Keyword: spending

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  • CBO sees deeper "fiscal cliff" recession next year

    08/22/2012 8:25:12 AM PDT · by Kartographer · 6 replies
    Reuters via Yahoo News ^ | 8/22/12 | David Lawder
    The Congressional Budget Office said failure to avoid the so-called "fiscal cliff" of expiring tax cuts and automatic spending reductions would cause U.S. gross domestic product to shrink 0.5 percent in 2013. Previously, the non-partisan CBO forecast full-year GDP growth of 0.5 percent. The first half of 2013 will be particularly difficult, the CBO said in its mid-year forecast update. Tax hikes and spending cuts will cause GDP to shrink 2.9 percent in the first half, compared with a prediction in May for a 1.9 percent contraction. There will still be a slight bounceback in the second half of 2013,...
  • Obama: Pass jobs bill, rehire teachers

    08/19/2012 10:11:33 AM PDT · by Zakeet · 17 replies
    Washington Times ^ | August 18, 2012 | David Eldridge
    President Obama on Saturday said school districts around the country could begin rehiring the more than 300,000 teachers and other education workers who have lost jobs since 2009 if congressional Republicans would pass his stalled jobs bill. “The jobs bill that I sent to Congress last September included support for states to prevent further layoffs and to rehire teachers who’d lost their jobs. But here we are — a year later with tens of thousands more educators laid off — and Congress still hasn’t done anything about it,” the president said in his weekly radio address. “At a time when...
  • NSF Promotes Climate-Change Ed. With $19 Million in Grants

    08/18/2012 9:41:16 PM PDT · by Innovative · 15 replies
    Education Week ^ | Aug 17, 2012 | Erik Robelen
    Efforts to advance climate-change education in schools and communities are getting a boost from a set of six grants awarded this week by the National Science Foundation, totaling nearly $19 million. The grants will support a number of efforts, including a joint project in Maryland and Delaware to help schools deliver effective and regionally relevant instruction in grades 8-12, and pay for work led by the New England Aquarium to enhance climate-change education in zoos, aquariums, and other settings. The four other NSF grants include: -- $5.7 million to Columbia University for a project to help the public understand climate...
  • Some California ‘Meter Maids’ Are Making Nearly $100K a Year

    08/16/2012 6:37:55 AM PDT · by Zakeet · 12 replies
    The Blaze ^ | August 14, 2012 | Erica Ritz
    Back in July, experts said California only saw the “tip of the iceberg” after three of its cities were forced to declare bankruptcy. Though the budget is as large as a number of small countries, lawmakers in the state have made a habit of spending everything they have, and then some. With Governor Jerry Brown proposing to raise taxes even higher to bridge the gap, some are wondering how the state is spending its existing funds. Though it is merely a fraction of the total budget, Brian Calle at the Orange County Register notes that for just 10 Hermosa...
  • Ryan's Budget Is Radical? Far From It

    08/14/2012 5:18:30 AM PDT · by IBD editorial writer · 2 replies
    Investor;s Business Daily ^ | 08/13/2012 | John Merline
    No sooner had Mitt Romney announced Paul Ryan as his running mate than Democrats and their backers started attacking the Wisconsin Republican as a "radical." President Obama's campaign manager, Jim Messina, immedi ately sent an email out to supporters calling Ryan the "author of a budget so radical the New York Times called it 'the most extreme budget plan passed by a House of Congress in modern times.'" [snip] But Ryan's budget plan is far from radical.
  • Ryan's Charge Up Entitlement Hill

    08/13/2012 4:27:17 AM PDT · by TurboZamboni · 8 replies
    WSJ ^ | February 19, 2011 | Paul Gigot
    Senate Democrats like Chuck Schumer issue almost daily press releases attacking Mr. Ryan, Paul Krugman is obsessed and demeaning, and even President Obama can't stop mentioning him. Only this week, the president justified his own failure to tackle entitlements in his dud of a 2012 budget by saying that "the chairman of the House Republican budgeteers didn't sign on" to the final report of Mr. Obama's deficit commission. What are they all so afraid of? "Did he really say that?" asks Mr. Ryan about the president, sitting in his House office this week after another day of the hearings he...
  • Today Marks 1200th Day Since Senate Dems Have Passed a Budget

