Keyword: budget

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  • Biden Invokes Paul Ryan's Deceased Father to Question VP Candidate's Values

    08/13/2012 11:28:41 AM PDT · by Red Badger · 71 replies
    Weakly Standard ^ | 13 Aug 2012 | Dan Halper
    Vice President Joe Biden invoked Paul Ryan's deceased father to question the Republican vice presidential candidate's values: "My dad used to have another saying, for real," Biden said. "And, by the way, I've been saying this for 30 years. And I'm glad to see that Congressman Ryan likes his dad, too, and quotes his dad. I mean that sincerely. But my dad [had] a lot of wisdom. Every time someone tell you, say, 'Look, let me tell you what's important to me, what I value.' My dad would go, 'No, no. Don't tell me what you value. Show me your...
  • Top 10 Reasons Not To Re-elect Obama (Part 1 of 3)

    08/14/2012 3:49:54 AM PDT · by Kaslin · 2 replies ^ | August 14, 2012 | Chuck Norris
    On Feb. 2, 2009, President Barack Obama explained his chance to fix the economy to host Matt Lauer on NBC's "Today": "I will be held accountable. I've got four years. ... If I don't have this done in three years, then there's going to be a one-term proposition." Here are the top 10 reasons I believe President Obama shouldn't sit a single day beyond his one term in the Oval Office: 10) Obama's economic actions have failed to lower the unemployment rate in the U.S. to less than 8 percent for the past 42 months, which is a record. Nearly...
  • Senate rejects Obama budget in 99-0 vote

    08/13/2012 3:13:11 PM PDT · by stocksthatgoup · 18 replies
    The Hill ^ | 05/16/12 | Erik Wasson and Daniel Strauss
    A budget resolution based on President Obama’s 2013 budget failed to get any votes in the Senate on Wednesday. In a 99-0 vote, all of the senators present rejected the president’s blueprint. It’s the second year in a row the Senate has voted down Obama’s budget. Obama's 2012 budget failed 97 to 0 last May after Obama himself last April said he wanted deeper deficit cuts. The House earlier this year unanimously rejected Obama's budget. (Failed 414 - 0)
  • Paul Ryan Medicare Plan Clearly Explained by the Stunning Michelle Fields

    08/13/2012 12:08:10 PM PDT · by Reaganite Republican · 34 replies
    Reaganite Republican ^ | August 13, 2012 | Reaganite Republican
    Forget all the demagoguery out there on the Left and check this out... "No changes go into effect until 2028." "Nobody over the age of 55 will be affected by this plan" "Individuals will have the ability to look at a list of coverage plans -which also includes the traditional Medicare option- and they can decide for themselves what best fits their needs" "It empowers the individual, but also forces the businesses to compete for customers... when you have competition,  price goes down/quality goes up." "Medicare right now is failing, it's going to be falling apart- something needs to be done,...
  • Gingrich explains change of heart on Ryan budget

    08/12/2012 1:05:17 PM PDT · by sheikdetailfeather · 11 replies
    CBS ^ | 8/12/2012 | Lindsey Boerma
    (CBS News) After having to apologize last year to House Budget Committee Chair Paul Ryan, R-Wis., for calling the Medicare overhaul in his budget proposal "right-wing social engineering," former House Speaker Newt Gingrich on Sunday argued his budget efforts, "in my mind, makes him an extraordinarily exciting choice" as Mitt Romney's newly announce VP nominee, "because you now have a national leader who is capable of talking in detail with the American people about some very complicated topics." "The one thing I objected to back in May 2011," Gingrich told CBS News correspondent Nancy Cordes, "was that he eliminated Medicare...
  • FACT CHECK: Social Security adds to budget deficit

    08/12/2012 10:27:08 AM PDT · by TurboZamboni · 21 replies
    Pioneer Press ^ | 8-12-12 | AP
    WASHINGTON—Now that Social Security is paying more in benefits than it collects in taxes, there is a fierce debate among politicians, academics and advocates about whether those shortfalls are adding to the federal budget deficit. The issue is important because the federal government's annual deficit already exceeds $1 trillion, making any more borrowing tough to swallow. If Social Security is adding to the government's financial problems, it becomes even more urgent to fix it. "Over 77 years and now through 13 recessions, Social Security has not added one penny to our deficit or our debt," Rep. Xavier Becerra, D-Calif., said...
  • A closer look at Paul Ryan's budget plan

