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Keyword: budgetdeficit

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  • States Are the Canary In the Fiscal Coal Mine

    03/23/2010 6:39:54 AM PDT · by SeekAndFind · 6 replies · 400+ views
    Real Clear Markets ^ | 03/23/2010 | Josh Barro
    <p>Last week, Moody's released guidance stating that the US and UK Aaa bond ratings are at risk. Debt levels are rising rapidly to levels where those ratings cannot be maintained, and avoiding that outcome will require "fiscal adjustments" -- read, spending cuts and/or tax increases -- that are likely to "test social cohesion."</p>
  • Congress Votes to Socialize Health Care in United States

    03/22/2010 1:44:50 AM PDT · by Cindy · 26 replies · 1,397+ views
    CNS ^ | Monday, March 22, 2010 | By Terence P. Jeffrey, Editor-in-Chief
    "Congress Votes to Socialize Health Care in United States" Monday, March 22, 2010 By Terence P. Jeffrey, Editor-in-Chief SNIPPET: "According to the CBO, by 2016, the cheapest family health care plan that Americans will be required to buy under the law will cost $12,000 per year. The average family plan will cost $15,200. A family of four making $88,201 per year—or more than 400 percent of the poverty level—will not receive any federal subsidy to purchase such a plan. They will pay taxes, however, to subsidize the health care purchases of people earning less than 400 percent of poverty. According...
  • Obama's Hostile Takeover

    03/11/2010 8:43:28 AM PST · by timesthattrymenssouls · 8 replies · 769+ views
    Constitutional Guardian ^ | 3/11/2010 | Nancy Tengler
    "Enlightened statesmen will not always be at the helm. " Federalist 10, James Madison In the late 1990's I managed a large portfolio for a German re-insurance company. I loved visiting my client in the quaint city of Cologne. Church bells, spires, street markets with handmade goods including colorful steins and wooden nutcrackers, baked goods that looked like works of art in shop windows. Though I was working I felt like I had been transported to a surreal fairyland. Except for one thing. The persistent double-digit unemployment. I asked my client about the cause of Germany's relentless unemployment. His reply?...
  • Obama Numbers on Economy Prove to be False

    03/08/2010 11:54:18 AM PST · by Welshman007 · 4 replies · 31+ views
    Conservative Examiner ^ | 3/8/2010 | Anthony G. Martin
    For those true believers out there who still accept whatever this Administration tells them, despite being caught in numerous lies, here is one to add to the list. Perhaps this will convince you that Barack Obama and his minions cannot be trusted. The Congressional Budget Office released figures that show that despite Obama's notion that his plan for America will reduce the national debt, the Obama agenda will actually add 9.7 trillion dollars to the debt over the next ten years, almost doubling the current debt-load of 12 trillion.
  • Obama avoids hard budget choices: A weak leader talks tough and passes the buck

    02/22/2010 7:42:23 PM PST · by Abakumov · 10 replies · 423+ views
    The Washington Times ^ | February 23, 2010 | Editorial
    President Obama said on Thursday, "The politics of dealing with chronic deficits is fraught with hard choices, and therefore, it's treacherous to officeholders here in Washington. As a consequence, nobody has been too eager to deal with it." He then handed the problem off to a commission, thus proving his point. Mr. Obama likes to use the expression "hard choices," but he has yet to make any when it comes to federal spending. After announcing his fiscal commission, he went to Las Vegas and announced a $1.5 billion housing assistance program, seeking to bolster the flagging fortunes of Senate Majority...
  • Budget by Executive Order?

    02/19/2010 11:21:54 AM PST · by Welshman007 · 3 replies · 280+ views
    YouTube ^ | 2/19/2010 | Anthony G. Martin
    This is The Liberty Sphere Report by Anthony G. Martin: Obama has created a bipartisan panel to deal with the budget deficit and national debt, which is the job of Congress, according to the Constitution. WARNING! Danger ahead.
  • Cutting spending in New Jersey: Garden State governor offers Obama an example of fiscal courage