    08/11/2012 7:57:30 PM PDT · by Kaslin · 11 replies
    Townhall.com ^ | 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...
  • 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...
  • The Path to Prosperity: A Blueprint for American Renewal

    08/11/2012 2:17:36 PM PDT · by moonshot925 · 10 replies
    House Budget Committee ^ | 20 March 2012 | Paul Ryan
    •Consolidates the current 6 individual income tax brackets (10%, 15%, 25%, 28%, 33%, and 35%) into 2 brackets of 10% and 25%. •Reduces corporate tax rate to 25%. •Eliminates Alternative Minimum Tax •Eliminates $487 billion in cuts to the defense budget over the next 10 years. •Reduces the federal deficit to 3% of GDP by 2015. •Privatizes Fannie Mae and Freddie Mac. •Reduces national debt as a share of GDP over time.
  • Economist Richard Duncan: Civilization May Not Survive 'Death Spiral'

    08/10/2012 3:04:47 AM PDT · by Cincinatus' Wife · 98 replies
    Atlanta Journal Constitution ^ | August 10, 2012 | Terry Weiss, Money Morning
    Richard Duncan, formerly of the World Bank and chief economist at Blackhorse Asset Mgmt., says America's $16 trillion federal debt has escalated into a "death spiral, "as he told CNBC. And it could result in a depression so severe that he doesn't "think our civilization could survive it." And Duncan is not alone in warning that the U.S. economy may go into a "death spiral." Since the recession, noted economists including Laurence Kotlikoff, a former member of President Reagan's Council of Economic Advisers, have come to similar conclusions. Kotlikoff estimates the true fiscal gap is $211 trillion when unfunded entitlements...
  • Obama signs law requiring report on spending cuts

    08/08/2012 5:13:41 AM PDT · by TurboZamboni · 1 replies
    pioneer press ^ | 8-8-12 | matthew daly
    WASHINGTON—President Barack Obama has signed a law requiring him to report to Congress on where his administration would make some $110 billion in cuts to defense and domestic programs required by a deficit-cutting plan. The law, signed Tuesday, requires Obama to report on the proposed cuts by Sept. 6, the last day of the Democratic National Convention. Obama and congressional Republicans have been sparring over who is to blame for automatic, across-the-board spending reductions set to occur Jan. 2 unless Congress figures out a way to avoid them. The cuts were set in motion by the failure of the bipartisan...
  • 70 Facts About Our Economy Obama Probably Doesn’t Want You To See

    08/06/2012 2:11:41 PM PDT · by Lucky9teen · 1 replies
    A stunning collection of 70 facts about the U.S. economy just posted on the web is probably not going to make it into the next campaign ad from the folks at Obama for America. However, you might want to read it. TheBlaze has culled 10 from the list of 70 here: The price of gas – When Obama took office, a gallon of gas cost you $1.85. Today, it’s up to $3.59 per gallon (July’s rise was 17 cents a gallon). 71% of small business owners believe we’re still in a recession — Despite government claims that the recession actually ended...
  • Fearing an Impasse in Congress, Industry Cuts Spending

    08/06/2012 11:01:49 AM PDT · by SeekAndFind · 26 replies
    New York Times ^ | 08/06/2012 | NELSON D. SCHWARTZ
    A rising number of manufacturers are canceling new investments and putting off new hires because they fear paralysis in Washington will force hundreds of billions in tax increases and budget cuts in January, undermining economic growth in the coming months. Executives at companies making everything from electrical components and power systems to automotive parts say the fiscal stalemate is prompting them to pull back now, rather than wait for a possible resolution to the deadlock on Capitol Hill. Democrats and Republicans are far apart on how to extend the Bush-era tax breaks beyond January — the same month automatic spending...
  • Debt, Depression, DeMarco (Krugman hurl alert)

