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Keyword: fiscal

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  • Brown-Forman Declares $4 Special Dividend Ahead of Cliff Deadline

    11/27/2012 9:02:35 AM PST · by mykroar
    FoxBusiness.com ^ | 11/27/2012 | Jennifer Booten
    Two weeks after raising its regular quarterly dividend, Brown-Forman (BFB n.a.) declared a special cash dividend of $4.00 a share on Tuesday as it looks to return money to shareholders ahead of the fiscal cliff deadline that could significantly raise dividend taxes. The maker of alcoholic beverages like Jack Daniel’s Tennessee Whiskey, Southern Comfort, Korbel and Woodford Reserve said the special dividend will be paid on Dec. 27 to shareholders of record on Dec. 12. A slew of companies, including Wal-Mart (WMT), have been moving up the date of their dividend to save shareholders a bundle of money on taxes...
  • Bad Omen: Both Chicago and Dallas Activity Indices Decline In Face of Fiscal Cliff

    11/26/2012 11:23:22 AM PST · by whitedog57 · 7 replies
    Confounded Interest ^ | 11/26/2012 | Anthony B. Sanders
    The Republicans keep putting new tax revenue on the table (capping deductions), Warren Buffet suggests increasing tax rates on households earning $500k and above, but President Obama and Democrats replied “Nyet.” It is always a risky proposition to raise taxes when the economy is so fragile. Speaking of a fragile economy, the Chicago Fed National Activity Index printed at -0.56 for October and a previous reading of 0.00 in September. A print of -0.56 indicates economic contraction. Meanwhile, down in Texas, the Dallas Fed’s Manufacturing Outlook Level of General Business Activity was expected to print at +2.5, but printed at...
  • 9 reasons why America might go over the fiscal cliff

    11/20/2012 10:22:19 PM PST · by ExxonPatrolUs · 10 replies
    Amrican Enterprise Institute ^ | November 20, 2012 | James Pethokoukis
    Veteran political analyst Pete Davis offers up a list of possible impediments to a deal on avoiding the fiscal cliff: 1. President Obama insists on a tax rate increase on those earning $250,000 or more, and House Republicans balk; 2. President Obama and Democrats refuse to accept revenue increases that won’t be scored by CBO, i.e. that depend upon tax reform and/or upon an assumed increase in economic growth; 3. President Obama insists on a Making Work Pay tax credit to replace the lost 2% payroll tax cut for working Americans that Republicans won’t accept; 4. House Republicans insist on...
  • Setting the stage for a Revolutionary War of Ideas...If the GOP has the stomach for the fight

    11/20/2012 9:19:26 AM PST · by Starman417 · 15 replies
    Flopping Aces ^ | 11-20-12 | Vince
    Two weeks ago a slight majority of Americans voted for more stuff from the government. There may have been other drivers, but that is the main one. Below is a quote whose origin is disputed, but it is particularly apropos: A democracy cannot exist as a permanent form of government. It can only exist until the majority discovers it can vote itself largess out of the public treasury. After that, the majority always votes for the candidate promising the most benefits with the result the democracy collapses because of the loose fiscal policy ensuing, always to be followed by a...
  • The 'fiscal cliff' is actually an 'austerity bomb'

    11/16/2012 2:44:21 PM PST · by ExxonPatrolUs · 20 replies
    All Voices ^ | Nov 15, 2012
    Brian Beutler of Talking Points Memo may have been the first person to use the term “austerity bomb” for the expired tax cuts and automatic spending cuts to take effect at the beginning of next year. Paul Krugman adopts the term in his blog entry "The Austerity Bomb" in the New York Times. Beutler wrote: “A giant austerity bomb is timed to go off at the beginning of next year, and the threat of significantly higher taxes and lower spending has Republicans running around the Capitol sounding more like John Maynard Keynes than John Boehner.” The term "fiscal cliff" makes...
  • Solution to Fiscal Clift: Look No Furhter than Obama's First Term

    11/14/2012 8:21:16 PM PST · by annajones · 12 replies
    opinion | 11/14/2012 | annajones
    Pundits, Politicians, etc are looking all over the map for a solution to the fiscal clift/sequestration problem. But the solution lies in what happened during Obama's first term. Under Bush/Congress the deficit increased 43% during his 8 year term (we had a real war, 9/11, and Katrina). Under Obama/Congress the deficit "doubled" during his 4 year term or "half" the time. Rather then us having to listen to threats to cut Social Security, Defense, or severe increase in Taxes shouldn't we go back to the problem that caused this Sequestration legislation to be passed in the first place? Should the...
  • Sen. Corker optimistic ‘there is a deal’ to get beyond ‘fiscal cliff’ (or foothills)

