Keyword: fiscalcliff

Brevity: Headers | « Text »
  • Republican ex-Treasury chief Paulson slams Trump, to vote for Clinton

    06/25/2016 7:28:18 AM PDT · by Olog-hai · 90 replies
    Reuters ^ | Fri Jun 24, 2016 8:37pm EDT | Eric Beech
    Henry Paulson, a Republican who was U.S. Treasury secretary during the 2008 financial meltdown, on Friday called a Donald Trump presidency “unthinkable” and said he will vote for Democrat Hillary Clinton. Paulson joins a growing list of establishment Republicans who say they will not cast a ballot in the Nov. 8 election for Trump, the party’s presumptive nominee and a political neophyte whose populist rhetoric runs counter to many long-held Republican principles. […] “I’ll be voting for Hillary Clinton, with the hope that she can bring Americans together to do the things necessary to strengthen our economy, our environment and...
  • Nation's largest banks all pass Fed's 'stress tests'

    06/23/2016 10:48:30 PM PDT · by Olog-hai · 7 replies
    Associated Press ^ | Jun 23, 2016 5:36 PM EDT | Ken Sweet
    The largest U.S. financial institutions have enough armor to withstand the turmoil of a major and prolonged national and global recession, the Federal Reserve said Thursday. The central bank’s annual “stress tests” show that the 33 largest financial institutions — including JPMorgan Chase, Citigroup, Bank of America and Wells Fargo — all hold more capital than at any time since the 2008 financial crisis. They also hold enough capital that, even if faced with billions of dollars in losses from loans as a result of an economic crisis, they would continue to function. The stress tests were created in the...
  • Janet Yellen says Fed could raise rates in coming months

    05/27/2016 4:16:45 PM PDT · by Olog-hai · 33 replies
    Associated Press ^ | May 27, 2016 4:08 PM EDT
    Federal Reserve Chair Janet Yellen said Friday that an interest rate hike would be appropriate in the coming months if the economy keeps improving. While economic growth was relatively weak at the end of last year and beginning of this year, it appears to be picking up now based on recent data, Yellen said during a discussion at Harvard University. She said she expects the Fed to “gradually and cautiously increase” its key interest rate “and probably in the coming months, such a move would be appropriate.” …
  • Speaker Ryan Booed at Trump Rally in Speaker's Wis. Hometown

    03/29/2016 5:23:27 PM PDT · by cotton1706 · 56 replies
    newsmax.com ^ | 3/29/16 | Todd Beamon
    Speaker Paul Ryan was booed Tuesday after Republican presidential front-runner Donald Trump mentioned him during a rally in his hometown in Wisconsin. "How do you like Paul Ryan?" Trump asked supporters at a rally in Janesville, The Hill reports. "You like him?" The boos overtook the cheers inside the Janesville Conference Center. "I was told to be nice to Paul Ryan," the developer added. "He's the speaker, he's a nice guy. "He called me the other day. He was very nice." Trump then asked the crowd whether they were Republicans and conservative. The supporters cheered in response to both questions,...
  • Job totals trail pre-recession levels in 10 US states

    03/25/2016 9:22:44 AM PDT · by Olog-hai · 6 replies
    Associated Press ^ | Mar. 25, 2016 12:18 PM EDT | Christopher S. Rugaber
    Ten U.S. states still have not regained all the jobs they lost in the Great Recession, even after six and a half years of recovery, while many more have seen only modest gains. […] Wyoming had 3 percent fewer jobs last month than it did in December 2007, when the recession began, the Labor Department said Friday. That is the biggest percentage decline among the states. Alabama's job total trails its pre-recession level by 2.7 percent, followed by New Mexico, where job totals are 2.6 percent lower. Some larger states are also still behind. New Jersey has nearly 1 percent...
  • House GOP likely to move ahead with budget plan

    03/14/2016 7:59:02 PM PDT · by Olog-hai · 28 replies
    Associated Press ^ | Mar. 14, 2016 10:07 PM EDT | Andrew Taylor
    Republicans controlling the House are pressing ahead with an annual fiscal measure despite hardening opposition from tea party conservatives over its endorsement of higher spending permitted by last year’s bipartisan budget and debt deal. Several GOP lawmakers exiting a Monday evening strategy session said House Budget Committee Chairman Tom Price is expected to unveil a 10-year budget plan on Tuesday and hold a committee vote this week. The committee confirmed later Monday that it is moving ahead. […] Price, R-Ga., has worked hard to try to develop consensus but has so far been stymied by several dozen conservatives who continue...
  • Obama Blames Republicans For Slow Economic Recovery

