Posts Tagged ‘ government spending ’

Lockheed Martin shares drop as Trump targets F-35 boondoggle

December 12, 2016
posted by

Denver Post    

Lockheed Martin Corp. slumped after President-elect Donald Trump tweeted that costs for the F-35 fighter-jet program, the Pentagon's most expensive weapons system, are 'out of control.' ... Shares of Bethesda, Maryland-based Lockheed dropped 3.6 percent to $250.11 at 9:31 a.m. in New York. Other defense stocks also dropped sharply. ... By targeting Lockheed, Trump took aim at the country's biggest government contractor, whose $379 billion F-35 is intended to be flown by the Air Force, Navy and Marines. Like many complicated military programs, the jet had been plagued by delays and cost overruns. The Pentagon in October said it would need as much as $530 million extra to finish the fighter's development phase. Approving the added funds probably would be the first F-35 decision to reach the desk of the next defense secretary." (12/12/16)

http://www.denverpost.com/2016/12/12/lockheed-martin-shares-drop-trump-comments/  

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Donald Trump’s Republican Party is now just fine with deficits

November 15, 2016
posted by

Salon
by Matthew Rozsa  

"Republicans, despite prattling on endlessly about the danger of budget deficits during the President Obama administration, are now ready to embrace unprecedented deficit spending under Donald Trump." [editor's note: The Republicans had complete control of US government spending from 2011 to present -- the idea that they've ever been against deficit spending is complete hooey - TLK] (11/15/16)

http://www.salon.com/2016/11/15/donald-trumps-republican-party-is-now-just-fine-with-deficits/  

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US Senate passes stopgap spending bill, $1.1 billion for Zika research

September 29, 2016
posted by

Fox News    

"Averting an election-year crisis, Congress late Wednesday sent President Barack Obama a bill to keep the government operating through Dec. 9 and provide $1.1 billion in long-delayed funding to battle [sic] the Zika virus. The House cleared the measure by a 342-85 vote just hours after a bipartisan Senate tally. The votes came after top congressional leaders broke through a stalemate over aid to help Flint, Michigan, address its water crisis. ... emocrats claimed a partial victory on Flint while the GOP-dominated Louisiana delegation won a down payment on Obama's $2.6 billion request for their state." [editor's note: Let's see, a billion for research to cover up Monsanto's role in this and blame the mosquitoes again, a sweet bailout for the pols in Michigan, and another half-billion to look busy in New Orleans ... Yep, they covered it all - SAT] (09/28/16)

http://www.foxnews.com/politics/2016/09/29/congress-passes-stopgap-government-funding-bill-1-1b-for-zika-fight.html  

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Roll Call: “The deficit debate has disappeared”

September 28, 2016
posted by

Ryan McMaken Ludwig von Mises Institute
by Ryan McMaken  

"The DC consensus is strongly in favor of unimpeded federal spending. Nevertheless, the Republicans have long kept up the ruse that they're in favor of balancing the budget, cutting the deficit and engaging in 'limited' government. Some have kept up the spending even while cutting taxes. This has only led to back-door tax increases. But that has changed this election. Don't worry, the Republicans haven't decided to actually start cutting the budget after years of lying about it. No, what's different this year is that the Party's presidential nominee -- and hence, much of the Party -- isn't even pretending to be in favor of any real budget cutting or budget balancing." (09/28/16)

https://mises.org/blog/roll-call-deficit-debate-has-disappeared  

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Senate splits over bill to avoid “government shutdown”

September 22, 2016
posted by

Reuters    

"A behind-the-scenes congressional battle to avoid a U.S. government shutdown broke into public view on Thursday when Republicans produced a stop-gap funding bill that Democrats immediately rejected. The federal fiscal year ends on Sept. 30 and Congress must pass a spending measure by then to keep the government open. In recent years, lawmakers have seldom been able to agree on a full federal budget and instead have relied on stop-gap measures. Senate Majority Mitch McConnell capped weeks of labored negotiations by proposing a continuing resolution that would fund government agencies from Oct. 1 through Dec. 9 at an annual rate of just over $1 trillion. The measure also includes $1.1 billion to combat the spreading Zika virus, $500 million in flood relief for states including Louisiana and funding for U.S. military operations overseas at an annual rate of $74 billion." (09/22/16)

http://www.reuters.com/article/us-usa-congress-funding-idUSKCN11S2DF  

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Cruz to inject fight over continued US control of Internet into spending battle