    02/16/2010 8:08:39 PM PST · by Abakumov · 23 replies · 940+ views
    The Washington Times ^ | February 17, 2010 | Editorial
    On Feb. 2 in Nashua, N.H., Mr. Obama lectured the American people on fiscal responsibility. "When times are tough, you tighten your belts," he said. "You don't go buying a boat when you can barely pay your mortgage." However, his budget proposal is the most fiscally irresponsible in American history. It lavishes billions of dollars on unnecessary programs, pet projects and pork for cronies. There is no belt-tightening in his reckless budget; he does not believe in budget cuts. He's the guy who can't pay his mortgage but decides to buy a boat, a sports car and a home theater...
  • What’s Sustainable About This Budget? (nothing)

    02/14/2010 3:41:21 AM PST · by reaganaut1 · 4 replies · 336+ views
    New York Times ^ | February 14, 2010 | N. Gregory Mankiw
    ... The troubling feature of Mr. Obama’s budget is that it fails to return the federal government to manageable budget deficits, even as the wars wind down and the economy recovers from the recession. According to the administration’s own numbers, the budget deficit under the president’s proposed policies will never fall below 3.6 percent of G.D.P. By 2020, the end of the planning horizon, it will be 4.2 percent and rising. As a result, the government’s debts will grow faster than the economy. The administration projects that the debt-to-G.D.P. ratio will rise in each of the next 10 years. By...
  • US debt will keep growing even with recovery

    02/14/2010 3:32:49 AM PST · by reaganaut1 · 6 replies · 302+ views
    Associated Press ^ | February 14, 2010 | Tom Raum
    It's bad enough that Greece's debt problems have rattled global financial markets. In the world's largest economic and military power, there's a far more serious debt dilemma. For the U.S., the crushing weight of its debt threatens to overwhelm everything the federal government does, even in the short-term, best-case financial scenario — a full recovery and a return to prerecession employment levels. The government already has made so many promises to so many expanding "mandatory" programs. Just keeping these commitments, without major changes in taxing and spending, will lead to deficits that cannot be sustained. Take Social Security, Medicare and...
  • What is a Blink of an Eye, Astronomically?

    02/13/2010 4:21:07 AM PST · by mattstat · 6 replies · 409+ views
    n a January 15 Science news item, Yudhijit Bhattacharjee reported that the earliest galaxies began to form around 300 million years after the Big Bang. He said this was: Of course that is just a figure of speech, but I thought we should figure that figure of speech out. Just what is a “blink of an eye” astronomically? The best guess for the age of the universe is about 14 billion years, maybe a little less. There’s about 365 and a quarter days per year, accounting for leap years, and 24 hours to each day. Each hour has 60 minutes,...
  • When Deficits Become Dangerous

    02/12/2010 11:00:12 AM PST · by reaganaut1 · 15 replies · 572+ views
    Wall Street Journal ^ | February 11, 2010 | Michael J. Boskin
    President Barack Obama's 2011 budget lays out a stunningly expensive big-government spending agenda, mostly to be paid for years down the road. He proposes to increase capital gains, dividend, payroll, income and energy taxes. But the enormous deficits and endless accumulation of debt will eventually force growth-inhibiting income tax hikes, a national value-added tax similar to those in Europe, or severe inflation. On average, in the first three years of the 10-year budget plan, federal spending rises by 4.4% of GDP. That's more than during President Lyndon Johnson's Great Society and Vietnam War buildup and President Ronald Reagan's defense buildup...
  • Why cities aren't hitting panic button -- yet

    02/12/2010 8:07:31 AM PST · by SeekAndFind · 10 replies · 498+ views
    Fortune ^ | 02/12/2010 | Colin Barr
    Cities and other municipalities are in a world of budgetary hurt. Is a wave of bankruptcies on the way? The odds are against it, given the rules that restrict who can file for protection from creditors under Chapter 9 of the federal bankruptcy code. States, for instance, can't file, while in many cities, towns and other government bodies can seek bankruptcy only in limited circumstances. Yet with Greece's fiscal problems blaring from the headlines and governments across the United States bracing for another round of draconian cuts, municipal bond investors have been keeping an eye out for a rare event:...
  • Stimulus money running out in Los Angeles

    02/02/2010 11:53:13 AM PST · by wmposh · 10 replies · 603+ views
    ABC News Los Angeles ^ | Feb 1, 2010 | Leane Sutter
    LOS ANGELES (KABC) -- The city of Los Angeles is facing big budget problems, and now it seems jobs that were once exempt from looming layoffs may also be on the chopping block. A Los Angeles City Council committee ordered analysts Monday to consider slashing police and fire department jobs, and the cuts will not stop there. The L.A. City Council chambers were standing room only Monday as a budget and finance committee held a first hearing on layoffs and cutbacks in city services. It's grim.