    03/04/2016 4:13:43 PM PST · by Nachum · 38 replies
    daily caller ^ | 3/4/16 | Connor D. Wolf
    President Barack Obama responded to reports of slow job growth Friday by blaming Republicans who have opposed parts of his economic agenda. The Bureau of Labor Statistics (BLS) report found the economy added 242,000 new jobs in February. The latest number highlights a long-running trend of slow, yet positive, economic growth. Obama credits the growth to his agenda but its slowness to Republicans for their opposition to his plan. “The plans that we have put in place to grow the economy have worked,” the president declared in the Oval Office. “They would work even faster if we did not have...
  • Obama accuses economy skeptics of living in ´alternative reality´

    03/04/2016 3:24:56 PM PST · by Nachum · 22 replies
    Washington Examiner ^ | 3/4/16 | Joseph Lawler
    (Video) Political candidates who are telling voters that the economy is bad are living in an "alternative reality," President Obama said Friday. Touting the jobs report Friday morning that showed relatively strong growth, Obama accused people skeptical of the economy of engaging in "fantasy." "There seems to be an alternative reality from some of the political folks that America´s down in the dumps. It´s not. America´s pretty darn great right now," Obama said in brief remarks delivered at the White House. Obama boasted that the unemployment rate remained below 5 percent in February while 1.5 million workers have entered the
  • Fed proposes rules to boost stability of financial system

    03/04/2016 2:33:51 PM PST · by Olog-hai · 13 replies
    Associated Press ^ | Mar. 4, 2016 5:26 PM EST | Martin Crutsinger
    The Federal Reserve has put forward new rules aimed at addressing one of the primary causes of the 2008 financial crisis -- the financial exposures that the biggest banks had with each other. The Fed is proposing new limits on that exposure. It hopes the new rules will prevent the type of crisis that engulfed the U.S. financial system in September 2008 when the collapse of Lehman Brothers raised fears about the stability of other banks that had made loans to Lehman. [...] The rules would implement a portion of the Dodd-Frank Act passed by Congress in 2010 in response...
  • In Defense of the GOP Establishment [Understanding the limitations of what they have to work with]

    02/03/2016 8:04:34 AM PST · by SeekAndFind · 21 replies
    American Thinker ^ | 02/03/2016 | James Arlandson
    When you were a rowdy teen, your parents were the Establishment. Now that you're a parent, what are you? The anti-establishment, cool parent? Not likely. Rather, you're a grownup who tries to keep the peace in your discordant household; who tries to negotiate among self-interested, imperfect family members who have competing goods and goals; and who tries to instill a long-range vision for the future in your desire-ridden family who wants instant self-gratification. Welcome to the Establishment. You're a bona fide member now. Here's a defense of the amorphous, notional Establishment, as I see it, if it even exists in...
  • Federal Debt Just Exceeded $19 Trillion: $58,000 for Each Person in U.S.

    02/03/2016 2:41:30 PM PST · by Olog-hai · 43 replies
    Cybercast News Service ^ | February 3, 2016 | 10:18 AM EST | Romina Boccia
    On Monday the U.S. national debt hit a new record: $19,012,827,698,418. This is the first time the national debt has ever exceeded $19 trillion. That's more than $58,000 for each person who lives in the U.S. today (including children). The main culprit behind the rising deficits and debt is growing federal spending--especially among Social Security, Medicare, Medicaid, and Obamacare. Traditionally, Congress has set a limit for how much debt the U.S. may take on, known simply as the debt limit. But rather than put a higher limit on the debt, lawmakers and the president have repeatedly suspended the debt limit,...
  • Ryan calls for unity, less anger from his fractious GOP (trouble in RINOland)

    02/03/2016 10:32:26 AM PST · by Olog-hai · 34 replies
    Associated Press ^ | Feb 3, 2016 11:07 AM EST | Alan Fram
    House Speaker Paul Ryan called on Republicans Wednesday to stop fighting angrily among themselves and not to be distracted by guns or other "hot-button" issues that President Barack Obama raises this election year. "We can't fall into the progressives' trap of acting like angry reactionaries," Ryan, R-Wis., said at a Heritage Action for America policy meeting. "The left would love nothing more than for a fragmented conservative movement to stand in a circular firing squad, so the progressives can win by default." ...
  • House GOP in election-year probe of presidential 'overreach'

    01/12/2016 9:26:36 PM PST · by Olog-hai · 16 replies
    Associated Press ^ | Jan 12, 2016 4:53 PM EST | Alan Fram
    House Republicans said Tuesday that they will launch an election-year study of what they say has been executive overreach by President Barack Obama and other recent presidents. House Judiciary Committee Chairman Bob Goodlatte, R-Va., said that his panel would vote in coming weeks on creating a task force to conduct the investigation. Goodlatte said the probe would be led by Iowa Republican Rep. Steve King, a conservative and frequent Obama critic. Goodlatte announced the examination at a time when Republicans have repeatedly accused Obama of exceeding his constitutional powers. ...
  • Puerto Rican Gov. pushes Congress to change its mind on debt

