tagged w/ Budget
Some critics took considerable issue with the Obama administration’s labeling of the $410 billion omnibus spending bill as “last year’s business.”
Well, by tomorrow, most can at least call the bill yesterday’s business now that the Senate has approved the overall spending bill, which President Obama is expected to sign shortly.
Senate Democrats eked out a win, despite considerable opposition from Republicans and even a few Democrats who are expressing increasing worry about the pile-on effect of bailout upon bailout and stimulus upon spending bills in recent months. Sticker shock, some have complained, as the billions of dollars add up to trillions. And next up is President Obama’s first budget, as lawmakers already are lining up to do their own handiwork on what has been called a “bold” initiative.
Last week, Senator Harry Reid, the majority leader from Nevada, had to call off a procedural vote after being unable to corral 60 senators to vote on the motion. Republicans then were allowed to offer more amendments over the last few days, all of which, however, have failed to gain enough votes for passage. (A little while ago on the Senate floor, Mr. Reid seemed to express regret at his haste in trying to force that vote last week, saying he’d learned a little about himself in the process. But he also successfully maneuvered around a pay-raise amendment, for the time being.)
End of Excerpt
Source: The New York Times OnlineSome critics took considerable issue with the Obama administration’s labeling of... more
Its better to try different ways to help fix this problem than to do nothing at all. Republicans think that it can just fix itself and take a natural course but that's not gonna happen.Its better to try different ways to help fix this problem than to do nothing at all.... more
When I think of the potential for future inflation from the combined current actions of the Treasury and Federal Reserve, I need a little comic relief.When I think of the potential for future inflation from the combined current actions... more
Just one of the things Conor Knighton talks about in his weekly roundup of the top stories from the crazy world of 24-hour media madness. Also includes 'The Bachelor' finale, the east coast snowstorm, Turtle Zombie Kid, a sax-playing walrus, YouTube's orchestra, Rosie O'Donnell's new role, the No Cussing Club, Twtitter magic, and Oprah's Trillion Dollar Ratio.
infoMania is a half-hour satirical news show that airs on Current TV. The show puts a comedic spin on the 24-hour chaos and information overload brought about by the constant bombardment of the media. Hosted by Conor Knighton and co-starring Brett Erlich, Sarah Haskins, Ben Hoffman, and Sergio Cilli, the show airs on Thursdays at 10 pm Eastern and Pacific Times and can be found online at current.com/infomania. And make sure to check out our facebook profile for special features at http://infomaniafacebook.com.Just one of the things Conor Knighton talks about in his weekly roundup of the top... more
It’s time to accept that we are approaching an economic dislocation that has been decades in the making. It is the mathematically-inevitable consequence of an system that tends towards instability — it’s not a bug, it’s a feature. It’s the system working as designed.It’s time to accept that we are approaching an economic dislocation that has... more
Project Youthanize host, Charlie Berens, talks to Millennial youth (ages 16-29) about how they’re coping with the Health Care crisis.Project Youthanize host, Charlie Berens, talks to Millennial youth (ages 16-29) about... more
The word “nationalization” has put fear and trembling into the American marketplace, and understandably so. It rings of socialism, of the European model, of the Third-Way progressive compromise. It’s the death knell of the American form of free-market capitalism that is the foundational pillar beneath our symbolic hegemony over the rest of the world.The word “nationalization” has put fear and trembling into the American... more
Today, we have economists and politicians. It’s hard to say which group is closer to being the modern day equivalent of the alchemists. Anyone who has taken the most basic of economics courses knows that there is no free lunch. Unfortunately, it takes effort to create value. There is a cost to everything. We cannot wave a magic wand and make all of our pain go away.Today, we have economists and politicians. It’s hard to say which group is... more
Creative ways to lend money
A majority of people believe that government intervention of the kind our legislators have just put in place can stop this “drop” (read “re-normalization”) of housing prices. But this legislation has a good chance of missing the mark, at least as far as arresting housing price falls is concerned.A majority of people believe that government intervention of the kind our legislators... more
U.S. Attorney General Eric Holder is sending strong signals that President Obama - who as a candidate said states should be allowed to make their own rules on medical marijuana - will end raids on pot dispensaries in California.
Asked at a Washington news conference Wednesday about Drug Enforcement Administration raids in California since Obama took office last month, Holder said the administration has changed its policy.
"What the president said during the campaign, you'll be surprised to know, will be consistent with what we'll be doing here in law enforcement," he said. "What he said during the campaign is now American policy."
Bill Piper, national affairs director of the Drug Policy Alliance, a marijuana advocacy group, said the statement is encouraging.
"I think it definitely signals that Obama is moving in a new direction, that it means what he said on the campaign trail that marijuana should be treated as a health issue rather than a criminal justice issue," he said.U.S. Attorney General Eric Holder is sending strong signals that President Obama - who... more
hanks to a photo printed by the Washington Post, President Barack Obama’s speechwriter may now have to change his cell phone number.
Jon Favreau’s phone number can be clearly made out in a picture the Post chose for their Op-Ed page on Friday, which depicts President Obama making his remarks to Congress on Tuesday. Taken by a Reuters photographer from above, you see Obama reading from the first page of the address — and clearly printed is: “Draft 2/24/09 12pm…Favreau/Rhodes….6-1334 | 312-805-xxxx." (Number redacted.)
