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Keyword: budget

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  • CBO ON OBAMA BUDGET: HIGHER DEFICITS THAN CLAIMED

    04/17/2014 2:11:18 PM PDT · by Jim Robinson · 13 replies
    Breitbart ^ | April 17, 2014 | AP
    WASHINGTON (AP) — A report released Thursday by the nonpartisan Congressional Budget Office says President Barack Obama's budget request would mean significantly larger budget deficits than the White House claims. CBO says the budget plan proposed last month by Obama would produce deficits of $6.6 trillion over the next 10 years — $1.6 trillion more than the White House estimates. The main reason is that the White House has a rosier estimate of the economy's performance over the decade than CBO. That means the administration predicts higher tax revenues. The president's budget is just a proposal; it has gained little...
  • George Will: A Recourse to Budgetary Inaction

    04/11/2014 1:10:08 PM PDT · by JeepersFreepers · 27 replies
    Tulsa World ^ | 4/10/14 | George Will
    From the Goldwater Institute ...comes an innovative idea. It would use the Constitution's Article V to move the nation back toward the limited government the Constitution's framers thought their document guaranteed. The Compact for America is the innovation of the Goldwater Institute's Nick Dranias, who proposes a constitutional convention carefully called under Article V to enact a balanced-budget amendment written precisely enough to preclude evasion by the political class.Congress, which relishes deficit spending, would not, unilaterally and unpressured, send this amendment to the states for ratification. Hence the Goldwater Institute's recourse to Article V. It provides, in the same sentence,...
  • Budget Chief Is Choice as New Health Secretary

    04/10/2014 4:27:29 PM PDT · by Nachum · 21 replies
    New York Times ^ | 4/10/14 | Michael D. Shear
    Washington - Even when Sylvia Mathews Burwell was in her early 30s, friends speculated that she might return to her native Hinton, W.Va., and run for governor someday. After all, she had been a Rhodes scholar, and her mother — who later became mayor of Hinton, pop. 2,600 — had driven her daughter’s interest in politics. So far that has not happened, but plenty of other things under two presidents have. On Friday, President Obama is to nominate Ms. Burwell, currently director of the White House Office of Management and Budget, to take over one of the largest and most...
  • The People vs. Paul Ryan: Moderate Your Expectations, Ryan's Budget Proposal is Doomed.

    04/02/2014 9:22:58 AM PDT · by SeekAndFind · 7 replies
    National Review ^ | 04/02/2014 | Kevin D. Williamson
    Paul Ryan has laid down another marker. Pity he doesn’t have the power to lay down the law. Representative Ryan has a budget, and the Democrats do not have one, nor do they plan to produce one. The proverb holds that you can’t beat something with nothing, but that is precisely what congressional Democrats are going to do with this Republican budget, just as they have with earlier iterations of the same concept. Representative Ryan finds himself in much the same position as Senator Rand Paul: ready to lead, a bit short on followers. My recent pessimistic assessment of Senator...
  • Paul Ryan's Budget Exposes Democrats' Bankruptcy Of Ideas

    04/02/2014 7:15:14 AM PDT · by SeekAndFind · 19 replies
    IBD ^ | 04/02/2014 | Editorial
    Whatever objections anyone might have to various details in Rep. Paul Ryan's bold new plan to cut $5 trillion of government waste, one fact trumps all else: Unlike Democrats, he offers solutions, not denial. The one thing that stands out in the long-term budget plan unveiled Tuesday by House Budget Committee Chairman Ryan, R-Wis., is his acceptance of a fact Democrats want to hide: You can't squeeze enough extra money out of the rich to pay for our endlessly expanding entitlement programs of Medicare, Medicaid and Social Security. Tax revenue over many decades has been relatively unchanging . And it...
  • Democrats and Republicans Are Driving America off the Fiscal Cliff

    04/02/2014 4:21:14 AM PDT · by bestintxas · 10 replies
    breitbart ^ | 4/2/14 | jb martin
    Watching congressional Democrats and Republicans wrestle over the budget is a little like watching Thelma and Louise. Democrats want to stomp on the gas pedal and race to the edge of the cliff at top speed, while Republicans want merely to set the cruise control. Neither approach addresses the fiscal realities of the situation. America has a debt of $17 trillion. That’s more than $54,000 for every man, woman, and child in the United States. It is unsustainable and has to stop. Failure to do so will leave generations of Americans strapped with a crushing load of debt that jeopardizes...
  • SARAH PALIN: PAUL RYAN BUDGET 'A JOKE'

