Keyword: spending

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  • School Districts Spends $16,400 Per Student; Union Blames Lack Of Funding For Toilet Paper Shortage

    03/11/2013 12:22:59 PM PDT · by MichCapCon · 6 replies
    Michigan Capitol Confidential ^ | 3/7/2013 | Tom Gantert
    The Michigan Education Association blames a supply shortage in the Pontiac School District on ďeducation funding cuts.Ē State Rep. Tim Greimel, D-Auburn Hills, said education funding cuts also left Pontiac without basic supplies, including toilet paper. But the claims don't stand up to the districtís own explanation of why it has been in deficit since 2008-09 and ignores the pattern of overspending the district has been engulfed in for the past decade. Pontiac had a $24.5 million deficit in 2010-11. By law it was required to submit a deficit elimination plan to the state of Michigan explaining how it would...
  • Obamas' Cost of Living in the White House: $1.4 Billion a Year (Proof he Thinks he's king)

    03/11/2013 8:28:52 AM PDT · by Kaslin · 29 replies ^ | March 11, 2013 | Katie Pavlich
    As Carol touched on yesterday, while the White House keeps its doors closed to the people under the guise of "devastating sequestration," First Lady Michelle Obama is preparing for her glitzy 50th birthday party with performances by Adele and Beyonce. Although the party is being touted as private and therefore paid for by the Obamas, taxpayers will still have to foot the bill for secret service and other accommodations at the White House for the event. Meanwhile, President Obama just held a fancy dinner for Republicans just six blocks away from the White House and of course he took his...
  • Economic Mirages: House Prices, Unemployment, Stimulus Spending and Sequesteria

    03/10/2013 10:13:57 AM PDT · by whitedog57
    Confounded Interest ^ | 03/10/2013 | Anthony B. Sanders
    The sequesteria (irrational fear of sequestration) continues. For example, Newark Mayor Cory Booker claims that the sequester ďis brunt, brutal and blind.Ē The Obama Administration suspended tours of the White House ďbecause of sequestration.Ē George Mason University City and Regional Planning Professor Stephen Fuller claims that 2.14 million jobs could be lost because of the sequester. Now, take a deep breath. * Sequestration reduces the rate of increase in federal spending. It does not cut a penny of actual spending. * Under the sequester, total federal spending goes up, just by less than it would have gone up without sequestration....
  • House GOP leaders blindsided by defections on spending vote (Commiecareô mentioned)

    03/10/2013 3:52:18 AM PDT · by Libloather · 7 replies
    The Hill ^ | 3/10/13 | Molly K. Hooper
    House Republican leaders have a new problem. They canít count on their members to support them on procedural votes. Sixteen Republicans defected Wednesday in a vote on the rule governing consideration of a government-funding bill meant to prevent a government shutdown. The defections could have caused the rule to fail since most Democrats voted also voted against it. Even more striking? Seven of the Republicans who voted against the rule then voted for the funding bill. Votes on rules are supposed to be party-line and serve as tests of a caucusís unity. So it was disconcerting for leaders to see...
  • $85 Billion Worth of "Victims," Incalculable Prosperity for America

    03/08/2013 10:44:55 AM PST · by jfd1776
    Illinois Review ^ | March 8, 2013 A.D. | John F. Di Leo
    The 2013 spending cuts known to horror fans everywhere as ďThe SequesterĒ are not really spending cuts, because the Continuing Resolution form of government financing allows annual increases of over $85 billion per year. These adjustments of the automatic budget increases are therefore only a cut in the rate of growth, which, anywhere but the Bizarro World in which we now live, would still be called spending increases. Still, the WAY in which the money is being cut will have victims in the short term. -) There are government agencies that hired too many people because they thought theyíd have...
  • Boehner-Obama Deals Produce $2.5T New Debt in 2 Years; $21,817 Per Household

    03/08/2013 7:09:01 AM PST · by illiac · 9 replies ^ | 3/7/13 | Terrence P Jeffrey
    ( - The federal debt has increased $2.5 trillion over the past two years, during a time when federal spending has been governed by a series of deals cut between Republican House Speaker John Boehner and Democratic President Barack Obama. Boehner became speaker on Jan. 5, 2011, when the 112th Congress began its first session. At that time, the federal government was operating under a continuing resolution (CR) passed on Dec. 21, 2010 by the previous Congress. On March 1, 2011, Boehner and Obama made their first spending deal to provide funding for the government after the then-current CR expired...
  • Tell Obama To Put Up Or Shut Up On The Budget