    11/11/2012 12:37:07 PM PST · by whitedog57 · 13 replies
    Confounded Interest ^ | 11/11/2012 | Anthony B. Sanders
    According to The Hill, Senator Bob Corker (R-TN) is optimistic that there is a deal to get beyond the fiscal cliff. Really? The fiscal cliff is simply the foothills of a much larger mountain (of debt) range, much like the Andes of South America. So, what Senator Corker is talking about is getting past the foothills right in front of us. President Obama’s preferred habitat of tax are households with adjusted gross income of $250,000 and above. He defines this group as “the rich” and wants them to pay their “fair share.” Households with adjusted gross income of $250,000 or...
  • A few thoughts on Fiscal Agreement

    11/11/2012 7:34:05 AM PST · by ExxonPatrolUs · 2 replies
    Calculated Risk Blog ^ | 11/09/2012 12:33:00 PM | Bill McBride
    As I've noted before, there is no "cliff" and January 1st is not a drop dead date. There are a few things that appear certain (but you never know with policy): 1) The top marginal tax rate will increase from 35% to 39.6%. 2) The payroll tax cut is probably going away. This was the 2% payroll tax reduction that workers received in 2010 and 2011. 3) The Alternative Minimum Tax (AMT) relief will probably be extended (it is every year). 4) Given that the top marginal tax rate will increase - and that certain politicians can't vote for any...
  • Obama holds firm to tax hikes as he invites Hill leaders to talks on 'fiscal cliff'

    11/09/2012 12:29:42 PM PST · by mykroar · 26 replies
    FoxBusiness.com ^ | 11/9/2012 | FoxNews.com
    President Obama, claiming his election "majority" was a vindication of his fiscal policy, held firm Friday to his intention to include tax hikes for America's top earners in any negotiations with Congress to pull the nation back from the so-called "fiscal cliff." The president, in his first remarks from Washington since winning a second term, urged officials to "get to work" on the issue as he invited congressional leaders to the White House next week. He said he's open to "compromise," but did not appear to budge on what has been a central disagreement over the last two years --...
  • VIDEO: President Obama Addresses Fiscal Cliff, Holds Firm on Tax Hikes

    11/09/2012 10:59:28 AM PST · by Nachum · 21 replies
    fox ^ | 11/9/12 | staff
    Just days after Tuesday’s presidential election, President Barack Obama invited Capitol Hill leaders to the White House for debt and spending meetings next week in order to discuss the country’s looming ‘fiscal cliff.’ On the election, he said that “the American people voted for action, not politics as usual.” “You elected us to focus on your job, not ours and in that spirit, I’ve invited leaders of both parties to the White House next week so we can start to build consensus around the challenges that we can only solve together.”
  • How will GOP solve fiscal cliff riddle?

    11/08/2012 9:02:58 PM PST · by ExxonPatrolUs · 65 replies
    Politico ^ | 11/8/12 11:09 PM EST | By STEVEN SLOAN and KELSEY SNELL
    Republicans know they’re going to have to budge on revenues in the looming debt and spending debate. The question is when to blink. The problem: Revenue increases, which could solve the fiscal cliff riddle this fall, are also their best bargaining chip for an even bigger fight to overhaul the Tax Code expected next year. GOP lawmakers — especially those on the tax-writing Ways and Means Committee — say tax increases should happen only as part of a fundamental Tax Code rewrite that also lowers marginal tax rates, a policy dream that won’t be realized until next year at the...
  • Vampires, Werewolves and The Post Election Market Reaction

    11/08/2012 12:54:22 PM PST · by whitedog57 · 1 replies
    Confounded Interest ^ | 11/08/2012 | Anthony B. Sanders
    It has been two days since the US election where President Obama was re-elected and both the House and Senate remained in the same hands. In other words, nothing changed. The reaction? Dow Jones Industrial Average The reaction was decidedly negative since the election signals more of the same policies under which the economy if foundering. Ten Year Treasury Yields Ten year Treasury yields have dropped indicating a rush to safety. Gold Prices Gold prices have risen a heck of lot faster than the stock market, particularly today. Silver Prices Often used as a defense against vampires and werewolves, silver...
  • Stock Market Predictions?