    04/01/2014 6:39:43 PM PDT · by Hojczyk · 103 replies
    Breibart Big Government ^ | April 1 | Tony. Lee
    Are you kidding? You’d think one who is representing the mighty Badgers, who made it to the Final Four based on sacrificial work ethic and discipline that obviously pays off in the end, he who represents the great state of Wisconsin that hosts this underdog celebrated college basketball team, would understand that future success depends on hard work and sacrifices. The latest Ryan (R, Wisconsin) Budget is not an April Fool’s joke. Palin said that the budget that was presented, though,"really IS a joke because it is STILL not seeing the problem." "It STILL is not proposing reining in wasteful...
  • NEW PAUL RYAN BUDGET SPENDS MORE NOW, STILL BALANCES IN TEN YEARS

    04/01/2014 11:32:06 AM PDT · by Jim Robinson · 38 replies
    Breitbart ^ | April 1, 2014 | by JONATHAN STRONG
    House Budget Committee Chairman released his Fiscal Year 2015 budget Tuesday ahead of a potentially difficult vote in the House as he continues to deal with unrest on the right from a deal he struck with Democratic Senate Budget Committee Chair Patty Murray (D-WA). The 2014 budget spent $3.498 trillion in 2015, while this year's budget spends $3.664 trillion, an increase of $166 billion. The 2014 budget spent $3.660 trillion in 2016, while this year's budget spends $3.676, an increase of $26 billion, according to a report outlining the budget. The spending in years further out is actually lower than...
  • Harry Reid: Paul Ryan budget creates 'Koch-topia'

    04/01/2014 10:39:57 AM PDT · by SeekAndFind · 42 replies
    Politico ^ | 04/01/2014 | By BURGESS EVERETT
    Senate Majority Leader Harry Reid preemptively slammed the budget proposal Rep. Paul Ryan (R-Wis.) will release Tuesday, calling it a document written to pander to the Koch brothers and other billionaires. “It’s a blueprint for a modern… how would we say this? Koch-topia. Yes, that’s it,” Reid said. “Call it whatever you want. We might as well call it the Koch budget because that’s what they’re doing, protecting the Koch brothers.” Reid’s remarks mark the latest volley in Democrats’ mid-term election year strategy of attacking the Kochs repeatedly, hoping to fire up their liberal base and associate Republicans with the...
  • Paul Ryan Unveils 2015 budget plan: Includes major spending cuts

    04/01/2014 10:34:54 AM PDT · by SeekAndFind · 16 replies
    CBS News ^ | 04/01/2014 | ALICIA BUDICH
    "Tighten the belts" is one tired takeaway from House Budget Committee Chairman Paul Ryan's budget proposal, released today. The budget proposes to cut $5.1 trillion from projected spending over the next 10 years, getting a lot of its savings from repealing the president's health care law and changing Medicaid. The document, titled again, "Path to Prosperity," is largely for show, as the bipartisan budget agreement authored by Ryan, R-Wisc., and his Senate counterpart, Senate Budget Chairwoman Patty Murray, D-Wash., already set discretionary spending levels for the 2015 fiscal year. The budget agreement passed in both the Senate and the House...
  • Ryan unveils House GOP budget claiming balance (another Budget Resolution)

    04/01/2014 10:11:52 AM PDT · by sickoflibs · 16 replies
    yahoo news ^ | 4/1/2014 | ANDREW TAYLOR
    WASHINGTON (AP) — House Budget Committee Chairman Paul Ryan unveiled an updated Republican budget plan Tuesday that would slash $5.1 trillion in federal spending over coming decade and promises to balance the government's books with wide-ranging cuts in programs like food stamps and government-paid health care for the poor and working class. Ryan's plan would also cut Pell Grants for low-income students and pensions for federal workers, while steering away from cuts to benefits for senior citizens, at least in the short term. The proposal would reprise a voucher-like Medicare program for future retirees that would be the basis for...
  • Illinois: How will we fix our budget problems? Let’s tax millionaires!