    08/12/2012 9:38:05 AM PDT · by TurboZamboni · 4 replies
    Pioneer Press/Milwaukee Journal ^ | 8-12-12 | Dave Umhoefer
    Here is a look at some of the key provisions of Ryan's plan: -- Medicare: Ryan proposed leaving the current structure of Medicare in place for people now 55 and older, while substituting a different program for younger Americans. Instead of a government-run program that pays directly for the medical services that Medicare recipients get, the Ryan plan would give people a subsidy they would use to pay their health insurance premiums. -- Balanced budget: The long-term reductions in Medicare spending help get the Ryan plan on paper to a balanced budget around 2040 -- Savings: Much of the 10-year...
  • Today Marks 1200th Day Since Senate Dems Have Passed a Budget

    08/11/2012 7:57:30 PM PDT · by Kaslin · 11 replies ^ | August 11, 2012 | Leah Barkoukis
    It’s very fitting that the same day Mitt Romney chose a fiscal and budgetary guru as his VP also marks the 1200th day since Senate Democrats have passed a budget. The debt accumulated during that time? Oh, a mere $5 trillion. On Friday, Senate Budget Committee Republicans released this infographic to make it clear:     The Weekly Standard has the scoop:  In a joint statement, Senate Budget Committee ranking member Jeff Sessions and House Budget Committee chair Paul Ryan mark the milestone. “Tomorrow marks another disappointing record for the United States Senate: Senate Majority Leader Reid and his Democrat...
  • Repeal of ObamaCare Key to Ryan Budget Plan (Flashback 2011)

    08/11/2012 8:55:56 AM PDT · by mnehring · 3 replies
    snip ...On Tuesday, House Budget Committee Chairman Paul Ryan, R-Wis., released a budget blueprint that tackles the three big health care challenges facing the federal budget -- ObamaCare, Medicare and Medicaid - with a strategy of repeal, vouchers and block grants. Done properly, those steps would simultaneously improve health care and help balance the budget within a decade. As it should, Ryan's budget would repeal ObamaCare. With a national debt roughly three-fourths the size of the entire economy, we simply cannot afford that law's two new entitlement programs or its trillion-dollar price tag. Repeal would also relieve states of the...
  • What does one TRILLION Dollars Look Like ?

    08/11/2012 8:09:43 AM PDT · by chiller · 23 replies
    All this talk about "stimulus packages" and "bailouts"... A billion dollars... A hundred billion dollars... Eight hundred billion dollars... One TRILLION dollars... What does that look like?
  • The Bishops Were Wrong On The Ryan Budget

    08/11/2012 5:48:00 AM PDT · by marcbold · 35 replies
    National Catholic Register ^ | 8/11/2012 | Patrick Archbold
    In the wake of the selection of Paul Ryan as the VP nominee, you will be hearing a lot about how Ryan is a bad Catholic because the Bishops criticized the Ryan budget plan. Let me cut to the chase, the USCCB was wrong. The text of the letter issued by the Bishops gets the basics wrong and completely ignores the immorality of continued debt. They say... On behalf of the United States Conference of Catholic Bishops, I write to urge you to resist for moral and human reasons unacceptable cuts to hunger and nutrition programs. The committee has been...
  • Sacramento grapples with more drivers parking free with disabled placards

    08/08/2012 5:00:10 AM PDT · by Cincinatus' Wife · 11 replies
    Sacramento Bee ^ | August 8, 2012 | Tony Bizjak
    Anyone searching for a parking space in downtown Sacramento on a weekday might conclude that a big percentage of this city's residents is disabled. Bright blue and red placards hang in half of the windshields on some blocks, allowing those cars to park free all day at any meter, regardless of how much time the meter allows or how congested the area is. As placard numbers grow across the state, frustrated officials from Sacramento to Los Angeles say too many users are in fact able-bodied people abusing the system. It's time to put a stop to it, they say. Vehicles...
  • Pelosi to Florida seniors: Republicans are ‘E. coli club’, they don't care about food safety