    11/06/2012 9:04:42 PM PST · by occamrzr06 · 34 replies
    Me | 11/6/2012 | Me
    What are you predictions for the stock market tomorrow? What about the next month/year?
  • Obama’s Trouble with Math a Plus, Axelrod Says

    10/28/2012 10:54:49 AM PDT · by John Semmens · 15 replies
    Semi-News/Semi-Satire ^ | 27 Oct 2012 | John Semmens
    President Obama’s admission to talk show host Jay Leno that “my math expertise tops out at the 7th grade level” isn’t a handicap as Obama campaign adviser David Axelrod sees it. “Some are going to jump to the conclusion that a person like Mitt Romney with his financial experience in multimillion dollar business investments would be a better person to manage the government in a time of fiscal crisis,” Axelrod said. “But we don’t agree.” “We think the vast majority of voters will identify with the president’s aversion to math,” Axelrod pointed out. “Most people find math to be hard...
  • Animated Cartoon For Merle Hazard's Song: Fiscal Cliff

    10/15/2012 11:45:25 AM PDT · by ExxonPatrolUs · 2 replies
    Merle Hazard ^ | Sept 2012 | Merle Hazard
    An oldie from way back in September 2012. Seems so long ago. I think the point of the song / video is that some kind of tax hikes are needed along with spending cuts to avoid the fiscal cliff. They call tax hikes broadening the base and eliminating loopholes. Both Romney and Obama want to tax the rich. It's just that Romney wants to cut spending. Watch for Obama calling out Romney on extreme spending cuts in the next debate. And think about the Boomers who will be taxed so they can pay for their own entitlements in the next...
  • Fed Pulls The Trigger With New Bond Buying Program: $40 Billion in MBS Per Month

    09/13/2012 12:45:51 PM PDT · by whitedog57 · 18 replies
    Confounded Interest ^ | 09/13/2012 | Anthony B. Sanders
    The Federal Reserve said it will expand its holdings of long-term securities with open-ended purchases of $40 billion of mortgage debt a month in a bid to boost growth and reduce unemployment. Yikes! Here is Bernanke’s statement. And here is the New York Fed’s statement on MBS purchases. The reaction? More air pumped into gold, silver, stocks. Seniors hurt by lower bank deposit rates. Gold Silver Dow Jones Industrials – Monetary easing bubbles stock markets 10 Year Treasury Yield Yield Curve – rising yield curve is not what The Fed expected Fannie #0yr Current Coupon Spread over 10 Yr Treasury...
  • Official Accounting: $10T Withdrawn From U.S. Treasury This Fiscal Year Alone

    09/06/2012 6:49:22 PM PDT · by Nachum · 14 replies
    CNS News ^ | 9/6/12 | About Us Resources Send Tips Donate RSS CNSNews.TV On the Spot On
    (CNSNews.com) - Although the Congressional Budget Office estimates that the federal government will spend $3.563 trillion in fiscal year 2012 and the White House Office of Management estimates it will be $3.795 trillion, actual withdrawals from the U.S. Treasury have already exceeded $10 trillion. In fact, as of the close of business Wednesday, withdrawals from the Treasury equaled $10,201,615,000,000 for fiscal 2012, which began on Oct. 1, 2011 and will end on Sept. 30. According to the Daily Treasury Statement--the official daily accounting sheet for the federal government—withdrawals from the Treasury exceeded $10 trillion this year on Aug. 30, when...
  • The Fed’s Slippery Ascent of the Fiscal Cliff

    08/20/2012 3:44:50 PM PDT · by whitedog57 · 3 replies
    Confounded Interest ^ | 08/20/2012 | Anthony B. Sanders
    According to Bloomberg News, “Banks Use $1.77 Trillion to Double Treasury Purchases.” The gap between U.S. bank deposits and loans is growing at the fastest pace in two years, providing lenders with more funds to buy bonds and temper the biggest sell-off in Treasuries since 2010. Well, perhaps it worked. The US Treasury 10 year yield finally came down today after several weeks of rising rates. The Fed may feel pressured into more monetary stimulus and pushing the 10 year (and other Treasury maturities), yet it will do little good. The Fiscal Cliff facing the US is covered with ice....
  • Geithner meets with Murray amid growing anxiety over fiscal cliff (tax the rich crowd)

    08/02/2012 11:02:26 PM PDT · by Libloather · 8 replies
    The Hill ^ | 8/02/12 | Alexander Bolton
    Geithner meets with Murray amid growing anxiety over fiscal cliffBy Alexander Bolton - 08/02/12 07:44 PM ET Treasury Secretary Timothy Geithner met with Sen. Patty Murray Thursday amid increased fears in Washington that Congress might decide not to act to prevent the nation from going over the so-called fiscal cliff. Murray, (Wash.), the Democratic co-chair of the 2011 deficit supercommittee, recently said that Democrats would allow all of the Bush tax rates to expire and then seek to renew lower rates for the middle class, unless Republicans agree to raise taxes on the nation’s highest income earners. As Treasury secretary...
  • County Dumps Prevailing Wage Law

