Obama: ‘Pressure’ on Congress, blames GOP as deadline nears - The Hill. Latest on the fiscal cliff: Major setback. But Democrats are not convinced McConnell or Boehner will be able to cobble together enough votes on their side of the aisle to support any bipartisan agreement the two sides reach.
Republicans, for their part, aren’t sure Reid and Obama even want a deal, believing Democrats figure that they win politically if no agreement is reached and the country goes off the cliff. Continue Reading Yet GOP senators later said the measure wasn’t a must-have demand for them. And Vice President Joe Biden, at McConnell’s request, has become directly involved in the negotiations, providing new impetus — although not necessarily a decisive push — to the talks. If no deal is reached, Reid will push a proposal to raise taxes for families making over $250,000 in income, though Republicans say that stands little chance of passing both chambers before New Year’s Day.
Republicans were still weighing their strategy if Reid moves forward with a fall-back plan. Struggling Families Don’t Need Another Bureaucrat - National Republican Congressional Committee. Where do “Obama phones” come from? The video of an Obama supporter bragging about having an “Obama phone” has gone viral on the web, but where do these “free cell phones” come from?
The program is called Lifeline, established in 1984, originally created to subsidize landline phone service for low income Americans, funded by government-collected telecommunication fees, paid by consumers. In 2008, the program was expanded to support cell phones which quickly escalated the cost of the program. Marc Faber: If I Were Bernanke, I Would Resign- Business News. US Credit Rating Cut by Egan-Jones ... Again - US Business News. Republican leaders probing stimulus cash for MSNBC ads.
Republican leaders on a House panel are requesting that the U.S.
Department of Labor turn over all records involving a $495,000 contract funded through President Obama’s stimulus program that paid for a barrage of ads on White House-friendly cable programs touting its “green jobs” initiative. The 2009 contract with McNeely Pigott & Fox Public Relations led to more than 100 commercials on cable news programs on MSNBC hosted by Rachel Maddow and Keith Olbermann to increase awareness about the Job Corps program’s training in environmentally friendly industries. In an Aug. 24 letter to Department of Labor Secretary Hilda Solis, House Committee on Education and the Workforce Chairman John Kline, R-Minn., and Subcommittee on Higher Education and Workforce Training Chairwoman Virginia Fox, R-N.C., requested documents, communications and information on the taxpayer-funded ad campaign.
A call seeking comment from Labor Department officials was not immediately returned Friday. Bernanke signals Fed ready to act. News Article. Rob Portman: The Regulatory Cliff Is Nearly as Steep as the Fiscal One. Portman Urges President Obama To Come Clean On Regulatory Plans - Press Releases - Newsroom - Rob Portman. Washington, D.C. – With the American economy facing a regulatory cliff of higher costs and more red tape in 2013, U.S.
Senator Rob Portman (R-Ohio) today sent a letter to the President asking why he has failed to publish his Spring 2012 Regulatory Agenda identifying rules under development, as required by law. “President Obama promised the most transparent administration in history, but he has failed to comply with the basic duty to publish plans for new regulations, as required by federal law,” Portman said. “Concerns about bad press in an election year are no excuse for keeping these plans under wraps. With regulatory burdens already hindering job creation, the American people are entitled to know the full magnitude of new Obama Administration regulations coming down the pike.”
For nearly three decades, presidents of both parties have published a twice-annual “regulatory agenda” identifying all planned and expected regulations. Letter is available below. August 30, 2012 The White House. The Auto Bailout. FairTax: Fire Up Our Economic Engine (Official HD) Conservative News. Stansberry's Investment Advisory. Investment Research, Stock Analysis, Investment Advice, Newsletters.
Www.cato.org/pubs/pas/PA703.pdf. Corporate Welfare in the Federal Budget. Rising federal spending and huge deficits are pushing the nation toward a financial and economic crisis.
Policymakers should find and eliminate wasteful, damaging, and unneeded programs in the federal budget. One good way to save money would be to cut subsidies to businesses. Corporate welfare in the federal budget costs taxpayers almost $100 billion a year. Policymakers claim that business subsidies are needed to fix alleged market failures or to help American companies better compete in the global economy. White House projects $1.2 trillion deficit, lower economic growth in 2012. The White House budget office on Friday projected a $1.211-trillion deficit this year, down from the $1.327 trillion projected in February.
The mid-session review from the Office of Management and Budget (OMB) also projected lower economic growth in 2012 and 2013 than previously anticipated, and calls for $195 billion in economic stimulus to address an economy that "still faces significant headwinds. " While the $116 billion drop in the deficit could be used by both President Obama and congressional Republicans to argue they are making strides on the budget despite a poor economy, the predicted slow growth is more dismal news for the White House. Fireworks: CNBC's Bartiromo vs. Barney Frank On Banks. House easily approves Paul's 'audit the Fed' bill in 327-98 vote - The Hill's Floor Action.
Rep.