    02/02/2010 1:17:25 AM PST · by TheFreedomPoster · 1 replies · 175+ views
    THE FREEDOM POST ^ | February 2, 2010 | Matthew Burke
    VIDEO: President Obama has recently announced that there will be a budget freeze on a significant portion of the next 3 years worth of budgets. This video walks through what that budget freeze looks like and how much money is actually saved by implementing this policy.
  • Obama's Budget Seeks $2 Trillion More in Spending and Deficits Than Last Year

    02/01/2010 9:07:15 PM PST · by myknowledge · 13 replies · 698+ views
    The Heritage Foundation ^ | February 1, 2010 | Brian M. Riedl
    Last year, President Obama swept into office on a promise to confront tough choices--and then released a budget proposing the largest debt-and-spending spree in American history. With Washington having committed itself to more government than its taxpayers could realistically afford, basic fiscal responsibility suggests that the President scale back his expensive proposals. Instead, this year's budget is even more fiscally irresponsible. Over the 10 years in which both budgets overlap (FY 2010-2019), this year's budget would spend an additional $1.7 trillion and run up an additional $2 trillion in budget deficits (see Table 1).[1] In fact, this year's proposal shows...
  • Obama Sends 2011 Budget to Congress

    02/01/2010 5:37:43 PM PST · by myknowledge · 21 replies · 1,065+ views
    VOA News ^ | February 1, 2010 | Paula Wolfson
    U.S. President Barack Obama has sent a $3.8 trillion budget request to Congress for the fiscal year that begins on October first. It is the first step in what is expected to be a long, contentious budget process. President Obama is walking a fine line in his 2011 budget. He is seeking $100 billion to tackle unemployment, while moving to trim the federal budget deficit. "It is time to hold Washington to the same standard families and businesses hold themselves. It is time to save what we can and what we must and live within our means once again," he...
  • After Obama Promises to Trim Deficits 2 Days Ago- Proposes Largest Spending Bill in History Today

    02/01/2010 8:57:33 AM PST · by opentalk · 14 replies · 689+ views
    Gateway Pundit ^ | February 1, 2010, | Jim Hoft
    You Lie. Two days ago Barack Obama told the American public that trimming the budget deficit was as important as creating jobs. This was after he tripled the budget deficit in here But that was Saturday… Today Barack Obama proposed a record budget that will increase the US budget deficit by at least $100 billion dollars. Obama’s $3.8 trillion budget will cause the deficit to skyrocket to a record $1.6 trillion. President Barack Obama will propose on Monday a $3.8 trillion budget for fiscal 2011 that projects the deficit will shoot up to a record $1.6 trillion this year,...
  • Obama's Budget Is 'Fiscal Insanity': Sen. Gregg (Implies Obama is Communist)

    02/01/2010 8:28:09 AM PST · by kristinn · 142 replies · 6,826+ views
    CNBC ^ | Monday, February 1, 2010
    President Obama's economic policies are promoting 'fiscal insanity' that is leading the nation down the path of insolvency, Sen. Judd Gregg (R)-NH told CNBC Monday. "We're going to get ourselves into deep, deep trouble here if we continue to pursue this course of fiscal insanity, in my opinion," said Gregg, a ranking member of the Senate Budget Committee, said in a live interview. "It's not just this year, which is the issue of stimulus," Gregg added. "It's the year after, it's the year after that and the year after, eight years out the president is projecting a trillion dollar defecit,...
  • Deficit to Hit All-Time High (Tax Revenues Plummet, New FY 2010 Deficit of $1.6 Trillion)

    01/31/2010 5:29:42 PM PST · by kristinn · 99 replies · 3,549+ views
    The Wall Street Journal ^ | Sunday, January 31, 2010 | Jonathan Weisman
    President Barack Obama will propose on Monday a $3.8 trillion budget for fiscal 2011 that projects the deficit will shoot up to a record $1.6 trillion this year, but would push the red ink down to about $700 billion, or 4% of the gross domestic product, by 2013, according to congressional aides. The deficit for the current fiscal year, which ends on Sept. 30, would eclipse last year's $1.4 trillion deficit, in part due to new spending on a proposed jobs package. The president also wants $25 billion for cash-strapped state governments, mainly to offset their funding of the Medicaid...
  • A 'Bleak' Budget but Slightly Better (CBO Estimates Deficit of $1.35T, better than expected $1.4T)