    07/24/2012 10:12:48 AM PDT · by MichCapCon · 1 replies
    Michigan Capitol Confidential ^ | 7/23/2012 | Jack Spencer
    On Wednesday night, Eaton County repealed its prevailing wage law, opening up the local market to more competitive wages for construction jobs. The 12-3 vote by the Board of Commissioners was along party lines with Republicans voting to repeal the restrictive wage law; Democrats voted to keep it in place. Prevailing wage laws mandate that union-scale wages be paid on construction work funded by taxpayer dollars regardless of whether the company's workers belong to a union. Local governments can do nothing about federal and state prevailing wage laws, but they do have control over their own. Eaton County's action in...
  • Emergency Managers Are Bad, Bankruptcy Far Worse

    07/20/2012 12:19:48 PM PDT · by MichCapCon
    Michigan Capitol Confidential ^ | 7/19/2012 | Jarrett Skorup
    Michigan’s recently beefed-up "emergency manager" law gives broad powers to a state appointee if a local government or school district fails its citizens financially in one of 18 explicit ways. Assuming a referendum passes a legal challenge and makes it to the ballot, citizens will vote in November on whether to keep or overturn this law. Before an emergency manager is appointed, a city or school district must have created an astounding fiscal mess. For all the controversy surrounding the law, only seven EMs have been appointed. Without their EM's "house cleaning," most of these cities and school districts would...
  • More Than Half of School Districts Ignore Governor's Request For Health Care Reform

    07/02/2012 8:24:13 AM PDT · by MichCapCon · 3 replies
    Michigan Capitol Confidential ^ | 6/28/2012 | Tom Gantert
    Nine months after Gov. Rick Snyder signed a bill that mandated public sector employees pay 20 percent of their health care costs, a report from the Michigan Department of Education shows how reluctant public schools and charter schools are to make their employees pay more. To get an extra $100 per student, school districts had to meet four of five "best practices" the state put forward. Yet 358 of the 714 qualifying districts chose to not meet the best practice of having employees pay at least 10 percent of their health care costs. By contrast, private sector workers pay 20...
  • Vanguard experts warn of economic dangers of US ‘fiscal cliff’

    05/18/2012 6:11:39 PM PDT · by SteelToe · 24 replies
    The Royal Gazette ^ | May 18, 2012 | Jonathan Kent
    Global economic recovery will be slow and bumpy over the coming years, a senior economist from Vanguard told financial services professionals in Hamilton yesterday. Speaking at the Vanguard 2012 Bermuda Investment Forum at the Fairmont Hamilton Princess, Roger Aligia-Diaz highlighted several headwinds facing the economy including the European sovereign debt crisis, high oil prices, a slowdown in China and the “fiscal cliff” facing the US at the end of this year. Although Mr Aligia-Diaz warned his audience that his message might appear depressing, the presentation was cautiously optimistic, indicating that growth was happening and was likely to continue. Vanguard, which...
  • CBO: $777 billion deficit for first six months of fiscal year (Friday news dump)

    04/07/2012 5:40:31 PM PDT · by Libloather · 16 replies
    The Hill ^ | 4/06/12 | Bernie Becker
    CBO: $777 billion deficit for first six months of fiscal yearBy Bernie Becker - 04/06/12 12:44 PM ET The federal government racked up a deficit of $777 billion in the first half of fiscal 2012, the Congressional Budget Office said in an estimate released Friday. The shortfall is the latest sign that the government is well on its way to compiling at least a $1 trillion deficit for the fourth consecutive year. But as CBO noted on Friday, the deficit is also a $53 billion reduction from the same period in fiscal 2011. The budget scorekeeper said that most of...
  • Sen. Johnny Isakson (R-Ga) & Rand Paul (R-Ky) are setting an example

    03/13/2012 11:13:21 AM PDT · by entropy12 · 7 replies
    Politico ^ | 1/12/2012 | Scott Wong
    Freshman Sen. Rand Paul is making good on his promise to cut federal spending. The Kentucky Republican and tea-party favorite said Thursday he’s returning $500,000 to the U.S. Treasury — money from his operating budget that his office never spent. The half million dollars represents about 16 percent of Paul’s annual budget. Sen. Johnny Isakson (R-Ga.) returned $636,036 in unspent money to the Treasury in Fiscal Year 2010 and another $503,161 in 2011.
  • Bernanke warns lawmakers nation headed for 'massive fiscal cliff" (Pot, meet kettle)

