The CNN Washington Bureau’s morning speed read of the top stories making news from around the country and the world. Click on the headlines for more.
WASHINGTON/POLITICAL:
CNN: Democrats to offer payroll tax cut compromise
Democrats on Monday will propose a compromise plan to extend the payroll tax cut that includes a "serious" way to pay the more than $200 billion price tag, the chairman of the Senate Budget Committee says.
CNN: Gingrich up in Iowa, Romney’s lead in NH narrows
As support for Newt Gingrich surges in Iowa, Mitt Romney’s lead has dwindled in New Hampshire, according to new polls measuring support for candidates in the early caucus and primary states.
CNN: Young Republicans on Cain: 'It can be rough ... being a black conservative'
As the now-former presidential hopeful Herman Cain moves to Plan B, black conservatives say it's time to stick with their Plan A, and use the leverage that the GOP candidate gave them.
New York Times: Despite Surge, Gingrich Faces Major Hurdles
Surging in polls is one thing. But as Newt Gingrich seeks to turn his impressive performance in surveys into votes, he is scrambling madly to build the kind of organization that Mitt Romney has methodically put in place for a year, one that will let him compete through all 50 contests, often in multiple states at once.
NATIONAL:
CNN: Standoff ends between police, Occupy DC protesters
An hours-long standoff between police and Occupy DC protesters ended Sunday night after officers forcibly removed several people clinging to a wood structure erected earlier in the district's McPherson Square.
CNN: Arts, politics mingle at annual Kennedy Center Honors
The worlds of politics and arts mingled Sunday at the annual Kennedy Center Honors, with President Barack Obama among those toasting five stars of stage, screen and music.
CNN: Aging Pearl Harbor attack survivors passing on the baton
A fire alert was in effect in Southern California until Sunday morning following warnings that the powerful winds pounding the region could ignite fast-moving blazes.
CNN: Authorities warn of fire threats as howling winds hit Southern California
Italy's new prime minister will present to parliament Monday a proposal for €30 billion ($41 billion) in new taxes and spending cuts over two years, including reductions to future pensions, in an effort to end a budget crisis that has clouded the future of Europe's common currency.
INTERNATIONAL:
CNN: Unclear whether Iran shot down drone, a U.S. official says
Iran's military on Sunday claimed it shot down a U.S. drone into eastern Iran. State media cited a military official who identified the aircraft as an RQ-170 Sentinel.
CNN: Syria faces new sanctions as Arab League deadline passes
Syria faced additional sanctions from its Arab League neighbors Monday unless it agreed to allow international observers into the country to monitor an agreement to end a months-old crackdown on anti-government protesters.
CNN: Biden arrives in Greece at pivotal time
U.S. Vice President Joe Biden arrived Sunday in Greece, as a new interim government there seeks to halt the country's economic upheaval that has had ripple effects across the globe.
CNN: Assange seeks extradition hearing in UK Supreme Court
WikiLeaks editor Julian Assange returns to court Monday in an effort to take his appeal against extradition to Sweden over sex assault allegations to the United Kingdom's Supreme Court.
BUSINESS:
CNN Money: Europe goes back to the drawing board
European leaders will meet this week for yet another summit to discuss ways to solve the deepening crisis, and this time they are talking about rewriting European Union treaties.
CNN Money: Stocks: Desperately seeking EU superheroes
Once again, investors all over the world will be looking to Europe to determine how to bet on the markets. The big difference next week: Investors have a newfound faith that central bankers and politicians will work together to keep the markets from falling into disarray.
CNN Money: 8.6% unemployment rate won't help Obama (much)
The November jobs report contains some undeniably good news for President Obama, but the White House should keep the champagne on ice for now.
In Case You Missed It…
The panel from Reliable Sources examines the media's treatment of Herman Cain as he suspends his campaign.
Wealthy Chinese citizens with half a million bucks to plunk down for a primary residence in the U.S. could soon be fast-tracked for a residential visa – and they aren't the only ones.
With a huge overhang of unsold homes slowing the recovery of the U.S. housing market, Senators Chuck Schumer (D-N.Y.) and Mike Lee (R-Utah) have added legislation to their new immigration bill that would offer wealthy foreign buyers a renewable, three-year residential visa – typically a laborious process – once they purchase a house in America.
The senators claim the initiative, which is part of their bigger VISIT USA Act, would remove bureaucratic red tape that stifles travel and investment in the U.S., especially for the Chinese, who face tougher visa requirements than other foreigners but spend about $6,000 per visit. Currently, Chinese nationals must apply for a new U.S. tourist visa every year – the same requirement for U.S. citizens traveling to China. But this bill would allow Chinese tourists access to five-year multiple-entry visitor visas in addition to expedited residential visas.
To qualify, at least $500,000 must be spent on U.S. real estate, with at least $250,000 of that on a primary residence. Thus, the bill would benefit a relatively small number of wealthy buyers who have the ability to pay cash and spend half the year at their new U.S. digs without a U.S. based job because the visa prohibits homebuyers from seeking employment, says Brian Phillips, Senator Lee's communications director.
Here's another catch: the sale price must be greater than the most recent appraised value of the property. The bill would also introduce videoconferencing as a means of screening foreign nationals for visas, and fees, including the $150 application fee, would be reduced during off-peak months. Applicants for the new visa would still be subject to standard criminal and national security background checks and, once approved, would not be able to receive government benefits such as Medicare, Medicaid, and Social Security. The program would not serve as a path to citizenship for foreign nationals. Chinese tourists with five-year visas would also be required to use the Electronic System for Travel Authorization, an automated procedure used to determine the eligibility of U.S. visitors.