    01/27/2010 8:39:29 AM PST · by SeekAndFind · 1 replies · 201+ views
    Wall Street Journal ^ | 01/27/2010 | JOhn Mckinnon
    The Congressional Budget Office on Tuesday called the U.S. budget outlook "bleak," in a forecast that hurts the chances for extending Bush-era tax cuts and raises pressure for fiscal belt-tightening. In its annual report, the nonpartisan CBO pegged the 2010 U.S. budget deficit at $1.35 trillion, a slight decrease from the $1.4 trillion 2009 deficit that set a post-World War II record. The report also contained grim projections for Americans looking for a brighter employment picture. The CBO predicts that unemployment, currently 10%, won't return to 5% until the middle of the decade. The report projects slightly lower growth in...

    01/27/2010 4:18:21 AM PST · by Cindy · 150 replies · 3,011+ views
    (AP) via CNS NEWS ^ | January 27, 2010 | Julie Pace, AP
    "Obama to Announce $8 Billion High-Speed Rail Plan After State of the Union Speech" Wednesday, January 27, 2010 By Julie Pace, Associated Press SNIPPET: "Washington (AP) - A day after delivering a State of the Union address aimed at showing recession-weary Americans he understands their struggles, President Barack Obama intends to award $8 billion in stimulus funds to develop high-speed rail corridors and sell the program as a jobs creator. Obama and Vice President Joe Biden plan to announce grants for 13 major corridors during a town hall meeting in Tampa, Fla., Thursday..."
  • Obama is killing the economy: Democratic red ink is bankrupting America

    01/16/2010 1:29:38 PM PST · by Abakumov · 15 replies · 959+ views
    The Washington Times ^ | January 18, 2010 | Editorial
    Barack Obama has the worst budget record of any president in American history. White House budget office spokesman Tom Gavin claimed "a very strong beginning" for the president's purported first-year attempts at controlling spending - for example, zeroing out a $17 million program for work incentive grants. But such paltry efforts are round-off numbers compared to the gush of red ink created by President Obama and congressional Democrats. This government is setting the United States on an inevitable path to permanent debtor status.
  • The 2010 budget deficit: about $1900/month per family (vanity)

    01/05/2010 7:40:50 AM PST · by reaganaut1 · 5 replies · 423+ views
    January 5, 2010 | me
    The 2010 budget deficit is projected to be $1.731 trillion. People cannot grasp such large sums, so I'll put it in household terms. The U.S. population is about 304 million, so the 2010 deficit per person will be $5694. The monthly deficit for a family of 4 is $5694*4/12 = $1898. Umm, how many households have about $1900 a month laying around to pay in higher taxes? I think Republicans should pound on this $1900/month figure. If only the top 10% are supposed to pay, that's $19,000/month. According to Wikipedia that would include households making $150K a year. Those households...
  • Memo to Liberals: Read the Full CBO Report Before You Shoot Your Mouth Off

    12/22/2009 9:20:38 AM PST · by Delta Man · 3 replies · 503+ views
    As part of their suicidal rush towards ruining the nation’s healthcare system, King Hussein Obama the First and his minions must be overjoyed that the latest Congressional Budget Office (CBO) scoring of the effect of their latest monstrosity on the federal deficit appears to be a positive one. More specifically, in a letter dated December 19, 2009 to Majority Leader Senator Harry Reid, the CBO estimates that the adoption of Senate Amendment 2786, also referred to as the “Manager’s Amendment”, which is the current version of the Senate healthcare reform bill, will lead to a net reduction in the...