    02/29/2012 2:28:04 PM PST · by Signalman · 13 replies · 1+ views
    Hill.com ^ | 2/29/12 | Peter Schroeder
    Federal Reserve Chairman Ben Bernanke warned Congress Wednesday it risked taking the nation over a "massive fiscal cliff" at the end of the year. The central bank’s boss warned expiring tax cuts and spending cuts set to be triggered at the end of the year could hurt the economic recovery. “Under current law, on January 1, 2013, there's going to be a massive fiscal cliff of large spending cuts and tax increases,” Bernanke told the House Financial Services Committee. "I hope that Congress will look at that and figure out ways to achieve the same long-run fiscal improvement without having...
  • A Country In Denial About Its Fiscal Future

    12/26/2011 6:28:09 AM PST · by SeekAndFind · 9 replies
    RealClearMarkets ^ | 12/26/2011 | Robert Samuelson
    <p>There are moments when our political system, whose essential job is to mediate conflicts in broadly acceptable and desirable ways, is simply not up to the task. It fails. This may be one of those moments. What we learned in 2011 is that the frustrating and confusing budget debate may never reach a workable conclusion. It may continue indefinitely until it's abruptly ended by a severe economic or financial crisis that wrenches control from elected leaders.</p>
  • CA: State fiscal nightmare: deep cuts on horizon

    11/16/2011 3:49:20 PM PST · by NormsRevenge · 30 replies · 1+ views
    SFGate.com ^ | 11/16/11 | Wyatt Buchanan
    Sacramento -- California faces deep mid-year cuts to its universities, community colleges, social service programs and public schools - which may have their year shortened - because the state will collect billions in revenue less than expected, according to a report released today. The report by the Legislative Analyst's Office says the state faces a budget deficit in the current fiscal year largely because it will collect only $300 million of $4 billion that Gov. Jerry Brown and the Legislature added to the budget just days before it was approved in June. Critics had called the sudden infusion of projected...
  • Benton Harbor Turnaround

    09/26/2011 6:01:46 AM PDT · by jenk · 19 replies
    jenkuznicki.com ^ | 9/26/11 | Jen Kuznicki
    I watched Off The Record this weekend, a half-hour political talk show in Michigan, hosted by Michigan political reporter, Tim Skubic. Usually liberal and fast-paced, Off The Record deals with the downstate politics that rule the rest of us. Part of the discussion was with Representative Al Pscholka, the new Republican representative of Benton Harbor, who took some grilling about the emergency financial manager that has now turned Benton Harbor around in 6 short months. A controversial law was passed in April, criticized by liberals and libertarians alike, that allowed for the State to take over local control of municipalities...
  • America's Suicidal Fiscal Insanity in Terms Even Joey Plugs Could Understand...

    09/01/2011 3:40:18 AM PDT · by Reaganite Republican
    Reaganite Republican ^ | September 1, 2011 | Reaganite Republican
    The deficit's gone ballistic-  but it's hardly rocket science: Annual U.S. Tax revenue: $2.17 trillion                 -Fed budget:             $3.20 trillion        Incremental debt this year: $1.65 trillion Cumulative national debt:    $14.27 trillion Recent Obama/Boehner budget cuts: $ 38.5 million ________________________________________ Ah, but if you remove 8 zeros it's (tellingly)  comparable to a modest family budget.... Annual family income: $21,700                    -spending      $38,200      New 2011 debt on the ole credit card: $16,500 Outstanding balance on the credit card(s): $142,710...
  • Currency Devaluation via Higher Minimum Wage ?

    08/05/2011 4:53:03 PM PDT · by Kellis91789 · 16 replies
    FreeRepublic | 08/05/2011 | kellis91789
    Conventional thinking would say the minimum wage interferes with free markets for labor and should therefor be opposed by any right thinking capitalist conservative. However ... it occurs to me that a really LARGE increase in the minimum wage (say to $25/hr) could actually be used to screw the public employee unions and creditors of the Debt. It would have the following effects that are worth pondering: 1) It would cause prices to skyrocket and then stabilize at a new higher level, as more money chased the same amount of goods and services. Overall, prices would go up such that...
  • Fiscal Uncertainty in Washington Shakes Small Business Confidence

