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Keyword: 2012budget

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  • 10 Of The Best Economics Quotes From Milton Friedman

    11/29/2011 5:00:38 AM PST · by Kaslin · 15 replies
    Townhall.com ^ | November 29, 2011 | John Hawkins
    Milton Friedman was an extraordinary Nobel Prize-winning economist whose ideas helped underpin modern conservative economic theory. His contributions to economics and the conservative movement cannot be underestimated. Sadly, Milton Friedman passed away a little more than five years ago at the ripe old age of 94. Although Friedman is no longer with us, his words, his ideas, and his legacy live on. In honor of Friedman, here are some of his best quotations. 10) "If you put the federal government in charge of the Sahara Desert, in 5 years there'd be a shortage of sand." 9) "I am in favor...
  • Reid, Pelosi head to W.H. as House rejects Senate debt bill (Snowe, Collins, Brown, Murkowski alert)

    07/30/2011 1:01:53 PM PDT · by jimbo123 · 18 replies
    Politico ^ | 7/30/11 | MANU RAJU
    enate Majority Leader Harry Reid and Minority Leader Nancy Pelosi are heading to the White House Saturday to strategize on the debt ceiling, after a tough day of discovering Reid’s plan is several votes shy of overcoming a Republican filibuster in the Senate and watching the measure go down in defeat in the House. In a letter to Reid, 43 Senate Republicans vowed to block his latest debt-ceiling plan — assuring Reid will fall short of capturing the 60 votes needed in a vote scheduled for Sunday at 1 a.m. -snip- Four Republicans didn’t sign the McConnell letter - moderate...
  • It Amazes and Baffles Me (Cut-Cap-Balance had more support in Senate and House than Boehner's Plan)

    07/29/2011 6:09:34 PM PDT · by teg_76 · 40 replies
    Redstate ^ | 7/29/2011 | Erick Erickson
    A week ago, the United States House of Representatives sent a bipartisan measure to the United States Senate where it fell five votes short of a majority. Today, John Boehner sent over legislation that couldn’t even get all the Republicans to support it, didn’t get any Democrats to support it, and will get less support in the Senate than last week’s plan. And now the Democrats have a talking point they didn’t have with last week’s plan — that this plan is not bipartisan and also that Boehner had to appease the far right, all of which was lined up...
  • Debt Ceiling Debate in a Nutshell

    07/30/2011 12:12:11 PM PDT · by Vintage Freeper · 8 replies · 1+ views
    Creators.com ^ | 07/29/2011 | Chip Bok
  • Obama: "We Do Not Have AAA Political System To Match Our AAA Credit Rating"

    07/30/2011 12:04:01 PM PDT · by bruinbirdman · 77 replies
    "If we do not come to an agreement, we could lose our country's AAA credit rating. Not because we do not have the capacity to pay our bills. We do. But because we did not have a AAA political system to match our AAA credit rating. Make no mistake, for those who say they oppose tax increases on anyone, and lower credit rating would result potentially in a tax increase and everyone in the form of higher interest rates on their mortgages, their car loans, their credit cards, and that is inexcusable," President Obama said on Friday morning.
  • All Senate Republicans oppose Democratic debt bill

    07/30/2011 11:05:24 AM PDT · by mdittmar · 23 replies · 1+ views
    Reuters ^ | Jul 30, 2011 | Andy Sullivan
    (Reuters) - All 43 Republicans in the Senate have signed a letter, released on Saturday, saying they will not vote for a Democratic plan to raise the debt limit in a sign that the measure does not have the support it needs to advance in Congress.
  • Will Reid & RINO's Follow Obamacare Legislation Path to Get Budget Deal Done?

