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Keyword: fiscal

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  • NJ faces another credit rating slash: S&P (Nail in Christie's Coffin)

    06/03/2014 5:52:42 AM PDT · by C19fan · 6 replies
    Reuters ^ | June 2, 2014 | Staff
    New Jersey could be downgraded again because of its growing budgetary imbalance and underfunded public pension, Standard & Poor's Ratings Services warned on Monday. S&P had already cut the state's rating to 'A+' in April. Wall Street's two other main credit rating agencies soon followed in slicing the state to a single-A rating. That put New Jersey among the three lowest-rated states, along with California and Illinois.
  • Shocker: Federal government’s fiscal deterioration almost 5 times official deficit

    03/06/2014 7:29:14 AM PST · by SeekAndFind · 11 replies
    Hotair ^ | 03/06/2014 | Dustin Siggins
    In Fiscal Year 2013, the official federal deficit was $680 billion. Liberals have cheered this drop while subsequently ignoring how this deficit is both larger than all of Bush’s pre-recession deficits and is expected to grow dramatically over the next several decades.However, the Treasury Department’s annual report on the finances of the U.S. federal government shows that not only is $680 billion an incomplete measure of the federal government’s finances, it’s off by nearly a factor of five.From Just Facts Daily: The U.S. Treasury has just released its annual “Financial Report of the United States Government,” which provides an account...
  • A Note to ‘Fiscal Conservatives’: If you want smaller gov't, the religious right is your ally

    03/04/2014 8:10:10 AM PST · by SeekAndFind · 102 replies
    National Review ^ | 03/04/2014 | Dennis Prager
    If there were as many “fiscal conservatives” as there are people who claim to be, it is hard to see how Republicans would lose as many elections as they do. One frequently hears this political self-identification: “I’m socially liberal, but fiscally conservative.” Or: “If the Republicans weren’t conservative on so many social issues, I would vote Republican.” Or: “It’s too bad the Christian Right dominates the Republican party. I would vote for the Republicans on fiscal issues, but I can’t stand the religious Right.” The same sentiment holds among many inside the Republican party. Most secular conservatives and the libertarian...
  • Test Your Knowledge of Basic Economics...

    12/05/2013 9:01:24 AM PST · by Reaganite Republican · 9 replies
    Reaganite Republican ^ | 05 December 2013 | Reaganite Republican
  • [VANITY] House to vote on Senate plan??

    10/16/2013 8:36:23 AM PDT · by ShadowAce · 23 replies
    self | 16 October 2013 | self
    OK, please educate me here-- How can this even be happening, constitutionally, when all fiscal bills MUST ORIGINATE in the House?
  • Dumb and Dumber Tax Hikes

    06/16/2013 3:44:16 AM PDT · by Kaslin · 3 replies
    Townhall.com ^ | June 16, 2013 | Mike Shedlock
    One of the dumbest things a country can do in a recession is raise taxes. Yet, after pronouncing the end of austerity, Italy's "grand coalition" government, led by Enrico Letta, is going to hike the VAT. Why? It seems they need to hike the VAT to pay for a decrease in property taxes. Recall that Silvio Berlusconi was only willing to take part in Letta's grand coalition on condition property tax hikes were rolled back. Letta agreed to do that, but now Letta says Italy needs revenue hikes to make up for it. Grand Coalition Splintering Curiously, the International Business...
  • Was Jesus a Fiscal Conservative?

    03/21/2013 9:54:51 AM PDT · by ComtedeMaistre · 32 replies
    A few honest left-wing Christians will admit that Jesus was conservative on issues like abortion and gay rights (he would oppose them). But they argue that Jesus would have supported their socialist economic agendas. But they fail to realize that Jesus was a small businessman for most of his adult life - he ran a carpentry business. Jesus was a businessman for a longer time than he was a preacher. His parable in Matthew 25:14-30 promoted responsible investment. Two workers were given 5 and 2 talents respectively by their master, and they doubled their master's money, and won their master's...
  • Fiscal and Social Conservatives: Both are needed to fight cultural/fiscal liberalism, which are one.

