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Keyword: fiscalcliff

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  • 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...
  • Democrats Plan Maneuver to Allow Obama to Raise Debt Ceiling

    10/07/2013 11:47:21 PM PDT · by Olog-hai · 23 replies
    Newsmax ^ | Monday, 07 Oct 2013 06:49 PM | (Newsmax Wires)
    Senate Democrats say they’ll advance a bill giving President Barack Obama the authority to raise the debt ceiling unless two-thirds of Congress disapproves, according to a Senate Democratic aide. The issue of increasing the borrowing limit and avoiding an unprecedented default is fast becoming a central focus in Washington—and comes as ordinary Americans say they’re deeply dismayed with the week-old government shutdown, and are finding blame with both Republicans and Democrats. “It looks like there is more than enough blame to go around and both parties are being hurt by the shutdown,” CNN Polling Director Keating Holland said. …
  • White House signals possible opening on debt ceiling

    10/07/2013 6:36:53 PM PDT · by Olog-hai · 17 replies
    Cable News Network ^ | 7:55 PM EDT, Mon October 7, 2013 | Jim Acosta
    Is it a glimmer of hope, or more rhetoric as the deadline for possible government default gets closer? After weeks of near silence without any hint of a potential compromise between the Obama administration and congressional Republicans over raising the nation’s debt ceiling, the White House may be offering some conciliatory language that could help lead to a deal to prevent a potential default on October 17. As recently as Friday, White House officials declined to specify any demand for the length of a deal to increase the nation’s debt ceiling. Then on Monday, a White House official said it...
  • Treasury Was Open for Business on Third Day of ‘Shutdown:’ Issued $106B in New Debt

    10/06/2013 10:49:57 AM PDT · by Olog-hai · 4 replies
    Cybercast News Service ^ | October 6, 2013 - 8:59 AM | Terence P. Jeffrey
    Although politicians and the press have generally referred to what has been happening in the federal government since Tuesday, Oct. 1 as in a “shutdown” or “partial shutdown,” that did not prevent the U.S. Treasury from being open for business on Thursday—the third day of the “shutdown” and issuing $106.291 billion in new debt, according to the Daily Treasury Statement released at 4:00 p.m. on Friday. … Even though the net debt held by the public declined by $5.039 billion in Thursday, and the cash reserved declined by $33.080 billion, according to the Daily Treasury Statement, the same statement said...
  • $3.39T: Fed Owns More Treasuries and MBS Than Public Debt Amassed From Washington Through Clinton

    09/22/2013 3:06:19 PM PDT · by Olog-hai · 23 replies
    Cybercast News Service ^ | September 22, 2013 - 3:47 PM | Terence P. Jeffrey
    The same day that the Federal Reserve’s Federal Open Market Committee announced last week that the Fed would continue to buy $40 billion in mortgage-backed securities (MBS) and $45 billion in U.S. Treasury securities per month, the Fed also released its latest weekly accounting sheet indicating that it had already accumulated more Treasuries and MBS than the total value of the publicly held U.S. government debt amassed by all U.S. presidents from George Washington though Bill Clinton. Since the beginning of September 2008, in fact, the Fed’s ownership of Treasury securities and MBS has increased sevenfold. As of the close...
  • Obama: "Raising The Debt Ceiling, It Doesn't Cost A Dime"

    09/20/2013 6:24:42 PM PDT · by markomalley · 44 replies
    PRESIDENT OBAMA: If the world sees America not paying its bills, then they will not buy debt, Treasury bills from the United States, or if they do, they'll do it at much higher interest rates. That means somebody wanting to buy an F-150 will have to pay much higher interest rates eventually, which means you will sell less cars. That’s just one example of how profoundly destructive this could be. This is not some abstract thing. And this is important: Raising the debt ceiling is not the same as approving more spending, any more than making your monthly payment adds...
  • You Can't Spend What You Can't See

    03/12/2013 9:50:04 AM PDT · by Kaslin · 2 replies
    Townhall.com ^ | March 11, 2013 | Rich Galen
    Although it hasn't made much news, what with the world missing a Pope, the Senate missing an on-the-floor bathroom, Venezuela missing a President, and President Hamid Karzai missing a press conference with Defense Secretary Chuck Hagel; but President Barack Obama has missed the deadline for producing a budget document for the United States. It's not as if the whole government spending thing hasn't been a big deal in Washington. You might have been following along as Republicans and Democrats have been not just disagreeing with one another about how to cut the deficit from its present $16.5 trillion, but they...
  • The War On Entitlements

