After five months of planning and tense negotiations, the House and Senate have posted the various maps lawmakers approved last week as part of the once-in-a-decade redistricting process.
Also, Sen. Joe Manchin (D) is on a tour of West Virginia during the August recess. Following the passage of the debt deal and the downgrade by Standard & Poors of the country's credit rating, Manchin is asking to be appointed to the new "super committee" that will make recommendations for further budget reductions.
Senate Majority Leader Harry Reid (D-NV ) gets to pick three people to serve on the committee. It will be comprised of three Senate Democrats, three House Democrats, three Senate Republicans and three House Republicans.
Manchin is up for re-election in 2012.
His office released a statement yesterday:
To that end, Senator Manchin has written to Senate Majority Leader Harry Reid requesting that he be chosen to serve on the Joint Select Committee on Deficit Reduction created by the Budget Control Act of 2011. This bipartisan, bicameral, 12-member panel will be responsible for reducing the federal budget deficit by a total of at least $1.5 trillion over 10 years. The panel was given a deadline of November 23, 2011, and its recommendations are to be voted on immediately by both chambers of Congress, with no filibusters or amendments allowed. A copy of the letter is attached.
“As you know, this committee will only succeed if its members have a proven ability to work well across the aisle,” Senator Manchin wrote in the letter. “In that regard, I would bring years of experience working in a bipartisan fashion while also fighting to defend the values and priorities that matter to me as a Democrat. As Governor, even when we made tough choices to ensure a brighter future for our state, I fought to defend the programs critical to our families, seniors, veterans and children. Through smart budgeting, I responsibly cut spending and at the same time, we expanded critical programs and services that mattered to the middle class and working poor.”
We could know as early as next week who will be selected for the committee.
Also, West Virginia Treasurer John Perdue released a statement Tuesday in response to the recent volatility in the stock market:
CHARLESTON – As chairman of the West Virginia Board of Treasury Investments, State Treasurer John D. Perdue is responding to concerns regarding recent market activity and the U.S. credit downgrade from Standard and Poor’s.
“The Board of Treasury Investments’ portfolios are based on an ultra conservative policy and consist of well-diversified and high quality securities,” said Treasurer Perdue. “While these are uncertain times, I am confident our state’s short-term investments are well-managed.”
The West Virginia Board of Treasury Investment’s AAAm rating by Standard and Poor’s was unaffected by the recent U.S. sovereign debt downgrade. This means the BTI’s two money market pools continue to carry S&P’s AAAm rating, the highest principal stability rating available from the agency.
The BTI only invests in fixed income securities and does not invest in equities. Its investment policy objectives put safety first, followed by liquidity of assets and rate of return.
“Both the West Virginia Money Market Pool and the West Virginia Government Money Market continue to maintain well diversified portfolios of liquid securities rated in the highest short-term ratings category by both S&P and Moody’s,” said Perdue. “The portfolios meet the liquidity needs of the participants and are well position to handle the anticipated ongoing market volatility.”
The Treasurer said he is confident West Virginia will stay the course and continue to serve as a leader among other states in its efforts to maintain fiscal responsibility.
For more information on the WVBTI, log onto www.wvbti.com or call 1-800-422-7498.