    08/06/2012 9:27:04 AM PDT · by TurboZamboni · 15 replies
    NYTimes ^ | 8-2-12 | PAUL KRUGMAN
    There has been plenty to criticize about President Obama’s handling of the economy. Yet the overriding story of the past few years is not Mr. Obama’s mistakes but the scorched-earth opposition of Republicans, who have done everything they can to get in his way — and who now, having blocked the president’s policies, hope to win the White House by claiming that his policies have failed. Many economists believe that the overhang of excess household debt, a legacy of the bubble years, is the biggest factor holding back economic recovery. Loosely speaking, excess debt has created a situation in which...
  • Arthur Laffer: The Real 'Stimulus' Record

    08/06/2012 4:26:25 AM PDT · by RoosterRedux · 17 replies
    online.wsj.com ^ | 8/5/2012 | Art Laffer
    If you believe, as I do, that the macro economy is the sum total of all of its micro parts, then stimulus spending really doesn't make much sense. In essence, it's when government takes additional resources beyond what it would otherwise take from one group of people (usually the people who produced the resources) and then gives those resources to another group of people (often to non-workers and non-producers). Often as not, the qualification for receiving stimulus funds is the absence of work or income—such as banks and companies that fail, solar energy companies that can't make it on their...
  • Romney Needs to Talk Redundant Programs

    08/05/2012 11:20:26 AM PDT · by originalbuckeye · 3 replies
    8/5/12 | originalbuckeye
    Romney needs to start talking about the numerous programs that have a myriad of sub-programs that all do the same work.
  • Twin Cities to host 2014 national transit advocacy conference

    08/02/2012 9:09:55 PM PDT · by TurboZamboni · 10 replies
    Pioneer Press ^ | 8-2-12 | Frederick Melo
    Organizers of a national transit advocacy conference have chosen the Twin Cities as the host site for their fall 2014 event, which is expected to draw roughly 1,000 rail enthusiasts and transit planners from across the country. The "Rail-Volution" board of directors approved a joint proposal from the Counties Transit Improvement Board, the Metropolitan Council and the Minnesota Department of Transportation. Organizers say their next step is to find a Twin Cities conference site. The timing is no coincidence. In 2014, the Green Line -- currently more commonly known as the Central Corridor light-rail transit line -- will begin taking...
  • Obama’s 'Bank of Washington' applauded by Solyndra CEO in email

    08/02/2012 10:34:08 AM PDT · by Nachum · 11 replies
    The Daily Caller ^ | 8/2/12 | Neil Munro
    Solyndra’s CEO labeled President Barack Obama’s administration “The Bank of Washington.” Chris Gronet offered the description in an internal email one year before the company collapsed in 2010, costing taxpayers roughly $500 million. “The Bank of Washington continues to help us!” he wrote in the October 2009 e-mail, which described several government programs and incentives. The email bolsters GOP claims that Obama’s support of green-tech companies amounted to “crony capitalism.” Several White House officials had close ties to green-tech companies, and many green-tech executives have donated to Obama’s political campaigns.
  • GHEI: The true pension burden (Maryland)

    08/02/2012 4:43:41 AM PDT · by Tolerance Sucks Rocks · 10 replies
    The Washington Times ^ | August 1, 2012 | Nita Ghei
    The Maryland state retirement and pension system is in bad shape. The deluxe benefits package has $37 billion in assets, but even that amount isn’t enough to meet the promises made to government bureaucrats. In the last fiscal year, this prodigious sum was invested in a way that yielded a negligible 0.36 percent return. That would be bad enough, but State Treasurer Nancy Kopp, chairman of the pension-system trustees, insists on pretending the fund is earning 7.75 percent for the purposes of calculating future value. This accounting gimmick masks the dire situation of the program’s finances. Retirement funds are generally...
  • NH police departments finding less personnel funding as federal COPS dollars dry up