    07/30/2011 11:21:09 AM PDT · by OneVike · 18 replies
    ChicoER Gate ^ | 7/30/11 | Chuck Wolk
    As Americans watch the House battle with the Senate over Obama's desire to raise the debt ceiling, one important thing the MSM refuses to report is that the Senate under Harry Reid has not passed a budget bill in over 800 days. Yet the government has spent $7.3 trillion over that same period of time. Plus, Obama and the Democrats have added $3.2 trillion to the debt since the Democrats last passed a budget over 2 years ago. In the meantime, the House has voted on and passed two budget bills in the last 30 days. Boehner and the...
  • NPR: Obama Faces Grumbling On The Left

    07/30/2011 11:51:19 AM PDT · by maggief · 25 replies · 1+ views
    NPR ^ | July 30, 2011 | Corey Dade
    President Obama may have lost a direct hand in the debt-limit negotiations, but some of his liberal base is still seething at the concessions he was willing to make to Republicans — especially Social Security and Medicare cuts that may yet be in the offing. When a few hundred liberal activists protested outside the Capitol on Thursday, they vented most of their frustrations at Republican lawmakers — especially the Tea Party caucus — who called for deep cuts to safety net programs in exchange for raising the debt ceiling. But they also blamed Obama for agreeing to put entitlement programs...
  • Debt deal could devastate California budget

    07/30/2011 11:33:34 AM PDT · by NormsRevenge · 48 replies
    SFGate.com ^ | 7/30/11 | Carolyn Lochhead
    Washington -- California gets $79 billion a year from the federal government - nearly 40 percent of what it spends. The money goes to everything from highways to universities. So when the federal government sneezes, California catches a cold. Washington's frantic debt-ceiling negotiations are about to let loose a $1 trillion-plus sneeze. The cuts headed California's way are unknown as yet, because no deal has been reached in Washington to increase the debt ceiling and prevent the Treasury from running out of cash to pay its bills Tuesday. But it is obvious from the cuts revealed so far in Democratic...
  • Sen Reid: Democrats want debt hike to March 2013

    07/30/2011 5:32:29 AM PDT · by opentalk · 68 replies
    reuters ^ | July 29, 2011 | Richard Cowan and Andy Sullivan
    Senate Democratic Leader Harry Reid said on Friday his budget legislation would increase the nation's borrowing authority until March, 2013 and reiterated that he would not accept a short-term debt limit increase as Republicans are insisting. Earlier in the day, Reid called on Republican Leader Mitch McConnell to sit down with him to work out a compromise for cutting federal spending and raising the debt limit by the August 2 deadline.
  • Washington Is Annoyed at Wall Street's Failure to Panic

    07/30/2011 9:30:38 AM PDT · by Eyes Unclouded · 68 replies
    cnbc ^ | Friday, 29 Jul 2011 | John Carney
    I just got off the phone with a source on Capitol Hill who has spent the past few days trying to convince Republicans to vote for a debt ceiling hike. He told me that the biggest obstacle he faces has been "market complacency." "Frankly, a bit of panic would be very helpful right now," he said. As he explained it, lots of people in Washington, D.C. expected that this would be a week marked by panic in the markets. Stocks would tank. Bonds would get clobbered. The dollar would do something dramatic. And all of this would help convince reluctant...
  • Harry Reid scrambling for 60 votes on debt ceiling plan (Reid's plan would call for tax hikes)

    07/30/2011 10:57:03 AM PDT · by tobyhill · 25 replies
    Politico ^ | 7/30/2011 | By MANU RAJU
    Senate Democrats started Saturday short of the 60 votes needed to advance Majority Leader Harry Reid’s plan to raise the debt ceiling, setting the stage for frantic hours of negotiations before the threat of default early next week. Senior officials in both parties believe that Reid’s latest plan — which would allow President Barack Obama to raise the debt limit in two separate stages of $1.2 trillion each without congressional approval and slash up to $2.4 trillion over the next decade — appeared unlikely to break a filibuster early Sunday morning — a vote currently scheduled for 1 a.m. ET....
  • Returning to 2005 Spending Levels Would Match Current Revenues (Vanity, Comments?)

