Can you whittle with a hatchet? Billions of dollars of indiscriminate federal budget cuts are scheduled to take effect Friday, but Pennsylvania Senator Pat Toomey and Oklahoma Senator Jim Inhofe will offer a Republican alternative bill to modify the March 1 sequester. According to Robert J. Vickers of the Patriot-News:
U.S. Sen. Pat Toomey will introduce legislation as soon as Wednesday to soften the harsh, congressionally mandated spending cuts slated to be applied at the end of the week.
The bill would give President Barack Obama the authority to determine how the cuts will be applied in each department, rather than the mandated across-the-board approach dictated in the so-called “sequester,” Toomey told a handful of Pennsylvania reporters in a conference call late Tuesday afternoon.
“We need to preserve the magnitude of the cuts, but almost everybody agrees we’d be better off if they were done differently,” he said. “The problem with [across-the-board cuts] is it gives no discretion to the managers or the administration to determine which of the programs has greater urgency than another.”
The proposal would also retain Congress’s ability to reject the president’s prioritization of the cuts, he added.
Since Toomey’s in the news, I decided to look at his list of top donors on OpenSecrets.org. His biggest donor by far was the conservative anti-tax 501(c)4 organization the Club for Growth, which has given its former president $860,000 since 1998, almost as much as the other nineteen of his top twenty donors combined. Toomey accepted leadership of the group following his narrow 2004 Republican primary loss to former Senator Alan Specter, which the club had backed financially. Other conservative issue groups backing him included Senator Jim DeMint’s political action committee theSenate Conservatives Fund (fifth), giving $61,500, and the billionaires at Crow Holdings (16th) and Koch Industries (20th), each giving over $30,000.
“Too big to fail” banks and hedge funds invest heavily in Toomey. Elliott Management, a “vulture fund” firm that works primarily with distressed debt investments, ranked second on the Senator’s list with $115,000, while hedge fund SAC Capital Advisors (sixth) gave $46,000. Two of the Big Four banks — JPMorgan Chase (seventh) Bank of America (eighth) — deposited over $40,000 in his accounts, as did professional trade group the American Bankers Association (ninth). Pittsburgh-based hedge fund Federated Investors (15th) and financial services corporation Morgan Stanley (19th) each pitched in over $30,000.
Professional trade associations look favorably on Toomey as well. He’s received significant donations from anti-union construction group the Associated Builders and Contractors (tenth), the National Restaurant Association (12th), the National Federation of Independent Business (17th), and accounting giant PricewaterhouseCoopers (18th).
Other big contributors to the Pennsylvania Senator are Allentown businesses Air Products & Chemicals (third) and electric utility PPL (fourth); Mechanicsburg health care company Select Medical (11th); Philadelphia ammunition manufacturers Day & Zimmermann (13th); and Exelon (14th), an energy company with several nuclear and fossil fuel plants in Pennsylvania and other states.