    01/22/2013 7:23:54 AM PST · by SeekAndFind · 44 replies
    National Review ^ | 01/22/2013 | Dennis Prager
    For some years now, we have been told about a major division within American conservatism: fiscal conservatives vs. social conservatives. This division is hurting conservatism and hurting America, because the survival of American values depends on both fiscal and social conservatism. Furthermore, the division is logically and morally untenable. A conservative conserves all American values, not just economic ones. By social conservatism I am referring to the second and third components of what I call the American Trinity — Liberty, In God We Trust, and E Pluribus Unum. It is worth noting that a similar bifurcation does not exist on...
  • America Is Reaping From Its Moral Collapse

    01/10/2013 1:06:53 PM PST · by Jyotishi · 15 replies
    Hawaii Reporter ^ | Thursday, January 10, 2013 | Christopher G. Adamo
    The liberal Democrat political machine has been in high gear seeking restrictions on gun ownership ever since the December 11, 2012 massacre of twenty young children and six adults at Sandy Hook Elementary School in Newtown Connecticut. According to the left, that hideous event constitutes inarguable proof that America needs to rescind the Second Amendment. For the good of everyone, and particularly “the children,” the guns must go. It might seem difficult to surpass such phony liberal sanctimony. Yet during the last days of 2012, as the contrived “fiscal cliff crisis” reached its do or die moment, the same old class envy...
  • The Fiscal Facts of Life (A refresher course for the ignorant)

    01/09/2013 6:32:21 AM PST · by SeekAndFind · 1 replies
    National Review ^ | 01/09/2013 | Michael Tanner
    <p>Having completed yet another deficit-reduction agreement that somehow managed to increase the deficit, Congress and the Obama administration are now laying the groundwork for upcoming fights over the debt ceiling, the sequester, and the continuing resolution that will fund the government given continued refusal by Senate Democrats to pass a budget.</p>
  • (Video) What Democrats Really Want of You

    01/04/2013 5:26:07 AM PST · by publius321 · 9 replies
    Quantifying the "fair share"?
  • Shysters!

    01/03/2013 10:47:17 AM PST · by haffast · 8 replies
    MoneyWeek ^ | Jan 03, 2013 | Bill Bonner
    Dow up more than 300 points yesterday. Why? Because the ‘fiscal cliff’ has been averted. That’s what the papers say. But it just goes to show why it’s a mistake to read the news, except for a cynical guffaw. The real reason markets went up was because investors were reassured: Washington works in the same corrupt, self-serving and zombie-coddling way it always has. The politicians raised taxes, and put off worrying about spending cuts until sometime in the future. In other words, investors realised that they could trust the empty suits not to do anything different! How much of the...
  • Pork Salad Harry: Millions in Corporate Tax Credits While Personal Taxes Rise

    01/03/2013 10:46:04 AM PST · by whitedog57 · 2 replies
    Confounded Interest ^ | 01/03/2012 | Anthony B. Sanders
    Eileen Norcross of Mercatus wrote an excellent article for American Spectator where she says: “On his blog, Confounded Interest, GMU finance professor Anthony Sanders dryly notes that the American Taxpayer Relief Act does nothing of the sort. As he puts it, “How is adding $4 trilion to the federal deficit in 10 years called, ‘relief’?”” I winced at “dryly” but her “Notes on the Cliff” is a must read. Calling the bill “The American Taxpayer Relief Act of 2012” is laughable. Not just the $4 trillion in Federal deficits to be added (which future taxpayers have to pay), but the...
  • (video)One Nation Under Despotism

    01/03/2013 6:23:24 AM PST · by publius321 · 3 replies
    (video)
  • What happens with the Fiscal Cliff legislation?