    03/08/2013 4:45:21 AM PST · by IBD editorial writer · 4 replies
    Investor's Business Daily ^ | 03/07/2013 | IBD Staff
    Budget: Now that President Obama's anti-sequester PR campaign has imploded, he's trying to sucker the GOP into a tax-hiking "grand bargain." They should refuse, and instead demand Obama produce his own budget. For months Obama traveled around the country warning that disaster lay ahead if Republicans refused to replace the $84 billion in sequester cuts with more taxes. Their obstinacy, he said, would cause a "series of dumb, arbitrary cuts" that would throw people out of their homes, deny women access to preventive care, cause monumental flight delays, and on and on. Obama's scare tactics failed to sway the public,...
  • A Pop Quiz About Federal Spending That May Surprise You (Are you really a high information voter?)

    03/05/2013 7:35:23 AM PST · by SeekAndFind · 29 replies
    RCM ^ | 03/05/2013 | Henry Aaron
    Some years ago, former Senator and one-time Harvard professor Daniel Patrick Moynihan remarked, "It isn't what you don't know that hurts you. It's what you know that isn't so." In that spirit, readers: here is a short quiz. Please don't worry. The quiz is short. You won't be graded. And you may be surprised. Question 1: The federal government is spending a larger share of national income than at any time since World War II - true or false? Question 2: The federal government is collecting a larger share of national income in taxes than at any time since World...
  • US calls out UN diplomats for coming to budget meetings drunk

    03/04/2013 8:14:13 PM PST · by TurboZamboni · 10 replies
    Fox ^ | 3-4-13 | AP
    UNITED NATIONS --The United States thinks the United Nations has a drinking problem. Ambassador Joseph M. Torsella, who represents the U.S. on the U.N.'s budget committee, said Monday that the tense process of negotiating the world body's annual budget is made more complicated by the number of diplomats who turn up drunk. The U.N. budget is finalized in December, when holiday parties apparently lead to some revelry spilling over into budget negotiations
  • Senator: Obama's Golf Weekend With Tiger Cost As Much As 341 Federal Workers Furloughed

    03/01/2013 12:53:02 PM PST · by SoFloFreeper · 15 replies
    Weekly Standard ^ | 3/1/13 | Daniel Halper
    "There is nothing just or virtuous about protecting a stale welfare state that is failing the people it is supposed to help." In a sharply written statement, Senator Jeff Sessions of Alabama blasts President Obama for campaigning and not governing. He calls Obama's response to the sequestration "the most cynical behavior I have seen during my time in Washington." Adds the senator, "Replacing the sequester would require the President to save $85 billion out of a $3,500 billion federal budget. One would think that any President would leap at the opportunity to make government more effective and responsive. But what...
  • Boehner says unwilling to talk about raising U.S. revenues

    03/01/2013 9:09:58 AM PST · by xzins · 84 replies
    Reuters ^ | Fri Mar 1, 2013 11:25am EST | Reuters
    House of Representatives Speaker John Boehner ruled out tax increases as a way to address the nation's deficit after talks with President Barack Obama on budget cuts set to take effect later on Friday. "The discussion about revenue, in my view is over. It's about taking on the spending problem," Boehner said
  • Will Demsí budget blackmail strategy backfire?

    03/01/2013 6:39:27 AM PST · by Moseley · 9 replies
    BIZ PAC Review (West Palm Beach, Florida) ^ | March 1, 2013 | Jonathon Moseley
    ďBuy this magazine or the dog gets it!Ē screamed the National Lampoon magazine cover for January 1973, showing a gun to a dogís head. Today, President Barack Obama is nakedly threatening to harm the country and the American people if he has to slow spending. Democrats have a gun to the heads of American families. They are threatening to pull the trigger if they have to give up their spending addiction. While these tactics are old, they are not normally acted out so poorly. Whatís new is that Obama is being so obvious that everyone is noticing. The Democrats are...
  • Henninger: The Obamaian Universe

