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ThinkFast: May 6, 2010

Although a federal judge declared the National Day of Prayer unconstitutional, observances will still be going on across the nation today. The injunction will not take effect until President Obama has exhausted his appeals. U.S. District Court Judge Barbara Crabb ruled on April 15 that the government shouldn’t endorse the day because it is “an inherently religious exercise that serves no secular function.”

The Senate “broke a logjam” on Wall Street reform yesterday when it overwhelmingly passed two amendments. The first makes sure that “no taxpayer funds” would be used to bailout banks, while the other — the product of a recent bipartisan deal — eliminates the $50 billion fund designed to help failing banks and changes the way firms would be liquidated.

During a Cinco De Mayo celebration at the White House yesterday, President Obama called for progress on comprehensive immigration reform this year. “I was pleased to see a strong proposal for comprehensive reform presented in the Senate last week, and I was pleased it was based on a bipartisan framework,” said Obama. “I want to begin work this year. And I want Democrats and Republicans to work with me.”

Top Republican political operatives, including Karl Rove and Ed Gillespie, “have quietly built a massive fundraising, organizing and advertising machine” of “five overlapping groups” aimed at recapturing Congress and the White House. “Karl has always said: People call us a vast right-wing conspiracy, but we’re really a half-assed right-wing conspiracy,” said one organizer. “Now, he wants to get more serious.”

Congressional Democrats, with the support of House Speaker Nancy Pelosi (D-CA) and President Obama, have introduced legislation that would increase oil companies’ maximum liability for accidents to $10 billion. The current liabilty limit is only $75 million.

The Obama administration is calling on state governments to scrutinize any rate increase sought by WellPoint, one of the nation’s largest health insurers. And in “a broader effort to combat ‘unjustified’ premium increases, the administration also asked states to ensure their regulators have the authority to review rate hikes before they take effect.”

The FCC will announce today that “it still plans to pursue tough net neutrality rules,” after a court challenged the way the agency had planned to do it. The agency now plans to redesignate certain telecommunications companies, a move that is necessary for “extending broadband to all Americans, protecting consumers, ensuring fair competition, and preserving a free and open Internet,” an FCC official said.

House Appropriations Committee Chairman David Obey (D-WI) announced yesterday that he will not seek reelection in November — a blow to the Democrats’ chances of holding his House seat. Obey said he was “bone tired” after a life a public service dating back to 1962. “There is a time to stay and a time to go. And this is my time to go,” he said.

U.S. officials said yesterday “that it was very likely that a radical group once thought unable to attack the United States had played a role in the bombing attempt in Times Square, elevating concerns about whether other militant groups could deliver at least a glancing blow on American soil.” Evidence is mounting that the Pakistan Taliban “helped inspire and train” Faisal Shahzad.

And finally: The Governator celebrates Cinco de Mayo.

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