    01/02/2013 6:01:58 PM PST · by ProudFossil · 7 replies
    Jan 2, 2012 | Vanity
    What happens to the legislation set up last year to impose the fiscal cliff impact?
  • If only Romney were President...(Vanity - Heard this Lame Accusation Too Many Times)

    01/02/2013 3:45:06 PM PST · by ziravan · 24 replies
    1/2/13 | Me
    I'm getting tired of the "See, and you guys didn't like Romney, so this is what you get" garbage floating around lately. Assume a Romney Administration with the so-called 'fiscal cliff' debate extended into his watch, and this is what you've got: WH: Republican. Congress: Republican. Senate: Democrat or barely Republican and not able to sustain a filibuster. Here is President Romney at his press conference announcing a deal on the 'fiscal cliff', "As you know, Senate Democrat leaders have been intransigent on a budget deal that would avoid the fiscal cliff. In order to protect as many people as...
  • The Day After Republican Surrender: World Financial Markets Celebrate!

    01/02/2013 10:05:51 AM PST · by whitedog57 · 20 replies
    Confounded Interest ^ | 01/02/2012 | Anthony B. Sanders
    Last night, the Republican-held House of Representatives voted for the dreadful Senate bill laughingly called “The American Taxpayer Relief Act of 2012.” How is adding $4 trillion in Federal budget deficits over 10 years called “relief?” SOMEONE has to pay for the out-of-control spending. And that someone is taxpayers. american.taxpayer.relief.act Here is CNBC’s Rick Santelli’s take. The reaction? Fiscally-blighted European countries Portugal, Italy, Greece and Spain (PIGs) all saw sharp reductions in their sovereign bond yields. The US 10 year sovereign yield rose 7.1 basis points as of 12:35p EST. The Dow Jones Industrial Average rose 224.60 points (or 1.71%)...
  • Obama goes back on vacation without signing cliff bill

    01/02/2013 9:11:22 AM PST · by ConservativeMan55 · 27 replies
    After spending months telling Americans that the fiscal cliff deal was the most important thing facing their nation, Barack Obama has gone back to his vacation. Within a few hours of the bill's passage last night, he was enjoying the comforts of Air Force One, en route to Hawaii. Heaven forbid he’s forced to sacrifice any more of his multi-million dollar getaway.
  • TEA Party to GOP Squish-Bags: It's Boehner/McConnell or Us Now

    01/02/2013 5:57:02 AM PST · by Reaganite Republican · 48 replies
    Reaganite Republican ^ | 02 January 2013 | Reaganite Republican
    Bachmann, West, Marco Rubio, Tim Scott,even Eric Cantor stand their ground while  Paul Ryan deeply disappoints conservatives Surely I'm not the only one who will be quitting the Republican Party -and I mean next week- if they keep spineless RINO nothing John Boehner (and even worse traitor Mitch McConnell) in a position of power, not now that they've kowtowed to the vile Obammunist regime yet again and ditched whatever speck of principle they ever had with an utterly appalling 41-1 tax increase/spending cuts ratio that can't spun any other way than complete and utter capitulation. What's the point of sticking with a party where even Paul Ryan...
  • Pete Sessions only Republican in North Texas to vote for Fiscal Cliff bill

    01/01/2013 9:10:33 PM PST · by Arec Barrwin · 22 replies
    NY Slimes ^ | January 1, 2013 | Arec Barrwin
    Pete Sessions makes me sick - he's voted RINO every single time. I'll be supporting his opponent next time or not voting for him.
  • Any Dems with a Conscience in Congress?

    01/01/2013 4:30:50 PM PST · by originalbuckeye · 28 replies
    1/1/13 | originalbuckeye
    Are there any elected Democrats who will put the survival of their country ahead of their Party? Are there any elected Democrats who care about the excessive spending their Party demands? Are there any elected Democrats who will defy their 'leaders' and put future generations ahead of the immature Socialists who have control of this country? $41 dollars of tax hikes for each $1 in spending cuts??? And they aren't spending cuts anyway??? This will put the final nail in the coffin of the once revered American Dream.
  • Urgent Message to the GOP in the House of Representatives..