    06/29/2011 3:18:17 AM PDT · by Son House · 12 replies
    FOXNEWS ^ | June 28, 2011 | Shannon Bream
    “Traditionally, we are led out of a recession by small businesses hiring people and creating jobs, and that’s not happening in this recession,” says Dan Danner, President and CEO of the National Federation of Independent Businesses (NFIB). ...The report shows that small business confidence was down for a third straight month in May, and that only 5 percent of small business owners think now is a good time to expand. Economist Martin Baily of the Brookings Institution says the lack of investment, hiring and expansion by small businesses is one of the reasons the nation’s economy isn’t recovering as quickly...
  • Alan Simpson Strikes Back

    06/22/2011 12:33:29 PM PDT · by Servant of the Cross · 20 replies
    National Review ^ | 6/22/2011 | Andrew Stiles
    Former senator and fiscal-commission co-chair Alan Simpson (R., Wyo.) often speaks as if he’d been plucked from the stage of one of Harry Reid’s beloved cowboy-poetry festivals. And he certainly has some choice words for those he thinks are impeding the prospects for a deal on deficit reduction. He calls Grover Norquist, the president of Americans for Tax Reform, “off his rocker.” He describes the AARP as a brick wall standing in the way of desperately needed entitlement reform, and blasts its leaders as a bunch of wealthy, self-aggrandizing lobbyists who pretend to speak for average Americans. “We’re not talking...
  • Obama economy guru: Fiscal imbalance 'not materially worse'

    06/10/2011 5:20:31 PM PDT · by Nachum · 16 replies
    The Hill ^ | 6/10/11 | Erik Wasson
    The nation's overall fiscal imbalance “has not gotten materially worse in the last two years," President Obama's outgoing economic adviser said Friday. Obama adviser Austan Goolsbee, who announced this week he was leaving the White House, defended the Obama administration’s fiscal record in comments at the National Press Club. The national debt has increased from $10.4 trillion to $14.3 trillion since Obama took office in 2009. He said the biggest drivers of the debt have been known for a long time and did not change during Obama's years in office. He identified
  • Opening Statement House Budget Committee Hearing on Fiscal Year 2012 Budget

    04/06/2011 1:09:58 PM PDT · by Congressman Tom McClintock · 2 replies
    Congressman Tom McClintock | April 6, 2011 | Congressman Tom McClintock
    Mr. Chairman: History walks with us today as we begin this work. History offers us not a single example of a nation that has ever spent, borrowed and taxed its way to prosperity, but it offers us many, many examples of nations that have spent, borrowed and taxed their way to economic ruin and bankruptcy. And history is screaming this warning at us: nations that bankrupt themselves aren’t around very long, because before we can provide for the common defense and promote the general welfare, we have to be able to pay for it – and the ability of our...
  • Obama seeks to cut deficit by $1.1 trillion ($78B from defense over 5 years)

    02/13/2011 8:30:09 AM PST · by OldDeckHand · 53 replies
    Reuters ^ | 02/13/2011 | Staff
    (Reuters) - President Barack Obama's proposed budget for fiscal 2012 will seek to cut the record federal deficit by $1.1 trillion over the next 10 years, White House budget director Jack Lew said Sunday. Lew, speaking on CNN, said the president was also on track to halve the budget deficit by the end of his first term in office, which goes through 2012.
  • One-Fifth of House Freshmen Sleep in Offices

    01/24/2011 8:59:24 AM PST · by Darren McCarty · 34 replies
    CBS ^ | 1-22-2011 | Phil Hirschkorn & Wyatt Andrews
    Michigan Congressman Tim Walberg considers sleeping in his Capitol Hill office a luxury. "It's convenient. I don't face the traffic," Walberg told us when we visited him this week on the fourth floor of the Cannon office building. "I can jokingly tell my constituents I am in my office 24 hours a day for you," he said. Walberg, a returning Republican freshman who slept in his office during his previous term in Congress, is among the most prepared for the bunking ritual. He has a sturdy air mattress, a double espresso maker, and a shelf of Kellogg's cereal boxes in...
  • California governor declares fiscal emergency

    01/20/2011 6:45:19 PM PST · by NormsRevenge · 13 replies
    Yahoo ^ | 1/20/11 | Jim Christie - Reuters
    SAN FRANCISCO (Reuters) – California Governor Jerry Brown declared a state of fiscal emergency on Thursday for the government of the most populous U.S. state to press lawmakers to tackle its $25.4 billion budget gap. Democrat Brown's declaration follows a similar one made last month by his predecessor, former Republican Governor Arnold Schwarzenegger. Democrats who control the legislature declined to act on Schwarzenegger's declaration, saying they would instead wait to work on budget matters with Brown, who served two terms as California's governor in the 1970s and 1980s. Brown was sworn in to his third term early this month and...
  • Bernanke Rejects Bailouts