    08/01/2012 6:33:54 PM PDT · by AlmaKing · 10 replies
    New Hamphire Union Leader ^ | 7-31-12 | Barbara Taromina
    New Hampshire police departments that have tapped into national grant programs to help pay for personnel and equipment that town budgets don’t cover are finding less support as federal agencies rein in spending. Those who’ve opposed the use of these grants would argue that’s for the best. The U.S. Dept. of Justice Community Orientated Policing Services (COPS) grants, which cover most of the cost of hiring new police officers, have been cut by more than 50 percent. And grants from the Dept. of Homeland Security that pay for training and equipment such as armored vehicles, surveillance cameras, radios, protective clothing...
  • 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.
  • Secret Service won't pay Newport Beach for police at Obama event

    07/30/2012 9:56:18 AM PDT · by Cincinatus' Wife · 11 replies
    Los Angeles Times ^ | July 30, 2012 | Mike Reicher
    ......The Romney campaign paid its bill last week, about a month after the city sent its invoice. The Obama bill, on the other hand, was sent in May and has not been paid. City spokeswoman Tara Finnigan said the city's billing system would be sending past-due notices. About three weeks ago, the Democratic National Committee contacted the city and told officials to deal with the Secret Service. The DNC and the Republican National Committee split their Newport Beach event proceeds with the respective campaigns. ...... Councilwoman Leslie Daigle, a Republican, said, "It's the city's intention to apply its usual policies...
  • Flashback: Obama campaign refused to pay city of Springfield for 2008 campaign event

    07/31/2012 12:42:29 AM PDT · by Frankusa · 4 replies
    The city of Newport Beach, California says it may seek out the assistance of a collection agency to retrieve $35,000 the Obama campaign owes the city for providing police protection during a February, 2012 fund-raising event. The bill was sent in May and was due in June. The city recently emailed the campaign a reminder. The DNC told the city about three weeks ago to deal with the Secret Service. However, [Secret Service] agency spokesman Max Milien [said] that it won't pay. Councilwoman Leslie Daigle says the city intends to apply its usual policies and send the bill to collections....
  • Penniless in Paradise

    07/30/2012 9:43:15 AM PDT · by SeekAndFind · 9 replies
    National Review ^ | 07/30/2012 | Kevin D. Williamson
    San Bernardino, California – On the front door of the San Bernardino city hall is a sign that reads: “Out of Order.” Broke city, broken door: There’s a certain pleasing symmetry in the fact that the San Bernardino city council meets behind a door that, like the city government itself, does not work and is in need of replacement. On this particular evening in late July, the council has met to make public what everybody already knows: Intellectually bankrupt, morally bankrupt — the city is under criminal investigation for sundry financial shenanigans — San Bernardino is above all old-fashioned bankrupt...
  • Conservatives undermining our economic recovery ... Fiscal retrenchment is a drag on growth

    07/27/2012 1:58:26 PM PDT · by Zakeet · 19 replies
    Wall Street Journal Market Watch ^ | July 27, 2012 | Adam S. Hersh
    Today’s weak economic growth numbers were as predictable as they are disheartening — and the blame lies squarely with those who opposed the president’s American Jobs Act nearly a year ago, and have in fact opposed an array of sensible economic policies to expand public investments that create jobs and economic growth ever since President Barack Obama took office [Snip] Economists have known at least since last summer’s debt ceiling standoff in Congress that an economic slowdown was a high probability outcome if policy makers failed to reverse steep retrenchments in public investments that create jobs and strengthen growth. The...
  • Reduce Spending to 21% of GDP--1 Point Higher Than Highest Taxes Since WWII(Erskine Bowles)

    07/25/2012 3:13:57 AM PDT · by Son House · 4 replies
    CNS News ^ | July 18, 2012 | By Elizabeth Harrington
    Erskine Bowles, the co-chair of President Obama’s fiscal responsibility commission, says that the federal government should aim at cutting spending back to 21 percent of GDP--which is 1 point more than the highest level federal tax revenues have reached in any year since World War II. At the National Press Club on Tuesday, CNSNews.com asked Bowles at what level of Gross Domestic Product he would balance the federal budget, given that federal spending has exceeded 24 percent of GDP over the last four years and that since World War II federal tax revenues have reached 20 percent of GDP only...
  • Video - Obama is out of touch with you!