    01/01/2013 4:15:16 PM PST · by Obama_Is_Sabotaging_America · 34 replies
    Obama_Is_Sabotating_America ^ | January 01, 2013 | Obama_Is_Sabotating_America
    DON'T DO IT. To Boehner, McConnell, Cantor, and all other Republicans in the House, under NO circumstances shall you betray your country, party and our Constitution by feeding into the Socialists' (masquerading as Democrats) continued assault on the American economy. You MUST realize by now that the mission of the Obama regime is to force the United States into a debt we will NEVER recover from.. His 'Cloward & Piven' strategy of dispensing entitlements like candy and spending relentlessly without any regard to cutting spending for the purpose of CRASHING OUR REPUBLIC FOR REPLACEMENT WITH HIS NATIONAL SOCIALIST UTOPIA is...
  • Not an Awful Deal (if you like Marxism)

    01/01/2013 1:21:26 PM PST · by indianrightwinger · 28 replies
    American Spectator ^ | Quin Hillyer
    Not an Awful Deal By QUIN HILLYER on 1.1.13 @ 10:16AM After about an hour of studying last night’s budget deal, I find it right on the borderline between (A) awful-tasting medicine we still need to take for our health and (B) a cure that is worse than the disease. But careful, careful attention pushes the calculation every-so-slightly toward the former. This isn’t even a 51-49 proposition, but only a 50.1-49.9 proposition. Still, here’s why the option of a “yes” vote for House Republicans — notwithstanding my warnings yesterday that “no deal” is better than a bad deal — is...
  • Fiscal Cliff Definition: What is This Wacky New Word and Where Did it Come From?

    01/01/2013 12:59:17 PM PST · by Libloather · 7 replies
    Policymic ^ | 12/01/12 | Michael McCutcheon
    **SNIP** “Under current law, on January 2, 2013, there’s going to be a massive fiscal cliff of large spending cuts and tax increases,” said Bernanke, in testimony to the House Financial Services Committee on February 29, 2012. **SNIP** What’s likely, is that as members on the Hill grew concerned with the stalemate over the automatic spending cuts and tax increases, the communications apparatus went to work and settled on “fiscal cliff,” members started using, Bernanke used it, and suddenly it explodes in the media and becomes codified as short hand for a complex issue. There you go. From early films...
  • Say Yes to the Mess

    01/01/2013 10:45:19 AM PST · by indianrightwinger · 18 replies
    The Weekly Standard ^ | Bill Kristol
    Say Yes to the Mess 12:15 PM, JAN 1, 2013 • BY WILLIAM KRISTOL The fiscal cliff deal that the Senate passed early this morning is ridiculous in too many ways to count. There seem to be no figures from the Congressional Budget Office and only "very preliminary" figures from the Joint Tax Committee about the real spending and revenue implications. The two month delay of the sequester will make actual governance even more difficult (how is the Pentagon supposed to plan for the rest of the year?). The sequester delay is funded by a gimmick with retirement savings tax...
  • "Fiscal cliff" deal reached between White House, lawmakers: source

    12/31/2012 7:03:38 PM PST · by Nachum · 60 replies
    reuters ^ | 12/31/12 | reuters
    (Reuters) - The White House and congressional lawmakers have reached a deal to avoid the "fiscal cliff" that would delay harsh spending cuts by two months, Obama administration officials said on Monday. President Barack Obama called Democratic Senate Majority Leader Harry Reid and House of Representatives Minority Leader Nancy Pelosi, who both signed off on the deal, one source said. The agreement includes a balance of spending cuts and revenue increases to pay for the delay in the automatic spending cuts that would go into effect without a deal by lawmakers.
  • OBAMA SCUTTLES 'FISCAL CLIFF' DEAL?

    12/31/2012 12:08:16 PM PST · by cruise_missile · 62 replies
    Breitbart TV ^ | December 31, 2012 | Mike Flynn
    This afternoon, in one of the more bizarre appearances of his presidency, Barack Obama gave a televised address to a room full of supporters on the "fiscal cliff." He broke no news, but mocked Congress, and hinted at future tax hikes. Observers worried that he may have deliberately scuttled a potential agreement. Even though he has come off his last campaign for political office, President Obama acted like a candidate on the campaign trail--one prepared to use whatever political capital he had accumulated to take shots at the opposition in Congress at the very moment leaders from both sides are...
  • Let’s Make a Deal! (Raise Taxes on $450k and Above, Kick the Can Down the Road)