    03/21/2014 2:12:17 PM PDT · by SeekAndFind · 23 replies
    Hotair ^ | 03/21/2014 | Bruce McQuain
    This worked so well for France that Belgium had a real estate boom with the new tax on millionaires was announced. And New Jersey learned that millionaires have a tendency to leave when confronted with higher taxes. But Illinois? Well, per Michael Madigan, Speaker of the Illinois House of Representatives, Illinois is different: “Well, if they’re in Illinois today, they’re probably so much in love with Illinois that they’re not going to leave,” he said, according to the Tribune–a backhanded acknowledgement of how poorly the state is already doing.Madigan may also be encouraged by California’s example, where millionaires have largely...
  • BUDGET 2014: Welfare spending will be capped at Ł120billion

    03/19/2014 9:11:04 AM PDT · by managusta · 9 replies
    The Mail ^ | 19 March 2014 | Matt Chorley
    Britain's welfare budget is to be capped at around Ł120billion-a-year to stop the benefits bill ballooning out of control. Chancellor George Osborne wants to limit the total amount the state spends on handouts, with ministers forced to face a Commons vote if costs spiral. Only pensions and Jobseekers Allowance will be excluded, meaning a raft of payments including pensioner benefits, income support, maternity pay and most housing benefit could be in the firing line. Mr Osborne argues that under Labour spending on benefits was 'out of control', with the number of people who have never worked doubling in a decade....
  • Health and Human Services Department Fiscal Year 2015 Budget

    03/12/2014 7:03:26 AM PDT · by Whenifhow · 9 replies
    http://www.c-span.org/ ^ | March 12, 2014 | c-span
    Secretary Kathleen Sebelius testified on the Health and Human Services Department fiscal year 2015 budget request.
  • Visits to national parks tumble on bad weather, federal shutdown

    03/10/2014 8:08:06 PM PDT · by Oldeconomybuyer · 10 replies
    Los Angeles Times ^ | March 10, 2014 | by Hugo Martin
    The partial government shutdown in October was largely to blame for a 3% drop in visitors to America's national parks in 2013, according to a report released Monday by the National Park Service. The country's 401 parks, historic sites and recreation areas drew 273.6 million visitors in 2013, about 9 million fewer than the previous year, according to the report. The 16-day government shutdown, sparked by a budget dispute in Washington, was responsible for reducing the visitation numbers by about 7.9 million, the report said. The communities near the parks lost about $414 million in spending by visitors because of...
  • 70% Of U.S. Spending On Writing Checks To Individuals

    03/10/2014 5:30:04 PM PDT · by 2ndDivisionVet · 23 replies
    Investor's Business Daily ^ | March 10, 2014 | John Merline
    Buried deep in a section of President Obama's budget, released this week, is an eye-opening fact: This year, 70% of all the money the federal government spends will be in the form of direct payments to individuals, an all-time high. In effect, the government has become primarily a massive money-transfer machine, taking $2.6 trillion from some and handing it back out to others. These government transfers now account for 15% of GDP, another all-time high. In 1991, direct payments accounted for less than half the budget and 10% of GDP. What's more, the cost of these direct payments is...
  • Journalists hide real numbers when reporting budget spin

    03/07/2014 3:45:30 AM PST · by afraidfortherepublic · 4 replies
    The Washington Examiner ^ | 3-6-14 | Scott Rasmussen
    The standard media coverage of President Obama's new budget claimed the proposals will cut $600 billion in spending over the next decade. It was just about impossible, though, to find any media story mentioning some basic numbers that belong in any story about a new federal budget. How much money is the federal government spending this year? How does that compare to what it spent last year, or expects to spend next year? Perhaps the reason for this failure is because the real numbers don't match up with the storyline. For example, in the current year, the federal government is...
  • Five jaw-dropping gimmicks in President Obama's budget

    03/06/2014 10:38:56 AM PST · by SeekAndFind · 9 replies
    Washington Examiner ^ | 03/06/2014 | Philip Klein
    President Obama's budget released Tuesday claims to reduce deficits by trillions of dollars, but a closer look at the details reveals that the deficit reduction is dependent on a number of gimmicks.Overall, Obama's budget for fiscal year 2015 still projects deficits of $4.9 trillion between 2015 and 2024 if all of his policies are adopted. But that is about $3 trillion less than what the Congressional Budget Office is projecting for the period and $2.2 trillion less than what the White House's own Office of Management and Budget is estimating for the period if there are no changes to current...
  • Classic Obama: FY2015 budget would hike taxes by $100 billion on the one thriving industry

    03/06/2014 7:34:58 AM PST · by SeekAndFind · 8 replies
    Hotair ^ | 03/06/2014 | Erika Johnsen
    The White House dropped President Obama’s FY2015 budget readout yesterday, and as the NYT rather aptly titled it, it amounted to little more than a “populist wish list” that doesn’t even try to look serious about addressing our runaway entitlement spending or ballooning national debt. It includes a lot more of the stimulus-spending-as-growth utter crapola we’ve been dealing with for the past five years, and to really demonstrate just how bass-ackwards his and the Democrats’ brand of economic thinking really is, we need look no further than what his would-be budget would inflict on one of the few bright spots...
  • China ups military spend by 12 percent. Are the gloves coming off?

