(CNSNews.com) – President Barack Obama won’t have to worry about his paycheck if the spending sequestration included in the Budget Control Act that he signed into law in 2011 begins taking effect this Friday.
A report published last month by the Congressional Research Service–“Budget Sequestration and Selected Program Exemptions and Special Rules”–identifies certain programs that are exempt from sequestration and lays out special rules that govern the sequestration of others.
Section 255 of the Budget [...]
Sucker Alert? Insider Selling Surges After Dow 14,000
Insiders have been pulling out of stocks just as small investors are getting in.
Selling by corporate executives has surged recently as the Dow Jones Industrial Average hit 14,000 and retail investors flooded into stocks. The amount of insider selling has usually preceded market selloffs.
“In almost perfect coordination with an equity market that was rushing toward new all-time highs, insider sentiment has weakened sharply [...]
President Barack Obama’s staff used an autopen (a machine that mimics one’s signature) to sign the “fiscal cliff” legislation that Congress passed on New Year’s Day. There was no ceremony or photo-op for the autopen bill signing.
First, the White House announced that “the President signed into law.” “On Wednesday, January 2, 2013, the President signed into law,” said press secretary Jay Carney, suggesting that Obama had physically signed the bill. “H.R. 8, [...]
WASHINGTON—The Pentagon is preparing to notify its entire civilian workforce to prepare for furloughs if Congress and President Barack Obama are unable to reach a deal before Jan. 2 to avert automatic spending cuts.
A senior defense official said Sunday that the Pentagon would notify 800,000 civilian workers to brace for furloughs in the new year, meaning the workers would be ordered to take mandatory leave without pay for a certain [...]
The Treasury Department is telling its staff not to worry about the “fiscal cliff,” an internal memorandum sent to all employees reveals. The memo, which is signed by the deputy secretary of the treasury, Neal S. Wolin, states that “there is no reason why both sides should not be able to come together” to reach a deal.
“As you are likely aware, the Administration and Congress are continuing to work to resolve a series [...]
Ron Paul’s Texas Straight Talk - Dec. 3, 2012.
Forget the cliff, the United States is broke.
Transcript is below. This is worth reading.
It’s the Spending, Stupid!
By Ron Paul
As the year draws to an end, America faces yet another Congressionally-manufactured crisis which will likely end in yet another 11th hour compromise, resulting in more government growth touted as “saving” the economy. While cutting taxes is always a good idea, setting up a [...]
The debate is really over who will pay the bill. Neither side will desert their base.
The Budget Control Act of 2011 was enacted as a compromise to resolve a dispute concerning the public debt ceiling. Deficit spending previously appropriated by Congress was bringing the federal government’s total debt close to the statutory ceiling. Republicans in Congress refused to approve an increase in the ceiling unless there were deep spending cuts. [...]
from Gold Money:
As 2013 approaches, the market continues to wait and see how Washington will handle the impending fiscal cliff. The cliff refers to a combination of tax hikes and spending cuts that are scheduled to go into effect in the United States next year. There is pressure coming from Democrats, Republicans, and various interest groups for Congress to take action to prevent the changes from occurring. The feeling is that [...]
James Pethokoukis writing at the AEI Enterprise blog, examines the president’s “balanced” plan to cut $4.4 trillion from the budget over the next decade. James points out that the plan is “reheating of his 80-page deficit reduction package from September 2011 which, on paper, showed $2 in spending cuts for every $1 in taxes raised.
Not so fast:
Once you begin to dig into the numbers, the plan doesn’t look balanced at [...]
The White House on Friday said it will miss the legal deadline for delivering a report to Congress on the spending cuts from sequestration that are scheduled to take effect in 2013.
Spokesman Jay Carney told reporters on Air Force One that the report will be coming next week.
Under the terms of the Sequestration Transparency Act signed in August, President Obama was to tell Congress by Friday how the administration plans [...]
Government Employees, Teachers, Nurses Among At-Risk Workers
ARLINGTON, Va., July 16, 2012 /PRNewswire-USNewswire/ – Economist Dr. Stephen Fuller ofGeorge Mason University will unveil a new report detailing staggering American job losses in 2013 and beyond resulting from the Budget Control Act of 2011. The report, commissioned by the Aerospace Industries Association, will update previous projections of defense-dependent job losses, and provide the first comprehensive analysis of anticipated job losses in other sectors of the economy.
“This report shows [...]
The latest Republican plan to reconcile the budget and preserve defense spending extracts even deeper cuts from programs to help the poor and Americans still reeling from the recession.
Although spending levels for the budget were set in the Budget Control Act passed last summer in the deal to raise the nation’s debt limit, Republicans are pushing ahead with another plan that cuts more while trying to prevent the beginning [...]
The Congressional Budget Office said Friday that President Barack Obama’s tax and spending policies will yield $6.4 trillion in deficits over the next decade, more than double the shortfall in CBO’s own fiscal baseline — even after taking credit for reduced war costs.
House Republicans, slated to unveil their own plan next week, are sure to seize on the numbers, yet the mountain of data gives reason for both parties to pause going [...]
By Erin Ailworth THE BOSTON GLOBE
Looming federal budget cuts could cost Massachusetts more than 50,000 jobs over the next decade – mainly in key sectors such as defense, technology, and health care – and “strike at the very heart” of the state’s innovation economy, an analysis by researchers at the University of Massachusetts Donahue Institute shows.