    12/31/2012 11:10:16 AM PST · by whitedog57 · 16 replies
    Confounded Interest ^ | 12/31/2012 | Anthony B. Sanders
    Dec. 31 (Bloomberg) –The White House and congressional negotiators have agreed to contours of a deal to avert the fiscal cliff including tax cut extensions, with the remaining sticking point being how to handle automatic military and domestic cuts, according to an official familiar with the talks. Income tax cuts would be extended on families earning up to $450,000, the official said, with rates rising to 39.6 percent on incomes above that. Rates on estate taxes would rise to 40 percent, on amounts above $5 million. Extensions of business tax breaks would continue through the end of 2013. There would...
  • Wind credit proponents prepare for 'fiscal-cliff' agreement without extension

    12/30/2012 7:28:56 AM PST · by Libloather · 4 replies
    The Hill ^ | 12/29/12 | Zack Colman
    An energy security group told The Hill on Friday that it does not expect the one-year wind credit extension it has supported to make it into a “fiscal cliff” deal. The Truman National Security Project's Operation Free campaign is preparing to fight for a retroactive extension to the credit next Congress. Michael Wu, the group’s advocacy policy director, said the extension would likely be left out of a short-term agreement to avoid automatic spending cuts and tax increases set to take effect Jan. 1. “Everything in a stopgap package would be geared toward keeping taxes from jumping on the middle...
  • Democrats prepare tax-cut bills in case nation goes over 'fiscal cliff'

    12/30/2012 7:09:34 AM PST · by Libloather · 27 replies
    The Hill ^ | 12/29/12 | Peter Schroeder
    Leading Democrats are putting together fallback proposals if Washington fails to reach a deal on the “fiscal cliff” that would allow the party to cast itself as seeking to cut taxes. “Of course, I’ve got a backup plan in the event that we don’t succeed here,” Sen. Max Baucus (D-Mont.), chairman of the Senate Finance Committee, said Friday. “I’m sure the White House has one too.” Tax rates are set to expire on most households in January if Congress does not act to extend some of the rates, something some Democrats have long seen as giving their party an advantage....
  • The Fiscal Cliff and Housing: The Good, The Bad and The Ugly

    12/28/2012 9:52:51 AM PST · by whitedog57 · 6 replies
    Confounded Interest ^ | 12/28/2012 | Anthony B. Sanders
    President Obama has summoned Congressional leaders to the White House to discuss avoiding the “fiscal cliff.” The fiscal cliff contains three elements: 1) automatic spending cuts (good), 2) expiration of Bush-era tax cuts (bad) and 3) Obamacare tax implementation (ugly). First, automatic spending cuts in fiscal 2013 would cause federal spending would fall an estimated $65 billion. For perspective, the Federal government’s budget deficit ending in September 2012 was $1.09 trillion. This means that the dreaded automatic spending cuts will amount to a paltry 6% of the 2012 budget deficit. Second, taxes will be going up in 2013 by an...
  • Santelli: If the Fiscal Abyss Is THAT Important, Why is The President on Christmas Vacation?

    12/24/2012 10:28:57 AM PST · by whitedog57 · 17 replies
    Confounded Interest ^ | 12/24/2012 | Anthony B. Sanders
    One of my favorite commentators on television is CNBC’s Rick Santelli. And today, he made a great point: when the Senate wanted to pass Obamacare, they met on Christmas eve, 2009. Somehow, the fiscal cliff isn’t that important to the Senate or House this time around. We know that President Obama is perfectly happy to let tax rates automatically increase on everyone (or at least those households earning $250,000 has above). And payroll taxes rise 2% regardless of the fiscal cliff or not. Then there are the 10+ Obamacare taxe, mostly hitting the top 2% of earners. But President Obama...
  • Obama, Boehner, The Mayan Calendar and The Fiscal Abyss: Evidence From The Market