    12/21/2009 11:01:55 PM PST · by TheFreedomPoster · 2 replies · 333+ views
    THE FREEDOM POST ^ | December 21, 2009 | Matthew Burke
    President Obama's rhetoric may sound like a deficit hawk and voice of reason, but his actions don't match his words. The Democrat-controlled Congress and a Democrat President, is a prescription for a financial train wreck. They are addicted to spending your money. And not only is your money being used to buy votes from the public, but it's also being used to buy votes from other representatives like Mary Landreau and Ben Nelson. Who would have thought that "Hope and Change" would be so expensive?
  • Worst-case for California's budget deficit next year? $25 billion

    11/14/2009 12:30:57 PM PST · by NormsRevenge · 26 replies · 1,477+ views
    Mercury News ^ | 11/14/09 | Denis C. Theriault
    SACRAMENTO — With high unemployment continuing to eat at California's tax revenues, and risky budget gimmicks failing to materialize, the state's deficit next year could hit a staggering $25 billion. If worst-case scenarios hold true, several insiders who track the state's financial picture tell the Mercury News, the deficit through June 2011 would be billions higher than previous estimates. Gov. Arnold Schwarzenegger's best-case estimate earlier this week was half that sum, at $12.4 billion. Assembly Republican leader Sam Blakeslee of San Luis Obispo floated a number as high as $20 billion during water negotiations. "It's not outrageous," one budget expert...
  • To Close the Deficit, Federal Income Tax Rates Would Have to Nearly Triple

    10/24/2009 6:42:46 PM PDT · by reaganaut1 · 58 replies · 2,310+ views
    Tax Foundation ^ | October 22, 2009
    Federal income tax rates would have to be nearly tripled across the income spectrum if Congress were to close the deficit in fiscal year 2010, according to a new report from the nonpartisan Tax Foundation. Instead of taxing joint filers with rates ranging from 10 percent to 35 percent, tax rates would have to start at 27.2 percent and reach up to 95.2 percent. "Federal government spending levels are so high that even if policymakers were willing to stop debt-financing government services, the federal tax system in its current form wouldn't be able to raise that much," said Tax Foundation...
  • Final estimate for U.S. budget deficit:$1.4 trillion

    10/07/2009 7:40:04 PM PDT · by NormsRevenge · 12 replies · 494+ views
    Reuters on Yahoo ^ | 10/7/09 | Andy Sullivan
    WASHINGTON (Reuters) – The U.S. government spent a record $1.4 trillion more than it collected in the fiscal year ended September 30, congressional analysts said on Wednesday, in their final estimate before the official numbers are issued. Bank bailouts, stimulus spending and declining tax revenues due to a deep recession led the government to post a deficit that amounts to 9.9 percent of the U.S. Gross Domestic Product for the 2009 fiscal year, the Congressional Budget Office said. The Treasury Department will report the actual deficit later this month. The deficit for fiscal 2008 was $459 billion. The $1.4 trillion...
  • CBO: Budget deficit hit record $1.4T in 2009

    10/07/2009 4:21:22 PM PDT · by BenLurkin · 20 replies · 1,036+ views
    Associated Press ^ | Wednesday October 7, 2009 | Andrew Taylor,
    The federal budget deficit tripled to a record $1.4 trillion for the 2009 fiscal year that ended last week, congressional analysts said Wednesday. The Congressional Budget Office estimate, while expected, is bad news for the White House and its allies in Congress as they press ahead with health care overhaul legislation that could cost $900 billion over the next decade. The unprecedented flood of red ink flows from several factors, including a big drop in tax revenues due to the recession, $245 billion in emergency spending on the Wall Street bailout and the takeover of mortgage giants Fannie Mae and...
  • What's $2 Trillion Among Friends?

    08/31/2009 12:50:00 PM PDT · by SeattleBruce · 13 replies · 735+ views
    Weekly Standard ^ | 8/31/2009 | Irwin M. Stelzer
    $2,000,000,000,000. That's the amount by which the Obama administration raised its ten-year estimate of the nation's budget deficit from the one it made only a few months ago. Now, $2 trillion is a lot of money. But even more significant is the fact that this revision represents almost a 30 percent increase -- no tiny percentage of the earlier $7 trillion figure. It seems that expenses are higher -- up 24 percent this year, the largest increase since the height of the Korean War -- than originally estimated, and revenues are lower. The resulting deficit, says Peter Orszag, Obama's budget...
  • Everything must go! Calif. holds giant garage sale

    08/28/2009 12:07:31 PM PDT · by Kartographer · 37 replies · 1,056+ views
    AP/YahooNews ^ | 8/28/09 | JUDY LIN
    Gov. Arnold Schwarzenegger is hoping that the "Great California Garage Sale" will turn government clutter like surplus prison uniforms and office furniture into cash to bulk up the state's depleted finances. On offer as the state clears out clutter are nearly 600 state-owned vehicles and thousands of pieces of office furniture, computers, electronics, jewelry, pianos, even a surf board, a food saver and an Xbox 360 gaming system.
  • The Metastasis of Moral Hazard and its Effect on Gold