Automatic across-the-board cuts are scheduled to start in 2013 unless the deeply divided Congress agrees [...]
The center’s report echoes a warning from Treasury Secretary Timothy Geithner last week. | Reuters
The federal government could hit the debt ceiling sooner than expected — and possibly around the November election — according to a report out Friday.
Lawmakers on Capitol Hill had hoped that last summer’s deal to end the nasty fight over lifting the debt ceiling would ensure the issue wouldn’t resurface until at least 2013.
But the Bipartisan Policy [...]
2012 marks a fourth year of trillion-plus deficits for the government. | AP Photo
The government faces a fourth year of trillion-plus deficits in 2012, according to new projections released Tuesday—numbers which also show little relief in the future unless Washington comes to grips with needed changes in its tax and spending policies.
Like Aunt Cassandra coming down from the attic, the Congressional Budget Office steps squarely into the 2012 campaign season with the 147-page report [...]
You didn’t think US consumer confidence could be bought for free now did you?
U.S. TREASURY SAYS DEBT LIMIT TO BE RAISED BY $1.2 TRILLION
U.S. DEBT TO BE $100 BLN WITHIN LIMIT ON DEC. 30, TREASURY SAYS
STEPS FOR INCREASING DEBT LIMIT UNDER 2011 BUDGET CONTROL ACT
And the piece de resistance that 100% debt to GDP brings:
OBAMA ON DEC. 30 LIKELY TO ASK CONGRESS TO RAISE DEBT LIMIT
Just as we thought the [...]
Just a day after a heated closed-door meeting that indicated there’s still a large gap between Democrats and Republicans on entitlement and tax reform, the Joint Select Committee on Deficit Reduction convened for its third public hearing on Wednesday morning to discuss discretionary spending, which makes up about 40 percent of the budget.
In prepared opening remarks, Congressional Budget Office Director Douglas Elmendorf, who testified during the group’s first public [...]
By now nobody should have any doubts as to just how disturbing America’s fiscal debacle is. For those naive and innocent few who still think there is a Hollywood ending with a pot of gold awaiting everyone at the end of the rainbow, we present the following “10 essential fiscal charts” from thePew Policy Institute. To be sure, these are all charts summarizing data that has [...]
The 12 members of the deficit supercommittee met again yesterday for more than six hours to discuss a way forward in achieving the $1.5 trillion in cuts required by the Budget Control Act in an effort to raise the nation’s debt ceiling. The members don’t plan another full meeting until early next week.
Aides say that the meeting discussed non-health mandatory proposals, and members were treated [...]
By Rowan Scarborough
The Washington Times
Republicans on Capitol Hill are floating the idea of a ceiling for defense cuts mandated by the deficit-reduction supercommittee that would not exceed $150 billion over 10 years.
Congressional sources said the $150 billion figure is cited often in private talks among staffers but is by no means final.
In fact, several Republicans say they will oppose further Pentagon budget reductions, after last month’s Budget Control [...]
The ridiculous war between Obama and S&P, which escalated last night following disclosure by the NYT that S&P was being investigated for its muni ratings, has just taken another turn for ths surreal after S&P announced that it would most likely downgrade munis as soon as the final US budget is finalized. Granted that could very well mean never. To quote S&P: “In our opinion, [...]
By Erik Wasson - 08/15/11 04:53 PM ET
Vice President Biden will tout the debt-ceiling deal during a trip to China and Japan, two huge holders of U.S. debt.
Vice President Biden will tout the debt ceiling deal during a trip to China and Japan, two holders of huge amounts of U.S. debt.
Biden will travel to top lender China on Wednesday and to Japan, the second-biggest holder of U.S. bonds, [...]
Full S&P note:
Standard & Poor’s Clarifies Assumption Used On Discretionary Spending Growth
New York, Aug. 6, 2011. In response to questions, Standard & Poor’s today said that the ratings decision to lower the long-term rating to AA+ from AAA was not affected by the change of assumptions regarding the pace of discretionary spending growth. In the near term horizon to 2015, the U.S. net general government debt [...]
The talking points prevailing in the wake of the debt ceiling debacle would have you believe that this deal had been a compromise, and the best for which conservatives and Tea Party ought to have hoped possible.
At the end of the debates lies a truth concealed by all the fluff: There was no compromise in this debate; one side prevailed, but it wasn’t the Tea Party. [...]
Congressman warns new all-powerful committee will ram through tax hikes
Paul Joseph Watson
Tuesday, August 2, 2011
Congressman Ron Paul warns that the all-powerful new “Super Congress” created by the vote on the debt ceiling will be used to fast-track tax increases while concentrating more power over the nation’s purse strings in the hands of the Washington elite.
As we reported yesterday, the “Super Congress,” which [...]
Congressman Morgan Griffith (R-VA) issued the following statement today regarding his vote in opposition to the new version of the Budget Control Act of 2011:
“Last week I made the difficult decision to compromise and voted for Speaker Boehner’s plan. While the Boehner plan was not perfect, it was a realistic approach and a step in the right direction. Among other things, it required passage of [...]
By Rep. Ron Paul (R-Texas) - 08/01/11 12:15 PM ET
One might think that the recent drama over the debt ceiling involves one side wanting to increase or maintain spending with the other side wanting to drastically cut spending, but that is far from the truth. In spite of the rhetoric being thrown around, the real debate is over how much government spending will increase.