    03/05/2014 3:36:37 PM PST · by SkyPilot · 13 replies
    The Christian Science Monitor ^ | 5 March 14 | Peter Ford
    China plans to spend $132 billion on its military as it asserts its maritime interests, putting it at odds with the US military preeminence in the Pacific. China made headlines today with its annual military budget, up 12.2 percent to $132 billion dollars this year. That's about one quarter of the $495 billion military budget that President Obama presented to Congress yesterday. Predictably, official commentary here stresses that China is a peace-loving nation with no aggressive intentions. But Beijing has also signaled its ambitions to be the power that holds the ring in the western Pacific, and those ambitions have...
  • Military’s top general offers grim outlook on nation’s defense

    03/05/2014 3:32:19 PM PST · by SkyPilot · 123 replies
    McClatchy DC ^ | 4 March 2014 | James Rosen
    The nation’s top military commander painted a dark picture Tuesday of future U.S. defense capabilities clouded by shrinking Pentagon budgets and adversaries’ technological advances that he said would erode American battlefield superiority. Army Gen. Martin Dempsey, chairman of the Joint Chiefs of Staff, provided his sobering views as part of the Quadrennial Defense Review, a congressionally mandated evaluation of U.S. military strength issued every four years. Dempsey predicted that it would become increasingly difficult to balance the competing demands of protecting allies abroad, securing Americans at home and deterring future wars. “The smaller and less capable military outlined in...
  • Budget Baloney

    03/05/2014 4:55:21 AM PST · by Kaslin · 4 replies
    Townhall.com ^ | March 5, 2014 | John Stossel
    This week, President Barack Obama proposed "a budget that will create new jobs in manufacturing and energy and innovation and infrastructure, and we'll pay for every dime of it by cutting unnecessary spending, closing wasteful tax loopholes!" What? I must have fallen asleep and woken up in 2008. That could not be something he'd claim after five years in office -- years after making similar claims and not delivering on them. Does he think we have no memory, or that we're just ignorant? Are these just poll-tested phrases that work because most voters are too busy to pay attention?...
  • Obama's Budget Proposal - Lower Deficit, Higher Debt, Interest Keeps Growing

    03/05/2014 3:55:58 AM PST · by LD Jackson · 8 replies
    Political Realities ^ | 03/05/14 | LD Jackson
    If the news from the past few days hasn't been enough to dampen your fire, try this on for size. Tis the season for budget proposals in Washington. President Obama is the first to reveal what he wants to spend our money on, with Paul Ryan soon to follow. I'll try to take a look at Mr. Ryan's, when he turns it loose, but for now, all we have to go on is what the President has listed as his priorities. My friends, it is not pretty. It's more of the same, really. He wants more infrastructure spending, more education...
  • Obama's Bizarro-World Budget Plan

    03/05/2014 3:01:34 AM PST · by IBD editorial writer · 9 replies
    Investor's Business Daily ^ | 03/04/2014 | IBD Staff
    Fiscal Irresponsibility: Just how out of touch is President Obama? In the midst of a faltering economy and rising global threats, he proposes a budget that would sharply cut defense spending and impose $1.8 trillion in tax hikes. Despite its relative insignificance in the grand scheme of things, the annual White House budget proposal does provide a window into the president's thinking on the size and scope of government. The fiscal 2015 budget — released a month late on Tuesday — also manages to showcase Obama's worrisome detachment from reality. The budget rests, for example, on the assumption that real...
  • Networks Tout Tax Cuts for Millions in Obama Budget, Ignore Fuzzy Math

    03/04/2014 2:18:25 PM PST · by Kaslin · 3 replies
    Newsbusters.org ^ | March 4, 2014 | Kyle Drennan
    The three network morning shows combined gave less than two minutes of air time to President Obama's proposed 2015 budget on Tuesday, though they all managed to highlight how the plan "will cut taxes for thirteen and a half million working Americans" [Listen to the audio or watch the video after the jump]. What the NBC, ABC, and CBS broadcasts all ignored was that the debt projections under the President's budget were off by $2.7 trillion compared to recent numbers released by the Congressional Budget Office. As the Washington Post pointed out on Tuesday, "[Obama's budget] forecasts a dramatic reduction...
  • Paul Ryan: 'Budget Isn’t a Serious Document; It’s a Campaign Brochure'