    08/06/2012 2:26:40 PM PDT · by T.O.K. · 24 replies ^ | August 6, 2012 | Michele Kirk
    Former U.S. Speaker of the House Nancy Pelosi on Monday threw her political weight behind former West Palm Beach Mayor Lois Frankel’s bid for Congress. In a scheduled visit to the Veranda Club, an assisted-living facility in Boca Raton, the Democratic leader briefly spoke to a small crowd of mostly seniors about her admiration for Frankel as a “woman of courage.” She then launched into a familiar speech on Medicare.
  • Obama Economic Plan Would Explode Debt to $25.4 Trillion

    08/04/2012 3:51:09 PM PDT · by Zakeet · 32 replies
    Big Government ^ | August 4, 2012 | Wynton Hall
    In presidential campaign ads, President Barack Obama claims that his economic plan includes “$4 trillion in deficit reduction.” For a president who has increased the national debt more than all U.S. presidents from George Washington to George H.W. Bush combined, the claim seems incredible. Indeed, it is. A new analysis of Mr. Obama’s budget reveals the president’s plan would add $10.6 trillion in debt accumulation over the next decade, bringing the U.S. federal debt to a jaw-dropping $25.4 trillion. Still, the president and his surrogates continue to claim the Obama plan would cut spending. “The President’s proposals… include a balanced...
  • Six-month deal reached to avoid government shutdown, aides say

    07/31/2012 12:13:42 PM PDT · by TurboZamboni · 27 replies
    national journal ^ | 7-31-12 | Katy O'Donnell
    The House will have just eight legislative workdays in September, and at least one of them will now be spent taking up a stopgap spending bill to fund the government past the election and through what is expected to be an extraordinarily hectic lame-duck session. The chamber will not take up a continuing resolution bill this week, according to aides, but House and Senate leaders are expected to announce as early as Tuesday afternoon that they have reached an informal agreement to take up a roughly six-month continuing resolution when they return from the August recess.
  • California state government’s dishonorable honor system

    07/27/2012 10:08:42 AM PDT · by Mark Landsbaum · 4 replies
    The state government is in dire straits, we are told. We must pay higher taxes, we are told. The cupboard is bare and they are running out of money, we are told. Then there’s this: “More than $2 billion in California taxpayer money has apparently been stashed in hundreds of special funds unaccounted for by the state Department of Finance, a newspaper reported on Friday..."
  • Senate Dems (without a budget) pass middle-class tax-rate extension in close vote

    07/25/2012 3:30:33 PM PDT · by Libloather · 13 replies
    The Hill ^ | 7/25/12 | Bernie Becker, Ramsey Cox
    Senate Dems pass middle-class tax-rate extension in close voteBy Bernie Becker and Ramsey Cox - 07/25/12 05:06 PM ET Senate Democrats narrowly pushed through a measure to extend tax rates for family income up to $250,000 for a year, as both parties continued their election-year messaging war on taxes. By a 51-48 tally, Democrats overcame two defections to win passage of a measure that would also raise the top rate on capital gains and dividends, as well as continue several targeted tax provisions that Democrats say help the middle class. Vice President Biden presided over the tally. He was in...
  • Business owners make case to Romney

    07/25/2012 10:44:37 AM PDT · by Mark Landsbaum
    The Orange County Register ^ | 7-25-2012 | The Orange County Register Editorial Boarad
    Eleven Southern California business owners met this week with Mitt Romney, the presumptive Republican presidential candidate, at a Costa Mesa manufacturing plant. On the wall behind Mr. Romney's chair hung a large banner that read, "We did build it!" – with "did" underlined for emphasis. The banner underscored how out of touch President Barack Obama seems with what makes the American economy work. The business owners echoed the ire of those nationwide who do understand what makes the American economy work. Their words Monday in Costa Mesa directly refuted the president's now-infamous campaign utterance of last week: "If you've got...
  • Government deception in Sacramento? Say it’s not so!

