Fiscal Policy: Shorn of its accounting gimmicks, the president’s budget isn’t a “balanced” plan to get the debt crisis under control. It’s a monument to fiscal irresponsibility.
With much fanfare and a lot of media hype, President Obama unveiled his latest budget plan — two months late. An IBD review of Obama’s budget finds that, among other things, it:
• Boosts spending and deficits over the next two years. Obama’s own budget [...]
April 10, 2013
President Obama wants to make sure that people don’t save “more than is needed,” and his budget proposal includes steps that would limit the amount of money individuals can have in their retirement accounts.
President Barack Obama’s budget proposal would cap multimillion-dollar tax-favored retirement accounts like the one held by Mitt Romney, his Republican rival in 2012.
Obama’s budget plan, to be unveiled April 10, would prohibit taxpayers from [...]
Now Obama targets your FedEx, UPS packages
The Obama administration is demanding the nation’s two biggest shipping companies police the contents of Americans’ sealed packages, and a FedEx spokesman is warning that the move “has the potential to threaten the privacy of all customers that send or receive packages.”
FedEx and UPS are in the Justice Department’s cross-hairs for not flagging shipments of illegally prescribed drugs the companies say they had no [...]
From coast to coast, states brace for sequester shock
Sure, it’s got a weird name. But the effects of sequestration may hit all too close to home for some Americans if lawmakers allow the cuts to take full effect later this month. One day after President Barack Obama signed an order to cut spending by $1.2 trillion over a decade, NBC News takes a look at how people may feel the pinch from New York [...]
TRENTON — Gov. Chris Christie will expand the state’s Medicaid program to cover 300,000 uninsured New Jersey residents, The Star-Ledger learned today.
The governor’s new budget, which he plans to unveil at joint session of the Legislature this afternoon, also relies on state revenue growth of 4.9 percent and delays some property tax rebates for local taxpayers, according to three sources with knowledge of the budget plan who spoke on the condition of [...]
Senate Democrats plan to draft a budget blueprint that calls for significantly higher taxes on the wealthy, oil and gas companies and corporations doing business overseas, reopening a battle over taxes Republicans had hoped to lay to rest with the “fiscal cliff.”
For nearly four years, Senate leaders have ducked their legal duty to craft a comprehensive budget framework. Now, however, Democrats see the budget process as “a great opportunity” to [...]
ongress is killing medical research. The tragedy is that they don’t want to, but they may do it anyway.
While the ridiculous posturing about the U.S. budget deficit drags on, seemingly without end, biomedical research in the U.S. is crumbling. Congress’s chronic inability to pass a budget, and especially the delays this year, are deeply damaging the core of our entire biomedical research enterprise: the National Institutes of Health.
Outside the beltway, the [...]
Spending will increase 55 percent over the next decade, if President Barack Obama’s budget plan goes into effect. The finding comes from the Republican-side of the Senate Budget Committee, which notes that Obama’s “Proposal Would Spend $880 Billion Over Already Projected Increases.”
Here’s a chart, detailing how Obama’s plan would bring spending from $3.62 trillion in 2013 to $5.63 trillion in 2022:
from Zero Hedge:
HOUSE SCRAPS PLAN TO VOTE ON BOEHNER’S TAX `PLAN B’ TONIGHT
U.S. HOUSE PLANS NO VOTES UNTIL AFTER CHRISTMAS, BURTON SAYS
BOEHNER SAYS `PLAN B’ TAX PLAN LACKED SUPPORT TO PASS
BOEHNER SAYS UP TO OBAMA TO WORK WITH REID ON BUDGET PLAN
Absolute total chaos. ES at lows of the days right now. Luckily, at least the debt ceiling is a firm deadline… Sometime in late March. Oh, and goodbye Boehner
Read More [...]
Lock your doors and load your guns: San Bernardino warned of uncontrollable crime as police squad shrinks
A San Bernardino city attorney told residents this week to gather arms and prepare to defend themselves since the bankrupt town can no longer afford the law enforcement it needs.
During a city council meeting Wednesday, City Attorney Jim Penman urged residents of the bankrupt Californian city to “lock their doors and load their guns” [...]
In remarks on the Senate floor today, Alabama senator Jeff Sessions blasted President Barack Obama and congressional leadership for holding “secret” fiscal cliff negotiations.