    07/21/2012 12:41:49 PM PDT · by Wolf13 · 4 replies
    Youtube.com ^ | 7/21/12 | Wolf13
    President Obama and Democrats claim that Republicans are out of touch with ordinary Americans. But it's Obama who's scandalously out of touch with most Americans. Here's proof.
  • GOP must prevent a lame-duck looting session

    07/18/2012 11:28:56 AM PDT · by Hunton Peck · 10 replies
    Washington Examiner ^ | July 18, 2012 | Sens. Jim DeMint and Ron Johnson and Lindsey Graham
    If Republicans want to win big in November, we must do more than show voters how we plan to govern in 2013. We must also demonstrate how we're working right now to stop the last-minute spending spree the Democrats have planned for December. Senate Majority Leader Harry Reid, D-Nev., wants to force a postelection lame-duck session of Congress, in which defeated politicians will no longer be accountable to voters. In that context, he will have more leverage to raise taxes and increase spending against the threat of yet another government shutdown, leaving taxpayers on the hook for more borrowing, debts...
  • Quite Possibly The Dumbest Thing I’ve Heard An Economist Say

    07/17/2012 1:12:56 PM PDT · by Zakeet · 19 replies
    Zero Hedge ^ | July 17, 2012 | Simon Black
    In the mid-1800s, a cousin of Charles Darwin by the name of Francis Galton wrote a series of works expanding on an old idea of selective breeding in human beings. Galton’s theory became known as eugenics. At its core, eugenics was underpinned by an assumption that talent and genius were hereditary traits, and that deliberate breeding could improve the human race. Within decades, intellectuals were spending their entire careers studying these ideas, quickly spawning a number of different fields dedicated to ‘racial sciences.’ Scholars began closely examining racial differences and building volumes of statistics on everything ranging from intelligence to...
  • Obama’s plan for a second term? “Investing.” A lot ("investing" A.K.A "spending")

    07/17/2012 7:03:25 AM PDT · by SeekAndFind · 4 replies
    Hotair ^ | 07/17/2012 | Erika Johnsen
    I already covered a clip of Obama's major speech at a campaign rally in Ohio earlier today, but for regular readers familiar with my feelings on the manner in which President Obama mistakenly employs the word "investments" --- you'll understand why I can't let this one go.His "vision" for a second term, apparently, includes a charming-sounding multitude of brand-new government "investments": for education, and more teachers; for solar/wind/biodiesel and other such "energies of the future" (yes, I know what you're thinking --- apparently he can see what's going to happen in the future where the market cannot, he's just that...
  • 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...
  • Politicians Have To Stop Doing What They Have Done Since WWII Or "The Markets Will Do It For Them"

    07/15/2012 6:17:38 AM PDT · by Zakeet · 7 replies
    Zero Hedge ^ | July 14, 2012 | Tyler Durden
    In an interview on Bloomberg TV, RDM Financial's Ron Weiner summarizes the thing that keeps him up at night as in over thirty years he has never seen "The fate of the world economy rests so much on politicians." Pointing out the sad reality that since WWII the US has always spent more than it earns; he warns that if the politicians don't make it right, then "the markets will!" The heuristic bias to accept the spending status quo, as for most young-to-middle-aged people 'it has always been this way' - just like rising home prices (and the current hope-for-a-housing-recovery...
  • Budget Insanity

    07/11/2012 4:16:49 AM PDT · by Kaslin · 31 replies
    Townhall.com ^ | 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...
  • Government overpaid $14 billion in unemployment benefits

    07/09/2012 5:48:16 AM PDT · by Hojczyk · 8 replies
    Yahoo Finance ^ | June 9,2012 | Annalyn Censky
    Don't spend that unemployment check too fast. The government might ask you to pay it back. Overpayments are a rampant problem in the unemployment insurance system. The federal government and states overpaid an estimated $14 billion in benefits in fiscal 2011, or roughly 11% of all the jobless benefits paid out, according to reports from the U.S. Labor Department. Of the states, Indiana was the worst offender, making more improper payments than it did correct ones. Now, the U.S. Department of Labor and the states are in the midst of a massive effort to try to recoup some of their...
  • What did Keynes do?