    07/25/2012 10:38:53 AM PDT · by Mark Landsbaum
    What happens in the real world when those who are fiscally responsible for managing other people’s money hide it and engage in other deceptions? Yeah, they go to jail or at least get sued and have to pay up. What happens in Sacramento? We have a couple of examples of such shenanigans...
  • Health, housing get greatest federal subsidies

    07/24/2012 5:04:42 PM PDT · by markomalley · 1 replies
    AP ^ | 7/24/2012 | ANDREW TAYLOR
    A study of federal subsidies of various sectors of the economy released Tuesday says that health care and housing combined to reap almost $1 trillion in support in the most recent year for which data was available. The study funded by the Pew Charitable Trusts said that taxpayers subsidized health care by $743 billion in 2010, while a set of generous tax breaks was the main driver in $227 billion worth of subsidies for the housing industry. The Pew study says that various federal subsidies like tax breaks, federal grants and other government contracts totaled $1.4 trillion. It shows that...
  • Letter to John Boehner providing an estimate for H.R. 6079, the Repeal of Obamacare Act

    07/24/2012 3:50:23 PM PDT · by Positive · 5 replies
    I have omitted the estimates because of the disclaimer below. Why Are These Estimates Uncertain? Projections of the budgetary impact of H.R. 6079 are quite uncertain because they are based, in large part, on projections of the effects of the ACA, which are themselves highly uncertain. Assessing the effects of making broad changes in the nation’s health care and health insurance systems requires estimates of a broad array of technical, behavioral, and economic factors. Separating the incremental effects of the provisions in the ACA that affect spending for ongoing programs and revenue streams becomes more uncertain as the time since...
  • Gloomy Forecast for States, Even if Economy Rebounds [Obamanomics is a Failure]

    07/18/2012 3:38:02 AM PDT · by SoFloFreeper · 9 replies
    The fiscal crisis for states will persist long after the economy rebounds as they confront rising health care costs, underfunded pensions, ignored infrastructure needs, eroding revenues and expected federal budget cuts, according to a report issued here Tuesday by a task force of respected budget experts.
  • Military has to fight to purchase lauded IED buster

    07/17/2012 11:51:43 AM PDT · by huldah1776 · 14 replies
    The Washington Times ^ | July 16, 2012 | Rowan Scarborough
    ...getting permission to buy the detection system has not been easy, a congressman says. The detective is not a sniffer dog, surveillance gear or metal detector. It is a software platform called Palantir that allows intelligence analysts to quickly mine streams of war-fighting data and calculate likely spots where the Taliban are hiding improvised explosive devices (IEDs) to attack allied convoys.
  • Obama by the Numbers: THIS IS NOT SUSTAINABLE

    07/16/2012 10:17:19 AM PDT · by Reaganite Republican · 4 replies
    Reaganite Republican ^ | July 16, 2012 | Reaganite Republican
    This just released by the RNC... Just four years ago nobody even used the word 'trillion'! ______________________________________ RNC
  • California Goes Off the Rails with High Speed Train (May have killed chances to issue more debt)

    07/15/2012 2:35:08 PM PDT · by Zakeet · 15 replies
    Brietbart Big Government ^ | July 14, 2012 | Chris W. Street
    The State of California was already facing a $19 billion budget deficit, shorted public schools $8 billion, and was set to release imprisoned rapists into “community probation” when the Legislature approved selling $4.6 billion in new state bonds to build 130 miles of railroad track through some of the most uninhabited farm country in Central California. The arrogance of the leveraging the already insolvent state caused a volcanic public outrage, but the Legislature and Governor Jerry Brown were desperate to get their paws on $3.3 billion in federal grants from the Obama Administration. But in a shocking development, Moody’s...
  • US government records $904.2B deficit through June

    07/12/2012 1:38:39 PM PDT · by NormsRevenge · 2 replies
    Yahoo ^ | 7/12/12 | Martin Crutsinger, AP Economics
    WASHINGTON (AP) -- The U.S. budget deficit grew by nearly $60 billion in June, remaining on track to exceed $1 trillion for the fourth straight year. Through the first nine months of the budget year, the federal deficit totaled $904.2 billion, the Treasury Department reported Thursday. President Barack Obama is almost certain to face re-election having run trillion-dollar-plus deficits in each his first four years in office. That would likely benefit his opponent, GOP presumptive nominee Mitt Romney. Obama and congressional Republicans remain at odds over how to lower the deficit. Unless their disagreement is broken, a series of tax...
  • The Facts About Budget Deficits: How The Presidents Truly Rank