    02/28/2013 7:00:43 AM PST · by SeekAndFind · 10 replies
    Wall Street Journal ^ | 02/28/2013 | Daniel Henninger
    It may be that we have to move beyond politics alone to explain events in Washington. We are in the fifth year of the Obama presidency, and Washington is still dead in the water. Four straight years in which the government of the United States of America fails to enact a budget is, well, amazing. The sense is growing around Washington, and this increasingly includes Democrats, of living in an alternative universe. Barack Obama gives his State of the Union speech, the sequester looms, and the president flies around the country giving speeches. He's had virtually no contact on the...
  • Democrats' Budget Blackmail: Uncle Sam wants 5th sticky bun or he'll burn your house down

    02/27/2013 8:22:10 PM PST · by Moseley · 25 replies
    February 27, 2013 | Jonathon Moseley
    ďBuy this magazine or the dog gets it!Ē screamed the National Lampoon magazine cover for January 1973, showing a gun at a dogís head. Today, President Barack Obama is nakedly threatening to harm the country and the American people if he has to slow spending. Democrats have a gun at the heads of American families. They are threatening to pull the trigger if they have to give up their spending addiction. While these tactics are old, they are not normally done so badly. Whatís new is that Obama is being so obvious that everyone is noticing. The Democrats are bungling...
  • The Malignancy in Federal Medical Research

    02/27/2013 4:23:05 PM PST · by Kaslin · 3 replies ^ | February 27, 2013 | Terry Jeffrey
    When George W. Bush was stumping as a "compassionate conservative" in the closing days of the 2000 presidential campaign, he went to Florida and repeated a campaign promise to double the funding for the National Institutes of Health. "I will lead a medical moon shot to reach far beyond what seems possible today and discover new cures for age-old afflictions," Bush said. After he won Florida by a famously narrow margin -- and thus was elected president despite losing the nationwide popular vote -- Bush basically made good on his funding promise. In fiscal 2000, the NIH spent $15.415 billion;...
  • CO: Secret energy lab spawns million dollar govt employee

    02/25/2013 8:29:39 AM PST · by Lorianne · 6 replies
    Watchdog ^ | 24 November 2012 | Tori Richards (Watchdog)
    (Watch Dog) Ė The federal governmentís dream of a renewable energy empire hinges on a scrubby outpost here, where scientists and executives doggedly explore a new frontier. If you live outside Colorado, you probably havenít heard of the National Renewable Energy Laboratory Ė NREL for short. Itís the place where solar panels, windmills and corn are deemed the energy source of the future and companies who support such endeavors are courted. Itís also the place where highly paid staff decide how to spend hundreds of millions in taxpayer dollars. And the public pays those decision-makers well: NRELís top executive, Dr....
  • Congressman Takes No [Bleep] From Obama

    02/27/2013 2:17:00 PM PST · by KeyLargo · 13 replies
    American Spectator ^ | Feb 27, 2013 | Quin Hillyer
    Congressman Takes No [Bleep] From Obama Quin Hillyer Sophomore U.S. Rep. Mike Pompeo, R-Kansas, graduated first in his class at West Point, graduated from Harvard Law School, had a hugely successful career in the aerospace industry, and also has a think-tank background. He may be a seriously rising star. Anyway, he put out a self-explanatory press release that is a beauty to behold. Today, White House Spokesman Jay Carney asked during a press briefing what Congressman Mike Pompeo, R-Kansas, would say to defense workers facing furlough because of the Presidentís sequester plan. The following is his statement: ďMr. Carney doesnít...
  • The Sequester Revelation: Obama has the legal power to avoid spending-cut damage

    02/27/2013 7:35:26 AM PST · by SeekAndFind · 11 replies
    And when the Republicans opened the seventh seal of the sequester, there was a great earthquake; and the sun became black and the stars fell unto the Earth; and our nation's ability to forecast severe weather, such as drought events, hurricanes and tornados, was seriously undermined. Lo, and the children were not vaccinated, and all the beasts starved in the zoos, and the planes were grounded. ______________________________ Or so President Obama and his Cabinet prophets have been preaching ahead of the automatic budget cuts due to begin Friday. The bit about the weather is a real quote from the White...
  • Obamaís Fear of Spending Cuts