    03/04/2014 10:06:53 AM PST · by Sub-Driver · 17 replies
    Paul Ryan: 'Budget Isn’t a Serious Document; It’s a Campaign Brochure' 'This budget never balances—ever.' Daniel Halper March 4, 2014 11:55 AM Paul Ryan, chairman of the House Budget Committee, slams President Obama's budget in a statement released by his office. “The President’s budget is yet another disappointment—because it reinforces the status quo. It would demand that families pay more so Washington can spend more. It would hollow out our defense capabilities. And it would do nothing to preserve or strengthen our entitlements. The President has just three years left in his administration, and yet he seems determined to do...
  • Let's not get carried away with Minnesota budget surplus

    03/02/2014 5:49:13 PM PST · by TurboZamboni · 10 replies
    Pioneer Press ^ | 3-2-14 | Ed Lotterman
    Along with several other states, Minnesota has returned to a budget surplus after some sharp deficit years. Whether that is because of luck or good policy is a matter of divided opinion. But there reportedly is about $1 billion on the table. Already there are many suggestions on how to "use it" -- ranging from tax cuts to new spending. This is premature, fiscally irresponsible and dangerous to the state economy. This surplus is not a long-lasting "structural" one, and that should be taken into account. We should first build up a reserve fund for the day we go back...
  • For Ships of State, a Looming Iceberg

    03/02/2014 2:01:17 PM PST · by Kaslin · 11 replies
    Townhall.com ^ | March 2, 2014 | Steve Chapman
    If you're in the hospital with multiple fractures, a staph infection and a collapsed lung, you may not take great comfort when your doctor informs you that his last patient has it worse, being dead. Sometimes encouraging comparisons are not that encouraging. So Chicagoans didn't break out confetti upon hearing that Standard & Poor's Ratings Services regard the city's fiscal condition as less dire than Detroit's. In other news, most residents of Baghdad were not killed by suicide bombers yesterday. The S&P report is not exactly a burst of sunshine. It judges "both Detroit's and Chicago's budgetary performance to be...
  • Senate Dems Won't Produce a Budget This Year ('Do nothing' Dingy)

    02/28/2014 2:54:31 PM PST · by Libloather · 20 replies
    Weekly Standard ^ | 2/28/14 | DANIEL HALPER
    A Capitol Hill source source says that Senate Democrats will not produce a budget this year. The news is expected to come from Senator Patty Murray's office at 3 p.m. today, as part of a Friday afternoon news dump. Murray is chairman of the Senate Budget Committee. Senator Jeff Sessions from Alabama released this statement. "Senate Democrats are required by law to produce a budget," wrote Sessions. "Our nation is in enormous financial distress, and workers and families are suffering. Senate Democrats have produced only one budget in the last five years. This Senate and, more importantly, the American public,...
  • Increased domestic spending may be behind proposed military cuts, CBO report suggests

    02/26/2014 2:54:39 PM PST · by SkyPilot · 10 replies
    Fox News and Defense One ^ | 25 Feb 14 | Doug McKelway
    As the Obama administration announces proposed sweeping defense cuts, a Congressional Budget Office report documents how increases in other areas of domestic spending may be forcing the White House to reduce money for the military. The CBO report finds that mandatory spending, which includes Social Security, Medicare and Medicaid, is projected to rise $85 billion, or 4 percent, to $2.1 trillion this year. Interest on the debt is worse. It is projected to increase 14 percent per year, almost quadrupling in dollar terms between 2014 and 2024. "We are going to be spending more in interest in a couple of...
  • Amid military cuts, Obama urges $300B for roads and railways

    02/26/2014 2:46:38 PM PST · by SkyPilot · 34 replies
    Fox News and AP ^ | 26 Feb 14 | AP staff
    Just two days after the Pentagon outlined major cuts to the U.S. Army and other military programs, President Obama is calling for a whopping $300 billion commitment for America's roads, bridges and mass transit systems -- though as much as half comes from a tax plan that has bleak prospects on the Hill. The president talked about the stimulus-style plan during a stop Wednesday afternoon in St. Paul, Minn. Officials say the money, as proposed, largely would come from "pro-growth business tax reform." But aside from the challenges in pushing tax reform, Obama could have a hard time making the...
  • Col. Oliver North: 'There is no strategy' to the defense budget that reduces military to pre-WWII...