    08/27/2009 8:30:14 AM PDT · by Born Conservative · 29 replies · 1,238+ views ^ | 8/26/09 | Stewart Dougherty
    To those who study the numbers, it is now obvious that America’s fiscal situation is hopeless. Given the country’s current debt and unfunded liabilities of $75,000,000,000,000, an amount growing by at least $5,000,000,000,000 per year, it will be statistically impossible for the United States to pay its obligations unless it repudiates them in large measure, or the dollar is sacrificed on the altar of searing, society-altering inflation. Congress and much of the nation are in utter denial about the country’s unfolding fiscal catastrophe, as evidenced by federal spending that is actually accelerating, producing all-time debt and deficit records that exceed...
  • Most Red Ink Ever: Congratulations On Your 'Historic' Presidency, Obama

    08/26/2009 5:57:54 PM PDT · by Michael Eden · 8 replies · 849+ views
    Start Thinking Right ^ | August 26, 2009 | Michael Eden
    Virginia Slims used to run an ad campaign called, "You've come a long way, baby." The ads for the women's-marketed cigarette brand ran on the theme that it was hip and modern for women to smoke. But the hidden subtext of the campaign was, "Look how far you've come: now you can die a nasty preternatural death of cancer just like the men." In a lot of ways, Barack Obama is the new "You've come a long way, baby" poster boy. He was marketed as the historic first black president in American history - but now that we've come this...
  • Obama Raises Deficit Protection Raised by 27%

    08/21/2009 5:14:49 PM PDT · by Shellybenoit · 5 replies · 581+ views
    Reuters/CBO/Yidwithlid ^ | 8/21/09 | The Lid
    The "bad news on Friday afternoon" rule strikes again. Late this afternoon, the Obama administration announced that it is raising its 10-year budget deficit projection from $7.1 to $9 Trillion. This increase puts the White House in line with the Congressional Budget Office Projection(CBO) of $9.3 trillion. You may remember, during the budget debate the CBO projected that the Obama administration low-balled its stimulus-enhanced deficit by $482 billion over the next four years and $2.3 trillion over the next 10. The President,and his team bashed the CBO for being too conservative. Based on that same Congressional Budget office report next...
  • 2 Trillion More to the Deficit? No Problem!

    08/21/2009 4:55:18 PM PDT · by BigKahuna · 18 replies · 589+ views
    Entitlement Syndrome ^ | 08/21/2009 | Scott Michaels
    In a classic late-Friday afternoon leak -- in an attempt to stay below the media radar -- the Obama administration's Office of Management and Budget plans to say next week that the 10-year budget deficit projection will increase by 2 trillion dollars from the previous 7 trillion dollar estimate. Undaunted by such a cataclysmic figure (it's only 2,ooo BILLION more dollars, after all), Barack Obama continued to press the case for a health care, uh...I mean, health insurance reform package that promises to add at least 1 trillion more dollars to that already impressive estimate. Now, how many here believe...
  • AP Sources: $2 Trillion Higher Deficit Projected

    08/21/2009 4:24:25 PM PDT · by Marty62 · 25 replies · 611+ views
    AP viaNYT ^ | 8/21/2009 | AP Staff
    Check out link: WASHINGTON (AP) -- The Obama administration expects the federal deficit over the next decade to be $2 trillion bigger than previously estimated, White House officials said Friday, a setback for a president already facing a Congress and public wary over spending.
  • New Yoke, New Yoke

    12/17/2008 6:44:36 PM PST · by Kaslin · 37 replies · 994+ views
    IBD Editorials ^ | December 17, 2008
    Fiscal Policy: New York proposes taxing everything that moves and most things that don't. It's one of 22 states that increased spending this year while running a deficit. So how do you like taxation with representation?A midyear report released this week by the National Governors Association and the National Association of State Budget Officers shows that 36 of the 50 states are facing budget deficits in fiscal 2009. Twenty-two of those states — New York among them — nonetheless have proposed increased spending. In all, 32 states plan increased spending in hard times. In New York, Gov. David Paterson warns...
  • Deal reached to close Calif's $26B budget deficit