September 12, 2016
posted by

The Hill The Hill    

"Sen. Ted Cruz (R-Texas) is meeting with conservative lawmakers in both chambers to build support for a showdown with the White House over funding the government and power over the Internet. Cruz wants a stopgap measure to fund the government to include a rider that would block the administration from relinquishing the special oversight role the United States has had over the Internet since its inception. ... the Internet cause is popular with conservatives who argue that giving up U.S. oversight of the Internet Corporation for Assigned Names and Numbers would empower U.S. rivals such as Russia, China and Iran." (09/12/16)

http://thehill.com/homenews/senate/295261-cruz-to-inject-internet-fight-into-spending-battle  

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US Senate passes bailout for Puerto Rico pols

June 30, 2016
posted by

The Hill The Hill    

"The Senate late Wednesday approved legislation to address Puerto Rico's [politicians'] growing debt crisis, stepping in to help the ailing territory['s politicians] just ahead of a daunting deadline. By a vote of 68-30, senators cleared a bill that would let the island['s politicians] restructure [their] massive debt load, while establishing an outside control board to police [their] troubled finances. The bill now heads to President Obama, who has been a vocal proponent of the measure and is expected to sign it in short order." (06/29/16)

http://thehill.com/policy/finance/286026-senate-passes-puerto-rico-debt-relief-bill  

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SCOTUS: Puerto Rico pols can’t restructure debt

June 14, 2016
posted by

The Hill    

"The Supreme Court ruled Monday that Puerto Rico can't restructure the debts of its public utilities to avoid a financial crisis, closing off one of the island's last remaining options for avoiding default without help from Congress. In a 5-2 ruling, the justices said that although the government and people of Puerto Rico should not have to wait for possible congressional action to avert a financial crisis, the Constitution does not allow them to rewrite a statute that Congress enacted in 1984. While states can allow municipalities to seek such debt relief, the lower court said, Congress had not given Puerto Rico that right." (06/13/16)

http://thehill.com/regulation/court-battles/283249-supreme-court-puerto-rico-cant-restructure-debt  

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The candidates have to get real about our [sic] debt

April 14, 2016
posted by

Michael D. Tanner Cato Institute
by Michael D Tanner  

"You might not know it from listening to the presidential candidates -- either Democratic or Republican -- but our [sic] national debt has not gone away. They have promised all sorts of tax cuts and spending increases, but the words 'deficit' or 'debt' hardly ever cross their lips." [editor's note: Who's this "we" that "our" refers to? Maybe Tanner made the mistake of co-signing a note for the politicians, but I didn't and I doubt you did - TLK] (04/14/16)

http://www.cato.org/publications/commentary/candidates-have-get-real-about-our-debt  

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Beltway conservative budget plans are big spending and anti-liberty

March 21, 2016
posted by

Ron Paul Campaign For Liberty
by Ron Paul  

"According to a recent poll, 73 percent of all Americans oppose increases in federal spending. Since this anti-government spending sentiment is a major reason Republicans control the House and Senate, one would expect the Republican Congress to hold the line on, or even cut, government spending. Yet, despite the Republican leadership's rhetoric about 'fiscal responsibility,' this year's House Republican budget spends $104 billion more than the GOP's 2013 budget. Some conservatives, most notably the Heritage Foundation, have criticized the GOP budget. Heritage and the conservative House Republican Study Committee (RSC) have both prepared conservative alternatives to the official Republican budgets. Unfortunately, neither Heritage nor the RSC budgets meaningfully reduce federal spending." (03/21/16)

http://www.campaignforliberty.org/ron-paul-beltway-conservative-budget-plans-big-spending-anti-liberty  