    02/25/2014 11:17:31 AM PST · by jazusamo · 62 replies
    Fox News ^ | February 24, 2014 | Van Susteren/Oliver North
    Full title: Col. Oliver North: 'There is no strategy' to the defense budget that reduces military to pre-WWII levelsVIDEO at link: Ollie North up to the 4:45 minute mark. GRETA VAN SUSTEREN, FOX NEWS HOST: Colonel Oliver North joins us. Nice to see you, Colonel. LT. COL. OLIVER NORTH, HOST, 'WAR STORIES' & FORMERLY U.S. MARINE CORPS: Good to be with you but not on a day like this. VAN SUSTEREN: All right. I was going to ask you two things. Two-part question. First, do we have to make cuts in the military? Is that smart and wise? And secondly,...
  • Is this really a good time to cut back our military? : Sending the wrong message to our enemies

    02/25/2014 6:48:53 AM PST · by SeekAndFind · 45 replies
    American Thinker ^ | 02/25/2014 | Silivo Canto Jr.
    According to news reports, the US military will be cut dramatically: "Defense Secretary Chuck Hagel has proposed shrinking the Army to its smallest size in 74 years through a series of base closures and troops cuts, and by completely eliminating several Air Force aircraft fleets. The move comes as the U.S. Army moves into the final phases of a massive troop withdrawal from Afghanistan, and Congress raises new red flags about American deficit spending. Hagel surprised some observers on Monday when he outlined a global military philosophy that removed America from the center of its universe. [SNIP] I oppose these...
  • Pentagon budget slashes benefits

    02/24/2014 3:43:55 PM PST · by Libloather · 35 replies
    The Hill ^ | 2/24/14 | Kristina Wong
    Benefits for active ­duty personnel and their families would be slashed under a budget proposal released Monday by the Pentagon. The budget would dramatically reduce the Army’s size and trigger a new round of controversial base closures, while cutting healthcare co-pays and deductibles and reducing the subsidies military families get for housing and low-cost goods. Defense Sec. Chuck Hagel acknowledged the cuts would be controversial, but argued they were unavoidable in a belt-tightening era following the end of wars in Afghanistan and Iraq. “Congress has taken some important steps in recent years to control the growth in compensation spending, but...
  • Defense Secretary Chuck Hagel to Recommend Deep Budget Cuts Targeting Pay, Benefits

    02/23/2014 3:55:41 PM PST · by kristinn · 42 replies
    CBS News ^ | Sunday, February 23, 2014 | Jake Miller
    Teeing up what could be a politically explosive fight before the midterm elections in November, Defense Secretary Chuck Hagel on Monday will recommend billions of dollars in annual budget cuts that would reduce housing allowances and other benefits, increase health-care premiums, and limit pay raises, CBS News confirms. The recommendations, first reported by the Wall Street Journal, are part of a broader effort to trim the Pentagon's budget while minimizing the impact on preparedness and capability. But they're likely to provoke fierce opposition from veterans' interest groups and lawmakers on Capitol Hill. The Pentagon argues that personnel costs are simply...
  • From June 11, 2012: S&P: California Can't Afford to Bungle Budget

    02/21/2014 6:34:20 PM PST · by BenLurkin · 9 replies
    FOXBusiness ^ | Published June 11, 2012/ | By Elizabeth MacDonald/
    S&P is “keeping a close eye on budget gimmicks” that the state has tried to use to paper over problems. Petek says that the most populous state in the country, with an economy the ninth largest in the world, already is “overly reliant on personal income taxes” and that the state’s “tax structure is behind the deficit, because it over relies on the personal income tax” as its source of revenue. He adds that “for California to rely on capital gains tax revenue from things like the Facebook initial public offering is like looking for change in the seat cushions.”...
  • Obama budget declares end to … austerity?