    12/17/2015 1:14:41 PM PST · by Olog-hai · 12 replies
    Associated Press ^ | Dec. 17, 2015 4:03 PM EST | Mary Clare Jalonick
    Puerto Rico's governor pressured Congress on Thursday in a last-ditch effort to win debt relief for his territory before the end of the year, warning that the island is headed toward a "humanitarian crisis under the United States flag." Gov. Alejandro Garcia Padilla lobbied lawmakers to oppose a massive year-end spending bill that fails to include the debt restructuring that Puerto Rico is seeking. In an interview with The Associated Press, he said Congress must act soon and he was hoping negotiators would change the bill, a step Republican leadership has ruled out. ...
  • Rep. Dave Brat: 'We Have a Fundamental Budget Problem Coming Our Way in 11 Years'

    12/17/2015 9:21:56 AM PST · by Olog-hai · 18 replies
    Cybercast News Service ^ | December 17, 2015 | 11:28 AM EST | Susan Jones
    Rep. Dave Brat (R-Va.), a member of the conservative House Freedom Caucus, says he came to Washington to cut spending, not add to the deficits and debt that will crush future generations. He spoke on Thursday, one day after House leaders, working with the White House, produced a $1.1 trillion spending bill. And Brat warned of worse to come. ...
  • 2,009-Page, $1,205,146,000,000 Republican Spending Deal Allows Funding of Planned Parenthood

    12/16/2015 3:20:15 PM PST · by xzins · 98 replies
    CNS ^ | December 16, 2015 | Terence P. Jeffrey
    The 2,009 page fiscal 2016 spending deal that the Republican House leadership released today authorizes $1,205,146,000,000 in federal outlays between now and the end of fiscal 2016, according to the Congressional Budget Office, and it does not prohibit funding of Planned Parenthood, according to the House Appropriations Committee. The spending bill is paired with a separate 233-page tax bill. “We are maintaining all of our pro-life protections, including the Hyde Amendment, and we are making cuts to the UNFPA program,” House Speaker Paul Ryan said of the omnibus spending bill at a press conference today. Planned Parenthood is the nation’s...
  • $416,014,000,000: Federal Taxes Set Record in First 2 Months of FY16 […] Still Run $201.1B Deficit

    12/10/2015 5:42:15 PM PST · by Olog-hai · 9 replies
    Cybercast News Service ^ | December 10, 2015 | 3:39 PM EST | Terence P. Jeffrey
    The federal government continued to collect taxes at an unprecedented pace in the beginning of fiscal 2016, raking in a record of approximately $416,014,000,000 in revenues through the first two months of the fiscal year (Oct. 1, 2015 through the end of November), according to the Monthly Treasury Statement released today. In the entirety of fiscal 2015, which ended on Sept. 30, the federal government collected a record $3,248,723,000,000, which worked out to about $21,833 for every person who held a job in the country as of September. The record-setting $416,014,000,000 in taxes that the federal government collected in just...
  • Fed’s Yellen sees possible December rate rise, gradual hiking path

    11/05/2015 6:52:02 AM PST · by Olog-hai · 6 replies
    Reuters ^ | Wed Nov 4, 2015 8:50pm EST | Howard Schneider and Jason Lange
    Federal Reserve Chair Janet Yellen on Wednesday pointed to a possible December interest rate "liftoff" but said rates would rise only slowly from then on to nurture the U.S. economic recovery. [...] Her remarks pushed bond yields higher and stocks lower. They also caused investors to reset their expectations of a December rate hike above 60 percent, a sign that markets are finally taking the Fed's language seriously after a period in which U.S. central bankers were frustrated by the gap between their own outlook and market bets about their likely course of action. ...
  • Paul Ryan: We Fully Expect to Exercise the Power of the Purse

    11/03/2015 6:50:58 PM PST · by Olog-hai · 50 replies
    Cybercast News Service ^ | November 3, 2015 | 11:38 AM EST | Susan Jones
    In the wake of the two-year budget deal the former House Speaker John Boehner negotiated with the Obama White House, Congress still needs to enact appropriations legislation to keep the government funded after the current continuing resolution expires on Dec. 11. When asked at a Tuesday press briefing whether the Republican House will put policy riders on that appropriations bill, newly House Speaker Paul Ryan said that Congress has the power of the purse and expects to use it. […] First up is a highway funding bill: "We're opening up the process," Ryan said, with "lots of amendments considered by...
  • 6 TEXAS REPUBLICAN REPS JOIN WITH DEMS IN APPROVING DEBT CEILING INCREASE