    02/27/2013 6:49:17 AM PST · by SeekAndFind · 10 replies
    National Review ^ | 02/27/2013 | Michael Tanner
    According to President Obama, the $62 billion in new taxes this year imposed as part of the fiscal-cliff deal will have no effect on economic growth. In fact, the president believes that he can safely impose another $58 billion in tax increases to replace spending cuts from the upcoming sequester. And, of course, Obamacareís almost $42 billion in new taxes (and regulations) in 2013 donít have any impact on hiring or investment. But, the president says, the $44 billion in cuts this year resulting from the sequester will throw the U.S. economy back into recession. The president seems to labor...
  • To Cut Government Spending, Lay Off the Loafers

    02/26/2013 6:25:19 AM PST · by SeekAndFind · 22 replies
    RCM ^ | 02/26/2013 | Diana Furchtgott-Roth
    WASHINGTON-With the sequester scheduled for March 1, everyone is looking for ways to save money. How about cutting the employees the federal government pays not to work for Uncle Sam? In a new report issued earlier this month, the Office of Personnel Management announced that the federal government paid over $156 million in 2011 for some of its employees to work as representatives for government unions, up from $139 million in 2010 and $129 million in 2009. In government language that would make George Orwell smile, the time that federal workers spend working for their unions and not working for...
  • Brief and Direct: Why are Firemen Always the First To Be Laid Off?

    02/26/2013 5:40:18 AM PST · by KeyLargo · 55 replies
    Red ^ | Feb 25, 2013
    Brief and Direct: Why are Firemen Always the First To Be Laid Off? After garbage workers, that is. By: Flagstaff (Diary) | February 25th, 2013 at 08:33 Maybe because weíll miss them the most. Because the President has forgotten heís already been elected and heís been campaigning across the country to defeat his own idea, there are too many sources to quote regarding the dire consequences President Obama sees if the sequester, or Budget Control Act of 2011 (BCA), isnít averted. So without individual attribution here are some of the services we will lose. Local first respondersĖfire, police, EMS. Teachers....
  • If You're A Democrat The Argument That There Is No Spending Problem Is Really Very Logical...

    02/25/2013 4:49:26 PM PST · by The Looking Spoon · 1 replies
    The Looking Spoon ^ | 2-25-13 | The Looking Spoon
  • Spot The Sequester And The Consequences Of NOT Putting Our Fiscal House In Order

    02/24/2013 9:31:43 AM PST · by whitedog57 · 14 replies
    Confounded Interest ^ | 02/24/2013 | Anthony B. Sanders
    The rhetoric about the sequester is mind numbing. To listen to analysts and politicians, the sequester will be like The Titanic striking an iceberg all over again. President Obama warns of thousands of teachers being laid off, beef prices skyrocketing because FDA inspectors will be laid off, etc., etc. As Bill Murray said in Ghostbusters, ďHuman sacrifice, dogs and cats living together, mass hysteriaÖĒ Absolutely savage spending cuts. But seriously, can you spot the absolutely savage budget cuts that will cause the mass hysteria? It is almost unnoticeable among the leviathan Federal budget that only keeps growing. Another view of...
  • Real Federal Spending Up $822.90 Per American Since 2008

    02/23/2013 6:56:16 PM PST · by NoLibZone · 5 replies
    Inflation-adjusted per capita federal spending went up $822.90 from fiscal 2008 to fiscal 2012, according to official data from the U.S. Treasury and the Census Bureau. Real federal spending also increased $2437.64 per household between 2008 and 2012. In constant 2012 dollars, the federal government spent $3,176,376,470,000 in 2008 and $3,538,446,000,000 in 2012, according to the U.S. Treasury. (The 2008 spending number was adjusted to 2012 dollars using the Bureau of Labor Statistics inflation calculator.) On April 1, 2008 (the midpoint in the federal fiscal year which ends on Sept. 30), there were 303,381,938 people in the United States, according...
  • Administration Lashes Out at Congressmenís Failure to Consume Office Budget Allowance

    02/23/2013 9:36:15 AM PST · by John Semmens · 18 replies
    Semi-News/Semi-Satire ^ | 23 Feb 2013 | John Semmens
    Senator Rand Paul (R-Ken) held a press event to announce he is returning $600,000 in unused funds to the US Treasury. The Senator said he was ďproud of the fiscal prudence shown by my staff in making sure we are as efficient as possible with the taxpayersí money.Ē This is the second time Paul has refunded money. Last year he returned $500,000. Representative Mick Mulvaney (R-SC) also announced his office was returning $160,000 in unspent funds. ďAt a time when Americans are tightening their budgets, I have made an effort to do the same with my Congressional office budget,Ē Mulvaney...
  • Sequester is not a cut.