    01/10/2011 5:05:59 AM PST · by CutePuppy · 12 replies
    WSJ (no subscription) ^ | January 08, 2011 | Jon Hilsenrath and Neil King Jr.
    Federal Reserve Chairman Ben Bernanke on Friday ruled out a central bank bailout of state and local governments strapped with big municipal debt burdens, saying the Fed had limited legal authority to help and little will to use that authority. "We have no expectation or intention to get involved in state and local finance," Mr. Bernanke said in testimony before the Senate Budget Committee. The states, he said later, "should not expect loans from the Fed."The $2.9 trillion municipal-bond market has been stung recently by worries that some cash-strapped cities or states won't be able to pay off or roll...
  • Paul Ryan says Obama fiscal commission report is a step ‘backwards’

    12/02/2010 12:05:46 PM PST · by Nachum · 2 replies
    Daily Caller ^ | 12/2/10 | Dai Jon Ward
    Rep. Paul Ryan, a Republican authority on spending and taxes, made a dramatic break Thursday with the deficit and debt reduction plan released the day before by President Obama’s commission. “I think it goes backwards,” Ryan, a Wisconsin Republican and the next chairman of the House Budget Committee (Snip) Ryan’s comments are the most unconditional rebuke of a plan that has been regarded even by conservatives on the commission as fairly conservative because of its recommendations on cutting spending in some parts of the budget, and on reform of Social Security and the tax system so that rates can be
  • Cheat Sheet: Fiscal Commission releases final proposal

    12/01/2010 2:53:50 PM PST · by Lucky9teen · 2 replies
    Cheat Sheet: Fiscal Commission releases final proposal Share4 Today, the National Commission on Fiscal Responsibility and Reform, or the “Fiscal Commission,” released its final proposal on how to bring the country back from the fiscal brink. The plan, to be voted on this Friday, will almost certainly receive harsh criticism from both sides of the aisle. But before you take any sides, make sure you have the facts.Click on the image below to see our latest Fiscal Cheat Sheet: a break down of the Commission’s final plan. Also, for some context on today’s release, here’s a rundown of past...
  • Newly elected Palatine Republican to forgo pension

    11/18/2010 11:31:02 PM PST · by NotJustAnotherPrettyFace · 13 replies
    Daily Herald (Chicago NW suburbs) ^ | 11/17/2010 | Kimberly Pohl
    Newly elected state Rep. Tom Morrison raised some eyebrows Tuesday during freshmen legislators’ orientation in Springfield when presented with paperwork to join the General Assembly’s lucrative pension system. That’s because he opted out a move officials can recall happening just once before. “Are you sure you want to do that?” one administrator asked him. The 35-year-old Palatine Republican, who succeeds six-term state Rep. Suzie Bassi in the 54th House District, realizes that forgoing his pension won’t make a dent in the state’s $13 billion deficit or $80 billion unfunded pension liability. But Morrison says he’s a proponent of self-sacrifice and...
  • Blue-state budget crises spell more trouble for Democrats

    11/11/2010 10:45:34 PM PST · by Senator Goldwater · 10 replies
    The Washington Post ^ | 12 November 2010 | Michael Gerson
    Following the midterm elections, attention understandably focused on those parts of the South and Midwest where the Obama coalition collapsed. But a second wave of trouble is coming for the president and his party, precisely in those states where the first wave barely reached. Having experienced the revolt of red America, Democrats must now deal with the fiscal crisis of blue America. While massive state budget shortfalls are not limited to predominantly Democratic states, they are concentrated in them. "In California and New York," says John Hood of the John Locke Foundation, "the fiscal crisis flirts with bankruptcy. All the...
  • Fiscal Commission: Tax Reform I

    11/11/2010 4:42:09 PM PST · by NaturalBornConservative · 4 replies
    Natural Born Conservative ^ | 11/10/2010 | Larry Walker, Jr.
    Review of Tax Reform Proposals -By: Larry Walker, Jr. -I am in agreement with the Fiscal Commission's goals on tax reform. Although the details are a little vague, it's clear to me that Option 1 is probably out of the question, Option 2 is promising, and Option 3 is pretty much a joke. I think that those who have discounted this initial 'draft' report at face value are doing the commission a disservice. And as far as the Trash Talker In Chief, who has already started spouting off without even reading it, I have nothing but contempt for the comments...
  • Can You Be A Fiscal Conservative Without Being A “Social” Conservative? UPDATE: Poll