    07/30/2011 10:52:22 AM PDT · by Rodm · 23 replies
    CBO ^ | Rod M
    Returning to 2005 Spending Levels Would Match Current Revenues of 2.5 Trillion dollars. Outlays in 2005 were 2,472.2 Trillion. This solution would result in no rise the debt limit and we would have a balanced budget. This would also secure our AAA credit rating. This idea probably has too much common sense for the "Inside the Beltway Crowd."
  • LIVE COVERAGE: Congressional Debt Ceiling Showdown

    07/30/2011 8:38:07 AM PDT · by silentknight · 215 replies
    Business Insider ^ | 7/30/11 | Zeke Miller and Joe Weisenthal
    10:56am | Good Saturday morning. The House and Senate will convene at 1pm today. The House will likely go out of session after a vote on the Reid plan to raise the debt limit, while the Senate will stick around until 1 am Sunday to vote to end debate on the plan. Read more: http://www.businessinsider.com/live-coverage-congressional-debt-ceiling-showdown-2011-7#ixzz1TbPkr4wi
  • Reid changing debt-ceiling plan to woo Republicans

    07/30/2011 8:22:43 AM PDT · by Ernest_at_the_Beach · 54 replies
    Hot Air ^ | 10:00 am on July 30, 2011 | Ed Morrissey
    After yesterday’s embarrassing plea to Mitch McConnell to save him from a cloture vote, Harry Reid went back to the drawing board.  The Hill reports that Reid has altered his plan to raise the debt ceiling by borrowing more from the plans of McConnell and John Boehner, hoping to shake loose enough Republicans to get past the procedural hurdle: The biggest change is that Reid would give the president almost unilateral power to raise the debt limit, borrowing an idea introduced by Senate Republican Leader Mitch McConnell (R-Ky.).Reid would have President Obama request a $2.4 trillion debt-limit increase in two...
  • House rejects debt limit increase without cuts

    05/31/2011 4:33:13 PM PDT · by Free ThinkerNY · 71 replies
    Associated Press ^ | May 31, 2011
    WASHINGTON — House Republicans have engineered the defeat of their own proposed $2.4 trillion increase in the debt limit, a political gambit designed to reinforce a demand for spending cuts to accompany any future increase in government borrowing. The vote Tuesday was 97-318, far below the two-thirds majority needed for passage.
  • Charles Krauthammer: The Grand Compromise - Republicans are right not to budge on taxes until...

    04/15/2011 12:24:34 PM PDT · by neverdem · 22 replies
    NATIONAL REVIEW ONLINE ^ | April 15, 2011 | Charles Krauthammer
    The Grand CompromiseRepublicans are right not to budge on taxes until serious spending cuts are in place. The most serious charge against Rep. Paul Ryan’s budget is not the risible claim, made most prominently by President Obama in his George Washington University address, that it would “sacrifice the America we believe in.” The serious charge is that the Ryan plan fails by its own standards: Because it only cuts spending without raising taxes, it accumulates trillions of dollars of debt and doesn’t balance the budget until the 2030s. If the debt is such a national emergency, they say, Ryan never...
  • The Presidential Divider

    04/14/2011 4:40:44 AM PDT · by NCjim · 22 replies
    Wall Street Journal ^ | April 14, 2011
    Did someone move the 2012 election to June 1? We ask because President Obama's extraordinary response to Paul Ryan's budget yesterday—with its blistering partisanship and multiple distortions—was the kind Presidents usually outsource to some junior lieutenant. Mr. Obama's fundamentally political document would have been unusual even for a Vice President in the fervor of a campaign. The immediate political goal was to inoculate the White House from criticism that it is not serious about the fiscal crisis, after ignoring its own deficit commission last year and tossing off a $3.73 trillion budget in February that increased spending amid a record...
  • Our Tax and Debt Bomb. In effect, the president has moved to the left.

    04/14/2011 7:24:44 AM PDT · by SeekAndFind · 18 replies
    National Review ^ | 04/14/2011 | Larry Kudlow
    We thought tax reform meant lowering rates and broadening the base by eliminating or cutting back on various deductions, credits, and loopholes. That’s what the Bowles-Simpson commission proposed. That’s what Paul Ryan and David Camp are working on. And that’s the pro-growth model. But President Obama unveiled a much different tax-reform vision in his much-anticipated debt speech on Wednesday. He would raise tax rates on upper-income earners and small businesses. He also would eliminate deductions and credits, or so called “tax expenditures.” The president referred to these tax-expenditure reductions as “spending cuts.” In his context, they most certainly are not....
  • Paul Ryan: the Dr. Kevorkian of Medicare (by Paul Begala, CNN -- Dem scare tactics)(Gag alert)