    02/23/2013 8:52:13 AM PST · by donmeaker · 24 replies
    The Sequester is not a cut.
  • Depressing poll of the day: Public opposes cuts to virtually all types of spending

    02/23/2013 5:07:39 AM PST · by SeekAndFind · 40 replies
    Hotair ^ | 92/22/2013 | AllahPundit
    Nothing new here, which is the most depressing part. Scroll halfway down the page at Pew and you'll find a table tracking shifts in public opinion on various programs over the last four years. There are noticeable jumps in support for cuts from 2009 to 2011 as America got a snoutful of Obamanomics, but we've leveled off since then ‚ÄĒ and in not a single category of the 17 tested is there 50 percent in favor of decreasing spending. In fact, in only three of those 17 categories (foreign aid, unemployment aid, and the State Department) is there more support...
  • LaHood: Forced cuts mean flight delays, some control tower closures

    02/22/2013 10:42:54 AM PST · by xzins · 23 replies
    CNN ^ | 12:38 PM EST, Fri February 22, 2013 | CNN Staff
    <p>Short CNN articles must be excerpted to 50% of content.</p>
  • Obama: ďAll You Need Is Gov!Ē Ė Wages and Salaries Continue to Fall with Growing Government

    02/21/2013 4:09:06 PM PST · by whitedog57 · 4 replies
    Confounded Interest ^ | 02/21/2013 | Anthony B. Sanders
    President Obamaís over-the-top speech on the effects of sequestration made it seem like it would be the end-of-days for the economy if sequestration went into effect. Or if ANY government spending is cut Ö or slowed. Douglas Holtz-Eakin of the American Action Forum (AAF) was on CNN with Erin Burnett saying the sequestration wonít nearly be as bad as some say. The government wastes $125 billion each year, and the actual amount of the sequestration cuts is only $44 billion (not the $85 billion Obama is screeching about). Was Obama really saying that government can waste $125 billion per year,...
  • Video: Senate Dems to announce sequester-replacement plan today

    02/14/2013 8:18:42 AM PST · by SeekAndFind · 12 replies
    Hotair ^ | 02/14/2013 | Ed Morrissey
    So what will this new plan for deficit reduction look like? Ten years of cuts get turned into ten months of tax hikes and cuts in equal measure. The tax hikes in the plan equal that gained by Barack Obama in the January standoff for the rest of this year. The cuts fall mainly in defense spending and agricultural subsidies. Will that fly? Only like the domesticated turkey that it is:CLICK ABOVE LINK FOR THE VIDEO CBS News has learned that the Senate Democrats’ long-awaited plan to avert the sequester, being announced by Sen. Patty Murray, D-Wash, Thursday, would replace...
  • Obama Peddles a Dangerous Fantasy About the Debt Crisis

    02/13/2013 5:24:32 AM PST · by IBD editorial writer · 5 replies
    Investor's Business Daily ^ | 02/12/2013 | IBD Staff
    Fiscal Policy: President Obama now says the deficit problem is all but fixed, so we can stop all this unpleasant talk about spending cuts and get on with government spending. Maybe this is good politics, but it's reckless policy. In the run-up to his State of the Union speech, Obama was running around telling everyone how we've already "cut our deficit by more than $2.5 trillion," and are now "more than halfway towards the $4 trillion in deficit reduction that economists . .. say we need to stabilize our debt." Clearly Obama wants all the dreary talk of deficits off...
  • In tea party response, Paul will urge GOP to embrace immigrants, cut spending