    07/12/2012 8:01:16 AM PDT · by SeekAndFind · 11 replies
    Forbes ^ | 07/12/2012 | James Glassman
    Please forgive me. Over and over, I hear misinformation about deficits in prior administrations, and I can’t keep quiet any longer. I have to correct the record. The latest was on “Squawk Box” on Monday morning. Joe Kernan, the host, is interviewing former Vermont Gov. Howard Dean, ex-candidate for president and chairman of the Democratic National Committee. Kernen cites campaign comments about “bad policies” going back “decades” affecting the high rate of unemployment today. He asks, “What specific policies in the Bush Administration do you think are still being used to explain 8 percent unemployment?” Dean responds, “The biggest ones...
  • Budget Insanity

    07/11/2012 4:16:49 AM PDT · by Kaslin · 31 replies ^ | July 11, 2012 | John Stossel
    Last year, Congress agreed to $1.2 trillion in automatic spending cuts, unless politicians find other things to cut. They didn't, of course. So now, with so-called sequestration looming in January, panic has set in. Even the new "fiscally responsible" Republicans vote against cutting Energy Department handouts to companies like Solyndra and subsidies to sugar producers. Many claim that any cut in military spending will weaken America and increase unemployment. It's another demonstration of the politicians' addiction to spending -- and how we are complicit. "One more infrastructure bill" or "this jobs plan" will jumpstart the economy, and then we'll kick...
  • SCRANTON RUNS OUT OF MONEY, Cuts All City Salaries To Minimum Wage(down to $5K)

    07/10/2012 5:23:34 AM PDT · by TigerLikesRooster · 41 replies
    Business Insider ^ | 07/10/12 | Mike "Mish" Shedlock
    SCRANTON RUNS OUT OF MONEY, Cuts All City Salaries To Minimum Wage Mike "Mish" Shedlock, Global Economic Trend Analysis|Jul. 10, 2012, 7:11 AM Scranton, Pennsylvania's, the state's sixth-most-populous city (population of 76,089 in 2010 census), is down to its last $5,000 and has no way to pay salaries. The mayor wants an immediate tax hike of 29% and 78% over three years. In every sense of the word, Scranton is bankrupt. NPR reports Scranton's Public Workers Now Paid Minimum Wage
  • [CA] Rail project could knock tax vote off track

    07/05/2012 8:40:08 AM PDT · by Cincinatus' Wife · 2 replies
    San Francisco Chronicle ^ | July 5, 2012 | John Wildermuth
    A wide range of California voters are willing to give Gov. Jerry Brown's tax initiative the support it needs in November, but that could change in a hurry if the Legislature approves billions of dollars for the proposed high-speed rail project later this week, a new Field Poll shows. More than a fifth of those voters backing Brown's tax plan, which would temporarily boost the sales tax by one-quarter of one cent and increase state income tax for those making more than $250,000 a year, say they would be less likely to support it if the state starts spending money...
  • Will Mitt Romney expand the role, size, and cost of government?

    07/03/2012 12:49:25 PM PDT · by Clay Taurus · 23 replies
    July 3 2012 | Clay Taurus
    My first thread on Free Republic I asked if Mitt Romney would balance the budget, and the consensus was that he would not. That we should expect more of the same. So for this next one, I will ask more stuff which is important to me a fiscal free market conservative: Will Mitt Romney expand the role, size, and cost of government? I’m asking these questions about the deficit, and size of government because I don’t understand what the difference is so far between Obama and Romney, and not sure what the point is in replacing Obama with Romney if...
  • IMF warns on U.S. economy

    07/03/2012 7:33:20 AM PDT · by Oldeconomybuyer · 12 replies
    CNN Money ^ | July 3, 2012 | By Annalyn Censky
    (CNNMoney) -- Boost the U.S. economy now and worry about cutting deficits later, the International Monetary Fund recommended Tuesday. The U.S. recovery remains "tepid" and according to the IMF, is expected to grow only 2% this year. Meanwhile, the fiscal cliff looms in 2013, threatening to reduce the economy's growth to only 1% next year. Amid that weakness and threats from slower growth abroad, the IMF recommended U.S. lawmakers spend more on infrastructure, worker training programs, extended unemployment benefits and fixes for the housing market. "The composition of spending should be as growth-friendly as possible," the report said. The IMF...
  • (NC) General Assembly Overrides (RAT) Vetoes on Budget, Fracking, Racial Justice Act