“I rise today to express my reservations about the fiscal cliff negotiations that are currently underway,” said Sessions. “Over the last two years, Congress and the President have held an endless series of secret negotiations. There have been gangs of six and eight, a supercommittee of 12, talks [...]
In a decade, federal spending to pay for the interest on America’s debt will exceed total spending on the defense budget by $125 billion, or 20 percent, according to projections from the Congressional Budget Office and the Office of Budget Management. The projections are based on President Barack Obama’s current budget plan.
Here’s a chart from the Republican side of the Senate Budget Committee that shows 2022 national defense spending vs. net [...]
In a stunning backtrack that virtually guarantees Congress for the third year will be unable to produce a budget, Senate Democrats’ top budget writer Tuesday canceled this week’s expected votes on a 2013 fiscal blueprint.
Instead, Budget Committee Chairman Kent Conrad, North Dakota Democrat, said he will use the next few months to try to breathe life into the shelved 2-year-old Bowles-Simpson deficit commission proposal.
Mr. Conrad said he wasn’t going to be able to reach a bipartisan agreement on a budget [...]
By Paul B. Farrell, MarketWatch
SAN LUIS OBISPO, Calif. (MarketWatch) — Yes, I’m mad as hell again. I just read some bad news that should make every American mad as hell. In fact, two bad news items.
First, as a U.S. Marine vet, I got angry reading that there have been more military suicides than war deaths the past decade. Yes, more Iraq and Afghan war vets have killed [...]
SINGAPORE—A “perfect storm” may be brewing in the global corporate credit market as companies look to raise up to $46 trillion over the next five years just as banks and investors are least prepared to extend the funds, a major ratings agency warned Thursday.
S&P Warns Of $46T Perfect Credit Storm
Italy: Industrial output falls almost 6% amid recession
Spain Underplaying Bank Losses Faces Fate Ireland Couldn’t Avoid
Greek unemployment up at 21.7 percent [...]
State workers face pay cuts of up to 10 percent in a revised budget due out next Monday.
Sources at state worker unions say Governor Brown warned them about the pay cuts a week ago. But the depth of the cuts – anywhere from eight to ten percent of their paycheck – was news.
In a written statement, David Miller with the California Association of Professional Scientists says the 3,000-member union agreed to [...]
“SACRAMENTO – State Controller John Chiang today released his monthly report covering California’s cash balance, receipts and disbursements in April, showing monthly revenues came in $2.44 billion below (-20.2 percent) the latest projections contained in the Governor’s proposed 2012-13 Budget.
“The task of crafting a credibly-balanced budget has been made more difficult by a nine-month revenue shortfall of $3.5 billion,” said Chiang. “Without a timely, financeable budget plan, the State will be [...]
The latest chart from the Republican side of the Senate Budget Committee, showing that under President Obama’s budget plan, debt would be $73,000 per American in 2022:
By contrast, debt per person was still an astonishing $33,000 in 2008, at the end of George W. Bush’s term, and $20,000 in 2000, at the beginning of Bush’s presidency.
Honda D California substitute plan
NAY – 345
No Vote – 8
More politicking in Washington.
No matter what happens here, the Senate not having passed a Budget in Senator Reid’s Democrat controlled Senate has long passed 1000 days with no budget passed.
The massive yearly increase included in Baseline Budgeting Law required increases goes on and on.
We are spending trillions for no good reason except insanity.
This spending more than one brings in has [...]
House Democrats on Monday night introduced their 2013 budget plan to compete with the Republicans’ proposal on the chamber floor this week.
Sponsored by Rep. Chris Van Hollen (Md.), senior Democrat on the House Budget Committee, the $3.6 trillion proposal is not expected to pass, but nonetheless provides the Democrats with a comprehensive plan to distinguish their policy priorities from those of Republicans this election year.
The proposal adopts much of President [...]
President Barack Obama’s 2013 budget plan would raise taxes for 27 percent of U.S. households in 2013, far more than the administration estimates, according to a nonpartisan study. The study released today comes from the Tax Policy Center, a research group in Washington that analyzes proposals from presidential candidates in both parties.
Obama focuses the tax increases in his 2013 budget on corporations and the top 2 percent of individual [...]