    10/29/2015 8:41:24 AM PDT · by TexasCajun · 6 replies
    NewsBusters.org ^ | Oct 29, 2015 | Bob Price
    Six Texas Republican representatives joined with the eleven Democrats in the state’s congressional delegation to vote in favor of the bill to raise the debt ceiling. Nineteen Texas Republicans voted nay in attempting to block the measure. On a national level, 79 Republicans joined with all 187 Democrat members of the House to pass the measure back to the Senate. Rep. Kevin Brady (R-TX)64% voted in favor of the bill with the Democrats, according to GovTrack.us. He announced this week that he seeks to replace Rep. Paul Ryan (R-WI)58% as chairman of the House Ways and Means Committee. Ryan is...
  • RYAN: ‘OUR PARTY HAS LOST IT’S VISION AND WE ARE GOING TO REPLACE IT’

    10/28/2015 1:35:22 PM PDT · by Hojczyk · 101 replies
    Breitbart ^ | October 28,2015 | PAM KEY
    117 Wednesday, presumptive Speaker of the House Congressman Rep. Paul Ryan (R-WI)58% vowed things will be different under his leadership. Ryan said, “This begins a new day in the House of Representatives. Rep. John Boehner (R-OH)37% served with humility and distinction and we owe him a debt of gratitude. But tomorrow we are turning the page. We are not going to have a House that looked like it looks the last few years. We are going to move forward. We are going to unify. Our party has lost its vision and we are going to replace it with a vision....
  • Washington just reached the mother of all budget deals of the Obama era

    10/27/2015 8:40:13 AM PDT · by SeekAndFind · 49 replies
    Business Insider ^ | 10/27/2015 | Brett LoGiurato
    It's not the ever elusive "grand bargain." But Washington may have solved almost all of its budget problems through the 2016 presidential election. Congressional leaders and the White House came to tentative terms on a major budget deal in the wee hours of Tuesday morning — one that could stave off many of the fiscal land mines remaining through next year's election and beyond. Its passage is far from certain, but it will most likely be the final act for House Speaker John Boehner (R-Ohio) before he leaves Congress at the end of the week and hands over the role...
  • The Fiscal Future II: Not Enough Debt? (Krugman)

    04/07/2015 11:32:13 PM PDT · by Olog-hai · 7 replies
    New York Times ^ | April 7, 2015 | Paul Krugman
    Continuing my meditation on Brad DeLong’s meditation on the fiscal future. Brad doesn’t just argue that governments should be bigger in the future; he also argues that governments have historically not had enough debt, and should have more. Why? Because, he says, r-g—the difference between the real rate of interest on government debt and the rate of economic growth—has been consistently negative. Why is this significant? Well, we normally imagine that if a government engages in deficit spending now, it will have to engage in compensating austerity of some form later—even if it doesn’t plan to pay off the debt,...
  • Stockman: Corporate America Is Cannibalizing Itself

    04/01/2015 12:35:16 AM PDT · by concernedcitizen76 · 13 replies
    NewsMax ^ | March 9, 2015 | John Morgan
    American businesses are borrowing at historic high levels, but the only thing growing as a result is how fast their equity capital is vanishing, according to David Stockman, White House budget chief during the Reagan administration. Stockman blamed the Fed and the Fed's Wall Street cheerleaders. He said the Fed’s balance sheet has ballooned by nine times since 2000, yet real net investment in the business sector has cratered by 33 percent during the same time period. “Once upon a time businesses borrowed long term money — if they borrowed at all — in order to fund plant, equipment and...
  • Governments drink themselves to death at Madame Yellen’s speakeasy

    03/26/2015 1:06:02 PM PDT · by Olog-hai · 4 replies
    MoneyWeek ^ | 03/23/2015 | Bill Bonner
    Last week was a bad one for the US dollar, but good for stocks. The greenback had its worst five days of trading in four years, but the Dow rose another 168 points on Friday. This action took place after Madame Janet Yellen, proprietress of the House of the Rising Stockmarket, said she would not be impatient about raising rates. She would not be patient either, she warned. Investors drew the obvious conclusion: She has no idea what she is doing. […] The world of today is not the same world it was 50 years ago. We have a new...
  • Obama calls for spending surge, buoyed by rising economy