    07/07/2012 6:16:34 AM PDT · by Economus · 40 replies
    There is a man who the left wing thinks is some kind of superhero. John Maynard Keynes. This idiot, this "superhero", said that we need to give money to the poor when the economy is doing poorly. This Keynes agrees with Paul Krugman. We need to find a way to disagree with this old historical figure. Because Keynes was always against the banks, he was always against the authority. Keynes knew what he wanted and he would not be afraid to tell it. We need to stand up to the banks and tell them that their orthodox methods are a...
  • State Spending Up Despite Total GOP Control

    07/06/2012 8:30:12 AM PDT · by MichCapCon · 4 replies
    Michigan Capitol Confidential ^ | 7/3/2012 | Tom Gantert
    With an all Republican-controlled legislature, a Republican governor and media stories about schools and other state programs facing cuts, most people may not be aware the state’s 2012-13 budget will be about $1.6 billion larger than last year. The initial appropriations for the 2012-13 budget will be $49 billion, slightly more than this year’s $47.4 billion. The state dollars in the total budget increased from $28.1 billion this year to $29.1 billion in 2012-13. And the School Aid Fund, which funds K-12 Public Schools, will increase from $11 billion in 2011-12 to $11.2 billion in 2012-13. "Michigan government will spend...
  • Company Awarded $120 Million: 'We have no experience in the markets in which we intend to operate'

    07/03/2012 10:18:01 AM PDT · by MichCapCon · 12 replies
    Michigan Capitol Confidential ^ | 6/28/2012 | Jarrett Skorup and Matt Neeham
    A "green" energy company that received tens of millions of dollars from taxpayers while promising 70 jobs by the end of this year has created only three and received strong criticism from environmental and fiscal groups across the political spectrum. Mascoma Corp., a New Hampshire-based business, was awarded a grant of $20 million from the state of Michigan as part of the Centers of Energy Excellence program in 2008 and amounts totaling up to $100 million from the federal government over the last few years to build a plant in Kinross, a small town in the Upper Peninsula. The company...
  • Republican Leaders Betray Conservatives on Spending... Again

    07/03/2012 10:05:18 AM PDT · by SharpRightTurn · 15 replies
    On Friday, while voters were still trying to digest the Supreme Court ruling upholding Obamacare, the House and Senate passed an omnibus spending bill. The storms that wrought so much damage in the Washington, DC metro area Friday night might very well have been a manifestation of divine displeasure over the betrayal of conservatives by the massive spending in the student loan, highway construction, and flood insurance bill. As John Hayward noted in Human Events, "Those three subjects have nothing to do with each other, but packaging them together made it far more difficult to vote against any specific portion...
  • Consumer Spending Flat in May; Income Up 0.2%

    06/29/2012 6:08:31 AM PDT · by scooby321 · 1 replies
    Fox Business ^ | 6/29/12 | staff
    U.S. consumer spending was flat in May for the first time in five months as Americans eased off on vehicle purchases amid tepid wage growth, but subsiding inflation pressures should keep demand supported. The Commerce Department said on Friday April's consumer spending was revised down to show only a 0.1 percent rise instead of the previously reported 0.3 percent gain.
  • Essential Air Service House Chamber, Washington, D.C.