Belgium struggling to find two billion euros: report
Germans overwhelmingly oppose Greek bailout: poll
Get ready for ‘taxmageddon’ at year’s end
G20 inches toward $2 trillion in rescue funds
Quinn budget plan would cut off funding for 2 retired teachers programs (Illinois)
Pensions in danger as companies suffer
America’s Slide into Greece
Bob Bauman (February 16, 2012)
President Obama, in a scandalous show of bad faith and dereliction of his sworn duty, proposed a phony FY 2013 budget plan this week that increases spending from $3.8 trillion in 2013 to $5.8 trillion in 2022.
True to his New Deal socialist antecedents, the Obama budget will add to the bloated size and scope of the federal government and the national debt. Each [...]
The Defense Department may have to force soldiers, Marines or other members of the military out of the services for the first time since the aftermath of the Cold War to achieve the spending reductions in its budget proposal.
The Pentagon plans to cut 67,100 soldiers from active and reserve Army units and the Army National Guard in the five years starting Oct. 1, as well as 15,200 from the [...]
WASHINGTON (Reuters) President Barack Obama will call for cutting the top 35 percent corporate tax rate as early as this month, according to two sources close to the administration.
The president is likely to propose a rate closer to an average of that seen in peer nations, the sources said.
This would jibe with remarks made last year by Treasury Secretary Timothy Geithner, who suggested the United States should be moving to a rate more in line [...]
Congressman has effectively been campaigning in the states for four years
February 1, 2012
While Mitt Romney walked home an inevitable victory in the winner takes all Florida primary this week, the Ron Paul 2012 campaign was busy campaigning in Maine and Nevada, where the Congressman’s team has been busy building on a six figure ad buy.
Paul’s campaign has a lot riding on Nevada where the Congressman, scheduled to hold a [...]
Answer: Whatever he thinks will get him elected:
1. HEALTH-INSURANCE MANDATE:
FOR IT: June 2007
AGAINST IT: May 16, 2011
FOR IT: February 2, 2007
AGAINST IT: April 21, 2008
3. CLIMATE CHANGE:
BELIEVED IN IT: April 10, 2007
DOESNT BELIEVE IN IT: November 8, 2011
4. PAUL RYAN’S BUDGET PLAN:
AGAINST IT: May 15, 2011
FOR IT: May 17, 2011
5. LIBYA INTERVENTION:
FOR IT: March 7, 2011
AGAINST IT: March 23, 2011
6. TRYING EN.EMY COMBATANTS IN CRI.MINAL COURTS:
FOR IT: November 22, 2005
AGAINST IT: January 4, 2010
7. FOOD STAMPS:
FOR EXPANDING THEM: 2002.
FOR ABOLISHING THEM: 2010.
Check out the letters the Paul campaign is mailing out in South Carolina
January 6, 2012
GOP contender Ron Paul is on the offensive in South Carolina, targeting Newt Gingrich, who is still favored by a firmly conservative voting population in the The Palmetto State.
The Paul campaign has issued a scathing mailout that takes Gingrich to task, labeling the former House Speaker a ‘counterfeit conservative’.
Polls indicate that Gingrich still has a [...]
Sunshine State News
With less than five weeks until Iowa voters hit the polls to kick off the Republican presidential race, the leading candidates in the race unleashed barrages of ads hitting television stations across the country and the Internet.
Former Gov. Mitt Romney of Massachusetts unveiled two new ads running in Iowa, which holds the first presidential caucus Jan. 3, and in New Hampshire. The Iowa ad indicates Romney plans to [...]
By Kate Gibson, MarketWatch
NEW YORK (MarketWatch) — Greece will add a new property tax to austerity measures to help curb its deficit, the cash-short government said on Sunday, according to published reports.
Finance Minister Evangelos Venizelos said at a news conference that the property tax would be imposed during the next two years and was approved at a special cabinet meeting that came along with increased [...]
PRINCETON, NJ — Americans are more likely to approve of the way President Obama is handling the negotiations to raise the federal debt ceiling than they are to approve of the handling of the situation by Speaker of the House John Boehner or Senate Majority Leader Harry Reid, although opinions about all three are more negative than positive.
These results are from a special one night USA [...]