    03/07/2013 4:49:29 AM PST · by Sir Napsalot · 24 replies
    NY Times Op-Ed ^ | 3-6-2013 | Thomas B Edsall
    The debate over reform of Social Security and Medicare is taking place in a vacuum, without adequate consideration of fundamental facts. These facts include the following: Two-thirds of Americans who are over the age of 65 depend on an average annual Social Security benefit of $15,168.36 for at least half of their income. (snip) So why don’t we talk about raising or eliminating the cap – a measure that has strong popular, though not elite, support? When asked by the National Academy of Social Insurance whether Social Security taxes for better-off Americans should be increased, 71 percent of Republicans and...
  • L.A. Times Column: Deficit hawks' 'generational theft' argument is a sham

    02/27/2013 6:46:53 AM PST · by SeekAndFind · 42 replies
    Los Angeles Times ^ | 02/27/2013 | Michael Hiltzik
    [SNIP] So here's the truth about the "generational theft" theme: It's wrong on the numbers and wrong on the implications. Let's start with that 7-to-1 spending ratio on seniors versus children. Among the flaws in the calculation is that the vast majority of government dollars spent on children comes from state and local governments, which pay most of the cost of education. On a per capita basis, state and local spending on kids swamps the federal government's spending 8 to 1. Moreover, there are twice as many children 18 and under as seniors 65 and over (this 2008 figure also...
  • Uncle Sam's 4th Sticky Bun: Administration scares taxpayers to avoid budget cuts

    02/25/2013 8:34:11 AM PST · by Moseley · 6 replies
    BIZ PAC Review (West Palm Beach, Florida) ^ | February 25, 2013 | Jonathon Moseley
    Will President Obama’s sequester interrupt government services you depend on? The media runs alarmist stories about how average Americans will suffer if Uncle Sam has to pass up a fourth sticky bun for breakfast. Politicians often panic the public to keep the money flowing. Washington is warning of three-hour delays at airports. Remember: Democrats insisted on requiring airport security screeners to be federal employees. So now you must support Democratic spending plans or else. Since 2008, federal spending has increased by $800 billion per year. The looming sequester will shave off $100 billion per year. Washington will still be spending...
  • We're Riding Down a Fiscal Avalanche While MOOchelle Skis Aspen!!!

    02/18/2013 9:37:06 AM PST · by NOBO2012 · 6 replies
    Michelle Obama's Mirror ^ | 2-18-2013 | MOTUS
        As you know, the Aspen photo embargo has been quite successful. The fact that you haven’t seen even so much as a cellphone shot indicates the overall good breeding, manners and political affiliation of the type of people who ski Aspen. That, and the fact Lady M had the SS shut down one of the mountains on Buttermilk to the riffraff in order to assure her…uh, a wide berth on the way down. It’s no biggie: the people in Washington get used to it, I’m sure the skiers here will too. And, as we have in the past,...
  • Senate Dems unveil $110 billion sequester-replacement package

    02/16/2013 7:45:39 AM PST · by Cheerio · 8 replies
    The Hill ^ | 02/14/13 | Alexander Bolton and Erik Wasson
    Senate Democratic leaders unveiled a $110 billion sequester-replacement bill at a closed-door caucus meeting Thursday that would replace $85 billion in automatic spending cuts set to hit March 1. The Senate Democratic package is split evenly between spending cuts and provisions raising new tax revenues, according to a Democratic source. It would raise nearly $54 billion in taxes by implementing the Buffett Rule, setting a minimum effective tax rate for wealthy individuals and families. It would raise additional revenues by changing the tax treatment of oil extraction from oil sands. ....snip.... On Thursday, Homeland Security Secretary Janet Napolitano testified that...
  • Rep. Jackson Lee warns against more spending cuts: 'We're at the bone almost'

    02/13/2013 9:49:18 AM PST · by BradtotheBone · 39 replies
    The Hill ^ | 02/13/13 11:16 AM ET | Pete Kasperowicz
    Rep. Sheila Jackson Lee (D-Texas) urged her colleagues to reach a compromise to prevent spending cuts through sequestration, arguing that government programs are already as lean as they can be. "We're at the bone almost, and sequester, that is across-the-board cuts, will literally destroy us and put us in a recession," she said on the House floor Wednesday. She called on Republicans to meet Democrats at the negotiating table and rejected the idea that President Obama delivered a partisan State of the Union address Tuesday night. "May I ask them to take some cotton out of their ears, because in...
  • Peter Schiff – The Collapse Might Be Our Savior

