “zero.”

The Recovery Board aggregates its jobs data from the “jobs created” column to display the total number of jobs saved or created. Jennings speculated that recipients might have been confused about the scope of the term “created.”

“I would not stake any sort of claims on those job numbers,” said Jennings. “We don’t know what’s going on there.”

FY 2009 Federal Deficit Terrifyingly Huge

after reading the links within that link, this will make perfect sense:

That’s a little like resuscitating a guy who had a heart attack on the way to his execution. Yeah, he’s alive but for how much longer?

When confronted with something this unsustainable there’s only two things to be done.

1- Spend untold trillions more taking over the nation’s health insurance system.

and

2- Blame Bush.

Obama to conservatives: Grab a mop and help me clean up your mess

The good news: The “socialist mop” line made me laugh. The bad news: He’ll be telling us it’s our mess that he’s cleaning up until, oh, 2015 or so at the earliest. How he’s planning to blame the stimulus waste or inevitable cost overruns on health care on the right isn’t yet clear to me, but have faith. He’ll find a way. It’s … what he does.

Question: Given the electoral realities in Congress these days, is it really the right that’s his biggest pain in the ass?

The Joint Congressional Committee on Taxation has analyzed the excise tax in the Baucus plan and come to the logical conclusion that it will raise prices for insurance policies. In two letters issued yesterday, the JCT acknowledged that the increased premium costs for health-insurance plans that qualify for the excise tax will increase costs to employers offering them, depressing wages directly or indirectly as a result, depending on whether they impose the total cost increase on employees. The second letter demonstrates that the effect of the Baucus plan and its disappearing subsidies on lower-income workers is to force them into a higher tax bracket, disincentivizing gains in employment.

Follow the link to HotAir to read more analysis.