    01/29/2015 6:14:59 PM PST · by Olog-hai · 45 replies
    Associated Press ^ | Jan 29, 2015 8:14 PM EST | Josh Lederman and Andrew Taylor
    Declaring an end to “mindless austerity,” President Barack Obama called for a surge in government spending Thursday, and asked Congress to throw out the sweeping budget cuts both parties agreed to four years ago when deficits were spiraling out of control. Obama’s proposed $74 billion in added spending—about 7 percent—would be split about evenly between defense programs and the domestic side of the budget. Although he’s sought before to reverse the “sequester” spending cuts, Obama’s pitch in this year’s budget comes with the added oomph of an improving economy and big recent declines in federal deficits. Taking a defiant tone,...
  • Obama urges Senate to pass $1.1 T spending bill

    12/12/2014 8:29:13 PM PST · by Olog-hai · 19 replies
    Associated Press ^ | Dec 12, 2014 11:25 PM EST | David Espo and Andrew Taylor
    President Barack Obama on Friday urged the Senate to ratify a $1.1 trillion, House-passed spending bill that has roiled his Democratic Party, judging it an imperfect measure that stems from “the divided government that the American people voted for.” One day after House Democratic leader Nancy Pelosi publicly chastised him for supporting the bill, the president said there were provisions “I really do not like.” At the same time, he said there were other portions that “fund health insurance, early childhood education, the fight against climate change and expand manufacturing hubs to grow jobs.” …
  • McConnell: ‘Our Goal Is to Fund the Government’

    11/20/2014 4:50:37 PM PST · by Olog-hai · 87 replies
    Cybercast News Service ^ | November 19, 2014 - 9:50 AM | Susan Jones
    Soon-to-be Senate Majority Leader Mitch McConnell (R-Ky.) told reporters on Tuesday, “Our goal is to fund the government.” […] In response to another question, McConnell said, “It’s always appropriate” for Congress to “use the power of the purse.“ But he also noted that the president “has an important trump card—it’s called the veto pen. “So, there will be ongoing negotiations in the various efforts to fund the government, both this year and next year, about priorities. This is not unusual. And we do have different priorities. And somehow we’re going to have to work out things and make progress for...
  • Midterm disaster rips apart awkward ties between Obama and Senate Democrats

    11/06/2014 5:30:41 AM PST · by Oldeconomybuyer · 34 replies
    Washington Post ^ | November 6, 2014 | By Paul Kane
    Less than two months after their most joyous moment together, the relationship between the Obama White House and Senate Democrats went off track and has never recovered. Instead of basking in the victory glow of President Obama’s impressive 2012 reelection and an improbable two-seat gain for Democrats, they found themselves at the edge of the now infamous “fiscal cliff.” But Reid’s operation, along with his close ally, Sen. Charles E. Schumer, did not trust Obama’s negotiating skills. At that point, McConnell called Biden and famously asked: “Does anyone down there know how to make a deal?” Reid, Schumer and other...
  • Here Comes Congress' Next Big Economic Crisis, And It Could Be Even Worse Than The Fiscal Cliff

    05/18/2014 9:00:08 AM PDT · by blam · 32 replies
    BI ^ | 5-18-2014 | Brett LoGiurato
    Here Comes Congress' Next Big Economic Crisis, And It Could Be Even Worse Than The Fiscal Cliff Brett LoGiuratoMay 15, 2014, 10:51 AM We survived the fiscal cliff and the government shutdown. But there's another big battle brewing this summer between Congress and the Obama administration with dire economic consequences that could cost the country hundreds of thousands of jobs. And even though politicians on both sides of the aisle agree this disaster is "completely avoidable," all signs indicate we're on a collision course with crisis. On Wednesday, President Barack Obama gave his first formal warning about this impending self-inflicted...
  • The U.S. dollar will officially collapse on 1 July 2014 due to the implementation of H.R. 2847.

    04/27/2014 11:09:45 AM PDT · by tired&retired · 62 replies
    Snopes.com ^ | Snopes
    Write Down This Date: July 1st, 2014 On this date, U.S. House of Representatives Bill "H.R. 2847" goes into effect. It will usher in the true collapse of the U.S. dollar, and will make millions of Americans poorer, overnight. You now have just several months to prepare ... Snopes Opinion: Mixture of Truth & NonTruth Origins: This item about the passage of H.R. 2847 causing the U.S. dollar to collapse as of 1 July 2014 is another example financial scarelore put out in conjunction with an investment come-on, in this case an ominous sales pitch put out by the folks...
  • Weapon of Last Resort: ECB Considers Possible Deflation Measures (European Central Bank)