    02/11/2013 11:34:17 AM PST · by appeal2 · 24 replies
    Financial Survival Network ^ | 02/11/2013 | Kerry Lutz
    Peter Schiff is a regular guest on FSN. He was way ahead of all the so-called experts, predicting the real estate crash at a time when Wall Street was still raking in the profits. We ran into him in the Bahamas at the Global Economic Summit. While others believe that country can still be saved, Peter believes that only a currency collapse, along with a complete cessation of easy credit is the only thing that can bring America to its senses. While there are certainly dangers from such an approach, it may be the only way to get Americans to...
  • Army: 78% Of Combat Brigades Will Skip Training Due To Sequester, CR

    02/10/2013 3:40:59 AM PST · by SkyPilot · 43 replies
    AOL Defense ^ | 6 Feb 13 | Staff
    WASHINGTON: Rarely have such pretty slides told such an ugly story. While Army Chief of Staff Ray Odierno tries to talk up "The Force of Tomorrow," Army briefing documents obtained today by AOL Defense lay out the near-term impact of sequestration, the Continuing Resolution, and unresolved overseas contingency operations needs: an enormous $18 billion shortfall for the service that will be borne almost entirely by federal workers and military readiness. You can see the slides by clicking "download this document" (up and to the left) and read the detailed talking points here, but the highlights are harrowing enough: Training:...
  • At Last, Republicans Make Their Case to Main Street

    02/07/2013 2:20:40 PM PST · by Kaslin · 14 replies
    Townhall.com ^ | February 7, 2013 | Michael Barone
    The House Republicans, in serious trouble with public opinion as they blinked facing the "fiscal cliff" over New Year's, seem suddenly to be playing a more successful game -- or rather, games -- an inside game and an outside game. The inside game can be described by the Washington phrase "regular order." What that means in ordinary American English is that you proceed according to the rules. Bills are written in subcommittee and committee and then go to the floor. When the House and Senate pass different versions -- likely when Republicans control the House and Democrats have a majority...
  • Boehner full of regret over 'fiscal-cliff' moves

    01/26/2013 6:52:47 PM PST · by RummyChick · 76 replies
    the hill ^ | 1/26 | berman
    Speaker John Boehner (R-Ohio) is sharing his regrets about his "fiscal-cliff" strategy, less than a month after the House bitterly swallowed a last-minute deal hatched in the Senate. In a private speech to the Ripon Society on Tuesday, Boehner said that he should have taken a different course after the November election by immediately demanding that the Senate produce a bill to avert the worst parts of a combination of tax increases and spending cuts that were due to hit on Jan. 1. Instead, Boehner delivered a formal speech at the Capitol on the day after President Obama won a...
  • Ryan says GOP need to pick its fights with Obama

    01/26/2013 7:39:30 AM PST · by Olog-hai · 38 replies
    Associated Press ^ | Jan 26, 2013 9:34 AM EST | Ken Thomas
    Rep. Paul Ryan says Republicans need to stay united and pick their fights during President Barack Obama’s second term. … Ryan defends his vote on the “fiscal cliff” deal. He says that if the measure hadn't passed, every single taxpayer would have paid higher taxes. …
  • Going over the Moral Cliff

    01/23/2013 3:30:31 PM PST · by Kaslin · 6 replies
    Townhall.com ^ | January 23, 2013 | Michael Youssef
    In my book, When the Crosses are Gone, I warn that when a culture abandons thinking and logic in favor of feelings and emotions, it is doomed to destruction. Although emotions are a very important part of the human psyche, when they control every aspect of life, morality becomes a victim. Today, there is widespread agreement that morality in America is deteriorating with breathtaking speed. On one hand, we face a belligerent and intimidating lobby that desires the breakdown of biblical morality. On the other hand, a docile public—as well as church leadership—is terrified to stand up for truth...
  • Conservatives Have Completed Their Cave On The Debt Ceiling

    01/22/2013 1:59:35 PM PST · by Wisconsinlady · 41 replies
    Business Insider ^ | 01/22/13 | Grace Wyler
    “The Club for Growth will not oppose tomorrow’s vote on the debt ceiling,” Club for Growth President Chris Chocola said in the statement. “The Club for Growth will, on the other hand, strongly oppose any efforts during the upcoming debate over the continuing resolution and sequester that fail to arrest out-of-control spending and put sensible limits on the growth of government.” That's a major reversal for an organization whose primary mission is to force lawmakers to curb government spending. Until now, Club for Growth has demanded that any vote to increase the debt limit include a balanced budget amendment. The...
  • Harry Reid's Great Disappearing Act (Our fiscal mess is the Democratic Senate's fault)