    07/03/2012 2:23:06 AM PDT · by Libloather · 6 replies
    Carolina Journal ^ | 7/03/12 | Barry Smith
    General Assembly Overrides Vetoes on Budget, Fracking, Racial Justice ActPerdue goes 0-for-3 at close of GOP's first session as majority in 140 years By Barry Smith Jul. 3rd, 2012 RALEIGH – An override of Democratic Gov. Bev Perdue’s budget veto highlighted a day of votes in which the Republican-controlled General Assembly shot down the governor’s vetoes three times. The General Assembly on Monday night voted to override Democratic Gov. Bev Perdue’s veto of the state budget bill, clearing the way for adjournment and allowing lawmakers to go home to campaign for the November 2012 general election. Lawmakers also overrode vetoes...
  • Large Defense Company Is Already Threatening Massive Layoffs - If The Fiscal Cliff Hits

    06/27/2012 6:08:07 PM PDT · by blam · 10 replies
    TBI ^ | 6-27-2012 | Joe Weisenthal
    Large Defense Company Is Already Threatening Massive Layoffs On January 1 Next Year If The Fiscal Cliff Hits Joe Weisenthal Jun. 27, 2012, 8:32 PM Interesting tweet from Erin Burnett (via David Freddoso). Erin Burnett This is kind of a weird way to hear about a layoff announcement, but what's key is that there's an exact date for the cuts Jan 1, 2013 and Buck Mckeon is a Congressman from Southern California who serves on the Armed Forces Committee in the House. So basically Lockheed is saying in a not-so veiled way is: Stop the mandatory defense spending cuts (that...
  • Paul Ryan, Aiming for Ways & Means Instead of VP?

    06/27/2012 11:54:04 AM PDT · by SeekAndFind · 17 replies
    RCP ^ | 06/27/2012 | Erin McPike
    JANESVILLE, Wis. -- In a recent Washington Post story on Ohio Sen. Rob Portman and his vice presidential aspirations, a passage about another Capitol Hill lawmaker stood out: "Rep. Paul Ryan of Wisconsin and Virginia Gov. Robert F. McDonnell [have] also emerged as fixtures in the vice presidential discussion, with Ryan especially portrayed as a kindred spirit of [Mitt] Romney’s, someone able to finish the top man’s sentences and make him laugh. Romney and Ryan had met privately last autumn to talk about economic policy and deficits, said someone close to the candidate." Maneuvering by Romney’s presidential campaign suggest that...
  • Stockton bankruptcy: 'All that's left is sadness' for city

    06/27/2012 11:28:01 AM PDT · by Oldeconomybuyer · 23 replies
    The Los Angeles Times ^ | June 27, 2012 | by Diana Marcum
    With the city of Stockton moving to become the nation's largest city to seek protection under the U.S. Bankruptcy Code, Tuesday night's City Council meeting was quiet, with an evident sadness on faces in the packed chambers. The working-class port city -- from where many of California's agricultural exports set sail -- lived largely on credit during economic boom times. The city borrowed millions of dollars for ambitious, eye-catching projects in the mid-2000s. Up went a sports arena, hotel and promenade. The city booked a Neil Diamond concert as a kickoff to better times. Houses in sprawling tracts sold quickly...
  • Stupid Things We Do in Sacramento

    06/25/2012 12:15:55 PM PDT · by leftofright
    When guilt is demonstrable, confession is the best bet. So allow me to confess: as the California’s Director of Finance for four years, I did some stupid things. Let’s take a few examples and see if they help the casual observer to better understand how government, or at least how the Golden State’s’ budget process works – or fails to work.
  • Approving Billions in Cuts to Social Services, California Reaches Budget Deal (unions safe for now)

    06/21/2012 10:02:04 PM PDT · by Zakeet · 11 replies
    New York Times ^ | June 21, 2012 | Jennifer Medina
    Just 10 days before the start of the new fiscal year, Gov. Jerry Brown and the Democratic-controlled Legislature reached a budget deal on Thursday to close a nearly $16 billion budget gap. The agreement came after days of negotiations, with legislative leaders reluctant to make the cuts that Governor Brown said were urgently needed. That the budget met its deadline for only the third time in the last two decades was seen as a cause for celebration, though the spending plan hardly contained good news. And even more cuts loom on the horizon if voters do not approve Governor Brown’s...
  • The federal budget for fiscal year 1960.