We at Yeas & Nays tried the number and can confirm it is his number (we got his voicemail). This may excite a lot of the women around town, but we heard he's taken by White House aide (and Maxim model) Ali Campoverdi.hanks to a photo printed by the Washington Post, President Barack Obama’s... more
WASHINGTON (AP) - The economy's downhill slide at the end of last year was likely much steeper than the government initially thought and it is probably doing just as poorly now - if not worse - as a relentless slew of negative forces feed on each other, pushing the country deeper into recession.
American consumers - spooked by vanishing jobs, sinking home values and shrinking investment portfolios have cut back. In turn, companies are slashing production and payrolls. Rising foreclosures are aggravating the already stricken housing market, hard-to-get credit has stymied business investment and is crimping the ability of some consumers to make big-ticket purchases.
It's creating a self-perpetuating vicious cycle that is causing the economy to deteriorate at a rapid pace. The country is suffering through the worst housing, credit and financial crises since the 1930s.
The Commerce Department is set to release a report Friday expected to show the economy contracted at a pace of 5.4 percent in the October-to-December quarter. If economists are correct, the updated reading on gross domestic product, or GDP, would show the economy sinking faster than the 3.8 percent annualized decline the government first estimated a month ago. GDP measures the value of all goods and services produced within the United States and is best barometer of the country's economic health.WASHINGTON (AP) - The economy's downhill slide at the end of last year was likely... more
Stocks plunge in response to Obama address
WASHINGTON, D.C. -- America’s job creators offered the Obama administration’s economic plans another resounding vote of no confidence, with stocks plunging once again as President Obama refused to change the failed big-spending, big-government policies responsible for the current economic stagnation, Libertarian National Committee Communications Director Donny Ferguson pointed out Wednesday morning.
When markets opened after Obama’s economic address to Congress Tuesday night, the Dow Jones industrial average fell 90.64 points, or 1.23 percent, to 7,260.30. The Standard & Poor's 500 Index plummeted 9.41 points, or 1.22 percent, to 763.73. The Nasdaq Composite Index lost 16.26 points, or 1.13 percent, to 1,425.57.
“Each drop in the market represents real pain inflicted on working Americans by Obama’s dedication to policies that have been proven failures,” said Donny Ferguson, Libertarian National Committee Communications Director.
“Not only are they resounding votes of no confidence in Obama by the very people who create jobs, they are robbing Americans of their retirement savings and employment prospects.”
WHY!!! Why continue to destroy and dismantle American by using money that was printed out of thin air? This economic crisis is the governments fault and yet they still are going to screw us over?
Why do you think this is or is not a good idea for the country, Current users.
What would any of you try and do to save us from utter destruction?Stocks plunge in response to Obama address WASHINGTON, D.C. -- America’s job... more
Does it make sense that our “economic growth” requires our taking on new debt at an accelerating rate to prevent defaults from exponentially-growing compound interest? The root of our problem isn’t partisan politics — it’s high school math that is lost on our economists and central bankers.Does it make sense that our “economic growth” requires our taking on new... more
COURTNEY Beard knows exactly what her "Plan B" is if she loses her real-estate job: Get a boob job.
"I would then take a job in a nursing home for old rich men," explains the stunning 26-year-old Long Islander. Hey - who said a backup plan had to be boring?
Nowadays, unless you're a bankruptcy lawyer, a creditor or your name rhymes with Schmarack Schmobama, almost everyone has fantasized about their Operation Backup Plan.
It's the question that is pressing on the collective psyche of New Yorkers right now, being discussed everywhere - from bars to restaurants with liquor licenses to those theaters that also serve a nice stiff cocktail.
Even the birth control company behind Plan B has gotten into the act, launching whatwillyourplanbe.com, a site for women to think about their goals "just in case."COURTNEY Beard knows exactly what her "Plan B" is if she loses her... more
WASHINGTON - Congress went on a pork-a-palooza yesterday, approving a massive spending bill with big bucks for Hawaiian canoe trips, research into pig smells, and tattoo removal - all while the nation faces an economic crisis.
Among the recipients of federal largesse is the Polynesian Voyaging Society of Honolulu, which got a $238,000 "earmark" in the bill.
EDITORIAL: OBAMA'S FUZZY TAX MATH
The group organizes sea voyages in ancient-style sailing canoes like the ones that first brought settlers to Hawaii.
The sailing club has a powerful wind at its back in the person of Sen. Daniel Inouye (D-Hawaii), the chairman of the Senate Appropriations Committee.WASHINGTON - Congress went on a pork-a-palooza yesterday, approving a massive spending... more
WASHINGTON (AP) - President Barack Obama is sending Congress a budget that would boost taxes on the wealthy and curtail Medicare payments to insurance companies and hospitals to make way for a $634 billion down payment on universal health care.
Obama's first budget predicts the deficit for this year will soar to a whopping $1.75 trillion, according to administration officials who spoke on condition of anonymity before the public unveiling of the budget Thursday.
As part of the effort to end the nation's financial crisis, the administration will propose boosting the budget deficit by an additional $250 billion this year - to the record $1.75 trillion - enough to support as much as $750 billion more in spending under the government's rescue program for financial institutions. That would more than double the $700 billion bailout effort passed by Congress last October.WASHINGTON (AP) - President Barack Obama is sending Congress a budget that would boost... more