    01/21/2013 6:41:02 PM PST · by SeekAndFind · 10 replies
    Wall Street Journal ^ | 01/18/2013 | Kimberly Strassel
    The simplest statements sometimes are the most insightful. For an example, consider this one on Wednesday from Oklahoma Sen. Tom Coburn, in reaction to President Obama's gun-control proposals: "I would welcome the opportunity to debate these issues on the floor of the Senate, and would encourage Majority Leader [Harry] Reid to schedule a full and open debate." In these seemingly innocuous words are a key to GOP revival. What may be the most overlooked story of the past two years is how Harry Reid has subverted the democratic process, successfully allowing him to both protect his party and keep the...
  • Top Dem promises to pass budget — but only to raise taxes

    01/21/2013 5:30:00 AM PST · by bestintxas · 8 replies
    wash examiner ^ | 1/20/13
    Byron York Chief Political Correspondent The Washington Examiner @ByronYork Popular in PoliticsUtah sheriffs warn Obama of deadly war over guns Newsweek: Obama is 'The Second Coming' Top Dem promises to pass budget — but only to raise taxes Lupe Fiasco gets booted from inaugural event after rapping anti-Obama song Chuck Schumer: GOP has to back tax increases to get a budget In recent days Republicans have had some success pointing out that it will soon be four years since Senate Democrats have allowed Congress to pass a budget — something the Congressional Budget Act requires lawmakers to do each year....
  • Fiscal Farce, Failure, Fantasy, & Fornication

    01/18/2013 2:24:00 PM PST · by johnsmom · 1 replies
    The Burning Platform ^ | 1/18/2013 | Administrator
    Excerpted "After witnessing the fighting of undeclared never ending wars, passage of freedom destroying legislation like the Patriot Act & NDAA, approval of pork barrel spending to the tune of hundreds of billions, rule by Executive Order, using ZIRP to extract hundreds of billions from senior citizen savers and give it to criminal Wall Street banks, forcing the American people at gunpoint to replenish the Wall Street banks with $700 billion after they had committed the greatest financial fraud in history, and a continuing trampling of the U.S. Constitution, the American people continue to remain willfully ignorant of the truth....
  • House GOP: We'll Raise Debt Limit for 3 Months if Senate Agrees to Produce a Budget

    01/18/2013 12:22:16 PM PST · by Zakeet · 34 replies
    Weekly Standard ^ | January 18, 2013 | John McCormack
    House Majority Leader Eric Cantor says in a statement: Fitch Ratings agency recently said, if the debt limit is raised without substantive deficit reduction, our nation's credit rating could be downgraded. The President's plan to simply borrow more money without any reform in Washington puts us all at risk. The first step to fixing this problem is to pass a budget that reduces spending. The House has done so, and will again. The Democratic Senate has not passed a budget in almost four years, which is unfair to hardworking taxpayers who expect more from their representatives. That ends this year....
  • Republicans should execute 'Maneuver X'

    01/17/2013 5:33:54 PM PST · by upchuck · 11 replies
    Washington Examiner ^ | Wednesday, January 16, 2013 | Phillip Klien
    ... Over the past two years, Republicans have ... viewed every potential crisis -- a possible government shutdown, the threat of a debt ceiling breach and the prospect of the nation sailing over the "fiscal cliff" -- as an opportunity to corner Obama into agreeing to tackle the nation's mounting debt problem. This strategy has created a dynamic in which Obama has successfully portrayed Republicans as reckless, incapable of governance and willing to put the economy at risk to make a political statement. He's been able to deflect questions about his own lack of action on deficits by blaming Republican...
  • President, Congress struck a bad deal for America

    01/15/2013 9:18:18 PM PST · by LiberTEAWatch
    Glenwood Springs Post Independent ^ | January 15, 2012 | James D. Kellogg
    Praise government! Just hours after the federal bureaucracy went over the “fiscal cliff” on New Year’s Day, President Obama voiced approval for an emergency Congressional bill to save us all. Yes, ailing American families and businesses will pay more in taxes. But that’s what it takes for big government to avoid real budget cuts, for now. As soon as the beltway bandits raise the federal debt ceiling above $16.4 trillion in February, runaway deficit spending can continue unabated. Hallelujah! All sarcasm aside, American taxpayers are holding the brown end of the stick again. The media wants us to believe this...
  • House panel blocks most GOP attempts to trim Sandy disaster-relief bill

    01/15/2013 6:47:37 AM PST · by BradtotheBone · 23 replies
    The Hill ^ | 01/14/13 10:08 PM ET | Pete Kasperowicz
    The Republican-led House Rules Committee late Monday approved a rule for a massive Hurricane Sandy relief package that shuts out most GOP proposals to pare back the size of the bill. The main bill provides $17 billion in relief, and an amendment made in order would add another $33.7 billion, for a total of $50.7 billion. Late last week, Republicans offered amendments that would trim the bill significantly, but few of those were made "in order" by the Rules Committee on Monday. For example, Rep. Tom McClintock (R-Calif.) proposed amendments that would have slashed $22 billion from the total package,...
  • Why All The Green Pork In A Deal Meant To Avoid The Fiscal Cliff?