    12/21/2012 9:49:37 AM PST · by whitedog57 · 2 replies
    Confounded Interest ^ | 12/21/2012 | Anthony B. Sanders
    I wasn’t at all surprised by the news that House Speaker Boehner (R-OH) pulled “Plan B From Outer Space” from the floor and threw the ball back into President Obama’s and Senate Majority Leader Reid’s (D-NV) court. They will likely agree to some of sequestration. And if Republicans don’t go along with it, it’s into the abyss we go! The reaction to Speaker Boehner’s failure to pass Plan B in the House? As of noon today, stock market indices are down. Gold is up! And the 10 year Treasury rate is down. And with all the talk about tax increases,...
  • Latest Fiscal Abyss Band-aid: Increase Taxes on $400k and Above, Cut $1.22T in Spending

    12/17/2012 6:57:54 PM PST · by whitedog57 · 11 replies
    Confounded Interest ^ | 12/17/2012 | Anthony B. Sanders
    The latest band-aid on the fiscal abyss is: 1) Raise $1.2 trillion in taxes, 2) increase tax rates on household making $400,000 and above and 3) cuts $1.22 trillion in government spending. Over ten years, of course. I say band-aid because it raises only $120 billion per year (12% of current deficit) while cutting l$122 billion in spending per year (also about 12% of the deficit). That is a measly 24% of the deficit each year over ten years. Once again, they simply can’t reduce the trillion dollar deficits through income taxes. It must be done through spending cuts. And...
  • Latest Fiscal Abyss Band-aid: Increase Taxes on $400k and Above, Cut $1.22T in Spending

    12/17/2012 6:57:47 PM PST · by whitedog57 · 1 replies
    Confounded Interest ^ | 12/17/2012 | Anthony B. Sanders
    The latest band-aid on the fiscal abyss is: 1) Raise $1.2 trillion in taxes, 2) increase tax rates on household making $400,000 and above and 3) cuts $1.22 trillion in government spending. Over ten years, of course. I say band-aid because it raises only $120 billion per year (12% of current deficit) while cutting l$122 billion in spending per year (also about 12% of the deficit). That is a measly 24% of the deficit each year over ten years. Once again, they simply can’t reduce the trillion dollar deficits through income taxes. It must be done through spending cuts. And...
  • Are 'Fiscal Cliff' Conversations Going Anywhere?

    12/13/2012 3:57:29 PM PST · by ExxonPatrolUs · 4 replies
    NPR ^ | 12-11-12
    MICHEL MARTIN, HOST: ...By now you have heard about - you might in fact be tired of hearing about that so-called fiscal cliff. That's the package of automatic spending cuts and tax rate hikes that will go into effect if Congress and the White House can't agree on a plan to reduce the deficit by the end of the year. The speaker and the president of the United States met over the weekend to talk privately, but there's been a lot of public debate about it too, on the public affairs shows and in press conferences, and even some campaigning....
  • The 7 Deadly (Economic) Sins Constraining a Recovery Before The Fiscal Abyss

    12/13/2012 11:51:13 AM PST · by whitedog57 · 1 replies
    Confounded Interest ^ | 12/13/2012 | Anthony B. Sanders
    Over the past two days, the yield on the Treasury 10 year rose from 1.6451% to 1.7213%, about 7.6 basis points. Somehow, investors didn’t get The Fed’s memo about more monetary easing. The recovery from the recession (which ended June 2009 according to the National Bureau of Economic Research) has been slower than molasses. 1. U6 Unemployment/Underemployment remains at daunting levels. 2. Salaries and Wages (divided by GDP) continue to fall. 3. The M1 Money Multiplier seems to have leveled out at a low altitude signifying that banks are not lending as much as previously. 4. The M2 Money Velocity...
  • What Fiscal Cliff?