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A multiple-choice question — and all the answers are political suicide

March 4, 2016
posted by

National Review
by Kevin D Williamson  

"Over the years, many Republican political figures visiting New York have enjoyed National Review's hospitality, which generally consists of bad coffee and good questions. I have put the question more or less identically to many of them: 'Given that almost all of our spending is on popular programs (Social Security, Medicare, Medicaid, national defense) or effectively non-negotiable spending (interest on the debt), how would you balance the budget? Your choices are: Cut spending on entitlements and/or the military, pass a large tax increase, or accept deficits forever. If your answer consists of the words 'waste, fraud, and abuse' or appeals to the Growth Fairy, we will roll our eyes and make fun of you after you've left, possibly before.' Those meetings are off the record, and Jonah Goldberg is absolutely correct that such conversations serve a critical function. That being said, no confidences will be betrayed by reporting that Republican leaders' answers to this question are, generally speaking, unsatisfactory. I have not had the opportunity to put the question to Trump, though others have, and his answers have been, so far, hogwash." (03/03/16)

http://www.nationalreview.com/article/432250/budget-deficit-2016-republican-candidates-congress  

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A conversation with my neighbor “Sam”

March 3, 2016
posted by

Ludwig von Mises Institute Ludwig von Mises Institute
by Mark Brandly  

"Lately, I've wondered how my neighbor, Sam, affords to buy so much stuff. He appears to have an unlimited budget. When I asked him about this, Sam asked, 'Do you think I'm spending too much?' 'That depends,' I said, 'How much money do you make?' 'I take home $100,000 a year.' That surprised me. I would guess that he's spending more than that. But I tried to be encouraging, 'That sounds like plenty of income. With a little planning, you should be able to budget your spending and be financially stable.' 'But my finances are a mess,' Sam replied. 'I spend more than I take home. Last year I had to borrow $12,000 just to cover my spending.'" (03/03/16)

https://mises.org/library/conversation-my-neighbor-sam  

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More defense dollars don’t guarantee a better military

March 1, 2016
posted by

Reason Reason
by Daniel L Davis  

"Everyone agrees that federal spending is out of control, yet there's little appetite to go after bloated Pentagon budgets. Americans from the left, right, and center all too often give the military a pass because they grudgingly believe current levels of defense spending are necessary for national security. But is there such a thing as too much defense spending? Is it possible that, counterintuitively, more defense dollars could make us less safe? Yes. The fact is, that is exactly what’s happening." (02/29/16)

http://reason.com/archives/2016/02/29/more-defense-dollars-dont-guarantee-a-be  

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That bright, shining, responsible Congress

February 18, 2016
posted by

Paul Jacob Common Sense
by Paul Jacob  

"The latest Gallup public approval rating for our so-called 'representatives' on Capitol Hill stands at 11 percent -- two whole percentage points higher than 2013's worst-ever 9 percent measure. But what if Congress changed? What if our representatives did something dramatic? You know, to show Americans that they get it, that they'll start representing us, that they're about doing the job and not just riding the gravy train of power, high pay, lavish pensions, special exemption from Obamacare, etc.? No, I don't envision a majority of the 535 House and Senate members jumping into a phone booth and coming out with Super Solon capes. My fantasy actually has its roots in reality." (02/18/16)

http://thisiscommonsense.com/2016/02/18/that-bright-shining-responsible-congress/  

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America’s fiscal debt bomb caused by the welfare state

February 10, 2016
posted by

Richard M. Ebeling Future of Freedom Foundation
by Richard M Ebeling  

"The news is filled with the everyday zigzags of those competing against each other for the Democrat and Republican Party nominations to run for the presidency of the United States. But one of the most important issues receiving little or no attention in this circus of political power lusting is the long-term danger from the huge and rising Federal government debt." (02/10/16)

http://fff.org/explore-freedom/article/americas-fiscal-debt-bomb-caused-by-the-welfare-state/  

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$19 trillion and counting: The dangers of unlimited debt

