A huge statement tonight – Peter DeFazio, a Democrat from Oregon and one of the chairs of the Populist Caucus in the House, just called for the firing of Timothy Geithner and Larry Summers, saying that Barack Obama’s economic team is failing him. He said that there’s a “growing sense” in the caucus that a new economic team committed to jobs and American workers is needed to replace the one primarily concerned with Wall Street.
This is the first Democrat, to my knowledge, who has called for Geithner and Summers to step aside. He said that “boos” accompany Geithner and Summers’ names in the Populist Caucus meetings. Earlier this month, Sen. Maria Cantwell (D-WA) openly wondered why Geithner still has a job, but DeFazio took it a step further.
The money quote:
“We may have to sacrifice two more jobs to get millions more for Americans.”
This comes in the context of deliberations in the House over a new jobs bill. DeFazio has offered that it should be paid for through a financial transactions tax on oil futures and derivative transactions; other proposals include stock transactions. Such a tax faces an uphill climb in a Congress too willing to back corporate interests, particularly from the financial industry.
Video coming soon.
…The Hill has picked this up. It’s a big deal.