    02/12/2013 12:56:37 PM PST · by xzins · 58 replies
    CNN ^ | 12 Feb 13 | Mark Preston
    <p>Washington (CNN) - Sen. Rand Paul will call on his fellow Republicans to be more welcoming of immigrants Tuesday night in a speech where he will also sharply criticize President Barack Obama and his congressional colleagues for failing to reduce the nation's debt.</p>
  • Obama: Job of debt reduction nearly done

    02/11/2013 10:28:02 AM PST · by Lazamataz · 34 replies
    Washington Post ^ | Monday, February 11, 11:29 AM | By Lori Montgomery,
    One thing you wonít hear when President Obama delivers his State of the Union address Tuesday: An ambitious new plan to rein in the debt. In recent days, the White House has pressed the message that, if policymakers can agree on a strategy for replacing across-the-board spending cuts set to hit next month, the president will pretty much have achieved his debt-reduction goals. ďOver the last few years, Democrats and Republicans have come together and cut our deficit [over the next decade] by more than $2.5 trillion through a balanced mix of spending cuts and higher tax rates for the...
  • How will he pay for it? Fiscal realities put Obama agenda in question [Random Act of Journalism?]

    02/11/2013 4:29:34 AM PST · by SoFloFreeper · 5 replies
    NBC ^ | 2/11/13 | Tom Curry
    Less than one month into his second term, President Barack Obama looks to complete the outlines of an ambitious agenda in his State of the Union address Tuesday night. In his inaugural speech, the president telegraphed several initiatives he wants Congress to pursue and pass this year: gun control legislation, a bill to create a legalization process for many of the nationís illegal immigrants, subsidiesfor renewable energy technologies and legislation to respond to climate change. Obama will likely return to those topics Tuesday night, but the White House has signaled that this speech will focusmore on the themes that dominated...
  • Again: Obama Misses Another Budget Deadline

    02/04/2013 5:07:27 PM PST · by Kaslin · 17 replies ^ | February 4, 2013 | Guy Benson
    We've known this failure¬†was forthcoming¬†for some time,¬†but it's still worth flagging for several reasons, which we'll get to momentarily. ¬†First, the basics: ¬† Monday marked the deadline set in law for President Obama to submit a budget, but he missed it ‚ÄĒ making this the fourth time in his five years in office that he's failed to submit the blueprint on time. That makes his record equal to the three previous presidents combined, who spanned 20 years in office. This year, Mr. Obama blamed the late passage of his tax increase deal early last month. "Because these issues were not...
  • Obama blinks on the sequester, GOP finally has upper hand (Obama paints himself into a corner)

    02/05/2013 8:33:43 PM PST · by SeekAndFind · 46 replies
    Washington Examiner ^ | 02/05/2013 | Philip Klein
    In November 2011, President Obama lamented that ďsome in Congress are trying to undo these automatic spending cutsĒ that were part of that Augustís deal to raise the debt limit. ďMy message to them is simple: No. I will veto any effort to get rid of those automatic spending cuts to domestic and defense spending. There will be no easy off ramps on this one.Ē Now, itís Obama who is looking for an off ramp. With the automatic spending cuts about to go into effect, the Associated Press reports, ďPresident Barack Obama will ask Congress to come up with tens...
  • The Spending Sequester Will Grow the Private Economy - Don't Back Off

    01/31/2013 6:34:37 AM PST · by SeekAndFind · 12 replies
    RCM ^ | 01/31/2013 | Larry Kudlow
    Today's report of a 0.1 percent GDP decline for the fourth quarter came as a surprise to most forecasters. But it actually masks considerable strength in the private economy. Namely, housing investment in the fourth quarter jumped 15.3 percent annually, business equipment and software spiked 12.4 percent, and real private final sales rose 2.6 percent. All in, the domestic private sector of the economy increased 3.4 percent annually -- a very respectable gain. And here's one for the record books: Working ahead of year-end tax hikes, individuals shifted so much money to the fourth quarter at the 35 percent top...
  • No, the negative fourth-quarter GDP report doesnít prove Ďausterityí is killing the US economy