    07/20/2009 7:16:28 PM PDT · by NormsRevenge · 24 replies · 795+ views
    AP on Yahoo ^ | 7/20/09 | Judy Lin - ap
    SACRAMENTO, Calif. – Gov. Arnold Schwarzenegger and California's legislative leaders agreed Monday on a plan to close the state's $26 billion budget shortfall, potentially getting the state back on firm financial ground so it can stop issuing IOUs. The governor and leaders from both parties announced the compromise after more than five hours of closed-door talks. If the agreement survives its run through both houses of the Legislature, it would provide temporary relief to an epic fiscal crisis that has captured national attention, sunk the state's credit rating and forced deep cuts in education and social services.
  • Economists Warn President "Your Projections are TOO Optimistic"

    07/14/2009 6:54:32 AM PDT · by Shellybenoit · 3 replies · 388+ views
    Politico/The Lid ^ | 7/13/09 | The Lid
    Do you remember when President Obama said that a majority of economics said they supported Obama's Economic Plan? That was back around the time before your 401K became a 101K. In other words, that was then...this is now. The energy plan and health plans along with the Presidential love fest with organized labor will will end up raising prices on top of the higher taxes. And on top of that almost every economic projection the administration has been too optimistic. When the President presented his budget, the Congressional Budget Office (CBO) projected the 2010 deficit to be 100 billion dollars...
  • U.S. budget deficit rises above $1 trillion

    07/13/2009 12:47:52 PM PDT · by SeekAndFind · 13 replies · 620+ views
    Market Watch ^ | 7/13/2009 | Robert Schroeder
    WASHINGTON (MarketWatch) -- The U.S. recorded a federal budget deficit of $94.3 billion in June, pushing the cumulative deficit so far this year to a record $1.08 trillion, the Treasury Department reported Monday. Outlays rose in June to $309.6 billion, while receipts climbed to $215.3 billion in the month. Among the outlays for June is $11.3 billion in Troubled Asset Relief Program funds, the bailout program for banks and U.S. automakers. At this time last year, the cumulative federal budget deficit was just $285.8 billion. The Obama administration expects a deficit of $1.84 trillion for the full fiscal year, which...
  • California Digging (Its Own Financial Grave)

    07/01/2009 5:16:12 PM PDT · by WhiteCastle · 38 replies · 3,244+ views
    IBD Editorials ^ | Juky 1, 2009 | Investor's Business Daily
    Regulation: Ignoring the first rule of holes, a bankrupt state passing out IOUs welcomes an EPA waiver allowing it to further kill its economy. Too bad the state can't stop the air pollution imported from a growing China. The U.S. Environmental Protection Agency on Tuesday granted California its long-standing request — denied by the Bush administration — for a waiver to allow it to impose even more stringent air pollution rules than currently required by the federal government.The way is now clear for implementation of a 2002 state law requiring new cars to increase their fuel economy 40% by 2016....
  • Rising Interest on Federal Debt May Sap Growth

    06/03/2009 7:00:11 PM PDT · by reaganaut1 · 12 replies · 579+ views
    New York Times ^ | June 4, 2009 | Nelson D. Schwartz
    As governments worldwide try to spend their way out of recession, many countries are finding themselves in the same situation as embattled consumers: paying higher interest rates on their rapidly expanding debt. Increased rates could translate into hundreds of billions of dollars more in government spending for countries like the United States, Britain and Germany. Even a single percentage point increase could cost the Treasury an additional $50 billion annually over a few years — and, eventually, an additional $170 billion annually. This could put unprecedented pressure on other government spending, including social programs and military spending, while also sapping...
  • Death by deficit: A historical perspective

    06/03/2009 5:12:43 AM PDT · by reaganaut1 · 8 replies · 517+ views
    Jewish World Review ^ | June 3, 2009 | Tony Blankley
    ... In 2012, federal debt will be more than $15 trillion. Annual interest probably will be between $1 trillion and $1.7 trillion — depending on whether long bonds remain at about 3.5 percent or go to recent historic rates (6 to 7 percent). Deficits will average about $1 trillion a year — $22 trillion by 2019. Yearly interest payments then will be more than $2 trillion. That's the good news. That assumes the world will continue to buy our Treasury notes at plausible rates. We had a slight foretaste of the future last week, when 10-year U.S. Treasury bond yields...
  • A $1 Trillion A Year Deficit Interest Rate Payment

