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SACRAMENTO (CBS13) — A California state senator is warning state bureaucrats if they don’t spend federal taxpayer’s money, they may lose it. The California Energy Commission is sitting on $185 million dollars. And the California Department of Community Services has $80 million in the bank that they were told to spend to create construction jobs. Senator Alex Padilla says if the state does not spend that money the feds will want it [...] SAN JOSE (CBS 5) – One Bay Area professor has said that the deal to increase the Federal debt ceiling is no cause for celebration. San Jose State Economics Professor Jeff Hummel has said it would have been a good thing if the government had defaulted on its debt. “I think that a treasury default is inevitable, and has been inevitable for a long time,” said Hummel. Hummel said he believes [...] 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 [...] Voters are more convinced than ever that most congressmen are crooks. A new Rasmussen Reports national telephone survey finds that 46% of Likely U.S. Voters now view most members of Congress as corrupt. That’s up seven points from June and the highest finding yet recorded. Just 29% think most members are not corrupt, and another 25% are not sure. (To see survey question wording, click here.) Similarly, a [...] California will borrow $5 billion today through a temporary loan as U.S. states make plans to cope with any credit-market disruption should lawmakers fail to raise the federal debt ceiling by the Aug. 2 deadline. Proceeds from California’s bridge loan will help pay bills until the state can sell cash-flow notes that had been scheduled for late August. New Mexico is asking agencies to complete requests for federal reimbursement by midday [...] The Oregonian/2010Rep. David Wu, a Democrat representing Oregon’s 1st District, faces a new round of questioning after a report surfaced that a young woman has accused the congressman of unwanted sexual contact. U.S. Rep. David Wu spoke briefly to House Minority Leader Nancy Pelosi Saturday after Pelosi’s meeting at the White House to discuss the federal debt ceiling. The substance of the conversation was not disclosed, but [...] California will seek $5 billion in short-term loans from banks and other financial institutions next week, hoping to avoid the risk of being locked out of the markets if Congress fails to raise the federal debt ceiling by Aug. 2. Treasurer Bill Lockyer had planned to sell at least $5 billion in so-called revenue anticipation notes to investors in August. The state typically sells such notes [...] Washington (CNN) — The U.S. House on Tuesday night passed the “cut, cap and balance” deficit reduction plan backed by tea party conservatives but dismissed by President Barack Obama, who offered strong praise for another proposal put together by a bipartisan group of senators. The so-called Gang of Six plan — drafted by three Democratic and three Republican senators — presents a possible compromise to [...] By John W. Schoen Economists have been warning for months that failure to raise the federal debt ceiling before the Treasury runs out of cash could jeopardize an already fragile recovery. Now, it’s beginning to look like the damage may have already been done. As Congress and the White House push their budget battle closer to the brink of busting the government, consumers and businesses are growing [...] Eric W. Dolan Republican presidential candidate Rep. Ron Paul (R-TX) is expanding his TV advertising campaign in early caucus and primary states, ABC News’ Jason Volack reported. The 65-second “Conviction” ad that began airing in Iowa and New Hampshire on Friday will extend to Nevada on Monday. “Nevada is a key constituency with important and growing influence on the National political environment, and Dr. Paul plans to win the state [...] by ZH First New Jersey, now California. The cash-strapped state, which begged for, and got, a “bridge” loan from JP Morgan as recently as October 2010 (the same bank that recently bailed out Chris Christie), is asking for another bridge to the old bridge loan, ergo a “bridge bridge” loan. The excuse: the potential upcoming government shutdown, which would lock California out of the muni [...] White House: “Americans Don’t Have a Lot of Time to Focus on ‘What is a Debt Ceiling?’” Wednesday, July 13, 2011 By Matt Cover (CNSNews.com) – White House spokesman Jay Carney said the reason the White House has not explained in detail to the American people what might happen if the federal debt ceiling is not raised is because the administration expects the increase to occur, adding [...] Washington (CNN) — President Barack Obama ruled out any possibility of signing a short-term extension of the federal debt ceiling Monday, insisting that the time has come to tackle the nation’s most pressing fiscal problems in a comprehensive way requiring bipartisan compromise on both taxes and spending. The president continued to push for the largest deal possible — an apparent rejection of a proposal put [...] President Barack Obama’s proposal to end a tax break for corporate jet owners, a repeated refrain in his news conference yesterday, would achieve less than one-tenth of 1 percent of his target for reducing the federal deficit. Changing the provision would put $3 billion into the Treasury over a decade, said two congressional aides familiar with the proposal. Democrats want to require companies that use jets for business purposes to write [...] WASHINGTON — The economic crisis in Greece could reach the United States through money market funds, especially if the contagion spreads to European banks, officials from the International Monetary Fund said Wednesday. “Money market mutual funds are exposed here and the United States is in a relatively stronger position than Europe,” said fund’s No. 2 official, John Lipsky, at a news conference. Some financial intermediaries depend on [...] By Greg Robb, MarketWatch WASHINGTON (MarketWatch) — The U.S. economy’s on a slow-growth road that will keep the Federal Reserve on hold for quite some time regarding interest rates and monetary policy, the International Monetary Fund staff said in a report released Wednesday. Growth in the largest global economy is expected to average 2.5% in 2011 and 2.75% in 2012. “We see a sustained, even if a bit slow, [...] Washington (CNN) — President Barack Obama will meet with Senate Democratic and Republican leaders on Monday to keep the negotiations going on a possible deficit reduction deal. The session comes after talks led by Vice President Joe Biden concluded last week without an agreement and as congressional leaders hardened their positions, making a possible compromise more difficult. With an August 2 deadline looming to increase the [...] Public support for raising the debt ceiling has inched up since April, though a plurality of Americans still oppose the move, according to a new Wall Street Journal/NBC News poll. The poll found that 28% of Americans now support lifting the ceiling to allow the U.S. government to borrow more to cover its bills, compared to 39% who oppose it. An April WSJ/NBC poll found that only [...] Thirty-one years ago, inflation in a stagnant economy doomed the reelection of Jimmy Carter. Team Obama denies it to the skies, but inflation is on the march again today in an even more stagnant economy. The Obama administration reports that the year-to-year rate of increase in the Consumer Price Index has established a trend of increasing inflation. In November 2010, the rate was 1.7%. In April [...] A growing number of House Republicans are expressing doubt about the need to raise the federal debt ceiling by Aug. 2, as the Treasury Department insists is necessary, sharply raising the political and economic stakes as congressional leaders try to secure a deal to raise the nation’s borrowing limit. Treasury Secretary Timothy Geithner has said if Congress doesn’t raise the $14.294 trillion debt limit by [...] 1) Treasury Auctions To Take US Over Debt Ceiling On Monday “WASHINGTON -(Dow Jones)- The Treasury Department auctioned $56 billion in new debt Tuesday and Wednesday, enough to take the U.S. over its federal debt ceiling when the three- and 10-year notes settle on Monday. Treasury officials last month flagged May 16 as the day the government would hit the $14.294 trillion debt limit. The U.S. is selling $72 billion in [...] From Nasdaq: By Jeffrey Sparshott and Jeff Bater, Of DOW JONES NEWSWIRES WASHINGTON -(Dow Jones)- The Treasury Department auctioned $56 billion in new debt Tuesday and Wednesday, enough to take the U.S. over its federal debt ceiling when the three- and 10-year notes settle on Monday. Treasury officials last month flagged May 16 as the day the government would hit the $14.294 trillion debt limit. The U.S. is selling $72 billion in new debt [...] |
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