    11/10/2010 6:19:40 AM PST · by Biggirl · 88 replies
    http://radioviceonline.com/ ^ | November 10,2010 | Jim Vicevich
    I understand where Senator Jim DeMint is coming from here, but honestly, does he really believe I have to believe homosexuality or cohabitation is wrong in order to see the errors of out of control spending at the Federal level? Listen and learn my little small “l” libertarians. Senator Jim DeMint, who is happily positioning himself as a leader of the Tea Party movement in Congress, made the statements last night on Special Report. The portion of the video I have clipped includes DeMint’s involvement in the Tea Party movement and ends with the statement that gives us the title...
  • Balancing the budget by cutting military spending (Fiscal year started 19 days ago w/o budget)

    10/19/2010 11:06:41 AM PDT · by Libloather · 15 replies
    Yahoo ^ | 10/19/10 | W.e. Linde
    Balancing the budget by cutting military spendingW.e. Linde – 1 hr 19 mins ago As the federal budget deficit and the national debt continue to skyrocket, defense spending is coming under scrutiny as lawmakers look where to cut. Getting this right will be critical to balancing the books without impacting national security. With the mid-term elections looming ever closer, one of the major points of contention between the parties continues to be the ever-expanding federal budget deficit. Highlighting the gravity of this issue, on Oct. 15, the Obama Administration reported that the deficit would be almost $1.3 trillion. Capitalizing on...
  • Tax Increases Not Required To Balance Federal Budget – It’s Fiscal Restraint And Spending

    10/05/2010 5:15:53 PM PDT · by Biggirl · 6 replies
    http://radioviceonline.com/ ^ | October 5,2010 | Steve McGough
    Dan Mitchell from the Center for Freedom and Prosperity Foundation has a new video out detailing why it is absolutely not necessary to raise taxes to balance the budget. He shows with just a small amount of fiscal restraint, the federal budget can be balanced within six years. A spending freeze is a good first step, and Mitchell points out that if we do freeze spending at current levels, the budget could be balanced within years instead of decades. Right at the start of the video, Mitchell points out spending is the problem. He also mentions Article 1, Section 8...
  • What happened to the Zot Party?

    09/27/2010 4:53:55 AM PDT · by GrandSportC3 · 156 replies · 1+ views
    When the Tea Party first started out, I was a enthusiastic supporter.. The Tea Party perfectly represented what my views are.. I'm a 100% fiscal conservative and I believe in small government on ALL issues. In the beginning, the Tea Party seemed to be such movement that would support candidates based on FISCAL issues. Initially, that was the case and people like Scott Brown have been elected. However, since then, it seems like the Tea Party Express and other Tea Party organizations have been hijacked by the social conservative wing of the GOP (i.e. Sarah Palin). Social issues were introduced...
  • Michigan Legislature No Slouch at Fiscal Malpractice

    08/27/2010 6:19:08 AM PDT · by MichCapCon · 3 replies
    Michigan Capitol Confidential ^ | 8/26/2010 | Jack McHugh
    In Monday's Wall Street Journal, the invaluable Steve Malanga of the Manhattan Institute describes some of the gimmicks used by state governments to deceive taxpayers (and bond buyers) about the magnitude of their unsustainable spending and liabilities ("How States Hide Their Budget Deficits," WSJ, Aug. 23, 2010). New Jersey in particular is called out for long-term borrowing to avoid spending cuts required to close a current-year "deficit" and the use of "pension obligation bonds" (POBs) to hide the unsustainability of government employee benefits. Michigan has flirted with both these abuses, and the Legislature may actually be on the verge of...
  • Tea Party coalition forming to push for balanced budget amendment

    08/19/2010 12:04:45 AM PDT · by Brugmansian · 18 replies
    The Daily Caller ^ | 08/19/2010 | Alex Pappas
    The coalition, named BBA Now, as in Balance Budget Amendment Now, plans to officially unveil its three-year plan in September, director of coalitions Kellen Giuda said in an interview. Part of the campaign includes petitioning 2010 congressional candidates, as well as presidential candidates in 2012, to sign a pledge in support of the effort . . . The amendment envisioned by the coalition includes three pillars: ending the annual deficit by requiring a balanced budget, limiting federal spending to no more than 20 percent of the country’s GDP and requiring a two-thirds supermajority vote in Congress to raise taxes ....