    06/21/2012 2:33:45 AM PDT · by moonshot925 · 6 replies
    usgovernmentspending ^ | June 21 2012 | me
    Pensions = $11.7 Billion Health Care = $1.5 Billion Education = $1.6 Billion Defense = $53.3 Billion Welfare = $3.0 Billion Protection = $0.2 Billion Transportation = $4.4 Billion General Government = $0.7 Billion Balance = $3.5 Billion Interest = $7.7 Billion Other Spending = $9.6 Billion Total Federal Spending = $97.3 Billion Total Federal Revenue = $99.8 Billion Federal Budget Surplus = $2.5 Billion
  • House appropriators advance spending bill that would slash the EPA’s funding

    06/20/2012 5:15:44 PM PDT · by SeekAndFind · 10 replies
    Hotair ^ | 06/20/2012 | Erika Johnsen
    Ah, such a tease! I can’t say I have much faith that, the way things stand right now, this bill will make it through untouched, but it’s beautiful to think about nonetheless.A House committee has managed to advance a 2013 spending bill that would impose deep cuts and restrictions on the Environmental Protection Agency. The bill cuts EPA by $1.4 billion, about 17 percent, compared to current funding. The GOP points out that this brings the EPA below fiscal 1998 funding.House Appropriations Committee Chairman Hal Rogers (R-Ky.), who hails from coal country, said he is especially proud of the measure,...
  • Watch Out! (Unless Washington acts now, the costs of eldercare will drain the federal budget)

    06/19/2012 4:29:17 AM PDT · by SeekAndFind · 14 replies
    Barron's ^ | 06/19/2012 | GENE EPSTEIN
    For years, politicians and retirees could safely ignore the crisis facing America's Social Security system. The problems lay in a distant, hazy future, far beyond the next Election Day and the next round of golf. That is now changing; the ground is starting to shake. The first of America's 78 million baby boomers are turning 66, which means they're eligible for full Social Security benefits. Last year, this same group began to qualify for Medicare, whose enrollment age is 65. A goodly number of boomers have been receiving reduced Social Security benefits since 2008, when the oldest turned 62. Nearly...
  • California Legislature approves $92.1-billion budget

    06/18/2012 4:10:43 PM PDT · by Nachum · 14 replies
    L.A. Times ^ | 6/15/12 | Chris Megerian in Sacramento
    The California Legislature passed a $92.1-billion budget on Friday in a vote that avoided the drama and delay that long has characterized the Capitol’s annual spending debate. The vote, largely a foregone conclusion, was almost completely along party lines, without a single Republican supporting the plan. The Senate voted first, approving the budget 23-16. The Assembly then voted 50-25. The budget now goes to Gov. Jerry Brown, who has not said whether he will sign it. The spending plan pushed through the Legislature by Democrats is slightly larger than the one Brown proposed in May, and it makes fewer cuts...
  • Budgetary shell games in Sacramento

    06/13/2012 2:12:21 PM PDT · by Mark Landsbaum · 3 replies
    Democrats say they can replace more than $1 billion in Gov. Jerry Brown’s cuts to programs for the poor. All they have to do is spend some of the state’s reserve and make a few accounting changes. Doesn’t this sound eerily familiar? California state government has taxed and spent itself into successive budget deficits and then covered over the mess by snatching money from one pot to spill into another. This latest fix sounds like more of the same. And what could go wrong? ...
  • Speaking of the state budget, which is teetering . . .