    01/15/2013 6:39:34 AM PST · by SeekAndFind · 2 replies
    Forbes ^ | 01/15/2014 | Robert Bradley Jr.
    When President Obama’s autopen turned the fiscal cliff deal into law, Americans might have thought that the federal government had begun to walk down the road to a balanced budget. But the 157-page American Taxpayer Relief Act of 2012 is business-as-usual. The backroom deal, chiefly engineered by Vice President Biden, fed the special-interest well while leaving the federal budget in crisis. The final bill includes some $68 billion in favors over the next ten years. The fiscal irresponsibility continues unabated. A look at the energy provisions alone shows why. For starters, the cliff deal renewed the twenty-years-and-counting “temporary” tax credit...
  • Barack Obama: Weapon of Mass Distraction

    01/15/2013 5:18:50 AM PST · by Kaslin · 8 replies
    Townhall.com ^ | January 15, 2013 | David Limbaugh
    President Obama's latest news conference was further confirmation that his voracious appetite for spending was not satisfied but whetted by the fiscal cliff deal, which he views as an appetizer. We were told that the GOP achieved a coup in the fiscal cliff negotiations because they lured Obama into an agreement to lock in the Bush tax rates except for the highest-income earners. Never mind that Obama agreed to no spending cuts or entitlement reform after demanding a "balanced approach" to deficit reduction; they told us he'd be forced to address those matters in a couple of months in the...
  • A Fiscal Fix or Another Fix

    01/14/2013 4:42:40 AM PST · by Kaslin · 9 replies
    Townhall.com ^ | January 14, 2013 | Terry Paulson
    Were you relieved when you heard on January 2nd that the House passed the Senate "compromise" bill to reinstate the Bush tax cuts for everyone making less than $400.000? People sighed, "At least my income taxes aren't going up!" The market reacted with immediate gains--the money keeps flowing. Like the drug addict in search of his next "fix"--Americans seem deluded into thinking that more spending is the solution. How many times have you heard the media comment on the next "solution" to deal with the crisis in Greece only to realize that the "solution" quickly failed leading to a new...
  • Obama is at Fault (Yes he is)

    01/12/2013 3:53:22 AM PST · by Kaslin · 10 replies
    Townhall.com ^ | January 12, 2013 | John C. Goodman
    Do you remember what the mainstream media mainly talked about as the country careened toward the fiscal cliff? Did they talk about the harmful economic effects of impending tax increases? Did they talk about which tax increases would be worse than others? Did they talk about the need to get rid of waste in government without causing economic harm? No. None of that. The taking heads and opinion writers focused like a laser on one and only one question: who was going to get the blame if we went over the cliff. Up next will be the debt ceiling deadline...
  • #WhyIsMyPaycheckLessThisWeek

    01/11/2013 7:44:12 PM PST · by Red Nation Rising · 4 replies
    RedNationRising.com ^ | January 11, 2013 | Michael Holmes
    As much as I dislike seeing my taxes go up, I can not help but smile a bit at all the liberals who tripped over each other running to the ballot box in November to vote for Obama now scratching their heads wondering why their taxes went up. On Twitter Friday, the subject #WhyIsMyPaycheckLessThisWeek was trending. In truth, I probably should feel like crying that people are so blind to the policies and the results of the policies they support, but I’d rather take a more light-hearted approach at the beginning of the new year. Payroll taxes just took a...
  • U.S. Treasury Says Balanced Budget in December—Yet Hit Debt Limit During Fiscal Cliff Negotiations

    01/11/2013 6:45:45 PM PST · by Olog-hai · 13 replies
    Cybercast News Service ^ | January 11, 2013 | Terence P. Jeffrey
    In its monthly statement for December, released Friday, the U.S. Treasury says the federal government balanced its budget during the month, bringing in roughly $270 billion in revenues while making roughly $270 billion in expenditures. Yet, the Treasury also says that during December it increased by $63.079 billion the national debt subject to the statutory legal limit set by Congress, thus dramatically bringing the debt to the legal limit on Dec. 31, just as Congress and the White House were involved in final negotiations on a deal to avert the so-called “fiscal cliff”—which would have canceled all of the lower...