    01/31/2013 6:24:44 AM PST · by SeekAndFind · 7 replies
    American Enterprise Institute ^ | 01/31/2013 | James Pethokoukis
    US economic output fell at a 0.1% annualized rate in the fourth quarter, adjusted for inflation. Blame spending cuts, say the Democrats. Blame Republican ‚Äúausterity.‚ÄĚ And one more thing: Stop the sequester. As the Center for American Progress put it: ‚ÄúThe economy most certainly would have grown at a faster rate were it not for the ongoing political brinksmanship over the debt ceiling and the risk of sharp fiscal contraction in the form of the pending automatic ‚Äėsequestration‚Äô budget cuts.‚ÄĚIf you break down the GDP report, you begin to see the problem with this line of argument. Private-sector GDP...
  • US GDP Falls By 0.1% In Q4 2012, $312 Billion Debt added, GDP FALLS By $5 Billion

    01/30/2013 1:43:28 PM PST · by whitedog57 · 6 replies
    Confounded Interest ^ | 01/30/2013 | Anthony B. Sanders
    I have been observing over the past months that various indices have been nosing down. Now we have confirmation from the BEA that GDP fell by -0.1% in Q4 of 2012. Here is CNBC’s Rick Santelli’s take on the numbers. This is a big swing and a miss to expectations of +1.1% and a BIG drop from Q3′s print of +3.1%. At least Personal Consumption Expenditures (PCE) added 1.52% before the Fiscal Cliff surrender. Notes that PCE has been consistently lower after 2007 than before. This isn’t your father’s Oldsmobile … or recovery. On the other hand, defense spending fell...
  • GDP Shows Surprise Drop for U.S. in Fourth Quarter (unexpected alert)

    01/30/2013 5:46:18 AM PST · by Perdogg · 111 replies
    The U.S. economy posted a stunning drop of 0.1 percent in the fourth quarter, defying expectations for slow growth and possibly providing incentive for more Federal Reserve stimulus.
  • Economy contracts in 4th quarter by 0.1%

    01/30/2013 8:06:42 AM PST · by SeekAndFind · 17 replies
    American Thinker ^ | 01/30/2013 | Rick Moran
    Apparently, the shrikage is largely the result of a big hit in defense spending. Other one time factors also played a role. From Associated Press: _____________________ The Commerce Department said Wednesday that the economy contracted at an annual rate of 0.1 percent in the fourth quarter. That's a sharp slowdown from the 3.1 percent growth rate in the July-September quarter and the first contraction since the second quarter of 2009. Economists said the surprise decrease in the nation's gross domestic product wasn't as bad as it looked. The weakness was primarily the result of one-time factors. Government spending cuts and...
  • There Certainly Is a Difference Between Pink Unicorns and Spending Cuts

    01/30/2013 6:56:52 AM PST · by SeekAndFind · 2 replies
    RCM ^ | 01/30/2013 | Michael Strain
    House Republicans were wise to suspend the debt ceiling until the middle of May, effectively resequencing the series of upcoming fights over the federal budget. They are now poised to make their stand in March, using pressure points provided by the sequester - the across-the-board cuts to defense and non-defense discretionary spending - and the expiration of the stopgap measure currently used to fund the government. Both fights are much preferable to a battle over the debt ceiling - the House Republicans would have erred in using the threat of government default as leverage to enact spending cuts. But the...
  • Paul Krugman: Yes, We Have To Fix The Deficit EventuallyĖBut Not Now

    01/29/2013 11:12:09 AM PST · by SeekAndFind · 9 replies
    Daily Ticker ^ | 01/29/2013 | Henry Blodget
    Nobel Prize-winning economist Paul Krugman has argued clearly and consistently over the past five years that U.S. government spending is critical to our economic recovery and that cutting spending now to reduce the deficit would be a disastrous mistake. For taking this position, Krugman has been castigated by those who blame the depression on fiscal irresponsibility and runaway government spending. The way to fix the economy, those folks argue, is to immediately slash government spending, reduce the deficit, and restore "confidence" among the country's business leaders. In the early years of the recovery, there was widespread support for the latter...
  • Congress passes $50.5B Superstorm Sandy aid bill

    01/28/2013 5:33:26 PM PST · by haffast · 16 replies
    Associated Press ^ | 1-28-2013 | ANDREW MIGA
    WASHINGTON (AP) ó Three months after Superstorm Sandy ravaged coastal areas in much of the Northeast, Congress on Monday sent a $50.5 billion emergency relief measure for storm victims to President Barack Obama for his signature. "I commend Congress for giving families and businesses the help they deserve, and I will sign this bill into law as soon as it hits my desk," Obama said in a statement late Monday. Despite opposition from conservatives concerned about adding billions of dollars more to the nation's debt, the Senate cleared the long-delayed bill, 62-36, after House Republicans had stripped it earlier this...
  • Not All Austerity Is Equal; Weíre following Britainís failed path, not Estoniaís successful one.

