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Policy: Economy

Left claims Summers’ scalp: Who’s next?

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Politics,Chris Stirewalt,Economy,Federal Reserve,Larry Summers,Power Play

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LEFT CLAIMS SUMMERS’ SCALP: WHO’S NEXT? - President Obama wants to get back on offense today in a speech warning Republicans that brinkmanship on budget matters in the weeks ahead could end the already weak economic recovery that has followed the Panic of 2008, which began five years ago this week. But with former Treasury Secretary Larry Summers unhorsed as the leading contender to replace outgoing Federal Reserve Chairman Ben Bernanke, Obama may be talking to the wrong partisans.

[WSJ: “Liberals could try to use the blockade they put up to stop [Lawrence Summers’] nomination as a playbook on coming discussions to prevent a partial government shutdown later this month and a possible vote to raise the debt ceiling in October.”]

Give them an inch - Liberal Democrats have lost their midterm jitters and have scored victories on blocking the president’s plan for air strikes against Syria as well as the successful scuttling of Summers’ Fed bid, despite Obama’s public support. With liberal leaders like Sen. Elizabeth Warren, D-Mass., firing up crowds over Wall Street’s escape from federal prosecutions and unions increasingly alarmed about the consequences of the president’s 2010 health law, Obama finds himself in a bind.

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Chris Stirewalt

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