Obama: ‘Pressure’ on Congress, blames GOP as deadline nears - The Hill. President Obama said Sunday that the "pressure is on Congress" to reach a compromise and resolve the "fiscal cliff,” sharply criticizing GOP leaders for the unresolved talks. In an interview with NBC's “Meet the Press” on Sunday, his first appearance there since the healthcare debate in 2009, Obama seemed intent on putting the blame solely on congressional Republicans if lawmakers fail to meet the pivotal year-end deadline.
"I offered not only a trillion dollars in — over a trillion dollars in spending cuts over the next 10 years, but these changes would result in even more savings in the next 10 years and would solve our deficit problem for a decade," Obama said, in the interview . “They say that their biggest priority is making sure that we deal with the deficit in a serious way, but the way they're behaving is that their only priority is making sure that tax breaks for the wealthiest Americans are protected.
That seems to be their only overriding, unifying theme.” 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. Leaving an afternoon caucus meeting, Florida Sen.
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. In 2008 the program cost $772 million, but by 2011 it cost $1.6 billion. A 2011 audit found that 269,000 wireless Lifeline subscribers were receiving free phones and monthly service from two or more carriers.
Rep. Pressure to reform the program led the FCC to announce an effort in February to “reduce the potential for fraud while cutting red tape for consumers and providers” by the end of 2013. Also: Obama’s “Truth Team” denounces supporter’s “Obama phone” claim. Marc Faber: If I Were Bernanke, I Would Resign- Business News. He said Bernanke was one of the main proponents of an ultra-expansionist economic monetary policy that was to blame for the latest financial crisis. “If I had messed up as badly as Bernanke I would for sure resign. The mandate of the Fed to boost asset prices and thereby create wealth is ludicrous — it doesn’t work that way. It’s a temporary boost followed by a crash,” Faber said. Faber, who rose to prominence after predicting the 1987 financial crash report and dubbed "Dr Doom" for his negative predictions, said: “This unlimited QE (quantitative easing) , buying mortgage-backed securities (MBS) and continuing operation twist has the implication of simply having asset prices go up and the money flows down to the Mayfair economy,” Faber said.
A Mayfair economy is one which benefits the wealthier and better off in society. “The money printers are responsible for this crisis. 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. Rep. 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) Tea Party | Conservative News | Blog | Opinion | Video. Stansberry's Investment Advisory. Investment Research, Stock Analysis, Investment Advice, Newsletters.
Www.cato.org/pubs/pas/PA703.pdf. Corporate Welfare in the Federal Budget | Tad DeHaven | Cato Institute: Policy Analysis. 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. However, corporate welfare often subsidizes failing and mismanaged businesses and induces firms to spend more time on lobbying rather than on making better products. Instead of correcting market failures, federal subsidies misallocate resources and introduce government failures into the marketplace.
Corporate welfare doesn’t aid economic growth and it is an affront to America’s constitutional principles of limited government and equality under the law. 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.
In fiscal year 2012, the White House downgraded its its projection to a 2.3 percent growth in gross domestic product compared to 2.7 percent when Obama released his budget in February. It lowered expectations in 2013 from 3 percent GDP growth to 2.7 percent. The revised deficit number total reflects both lower spending and lower revenue. 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.
The vote split Democrats almost evenly — 89 for and 97 against — while only one Republican, Rep. Robert Turner (R-N.Y.), voted against it. The bill won an easy majority, given its 270 co-sponsors, and easily cleared the two-thirds majority needed for passage, which was required because it was considered under a suspension of the rules. Paul, who has yet to officially drop out of the 2012 presidential race, has long sought to dismantle the Fed based on arguments that the Fed's power to create money has devalued the dollar.
"The bill essentially removes the prohibitions against a full audit," Paul said during Tuesday's debate on the bill. Sen. 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. Sens. Sen. 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. Census figures for 2011 will be released this fall in the critical weeks ahead of the November elections. The Associated Press surveyed more than a dozen economists, think tanks and academics, both nonpartisan and those with known liberal or conservative leanings, and found a broad consensus: The official poverty rate will rise from 15.1 percent in 2010, climbing as high as 15.7 percent. Several predicted a more modest gain, but even a 0.1 percentage point increase would put poverty at the highest since 1965.
Poverty is spreading at record levels across many groups, from underemployed workers and suburban families to the poorest poor. "I grew up going to Hawaii every summer. "The issues aren't just with public benefits. 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. Currently, the average Canadian household is more than $40,000 richer than the average American household. The net worth of the average Canadian household in 2011 was $363,202, compared to around $320,000 for Americans. [Check out our editorial cartoons on President Obama.] If you're thinking the Canadian advantage must be due to exchange rates, think again. "These are not 60-cent dollars, but Canadian dollars more or less at par with the U.S. greenback," Globe and Mail's Michael Adams writes. To add insult to injury, not only are Canadians comparatively better-off than Americans, they're also more likely to be employed.
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: Some of the strongest support for extending all of the tax cuts came from some of Obama’s most reliable supporters, such as young voters, minorities and the poor and working class. Young voters ages 18-29 favored tax cuts for everyone by a margin of 69-29, the largest margin of any age group. Interestingly, “those making less than $50,000 supported tax cuts for all incomes by 53 percent to 41 percent.” Of course, the current debate isn’t even over tax cuts, but merely keeping current rates in place. Democrats, meanwhile, are going in the opposite direction, threatening to allow massive tax hikes to occur to make a political point. 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. This is about political grandstanding, and they are using your pocketbooks as pawns. Are the Democrats ultimately going to lose this battle? 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. “USDA and the government of Mexico have entered into a partnership to help educate eligible Mexican nationals living in the United States about available nutrition assistance,” the USDA explains in a brief paragraph on their “Reaching Low-Income Hispanics With Nutrition Assistance” web page. “Mexico will help disseminate this information through its embassy and network of approximately 50 consular offices.”
The partnership — which was signed by former USDA Secretary Ann M. When asked for details and to elaborate on the program, USDA stressed it was established in 2004 and not meant for illegal immigrants. 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. Baltimore, Where’s the Recovery Money? | Citypaper Blogs. 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 -- An Address by Newt Gingrich. Ford Reclaims ‘Heritage’ With Investment-Grade Rating. 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 | GBTV.com. 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.