    06/01/2009 5:51:33 AM PDT · by FromLori · 13 replies · 645+ views
    Like the Texas Hold’em player who pushes every last dime into the center of a poker table, the federal government is now “all in” with its commitment to push the national debt to 50% of GDP. The Congressional Budget Office believes that the Treasury will have to borrow nearly $2 trillion this year. None of that is new news, but what is beginning to emerge is a picture of a government which has narrowed its options for improving the economy down to one. Either GDP turns sharply up next year or the deficit will become an unmanageable burden. The Treasury...
  • Obama’s dangerous budget leaves GOP at loss for words

    05/12/2009 4:55:24 AM PDT · by SonOfDarkSkies · 31 replies · 1,329+ views ^ | 5/11/2009 | Byron York
    Republican strategists have a problem. The scale of what President Barack Obama proposes to do to the American economy is so enormous, so far-reaching and so potentially disastrous that the opposition party is having a hard time describing it. “How do you translate the numbers into something that people can grasp to represent the broader problem?” a Republican pollster asked in a recent conversation. John Boehner, Mitch McConnell and other GOP leaders would love to hear an answer, but the pollster didn’t have one. GOP message mavens are struggling with something that academics call “insensitivity to scope.” It affects us...
  • The Trillion Dollar Fix

    05/01/2009 5:44:19 AM PDT · by reaganaut1 · 12 replies · 850+ views
    The Atlantic ^ | April 29. 2009 | Megan McArdle
    ... So far, Obama's only proposal for dealing with the funding shortage [caused by Social Security, Medicare, and his new spending] is a tax increase on high earners, leaving "95% of working families" untouched. But the math doesn't work. In 2006, the latest year for which data are available, the top 5% of families took home a whopping 36% of national taxable income, and paid 20% of that, or around $600 billion, in Federal income tax. But even before the president's ambitious health care plan emerges from the Congressional policy grinder, the CBO estimates that his budget plans to spend...
  • Budget deficit triples to $957 billion for year

    04/10/2009 11:43:22 AM PDT · by Ravi · 29 replies · 1,630+ views
    MW ^ | 4/10/09 | mw
    WASHINGTON (MarketWatch) -- The U.S. federal budget deficit rose to a record $956.8 billion in the first six months of the fiscal year after the government stepped up spending to cope with a recession that has depressed tax receipts, the Treasury Department reported Friday.
  • U.S. deficit nearly $1 trillion in first half of FY2009 (Obamanomics)

    04/06/2009 6:48:24 PM PDT · by pissant · 19 replies · 714+ views
    Reuters ^ | 4/6/09 | staff
    WASHINGTON (Reuters) – The U.S. budget deficit almost hit $1 trillion during the first six months of this fiscal year which began on October 1, according to estimates released on Monday by the Congressional Budget Office. The government likely recorded $953 billion in red ink from October through March including $290 billion for the Troubled Asset Relief Program, or TARP, which was to provide much-needed cash to struggling financial institutions, the CBO said. Receipts during the six-month period dropped about $160 billion, or 14 percent, over the same period in fiscal 2008. Nearly half of the drop, $73 billion, came...
  • Seattle faces $43 million budget deficit

    04/06/2009 1:40:30 PM PDT · by Ravi · 13 replies · 597+ views
    Seattle PI ^ | 4/6/09 | chris grygiel
    People who still have jobs are saving a lot of money because they are afraid they are going to lose their job," Dively said. "While that normally is a good a recession when people are saving money it means they're not spending money. Therefore they're not buying stuff and therefore we're not collecting any sales tax."
  • Obama's Fuzzy Math

    03/28/2009 6:38:19 PM PDT · by Kaslin · 10 replies · 731+ views
    The Weekly Standard ^ | April 6, 2009 | Stephen Moore
    In his press conference last Tuesday, Barack Obama said that America must reject the "borrow and spend" policies of the past in favor of a strategy of "save and invest." Sounds good. So why is Obama proposing to borrow and spend more than any president in the history of the republic? Already in the first 45 days of his administration, the federal government has authorized more debt spending than Ronald Reagan did in eight years in office. Then last week the Democrats' own Congressional Budget Office found that the ten-year deficits of the Obama plan will be about $2.3 trillion...