    12/13/2012 9:49:58 AM PST · by scocha · 1 replies
    Liberty Unbound ^ | December 12, 2012 | S.H. Chambers
    "By GOLLY! We can pay for ALL of it - the clean environment, green energy, health care, improvements in education, mortgage reliet, social security reform - ALL of it - "
  • Whither the Mortgage Interest Deduction? Only 25% of Tax Filers Claim the Mortgage Deduction

    12/11/2012 10:37:48 AM PST · by whitedog57 · 26 replies
    Confounded Interest ^ | 12/11/2012 | Anthony B. Sanders
    There was a nice piece in the Los Angeles Times on the fate of the mortgage interest deduction. President Obama’s deficit commission (aka, Simpson-Bowles) proposed lowering the limit on mortgage principal eligible for a deduction to $500,000 from the current $1 million, removing any break for interest on a second home and turning the deduction into a tax credit capped at 12% of interest paid. “This is a sacred cow to the real estate industry, and it’s almost an entitlement to homeowners,” said Anthony Sanders, a real estate finance professor at George Mason University. “They could cut it in half...
  • Fiscal Cliff: What Isn't Said Tells More Than Actual Words

    12/08/2012 9:56:14 AM PST · by Son House · 5 replies
    CNN ^ | December 7, 2012 | Tom Cohen
    In an interview with Bloomberg TV this week, Obama also hinted at a possible long-range solution, saying lower tax rates for the wealthy could be negotiated as part of broader tax reform in 2013, but only after those rates increase now.
  • Deficit already at $292 billion for fiscal 2013

    12/07/2012 3:32:12 PM PST · by Libloather · 10 replies
    The Hill ^ | 12/07/12 | Erik Wasson
    Deficit already at $292 billion for fiscal 2013By Erik Wasson - 12/07/12 12:28 PM ET The federal budget deficit has reached $292 billion just two months into fiscal 2013, the Congressional Budget Office estimated Friday. That is a fast start for a fiscal year that CBO already predicted will have a deficit of more than $1 trillion — the fifth year in a row that has happened, all under President Obama. The deficit was $172 billion in November, CBO estimates. For October and November, the deficit is $57 billion more than the deficit for the first two months of fiscal...
  • How I Learned to Stop Worrying and Love the Fiscal Cliff

    12/07/2012 7:42:43 AM PST · by Starman417 · 7 replies
    Flopping Aces ^ | 12-06-12 | Brother Bob
    There is a lot of talk of the upcoming fiscal cliff that is looming if a budget deal is not reached by the end of the year between President Obama and Republicans in Congress. If this comes to pass some disastrous consequences will hit us: Among them are the end of 2011's temporary payroll tax cuts — the result of which will be a 2 percent tax increase for most workers. There will also be an end to several tax breaks for businesses, and changes in the alternative minimum tax (AMT) that could result in more people having to pay...
  • Don't let Obama own it!(vanity)

    12/06/2012 4:01:16 PM PST · by impimp · 24 replies
    6 December 2012 | impimp
    Some conservatives are saying that Republicans should let Obama own the economy. Essentially give him what he wants with regard to tax hike, spending, etc. so that Republicans could not be labelled obstructionist. This is garbage! This strategy will mean that Obama will be able to put more in his Santa sack to give to his constituents. More will become dependents and more will love Obama. The Republicans should not "give" Obama anything. They need to fight for lower tax rates and reduced spending. If it means we go over the cliff so be it. The House must be ruled...
  • If Clinton's Economy Is The Model, We Should Just Go Off The No-Bush-Tax-Cut Cliff (Vanity)

    12/05/2012 8:40:35 PM PST · by ExxonPatrolUs · 8 replies
    Now | Me
    And we should end the wars now too! Wait a minute ... isn't that what Obama campaigned for in 2008? Why hasn't it happened yet? He can do anything with executive privilege, right. I mean, congress is not acting. They have not presented a budget to Obama that he would accept for 3 years now. That do nothing congress. They have bad ideas, like implementing the deficit reduction plans proposed by the appointed Obama deficit commission. Poor Obama ... this feuding is just going to ruin his Christmas vacation plans.
  • WH 'Absolutely' Willing To Go Off 'Fiscal Cliff'