    06/27/2012 2:36:56 PM PDT · by Congressman Tom McClintock
    Congressman Tom McClintock ^ | June 26, 2012 | Congressman Tom McClintock
    Mr. Chairman: If the House is to live up to the promises the Republican majority made to the American people to bring spending under control, some tough choices are going to have to be made. But this amendment isn’t one of them. This is about the easiest choice the House could possibly make: to put an end to the so-called “Essential Air Service” that lavishly subsidizes some of the least essential air services in the country. This program shells out nearly $200 million a year – including $114 million of direct taxpayer subsidies – to support empty and near-empty flights...
  • 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...
  • This is Why You're Broke

    06/23/2012 6:11:55 AM PDT · by KantianBurke · 33 replies
    Daily Beast ^ | June 20th, 2012 | David Frum
    A new survey of American politics by the British polling firm YouGov highlights a familiar pattern in US deficit politics: YouGov asked: "Which of the following would you support as ways to reduce the nation's budget deficit?" They altered the rules of polling slightly, however, to deny respondents a "don't know" answer. Respondents had to answer something, either yes or no. Denied the "don't know" exit, Democrats favored higher taxes on the wealthy, 77.2%, and cuts in military spending, 46%. Democrats intensely opposed cuts in Medicare and Social Security, only about 5% in favor of either. Just 14% of Democrat...
  • 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,...
  • Food Stamp Fiasco:The Senate refuses to cut $20 billion out of $770 billion.

    06/20/2012 5:07:37 AM PDT · by TurboZamboni · 24 replies
    WSJ ^ | 6-19-12 | WSJ
    The next time someone moans about Washington "austerity," tell them about the Senate's food stamp votes on Tuesday. Democrats and a few Republicans united to block even modest reform in a welfare program that has exploded in the last decade and is set to spend $770 billion in the next 10 years. Yes, $770 billion on a single program. And you wonder why the U.S. had its credit-rating downgraded?
  • EC President Blames US For Financial Crisis in Europe

    06/19/2012 6:44:03 AM PDT · by Kaslin · 23 replies
    Townhall.com ^ | June 19, 2012 | Mike Shedlock
    The G-20 summit off to a great start if you like fireworks, endless bickering, and finger-pointing. Otherwise these summits are totally useless. When asked by a Canadian journalist "Why should North Americans risk their assets to help Europe?" EC President José Barroso replied "Frankly, we are not here to receive lessons in terms of democracy or in terms of how to handle the economy." The Guardian has further details in Barroso blames eurozone crisis on US banks. The opening day of the G20 summit was threatening to deteriorate into a fractious row between eurozone countries and other non-European members of...
  • Romney Says He Won't Slash Spending By A Trillion Or Two (Non-Committal on immigration policy)

    06/18/2012 4:38:28 AM PDT · by SeekAndFind · 31 replies
    Business Insider ^ | Jun. 17, 2012, 10:21 PM
    Mitt Romney in an interview aired Sunday repeatedly refused to say that he would overturn President Barack Obama's new policy allowing some young illegal immigrants to stay in the United States. He claimed Obama's decision was political, while senior White House adviser David Plouffe said the move wasn't motivated by politics. The Republican presidential candidate was asked several times in an interview on CBS' "Face the Nation" whether he would overturn the executive order issued Friday if he's elected in the fall. He refused to directly answer. "It would be overtaken by events," Romney said when pressed for the second...
  • President Obama: The Biggest Government Spender In World History

    06/16/2012 7:03:40 AM PDT · by Innovative · 19 replies
    Forbes ^ | June 14, 2012 | Peter Ferrera
    The U.S. has never before had a President who thinks so little of the American people that he imagines he can win re-election running on the opposite of reality. But that is the reality of President Obama today. President Obama's own 2013 budget shows that as a result federal debt held by the public will double during Obama's four years as President. That means in just one term President Obama will have increased the national debt as much as all prior Presidents, from George Washington to George Bush, combined. But this 2012 election is defined for the voters by the...
  • Dem to GOP: Consider tax hikes to spare military

    06/12/2012 11:33:12 AM PDT · by Hunton Peck · 23 replies
    Associated Press ^ | Tuesday, June 12, 2012 1:49 PM EDT | DONNA CASSATA
    WASHINGTON (AP) — The Democratic chairman of the Senate Armed Services Committee says Republicans who want to spare the military from devastating across-the-board spending cuts must be willing to consider closing tax loopholes and raising rates to boost revenue. Sen. Carl Levin of Michigan told reporters Tuesday that Republicans, including presidential candidate Mitt Romney, must abandon their no tax increase pledge.