Ron Paul (R-Texas) won a rare legislative victory on Wednesday when the House passed his legislation allowing for a full audit of the Federal Reserve, including an audit of the Fed's monetary policy decisions. The House approved Paul's Federal Reserve Transparency Act, H.R. 459, in a bipartisan 327-98 vote. Senate Dems pass middle-class tax-rate extension in close vote - The Hill's Floor Action. Senate Democrats on Wednesday narrowly passed President Obama’s plan that would extend Bush-era tax rates for family income up to $250,000 a year.
The surprising passage of the bill was a victory for Senate Majority Leader Harry Reid (D-Nev.) and the White House, though the highly contentious vote will undoubtedly be used by Republicans as political ammunition this election year. They ripped Democrats for seeking to raise taxes in an ailing economy. By a 51-48 tally, Democrats overcame two defections to win passage of the measure, which 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.
Earlier in the afternoon, the Senate turned aside a Republican proposal, by a mostly party-line vote of 45-54, that would have extended all current rates on income, capital gains, dividends and the estate tax, also for a year. Two Republicans, Sens. Republicans Stand with Small Business Job Creators in Fight to Stop Excessive Regulations.
US poverty on track to rise to highest since 1960s. Now Playing US poverty level set to hit highest mark since 1965 The ranks of America's poor are on track to climb to levels unseen in nearly half a century, erasing gains from the war on poverty in the 1960s amid a weak economy and fraying government safety net. For the First Time, Canadians Now Richer Than Americans. While Americans might enjoy throwing politically-charged barbs at their neighbors to the north, Canadians now have at least one reason to be smug. For the first time in recent history, the average Canadian is richer than the average American, according to a report cited in Toronto's Globe and Mail.
And not just by a little. New Poll: Majority of Americans Want to Stop Tax Hikes for All Incomes. A new poll shows the majority of Americans—including those on the low end of the income spectrum—are against hiking taxes for those making more than $250,000. The McClatchy-Marist poll found 52 percent of registered voters favored keeping the 2001 and 2003 tax policies in place for taxpayers of all incomes. McClatchy reports: Democrats Playing with your Pocketbook. How desperate are these Democrats to stick it to rich people?
How far are they willing to go to push their wealth envy agenda for no other purpose than to demonize the evil rich? They are willing to let our nation, essentially, come crashing down. They are willing to allow all of the tax cuts to expire for everyone because they are so insistent on their quest to increase taxes on the rich. This isn’t about revenue generation. Nope. USDA partnering with Mexico to boost food stamp rolls. The Mexican government has been working with the United States Department of Agriculture to increase participation in the Supplemental Nutrition Assistance Program (SNAP), or food stamps. USDA has an agreement with Mexico to promote American food assistance programs, including food stamps, among Mexican Americans, Mexican nationals and migrant communities in America.
Boom in Private Student Loans Mirrored Mortgage-Lending Frenzy, Report Says - Government. WH and DNC admit that 2009 stimulus spent money to create jobs overseas. White House Press Secretary Jay Carney and the Democratic National Committee conceded — in the face of repeated questions — that the 2009 stimulus sent money to foreign companies and created jobs overseas.
“Recovery Act dollars helped create jobs for Americans here in the United States,” Carney told reporters today. “And when you have foreign companies that are creating operations here in the United States, the fact that — in one case, South Koreans were a part of that — the broader truth of it is that many many jobs for Americans were created here and facilities were built here that will continue to create jobs and give economic benefit here in the United States.”
Baltimore, Where’s the Recovery Money? Following the Money. Gas prices rise for first time in weeks - The Hill's E2-Wire. We Aren't Greece...Yet. Austerity is not bad. $2.50 per Gallon Gasoline, Energy Independence and Jobs. Ford Reclaims ‘Heritage’ With Investment-Grade Rating. Ford Motor Co.
Wrecking Ball: Moody’s Downgrades 15 Major Banks. Limited Government, Economic Freedom, Growth Economy. May sees pickup in homes facing foreclosure risk. S Aftershock Survival Summit. Faber: '100% Chance' of Global Recession. Watch On-Demand Video Highlights and Episodes. Glenn Beck Explains Why The Federal Reserve Is a ‘Scam’ Glenn Beck Explains Why The Federal Reserve Is a ‘Scam’ Federal Reserve System. Facebook. Great news: “Too big to fail” banks even bigger now. The truth about what caused the housing crisis.
May 23, 2012 - FIGURES DON'T LIE: DEMOCRATS DO. The facts about the growth of spending under Obama. Just how much can Obama get away with? US Credit Rating DOWNGRADED Again (April 2012) Report: Government Wasting 'tens Of Billions' Of Dollars Annually On Duplication, Overlap. Life without the Fed: The Suffolk System - C.J. Maloney. Obama budget defeated 99-0 in Senate. Taxes and Damn Taxes. Ford Reclaims ‘Heritage’ With Investment-Grade Rating. Medicare at Risk: Visualizing the Need for Reform. Environmental groups collecting millions from federal agencies they sue, studies show.