The Mankato Free Press reports DM&E buyout hits some hitches. The usual objections from Rochester and the Mayo Clinic are aired, but then there's this:
Moody's Investors Service recently downgraded the debt ratings of CPR to “Baa3,” citing effects from the company's acquisition of the DM&E.
“Baa3” is the lowest investment grade. A one-notch downgrade would take Canadian Pacific to junk status.
Moody's said the transaction has increased Canadian Pacific's debt by 30 percent to about $6 billion. It is expected the debt rating will improve if and when the sale is approved and finalized.
Analysts also believe Canadian Pacific ’s purchase of DM&E may be an attempt to prevent a hostile takeover of the Canadian rail line.
KTTC looks at the consequences on local food shelves of stalled federal hunger legislation in Hunger Hardships:
During this time of a struggling economy and rising prices, it's getting more and more difficult for many people to put food on the table.
Bad could be turning to worse because those who lend a helping hand are worried thousands could go hungry if federal lawmakers don't get their act together.
Some are calling this a classic case of lawmakers doing their thing off at the capitol but forgetting about those who need them most.
Political delays have food banks running low and others wondering if the help they so desperately need will suddenly disappear.
It's simply slothful reporting on the station's part to rail against all of congress for inaction, when the House has passed a Farm Bill that includes $250 illion funding for the Emergency Food Assistance Program (TEFAP). Minnesota's four ag committee members (Peterson and Walz in the House; Coleman and Klobuchar in the Senate) have worked long hours on getting the Farm Bill passed in both chambers.
Until the recent compromise, Senate Republicans blocked the Farm Bill, though a handful of farm state Republicans--including Coleman--worked to bring the bill to the floor.
A press release from Second Harvest, Appropriations Veto Threats May Lead to Further Hardship for Hungry Americans, looks beyond Senate Republican obstructionism to the effect Bush's veto threats might have on struggling American families:
As Congress works to reach a compromise on domestic spending legislation, there are growing concerns that nearly 500,000 low-income mothers and children could be cut from the popular and cost effective Special Supplemental Nutrition Program for Women, Infants and Children (WIC). Meanwhile, the Farm Bill is stalled in the Senate, and food banks nationwide report rapidly dwindling inventories stemming from a more than 70 percent decline in support from a federal food aid program in recent years.
"We are on the brink of a crisis for food banks and hungry Americans," said Vicki Escarra, president and chief executive officer of America's Second Harvest-The Nation's Food Bank Network. "Cutting people receiving benefits from WIC means that hundreds of thousands of mothers and children likely will need to turn to our Network for help, and our food banks are already struggling to meet demands for food assistance due to scarce food supplies." The prospect for large WIC cuts was identified in a report by the Center on Budget and Policy Priorities last week.
In addition to WIC, several federal nutrition programs that are critical to food banks and the 25 million people served through the America's Second Harvest Network each year also are included in the Omnibus Appropriations bill Congress is currently considering. These programs include The Emergency Food Assistance Program (TEFAP) storage and distribution, the Commodity Supplemental Food Program and the expansion of the Simplified Summer Food Program. WIC is the largest of the programs, and it is becoming a focal point for concern about cuts as Congress attempts to reach funding compromises with the White House.
Second Harvest details the work the House has done:
The Farm Bill, which passed the House in late July and is currently being debated by the Senate, would provide much needed relief to food banks and hungry Americans. The nutrition title of the Farm Bill provides policy direction and funding for TEFAP, the Food Stamp Program and authorization for CSFP. The House-passed Farm Bill and the version that was approved by the Senate Agriculture, Nutrition and Forestry Committee would increase mandatory funding for TEFAP from $140 million annually to $250 million annually. This increase would provide nearly 215 million pounds of food or 168 million additional meals per year to hungry Americans for the next five years. Both versions of the bill would also strengthen the Food Stamp Program and reauthorize CSFP.
"Every day that goes by without a Farm Bill is a day that food banks shelves are going emptier," said Escarra. "I urge Congress to approve a Farm Bill as soon as possible and provide sufficient funding for nutrition programs in the Fiscal Year 2008 Appropriations process to ensure that we can keep feeding the millions of people coming into our agencies
Demand at food banks across the country is up, and emergency shelves are increasingly stressed across the state. A recent Washington Post article attributed the demand to families socked by rising fuel, heat and food prices; the mortgage crisis may be a factor as well.
For more background information on TEFAP, visit the TEFAP Alliance page. To learn more about Minnesota's food banks, check out the Hunger Solutions web site.
Meanwhile, toy recalls and the weakening economy has prompted Toys for Tots to issue a national call to action, with retailers extending donation deadlines, as a shortage of toys for needy children looms this Christmas.
We've Looked around for First District TFT drives still under way, and here's what we've found so far:
KMSU-FM (Minnesota State-Mankato) through Dec. 15
KIMT-TV (Albert Lea/Mason City etc)
Mankato Area Toys for Tots (Mankato/St. Peter/Wells) though Dec. 12
Rochester Area Toys for Tots through Dec. 22
MNDot (Owatonna/Rochester) through Dec. 20
If you know of other TFT operations still accepting toys and cash donations, drop us a line and we'll add it to the list. Even our urbane friends at Drinking Liberally in Minneapolis will be doing their bit in a week and a half, and we encourage everybody who is financially able to give to TFT.
Comments