    06/11/2012 3:14:29 PM PDT · by Mark Landsbaum · 5 replies
    he Legislature has less than a work week to approve a “balanced” budget or get their pay docked. Never before has there been such incentive for these folks, who certainly hold their own interests above the interests of anyone else. But in the haggling over what to cut and what to spend, consider this: . . .
  • Farm Bill 'Reform' Stuffed With Pork

    06/10/2012 7:02:45 AM PDT · by Kaslin · 1 replies ^ | June 10, 2012 | Debra J. Saunders
    Every once in a while, Democrats and Republicans can work together. Witness Thursday's 90-8 vote to bring a "bipartisan reform" farm bill before the Senate. In the expectation that the bill will garner the necessary 60 votes, the House Agriculture Committee has changed its schedule to allow a floor debate on the measure in July. The White House applauded. This is Washington's version of the dawning of the Age of Aquarius. There's just one little problem. Somehow, whenever the two parties work together, they end up spending a lot of other people's money. The Agriculture Reform, Food and Jobs Act...
  • What kind of California budget will emerge?

    06/08/2012 5:50:31 PM PDT · by SmithL · 13 replies
    Sacramento Bee ^ | 6/8/12 | Dan Walters
    There was no chance that Democratic legislators would fashion a new state budget before last Tuesday's primary election, since budget votes could have become campaign ammunition. However, that leaves just a week before the June 15 constitutional budget deadline – with legislators' salaries at risk if they don't make it. And with at least a $16 billion deficit to close, they can't skate by merely assuming voters will pass new taxes in November. They will plug in that assumption, certainly, but that still leaves about $7 billion in income/outgo shortfall to be covered. Democrats are balking at Gov. Jerry Brown's...
  • (CT)Cash flow report sparks fears state may need to borrow to pay bills on time

    06/08/2012 12:52:08 PM PDT · by matt04 · 3 replies
    A new report showing state government continues to tap into its capital project accounts to pay its operating bills sparked bipartisan fears Wednesday that Connecticut may need a loan later this year to keep its finances running smoothly. And though state Treasurer Denise L. Nappier also wrote that total available cash remains "adequate" right now, she added that pressures on the state's cash flow continue to mount. "The common cash pool balance has fallen substantially during the year," Nappier wrote June 1 in her monthly report to the Finance, Revenue and Bonding Committee. "...The common cash pool is trending downward...
  • NOAA comes under criticism again, this time over National Weather Service funding

    06/08/2012 11:27:38 AM PDT · by Twotone · 2 replies
    SouthCoast Today ^ | June 5, 2012 | Don Cuddy
    The National Oceanic and Atmospheric Administration and its embattled head Dr. Jane Lubchenco are again the target of criticism after the director of the National Weather Service, Jack Hayes, resigned abruptly on Memorial Day weekend. An environmental watchdog group, Public Employees for Environmental Responsibility (PEER), informed the Washington Post when it learned that Hayes had been replaced and the story has since been widely reported.
  • U.S. Debt Load Falling At Fastest Pace Since 1950s

    06/08/2012 11:17:15 AM PDT · by blam · 41 replies
    Market Watch ^ | 6-8-2012 | Rex Nutting
    U.S. Debt Load Falling At Fastest Pace Since 1950s By Rex Nutting, MarketWatchJune 8, 2012, 12:01 a.m. EDT WASHINGTON (MarketWatch) — Everyone knows America has too much debt. What they don’t know is that things are getting better, not worse. Little by little, our economy is reducing its debt burden, slowly repairing the damage caused by 10, 20 or 30 years of excess. If you want to know why economic growth has been so tepid, here’s your answer. Four years after the storm hit, the economy is still deleveraging. And it’s very hard for any economy to grow when everyone...
  • NASA Kills X-Ray Space Telescope Mission

    06/08/2012 7:21:33 AM PDT · by Red Badger · 12 replies ^ | 06-07-2012 | Content provided by Clara Moskowitz,
    The Gravity and Extreme Magnetism Small Explorer (GEMS) was running over-budget, so the space agency scrapped it. ASA is canceling all work on a new space telescope designed to seek out black holes and other cosmic mysteries through X-ray light due to soaring development costs, the space agency announced today (June 7). The mission, called Gravity and Extreme Magnetism Small Explorer (GEMS), was running significantly over budget, said Paul Hertz, director of NASA's Astrophysics Division, during a phone call to reporters today. "The GEMS project was initiated under a very well-defined cost cap," Hertz said. "As they approached their confirmation...