    02/21/2014 7:44:36 AM PST · by SeekAndFind · 6 replies
    Hotair ^ | 02/21/2014 | Ed Morrissey
    Say, did you know that we are living in the age of austerity budgets in Washington? This year’s budget will spend more than last year’s $3.44 trillion, but not as much as Barack Obama requested for FY2014, which was an apparently austere $3.778 trillion. Nevertheless, the Washington Post reports that a newly-emboldened President will demand an end to an “era of austerity” that we haven’t seen in decades with his new FY2015 budget proposal: President Obama’s forthcoming budget request will seek tens of billions of dollars in fresh spending for domestic priorities while abandoning a compromise proposal to tame the...
  • Archdiocese of Baltimore ends fiscal year in strong position

    02/21/2014 7:33:17 AM PST · by Welchie25 · 2 replies
    Catholic Review ^ | 2/21/14 | George P. Matysek Jr.
    Buoyed by increased contributions and a strengthened economy, the Archdiocese of Baltimore ended Fiscal Year 2012-2013 in a stronger position than the previous fiscal year. According to an annual report released at the beginning of February, the archdiocese had a consolidated operating surplus of $44.3 million. In Fiscal Year 2011-2012, the archdiocese had a consolidated operating deficit of $12.6 million. The new report shows that last fiscal year, $12 million of the surplus was gained prior to factoring in investment income, which amounted to $10.8 million. It was the second consecutive year in which the archdiocese had a surplus prior...
  • With 2015 budget request, Obama will call for an end to era of austerity (LOL - I know, right?)

    02/21/2014 6:16:17 AM PST · by mykroar · 14 replies
    Washington Post ^ | 2/20/14 | Zachary Goldfarb
    President Obama’s forthcoming budget request will seek tens of billions of dollars in fresh spending for domestic priorities while abandoning a compromise proposal to tame the national debt in part by trimming Social Security benefits. With the 2015 budget request, Obama will call for an end to the era of austerity that has dogged much of his presidency and to his efforts to find common ground with Republicans. Instead, the president will focus on pumping new cash into job training, early-childhood education and other programs aimed at bolstering the middle class, providing Democrats with a policy blueprint heading into the...
  • Obama faces budget dilemma (Hussein's Social Security & Medicare cuts)

    02/16/2014 5:52:39 AM PST · by Libloather · 8 replies
    The Hill ^ | 2/15/14 | Erik Wasson
    President Obama is facing a deepening dilemma about whether to abandon cuts to Social Security in his next fiscal blueprint, which is due out in March. Obama touched the third rail of American politics last year when he proposed a new formula for Social Security and other entitlements that would result in benefits being cut over time. Now congressional Democrats and unions are ramping up their pressure on Obama to drop the proposal, which many fear could become an albatross for the party in the midterm elections. “We want the president to make very clear that he is going to...
  • Balancing the annual budget and tax reform ___ Tea Party candidates need to have concrete solutions!

    02/15/2014 2:55:34 PM PST · by JOHN W K · 9 replies
    2-15-14 | johnwk
    Is it not our duty, more than ever, and as Tea Party Activists, to inform the American People about the brilliance of our Founder’s original tax plan and how our Founders intended to extinguish deficits if imposts, duties and excise taxes were found insufficient to meet Congress’ constitutionally authorized expenditures? In 1995 and 1996 Congress held Hearings on “Replacing the Federal Income Tax”. My submissions before the Committee on Ways and Means which were presented under the heading “American Constitutional Research Service” are part of these recorded hearings, and I recently found they are available on line. My two submissions...
  • NSA’s Revenue Generating Potential Being Explored

    02/15/2014 1:31:49 PM PST · by John Semmens · 12 replies
    Semi-News/Semi-Satire ^ | 14 Feb 2014 | John Semmens
    The Obama Administration is reportedly evaluating the possibility of using data gathered by the National Security Agency (NSA) to help fund the government. NSA Deputy Director Richard Ledgett says that “for too long we’ve been overlooking the commercial opportunities of this vast surveillance project. We know what web sites people have been visiting. We know who they’ve been calling on their cell phones. And in many instances we’ve been reading their emails. There has got to be a lot of businesses that would pay substantial sums to have a peek at this information.” Ledgett speculated that “the obvious customers for...
  • The Invulnerability of Government Spending

    02/15/2014 7:57:44 AM PST · by detective · 8 replies
    The American Spectator ^ | 2.13.14 | Matt Purple
    The latest budget battle in Washington has Democrats and Republicans once again at loggerheads. Democrats think Republicans should get nothing in return for another debt ceiling increase. Republicans think they should get less than nothing. The House GOP leadership has longed to stop the gory budget showdowns of the past few years. That means giving up on further cuts and passing a clean debt ceiling increase; a cringeworthy proposal, but one that should have attained enough Democrat and establishment Republican support to pass the House. Instead, the GOP found a creative way to make it worse. Republicans attached a provision...
  • Washington Hijinks