National Association of Realtors (NAR) spokeswoman Leanne Jernigan says the organization has not yet taken a position on the legislation but prefers “comprehensive approaches to addressing the housing problems rather than piecemeal legislation.”
Foreign investment in residential homes nearly doubled from 2008 to 2010, to $64 billion, according to NAR. Chinese investment was also higher in 2010 than in previous years: It made up about 9 percent of international real estate purchases compared with about 5 percent in 2009, 7 percent in 2008, and 5 percent in 2007. The NAR says California is the top market for Chinese real estate purchasers, but it doesn't track individual sales. Phillips says critics of the bill claim it won't do much to save the housing market, and that it doesn't specify that purchases be made in markets that need it most. But Senator Lee “doesn't want to write legislation...that tells people where they can spend their money,” Phillips says.
While China's ultra-rich have been buying property in the U.S. for years, of late many Chinese lawyers, real estate developers, and corporate executives are visiting the U.S. on special buying tours in search of bargain deals in U.S. real estate, according to SouFun.com, China's largest real estate search site for domestic and overseas real estate. SouFun.com organizes 50 trips annually on “home inspecting” trips abroad, and the company claims on its Web site that they are the best way to attract Chinese buyers. Rising Chinese income levels and plunging American real estate prices since 2006 have made attracting Chinese buyers easier.
The U.S. Chamber of Commerce, which has endorsed the visa changes, says making it easier for international visitors to visit the U.S. is a priority with the goal of creating an additional 1.3 million jobs by 2020. “For too long, we have created barriers, and too many hoops and hurdles, which act to deter visitors from other countries coming to the United States to spend their money and create jobs,” said U.S. Chamber of Commerce President and CEO Thomas J. Donohue in a statement. “This is a loss we can ill afford in today’s economy.”
Wealthy Chinese citizens with half a million bucks to plunk down for a primary residence in the U.S. could soon be fast-tracked for a residential visa – and they aren't the only ones.
With a huge overhang of unsold homes slowing the recovery of the U.S. housing market, Senators Chuck Schumer (D-N.Y.) and Mike Lee (R-Utah) have added legislation to their new immigration bill that would offer wealthy foreign buyers a renewable, three-year residential visa – typically a laborious process – once they purchase a house in America.
The senators claim the initiative, which is part of their bigger VISIT USA Act, would remove bureaucratic red tape that stifles travel and investment in the U.S., especially for the Chinese, who face tougher visa requirements than other foreigners but spend about $6,000 per visit. Currently, Chinese nationals must apply for a new U.S. tourist visa every year – the same requirement for U.S. citizens traveling to China. But this bill would allow Chinese tourists access to five-year multiple-entry visitor visas in addition to expedited residential visas.
To qualify, at least $500,000 must be spent on U.S. real estate, with at least $250,000 of that on a primary residence. Thus, the bill would benefit a relatively small number of wealthy buyers who have the ability to pay cash and spend half the year at their new U.S. digs without a U.S. based job because the visa prohibits homebuyers from seeking employment, says Brian Phillips, Senator Lee's communications director.
Here's another catch: the sale price must be greater than the most recent appraised value of the property. The bill would also introduce videoconferencing as a means of screening foreign nationals for visas, and fees, including the $150 application fee, would be reduced during off-peak months. Applicants for the new visa would still be subject to standard criminal and national security background checks and, once approved, would not be able to receive government benefits such as Medicare, Medicaid, and Social Security.
The program would not serve as a path to citizenship for foreign nationals. Chinese tourists with five-year visas would also be required to use the Electronic System for Travel Authorization, an automated procedure used to determine the eligibility of U.S. visitors.
National Association of Realtors (NAR) spokeswoman Leanne Jernigan says the organization has not yet taken a position on the legislation but prefers “comprehensive approaches to addressing the housing problems rather than piecemeal legislation.”
Foreign investment in residential homes nearly doubled from 2008 to 2010, to $64 billion, according to NAR. Chinese investment was also higher in 2010 than in previous years: It made up about 9 percent of international real estate purchases compared with about 5 percent in 2009, 7 percent in 2008, and 5 percent in 2007. The NAR says California is the top market for Chinese real estate purchasers, but it doesn't track individual sales.
Phillips says critics of the bill claim it won't do much to save the housing market, and that it doesn't specify that purchases be made in markets that need it most. But Senator Lee “doesn't want to write legislation...that tells people where they can spend their money,” Phillips says.
While China's ultra-rich have been buying property in the U.S. for years, of late many Chinese lawyers, real estate developers, and corporate executives are visiting the U.S. on special buying tours in search of bargain deals in U.S. real estate, according to SouFun.com, China's largest real estate search site for domestic and overseas real estate.
SouFun.com organizes 50 trips annually on “home inspecting” trips abroad, and the company claims on its Web site that they are the best way to attract Chinese buyers. Rising Chinese income levels and plunging American real estate prices since 2006 have made attracting Chinese buyers easier.
The U.S. Chamber of Commerce, which has endorsed the visa changes, says making it easier for international visitors to visit the U.S. is a priority with the goal of creating an additional 1.3 million jobs by 2020.
“For too long, we have created barriers, and too many hoops and hurdles, which act to deter visitors from other countries coming to the United States to spend their money and create jobs,” said U.S. Chamber of Commerce President and CEO Thomas J. Donohue in a statement. “This is a loss we can ill afford in today’s economy.”
This post originally appeared on The Fiscal Times.
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