    01/28/2013 4:57:37 AM PST · by TurboZamboni · 6 replies
    national review ^ | Matthew Melchiorre
    Prominent economists, politicians, and pundits throw around the term ďausterityĒ as if policies by that name always take the same form. They usually use the term to criticize the concept and its effects by pointing to Europeís stagnation at the hands of ďsavageĒ cuts in government spending. But this mindset ignores the question: Austerity for whom? The answer is especially important if the United States, which has continued to follow in Western Europeís footsteps with this monthís fiscal-cliff deal, is to learn from the Old Worldís mistakes. Raising taxes on the private sector while government continues to gorge itself on...
  • Balanced budget in 10 years: ďMission ImpossibleĒ? (Thatís the plan announced by Boehner this week)

    01/24/2013 10:59:32 AM PST · by SeekAndFind · 6 replies
    Hotair ^ | 01/24/2013 | Ed Morrissey
    That's the plan announced by John Boehner this week, as House Republicans broke huddle and the RNC went into another. The previous House budget plans balanced the federal budget on a much longer time frame, at some point in the third decade out, and it triggered grumbling from the fiscal conservatives in the Tea Party movement, who want an end to escalating debt and looming disasters in unfunded entitlement liabilities. It's a tall order, and so far more aspirational than concrete: House Speaker John Boehner's promise on Wednesday to balance the federal budget "over the next 10 years" was aimed...
  • Now They Tell Us: Obama's Tax Promises Were Bogus

    01/24/2013 4:46:50 AM PST · by IBD editorial writer · 16 replies
    Investor's Business Daily ^ | 1/23/2013 | IBD Staff
    Remember all those mainstream news reports before the election about how President Obama's expansive spending plans would require massive tax hikes on everyone, not just millionaires and billionaires? Neither do we. But somehow after the election, reporters are finally admitting that Obama's budget numbers simply don't add up and that new taxes on the middle class ó including a European-style value added tax ó are "inevitable."
  • House Republicansí United Front: Take default off the table ,leave room to negotiate spending cuts

    01/23/2013 7:57:03 AM PST · by SeekAndFind · 16 replies
    National Review ^ | 01/23/2013 | Andrew Stiles
    House Republicans on Wednesday are hoping to present a united front and jump-start the next several monthsí worth of budget negotiations by approving a short-term debt-limit extension with near-unanimous GOP support. Members will vote on a ďlimited suspensionĒ of the federal debt limit through May 19, which would temporarily allow the Treasury Department to issue new debt to cover obligations incurred during that period, along with a measure that would withhold Senatorsí pay if they fail to pass a budget. ďAll weíre saying is: If the president and the Senate, if this country needs to incur more debt ó Senate,...
  • Obama By The Numbers

    01/22/2013 3:33:15 PM PST · by Wisconsinlady · 5 replies
    RNC RESEARCH ARM ^ | 01/18/13 | GOP
    Obama's First Term by the Numbers Last week, the RNC Research arm released a list of how much President Obama's first four years cost in terms of deficits, regulations, stimulus spending, and the underemployed and unemployed individuals. The following are a few of those figures:
  • Sen. Rand Paul Introduces Default Prevention Act

    01/22/2013 4:02:04 PM PST · by Jim Robinson · 15 replies
    press release via email | January 22, 2013 | Rand Paul
    WASHINGTON, D.C. Ė This afternoon, Sen. Rand Paul introduced the Default Prevention Act, which would require the President to prioritize federal revenue to interest on the national debt. Since the current debt limit was reached on Dec. 31, 2012, it is expected that the extraordinary measures the U.S. Treasury has taken to continue funding the government will be exhausted before March. In order to remove any chance of government default, Sen. Paulís legislation spells out which government-funded programs should be held at the highest priority to continue funding, while paying down the interest and principal on debt held by the...