    04/06/2011 2:28:51 PM PDT · by UniqueViews · 19 replies
    CNN ^ | April 6, 2011 | Paul Begala
    Republicans have always hated Medicare, but most Americans have always loved it. Now, led by Rep. Paul Ryan, the Republicans are trying to kill it once and for all. Only among Beltway elites is it considered courageous to deny ill and infirm seniors the health care they deserve -- while giving oil companies billions in taxpayer subsidies. Most Americans have a different definition of courage. They think courage is taking on oil companies, corporate special interests and billionaire polluters. But that's not in the GOP playbook. And so we know where Paul Ryan stands: He wants to abolish Medicare. And...
  • In White House's view, Paul Ryan's plan a weapon for 2012

    04/06/2011 2:25:26 PM PDT · by Ernest_at_the_Beach · 11 replies
    POLITICO ^ | 4/6/11 4:33 AM EDT Updated: 4/6/11 4:56 PM EDT | CARRIE BUDOFF BROWN & GLENN THRUSH
    Just over a year ago, President Barack Obama singled out Wisconsin Rep. Paul Ryan as a serious-minded Republican who could be a partner in the kind of “adult conversation” the president said he welcomes on entitlement reform. But when Ryan stepped forward Tuesday with his long-awaited budget plan, an ambitious attempt to slice almost $6 trillion in federal spending and fundamentally alter Medicare and Medicaid, the White House rejected it. Obama brushed off a question about the plan at a brief news conference. And press secretary Jay Carney described it as flawed in approach.
  • Paul Ryan makes the case for staggering spending cuts

    04/05/2011 10:34:30 AM PDT · by mandaladon · 35 replies
    The Daily Caller ^ | 5 Apr 2011 | Jonathan Strong
    Rolling out a plan that is as shocking in how much it cuts as President Obama’s first budget was in how much it spent, Budget Committee Chairman Paul Ryan is laying out a case for huge spending cuts in a new white paper that couches the coming battle in almost apocalyptic terms. “This generation’s defining moment has arrived,” Ryan says in his conclusion. At issue is the GOP’s proposed budget, which cuts $5.8 trillion over 10 years, including massive cuts to entitlement programs experts say are driving the government towards a fiscal cliff. The bold move by Ryan and House...
  • GOP proposes $6.2 trillion in spending cuts

    04/05/2011 9:01:56 AM PDT · by Ernest_at_the_Beach · 32 replies
    MarketWatch ^ | April 5, 2011, 11:24 a.m. EDT | Robert Schroeder, MarketWatch
    2012 plan revamps Medicare, lowers corporate tax rate to 25%WASHINGTON (MarketWatch) — Opening a new battle in Washington’s budget wars, House Republicans on Tuesday proposed to slash government spending by $6.2 trillion over 10 years, cut the top corporate tax rate to 25%, and dramatically overhaul the Medicare program. Republicans’ fiscal 2012 budget blueprint, released by House Budget Committee Chairman Paul Ryan of Wisconsin, would also scrap President Barack Obama’s health-care law, remake federal welfare programs and allow oil and gas companies to drill more freely. It cuts $6.2 trillion over the next decade compared to Obama’s 2012 budget proposal....
  • Obama budget has $556 billion, six-year transport plan

    02/14/2011 10:12:14 PM PST · by Ernest_at_the_Beach · 25 replies
    Reuters ^ | Mon Feb 14, 2011 5:00pm EST | John Crawley and Lisa Lambert
    (Reuters) - President Barack Obama on Monday proposed an ambitious long-term transport spending plan in his 2012 budget as a way to boost U.S. economic competitiveness and spur job growth. While cutting other spending, Obama aggressively accelerated efforts to upgrade aging roads, bridges and introduce high-speed rail with a six-year, $556 billion package."It's really about a big vision, a bold vision, an innovative vision," Transportation Secretary Ray LaHood told reporters.The total is 60 percent richer than the last transportation blueprint enacted by Congress, which expired in 2009.Congress is working on its own transportation spending priorities with proposals expected soon. LaHood...