The slew of administration controversies and scandals is finally catching up to President Obama.
The latest poll from CNN shows that the president’s approval rating has fallen eight points to 45 percent, the lowest it has been in more than a year and a half.
The new survey also found that Americans’ trust in the president is dwindling. A 50-percent majority said they have lost confidence in Obama. This is the first time that a majority of Americans have said they do not consider the president trustworthy. Ouch.
The poll’s findings come just a week after former NSA security contractor Edward Snowden classified information about the existence of a U.S. intelligence community spy program that monitors Americans’ phone records and Internet activity.
The Obama administration has defended the surveillance program, saying it is critical to national security efforts. But NSA’s surveillance of domestic and foreign phone records and Internet activity has been harshly criticized by experts, lawmakers and citizens who fear it is an overreach and invasion of privacy. - See the poll here
CONFIDENCE IN CONGRESS TANKS AS WELL President Obama isn’t the only one taking a big hit in the polls. In the first four days of June, only 10 percent of 1,529 people surveyed by Gallup described themselves as having a great deal or quite a lot of confidence in Congress, ranking it last on a list of 16 societal institutions for the fourth consecutive year. No institution has scored lower since Gallup started asking in 1973. The confidence-in Congress figure is only a third of what it was a decade ago. And it’s slipped 3 points in a year. - Read more here
BANKS GIVE REGULATORS COLD SHOULDER Big banks are pushing back against regulators’ plans to toughen rules on bank deposit-advance loans. The proposals require banks to review a six-month analysis of a customer's recurring deposits and withdrawals, and conduct a full underwriting assessment of a customer's finances before granting him or her a loan. The banks say the new rules would increase the costs of offering loans and cut the availability of credit to consumers. Wells Fargo & Co, even vowed to stop offering the loans if regulators move forward with the new rules. - Read more at The Wall Street Journal
ALL EYES ON FED’S JUNE POLICY MEETING Investors and the markets will get further clues as to when the Federal Reserve might begin pulling back on quantitative easing when the Federal Reserve Open Markets Committee meets on Wednesday. Experts aren’t expecting Fed Chair Ben Bernanke to announce any substantive changes in policy this week. Instead, he will likely try to reassure markets that any move to slow the central bank’s easy money program will be done gradually. - Read more at The Fiscal Times
IMMIGRATION AMENDMENTS TO WATCH Senators are gearing up for a long, grueling fight over more than 100 immigration reform amendments. The success or failure of those amendments will play a critical role in determining whether the chamber approves comprehensive legislation that would provide amnesty over 10 years for more than 11 million undocumented workers. Here are four important ones to watch:
1. The RESULTS amendment sponsored by Sen. John Cornyn (R-TX) strengthens border security provisions within the underlying bill.
2. The Same-sex couples amendment sponsored by Sen. Patrick Leahy (D-VT) gives equal protection to immigrants who are in same-sex couples and allows the partner of a U.S. citizen to apply for a green card the same way heterosexual married couples are able to do.
3. The English language amendment sponsored by Sen. Marco Rubio, (R-FL) requires immigrants with provisional legal status, who are 16 or older to read, write and speak English. This would be part of the 10-year period to qualify for citizenship.
4. The Trust but Verify amendment sponsored by Sen. Rand Paul, (R-KY) shifts power from the Department of Homeland Security to Congress to enforce border security measures.
- Read more at The Hill
VA GOV. MCDONNELL GOES SHOPPING WITH TAX DOLLARS Virginia taxpayers unknowingly have been picking up the tab for their Republican governor and his family’s personal items like college stuff for their children, sunscreen, dog vitamins, body wash and diet products. The governor and his wife also have been using state employees as personal servants, tasking them with running errands for their adult children like picking up dry cleaning. - Read more at The Washington Post