    04/23/2014 7:01:40 PM PDT · by Olog-hai · 1 replies
    Der Spiegel ^ | April 23, 2014 – 06:18 PM | Christian Reiermann and Anne Seith
    One of European Central Bank President Mario Draghi’s most important duties is watching his mouth. One ill-considered utterance is enough to sow panic on the financial markets. But during a press conference earlier this month, Draghi allowed himself a telling slip. Speaking to gathered journalists at the Spring Meetings of the International Monetary Fund and the World Bank, Draghi twice almost uttered a word he has been at pains to avoid. “Defla…”, Draghi began, before stopping himself and continuing with the term “low inflation.”Yet despite Draghi’s efforts, the specter of deflation was omnipresent in Washington during the meetings. And it...
  • Yellen signals more aggressive stance toward banks

    04/15/2014 1:03:06 PM PDT · by Olog-hai · 16 replies
    Associated Press ^ | Apr. 15, 2014 2:53 PM EDT | Martin Crutsinger
    The Federal Reserve may be about to turn more aggressive in its regulation of the financial system. Fed Chair Janet Yellen suggested Tuesday that current regulatory rules might not be enough to prevent the kind of risk-taking that triggered the 2008 financial crisis and nearly toppled the entire banking system. She said the largest U.S. banks may need to hold additional capital to withstand periods of financial stress. Non-banks with deep reaches into the financial system might also need to meet tougher rules, she said. Such firms range from money market mutual funds to private equity and hedge funds. …
  • Nearly all major US banks pass Fed ‘stress tests’

    03/20/2014 5:48:35 PM PDT · by Olog-hai · 3 replies
    Associated Press ^ | Mar 20, 2014 7:29 PM EDT | Marcy Gordon and Alex Veiga
    More than five years after the financial crisis struck, the biggest U.S. banks are better able to withstand a severe recession than at any time since the meltdown, the Federal Reserve has determined. Results of the Fed’s annual “stress tests” showed Thursday that all but one of 30 top banks passed muster with sufficient capital buffers to keep them lending through an economic crisis. Only Zions Bancorp fell short. The results showed continued improvement in banks’ financial positions since the 2008 crisis, the Fed said. That built on positive results from last year’s tests. “The industry is stronger and more...
  • Unemployment rate up for men and college grads

    03/07/2014 10:04:25 PM PST · by Olog-hai · 5 replies
    Associated Press ^ | Mar 7, 2014 4:32 PM EST
    The U.S. unemployment rate edged up to 6.7 percent in February as men struggled to find work, according to the Labor Department report issued Friday. More than 160,000 men joined the ranks of the unemployed. That increase raised their unemployment rate to 6.4 percent from 6.2 percent. Particularly hard hit were African-American men. Their rate climbed to 12.9 percent last month from 12 percent in January. It did so because more African-American men began searching unsuccessfully for work last month. …
  • Boxer: ‘Absolutely No Way We’re Going to Cut Spending’

    03/03/2014 10:16:30 AM PST · by Olog-hai · 28 replies
    Cybercast News Service ^ | March 3, 2014 - 11:23 AM | Eric Scheiner
    While discussing federal spending and transportation funding, Sen. Barbara Boxer (D-Calif.) said “there is absolutely no way we’re going to cut spending.” Boxer was discussing the Highway Trust Fund with members of the American Association of State Highway and Transportation Officials (AASHTO) in Washington on Feb. 26th, when she addressed various tax increases that may be used to raise money for the program. “I don’t see support for raising the gas tax and there is absolutely no way we’re going to cut spending, so it’s going to have to be a creative way to fund this in reality,” Boxer said....
  • Tea party tees off on McConnell after debt vote

    02/13/2014 12:49:56 AM PST · by Olog-hai · 21 replies
    Associated Press ^ | Feb. 13, 2014 3:19 AM EST | Donna Cassata
    The tea party is teeing off on Senate Republican leader Mitch McConnell. Matt Bevin, who is challenging McConnell in the GOP primary in Kentucky, seized on the senator’s vote Wednesday to move ahead on legislation to increase the nation’s debt limit, describing it as a blank check for President Barack Obama. The tea party-backed businessman and conservative groups signaled they won’t let Senate Republican incumbents forget the vote this election year. “Kentucky and America can literally no longer afford such financially reckless behavior from the likes of Mitch McConnell,” Bevin said in a statement. …
  • GOP struggles to find 'yes' debt votes (Cornyn doesn't have enough GOP cloture votes for Reid)