    12/05/2012 4:14:50 PM PST · by ExxonPatrolUs · 14 replies
    ABC ^ | Dec. 5, 2012 | DEVIN DWYER (@devindwyer) , MARY BRUCE (@marykbruce) , JOHN PARKINSON (@jparkABC) and SUNLEN MILLER
    US President Barack Obama speaks on the fiscal cliff negotiations and business relations during the Washington Business Roundtable in Washington. President Obama's lead negotiator in the "fiscal cliff" talks said the administration is "absolutely" willing to allow the package of deep automatic spending cuts and across-the-board tax hikes to take effect Jan. 1, unless Republicans drop their opposition to higher income tax rates on the wealthy. Treasury Secretary Timothy Geithner said in an interview with CNBC that both sides are "making a little bit of progress" toward a deal to avert the "cliff" but remain stuck on Obama's desired rate...
  • Wall Street manipulates deficit angst with fiscal cliff fear

    12/04/2012 8:27:27 AM PST · by ExxonPatrolUs · 1 replies
    GuardianNews.com ^ | Monday 3 December 2012 13.49 EST | Dean Baker
    If no deal is reached this year, then on 1 January, daily tax withholdings will rise by an average of about $4 per person. Any money actually deducted from pay checks will be refunded if a deal is subsequently reached that returns tax rates to 2012 levels. Government spending probably won't change at the start of the new year, since President Obama has considerable discretion over the flow of spending. No one can think that this modest increase in tax withholdings would plunge the economy into a recession, but the Wall Street types seeking to dismantle social security and Medicare...
  • The ObamaCare fiscal cliff (‘You Want To Go Forward, You Put It In D.’)

    12/01/2012 5:36:20 AM PST · by Libloather · 11 replies
    Human Events ^ | 11/30/12 | John Hayward
    The ObamaCare fiscal cliffBy: John Hayward 11/30/2012 02:34 PM While we’re busy listening to President Obama demand a $1.6 trillion tax increase on some people as the price for disarming part of a $1.2 trillion tax bomb aimed at other people, let’s not forget that he’s already detonated a $1.058 trillion tax warhead on all of us: ObamaCare. As the House Ways and Means Committee noted last summer, in the wake of the Supreme Court decision upholding ObamaCare, it contains 21 distinct tax increases, “a dozen of which target Americans earning less than $200,000 per year for singles or $250,000...
  • CMBS Still Dominated by Government Agency Deals After Commercial Real Estate Bubble Burst

    11/30/2012 9:05:56 AM PST · by whitedog57 · 2 replies
    Confounded Interest ^ | 11/30/2012 | Anthony B. Sanders
    I was on Fox News with Tom Sullivan yesterday to discuss the housing “recovery.” Rick Sharga (formerly of RealtyTrac and now Carrington Mortgage Holdings) was the guest before me and said that we are witnessing the sustainable recovery of the housing market. I simply pointed out that the “recovery” thus far is dominated by hedge funds, corporations, cash transactions and foreign investors and not the traditional family purchase of housing. So, it may be a recovery, but not your father’s Oldsmobile (so to speak). And don’t forget the fiscal cliff and the large volume of foreclosed properties about to hit...
  • What Obama Really Wants

    11/30/2012 5:57:46 AM PST · by Thad Lost · 25 replies
    Tea Party Nation ^ | 11/30/12 | Judson Phillips
    Reports are pouring out of Washington about the Fiscal Cliff negotiations. A lot of people observing the negotiations are outraged by what is going on. Instead of being outraged, and there is plenty of time for outrage; we should take a look at what is going on. If you analyze the negotiations, it tells you a lot about what is going on in Washington and what may happen. What is going on inside these negotiations?
  • Debt Limit: The Other Fiscal Cliff

    11/29/2012 10:23:13 PM PST · by ExxonPatrolUs · 6 replies
    Politico ^ | 11/27/12 4:33 AM EST | By CARRIE BUDOFF BROWN and JAKE SHERMAN
    [Nothing raises the ire of Republicans in Congress like the specter of Obama taking matters into his own hands. If the White House goes that route and raises the debt ceiling by executive order, Boehner and his leadership team would likely take immediate legal action to halt the debt ceiling increase, sources familiar with his thinking said.] -Snip- President Barack Obama made a demand of House Speaker John Boehner near the end of their first White House meeting on the fiscal cliff: Raise the debt limit before year’s end. Boehner responded: “There is a price for everything.” And with that...