    02/14/2014 4:42:41 AM PST · by Kaslin · 1 replies
    Townhall.com ^ | February 14, 2014 | Erick Erickson
    With election season upon us and the Democrats' generic ballot numbers declining, President Obama has done the only thing he could do -- delay, again, the employer mandate in Obamacare. The new delay will run until 2016. The delay comes after a Congressional Budget Office report found anecdotal evidence of employers already shifting employees to part-time employment. The report also noted "(b)eginning in 2015, employers of 50 or more full-time equivalent workers that do not offer health insurance ... may respond to the employer penalty by seeking to reduce or limit their full-time staffing and to hire more part-time employees."...
  • 2014 Federal Budget in Pictures

    02/13/2014 9:34:00 AM PST · by 1rudeboy · 18 replies
    Federal spending and debt are out of control If America does not change course, the future will be dramatically worse. Now more than ever, it is crucial that Americans understand what our nation's spending, taxes, and debt mean for them and their families. The Heritage Foundation's Federal Budget in Pictures offers a unique tool to learn about the federal budget in a clear and compelling way.
  • Repeal the Debt Ceiling

    02/11/2014 5:22:17 PM PST · by Oldeconomybuyer · 13 replies
    Wall Street Journal ^ | February 11, 2014 | Op Ed
    A mere eight weeks from the December budget deal, House Republicans on Tuesday bowed to the inevitable and allowed a vote on a "clean" debt-ceiling increase that Democrats promptly passed—no reform strings attached. Perhaps as a follow-up the GOP could repeal the debt ceiling altogether and finally end this periodic self-torture. Before it created the debt ceiling in 1917, Congress had to vote to approve each new government bond issue, specifying the amount to be borrowed and the terms. This is in stark contrast to today's practice, when Treasury is generally free to borrow at will until it hits the...
  • Boehner backs down, says House to vote on 'clean' debt-limit hike

    02/11/2014 9:20:24 AM PST · by servo1969 · 92 replies
    FoxNews.com ^ | 2-11-2014 | FoxNews.com
    WASHINGTON – House Speaker John Boehner, in an abrupt shift, announced Tuesday that the House would vote on an increase in the nation's borrowing cap without any strings attached. A senior House GOP leadership source told Fox News that the vote is expected Tuesday night. Boehner's decision to proceed with a "clean" debt-ceiling bill amounts to a capitulation by Republicans to President Obama and Capitol Hill Democrats who argued that the GOP should not attempt to use the bill as leverage to extract concessions from the administration.
  • Meet the 99.999999 Percent: They’re worried about jobs and growth, not inequality.

    02/10/2014 8:46:06 AM PST · by SeekAndFind · 1 replies
    National Review ^ | 02/10/2014 | James Pethokoukis
    Forget about the 1 percent versus the 99 percent. It’s really more like the 0.000001 percent versus everybody else. A tiny group — mostly comprising the Obama White House, a bunch of Washington Democrats, progressive economists, and the media elite — continues to fixate on income inequality as America’s greatest challenge. Most everybody else, the 99.999999 percent, sees things differently. Surveys continue to show Americans most worried about jobs and economic growth, not the income gap between the top and bottom. It’s a rational view given new employment data from the government. The January jobs report showed only 113,000 net...
  • George McClellan Rides Again

    02/07/2014 4:40:59 AM PST · by Kaslin · 14 replies
    Townhall.com ^ | February 7, 2014 | Erick Erickson
    Gen. George McClellan commanded Union forces during the Civil War. He famously and constantly retreated across the map despite having larger forces than Gen. Robert E. Lee. At one point, meeting with his generals in the White House, Abraham Lincoln commented, "If General McClellan does not want to use the army, I would like to borrow it for a time." Ultimately, Abraham Lincoln dismissed him. Gen. McCellan seems alive and well, having returned as the senior consultant to the Republican leadership on Capitol Hill. After Republicans regained control of the House of Representatives in January 2011, they fought a significant...
  • What America's Budget Looks Like

    02/04/2014 12:02:06 PM PST · by Kaslin · 9 replies
    Townhall.com ^ | February 4, 2014 | Kevin Glass
    The Congressional Budget Office's long-term budget update was released today, and there are important updates from its previous projections relating to recent legislative changes. Guy will have more, but there are a few important things to remember: The CBO's forecasts rely heavily on economic models Any long-term forecast would be useless if there wasn't a sophisticated economic model behind it. If there's no knowledge of how the economy works, there can be no tax revenue projections, no spending estimates, and no budget estimates. To that end, the CBO projects a notable economic expansion in the next few years: And they...