    02/12/2014 10:49:28 AM PST · by jimbo123 · 113 replies
    The Hill ^ | 2/12/14 | Erik Wasson and Peter Schroeder
    Republicans in the Senate are struggling to come up with the five votes they'd need to ensure passage on Wednesday of a House bill raising the debt ceiling. The measure is likely to win support from the upper chamber's 53 Democrats and the two Independents that caucus with Democrats. But only one Republican, Sen. Mark Kirk (Ill.), has so far said he would back the bill. The measure needs 60 votes because Sen. Ted Cruz (R-Texas) is filibustering the bill over the lack of spending reforms attached to it. Kirk told The Hill the vote would be close. “I think...
  • CBO Director: ‘Large and Growing Federal Debt’ Could Produce ‘Fiscal Crisis’

    02/11/2014 8:08:24 PM PST · by Olog-hai · 31 replies
    Cybercast News Service ^ | February 11, 2014 - 12:26 PM | Susan Jones
    On the same day House Speaker John Boehner said he would bring a “clean” debt ceiling bill to the House floor—and join Democrats in voting for a 13-month extension of the debt limit—the head of the Congressional Budget Office declared that the “large and growing federal debt” could eventually increase the risk of a “fiscal crisis.” […] CBO estimates that federal debt held by the public will equal 74 percent of GDP at the end of this year and 79 percent in 2024 (the end of the current 10-year projection period). Such large and growing federal debt could have serious...
  • McConnell: We Won’t Treat Debt Limit Bill ‘Like Some Kind of Motherhood Resolution’

    01/27/2014 3:48:39 PM PST · by Olog-hai · 12 replies
    Cybercast News Service ^ | January 27, 2014 - 5:26 AM | Susan Jones
    Senate Republican leader Mitch McConnell (R-Ky.) says Republicans will not give President Obama the unconditional debt-limit bill he wants: “I think for the president to ask for a clean debt ceiling, when we have a debt the size of our economy, is irresponsible. So we ought to discuss adding something to his request to raise the debt ceiling that does something about the debt—or it produces at least something positive for our country,” McConnell told “Fox News Sunday.” McConnell said President Obama is “unreasonable” to suggest that Congress treat his debt ceiling request “like some kind of motherhood resolution” that...
  • Who Read 1,582-Page $1.1T Spending Bill? Congressman: ‘Nobody Did’

    01/17/2014 12:34:32 PM PST · by Olog-hai · 8 replies
    Cybercast News Service ^ | January 16, 2014 - 5:20 PM | Barbara Boland
    When asked whether he read the 1,528-page, $1.1 trillion government spending bill before he voted for it yesterday, Rep. Earl Blumenauer (D-Ore.) said, “Nobody did!” […] In an e-mail to CNSNews.com, Blumenauer’s communications director, Patrick Malone, said: “A reminder that the Republicans complained and complained about not having time to read bills when the Dems were in charge and then keep dropping bombs like this on us.” …
  • Obama urges extending unemployment benefits

    12/19/2013 1:16:45 AM PST · by Olog-hai · 14 replies
    The Hill ^ | December 18, 2013, 07:19 pm | Mario Trujillo
    President Obama called for the extension of unemployment benefits after the Senate approved a bipartisan budget deal on Wednesday. Obama applauded the deal as move away from “shortsighted, crisis-driven decision-making” that avoids another government shutdown. But he called it a first step, adding that unemployment insurance should be extended after it was left out of the deal. “Congress should pass an extension of unemployment insurance so more than a million Americans don’t lose a vital lifeline as they fight to find a job,” Obama said. …
  • State Dept. Blames Closing of U.S. Embassy at Vatican on Benghazi—Need of U.S. Gov’t to Save Money

    11/27/2013 9:40:45 AM PST · by Olog-hai · 26 replies
    Cybercast News Service ^ | November 26, 2013 - 5:40 PM | Barbara Hollingsworth
    The U.S. State Department is blaming its decision to close the U.S. embassy at the Vatican on the Benghazi terrorist attack, saying that the Vatican—which is the seat of the Roman Catholic Church and the home of the pope—is not safe enough for U.S. diplomats. “Security is our top priority in making this move,” the State Department said in a statement sent to CNSNews.com by department spokesperson Nicole Thompson. … “This move will also save the U.S. government money,” said the department’s statement. “The Embassy to the Holy See will move into unused space on the U.S. government compound in...
  • Janet Yellen’s Fed Has The Makings Of A Potential Disaster

    11/15/2013 11:34:17 PM PST · by Olog-hai · 13 replies
    Forbes ^ | 11/06/2013 @ 8:00AM | Keith Weiner
    President Obama has nominated Janet Yellen to be the next Federal Reserve Chairman. We need to know what she stands for if we want to predict what the central bank will do to us next. Clearly, Yellen will continue Bernanke’s Quantitative Easing, but her papers and speeches show that she is quite different from her predecessor. … … Yellen is all central planner. She gets her ideas, not from Friedman, but from John Maynard Keynes. Keynes did not trust markets, preferring government intervention. His prescribed solution to recession and unemployment is for the government to increase spending and the central...
  • Dem-Sponsored Legislation Gives Obama Greater Control over Debt Ceiling

    10/30/2013 9:38:50 PM PDT · by Olog-hai · 10 replies
    Cybercast News Service ^ | October 30, 2013 - 8:31 PM | Ali Meyer
    While concern mounts over the debt ceiling, Democratic senators have introduced legislation that would grant the president more authority over increasing our debt limit, while lessening the amount of time for Congress to disapprove. Sens. Chuck Schumer (D-N.Y.), Barbara Boxer (D-Calif.) and Mazie Hirono (D-Hawaii) have introduced the Pay Our Bills Act, which would “permanently allow Congress to disapprove debt ceiling increases, instead of approving them.” …
  • Shutdown Specter: US Fumbling Puts China at Risk

    10/22/2013 9:01:01 PM PDT · by Olog-hai · 5 replies
    Der Spiegel ^ | October 22, 2013 – 05:53 PM | Marc Hujer and Daniel Sander
    The whole world looked on as the United States embarrassed itself for three weeks with its government shutdown. China, the only other superpower, profited from the domestic dispute—but as Washington’s largest creditor, it also has cause for concern. … In a commentary published last week by Xinhua, Beijing’s state-owned news agency, commentator Liu Chang wrote: “As US politicians of both political parties are still shuffling back and forth between the White House and the Capitol Hill without striking a viable deal to bring normality to the body politic they brag about, it is perhaps a good time for the befuddled...
  • Schumer: Dems Got Everything They Wanted; Republicans Got ‘A Fig Leaf’

    10/17/2013 7:00:24 AM PDT · by Olog-hai · 83 replies
    Cybercast News Service ^ | October 17, 2013 - 8:51 AM | Susan Jones
    The bipartisan deal to reopen the government and temporarily lift the debt ceiling includes one small Obamacare element—a provision that says people’s incomes must be verified before they can get Obamacare subsidies to help pay their insurance premiums. But this was not a concession to Republicans, Sen. Chuck Schumer (D-N.Y.) told CNN’s Jake Tapper on Wednesday. “It’s, you know, it is, frankly, a bit of a fig leaf, which we were happy to give, but that was not a negotiation. That was not what Ted Cruz and the others started to demand that we give them.” …
  • Obama Will Insist on Tax Hikes in Budget Deal

    10/17/2013 6:57:38 AM PDT · by Olog-hai · 35 replies
    Cybercast News Service ^ | October 17, 2013 - 6:46 AM | Susan Jones
    As part of the deal to end the government shutdown and extend the debt limit, the House and Senate have agreed to begin long-stalled budget negotiations. The conferees planned to meet Thursday morning for breakfast—to “break the ice,” the Associated Press reported. Once the actual talks get underway, President Obama will insist that tax hikes be part of the solution. “The president has insisted that in the budget negotiations that he’s been calling for all year, everything has to be on the table. And that will be his position going forward,” White House spokesman Jay Carney told reporters on Wednesday....
  • Obama: Not Allowing Gov’t to Borrow More “Would Amount to a New Tax”

    10/14/2013 12:48:15 PM PDT · by Olog-hai · 31 replies
    Cybercast News Service ^ | October 14, 2013 - 7:45 AM | Susan Jones
    President Barack Obama used his Saturday radio address to press for an end to “this Republican shutdown” and for an increase in the debt limit. “It wouldn’t be wise,” he said, “to just kick the debt-ceiling can down the road for a couple months, and flirt with a first-ever intentional default right in the middle of the holiday shopping season. Because damage to America’s sterling credit rating wouldn’t just cause global markets to go haywire; it would become more expensive for everyone in America to borrow money. Students paying for college. Newlyweds buying a home. It would amount to a...
  • Obama to nominate Yellen as Bernanke successor

    10/08/2013 5:32:26 PM PDT · by Olog-hai · 8 replies
    Associated Press ^ | Oct 8, 2013 8:23 PM EDT | Martin Crutsinger and Jim Kuhnhenn
    President Barack Obama will nominate Federal Reserve vice chair Janet Yellen to succeed Ben Bernanke as chairman of the nation’s central bank, the White House said Tuesday. Yellen would be the first woman to head the powerful Fed, taking over at a pivotal time for the economy and the banking industry. … Yellen emerged as the leading candidate after Lawrence Summers, a former Treasury secretary whom Obama was thought to favor, withdrew from consideration last month in the face of rising opposition. Yellen, 67, would likely continue steering Fed policy in the same direction as Bernanke. A close ally of...