February 4, 2016
posted by

Veronique de Rugy Reason
by Veronique de Rugy  

"The statutory limit on how much debt the federal government can accumulate is back in the news, but this time it's not because Washington is close to breaching it. That's not a present concern thanks to the year-end bipartisan spending spree that included a suspension of the debt limit until March 2017. The news is that a report from the House Financial Services Committee found that the Obama administration's Treasury Department has been repeatedly misleading the American public on the matter." (02/04/16)

http://reason.com/archives/2016/02/04/19-trillion-and-counting-the-dangers-of  

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Puerto Rico: Government seeks bond swap in proposed restructuring deal

February 2, 2016
posted by

ABC News ABC News    

"Puerto Rico's government is pushing a bond swap with creditors to help generate revenue as U.S. legislators prepare to consider creating an oversight authority to help pull the island out of a deepening economic crisis. The U.S. territory on Monday released details of a proposed restructuring deal that would help reduce a portion of its $72 billion public debt and cap debt payments at 15 percent of government revenues." (02/01/16)

http://abcnews.go.com/International/wireStory/puerto-rico-seeks-bond-swap-proposed-restructuring-deal-36649374  

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Puerto Rico dug the hole, and only she can climb her way out

January 26, 2016
posted by

Frank Worley-Lopez The Canal
by Frank Worley-Lopez  

"Puerto Rico received three stark reminders of its current situation in the last few weeks, and these incidents foretell a very long road to recovery for the US commonwealth. In early January, the island territory defaulted once again on some of its debt. While it paid most of its debt, the small portion left unpaid was enough to generate more lawsuits, which will add to its operating costs for the next year, and more importantly, to its costs leading up to its next major debt payments in late spring and early summer. Meanwhile, major debt restructuring talks between the state-owned Electric Power Authority collapsed after 18 months and multiple extensions." (01/25/16)

http://blog.panampost.com/frank-worley-lopez/2016/01/25/puerto-rico-dug-the-hole-and-only-she-can-climb-her-way-out/  

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No bailout for Uncle Louie

January 21, 2016
posted by

The American Spectator
by Eric Peters  

"If your Uncle Louie can't handle his money, giving him more money is probably not a good idea. A better idea would be to help Louie learn how to handle his money. Same goes for Puerto Rico. The prospective 51st state is headed toward skid row on an epic scale: $72 billion in debt -- and an unemployment rate pushing 15 percent -- the direct result of decades of big government spending programs that continue unabated. A default appears imminent. Clearly, the government needs help. But more money is what Puerto Rico wants. Unlimited, no strings attached." (01/21/16)

http://spectator.org/articles/65257/no-bailout-uncle-louie  

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Report: US politicians’ deficit to rise to $544 billion this year

January 19, 2016
posted by

ABC News ABC News    

"A government report released Tuesday estimates that this year's budget deficit will rise to $544 billion, an increase over prior estimates that can be attributed largely to tax cuts and spending increases passed by Congress last month. The deficit and debt picture over the long-term has also worsened considerably. The estimate from the Congressional Budget Office also sees the economy growing at a slower pace this year than it predicted just a few months ago." (01/19/16)

http://abcnews.go.com/Politics/wireStory/govt-report-budget-deficit-rise-544b-year-36375945  

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Puerto Rico revises fiscal reform plan amid growing deficit

January 19, 2016
posted by

Bismarck Tribune    

"Puerto Rico is revising a fiscal and economic reform plan to reflect a jump in the island's projected deficit and steep drop in anticipated revenues, officials said Monday. The government said the deficit is now projected to grow from $14 billion to $16 billion over the next five years due to the U.S. territory's worsening economic crisis." (01/18/16)

http://bismarcktribune.com/business/puerto-rico-revises-fiscal-reform-plan-amid-growing-deficit/article_de5b31d5-44ef-5a61-a396-fca8e414ee89.html  

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Let Puerto go

January 5, 2016
posted by

Jacob G Hornberger Future of Freedom Foundation
by Jacob G Hornberger  

"Just recently, the members of Congress, including the Republicans, agreed to another budget deal that has the federal government spending vastly more than what it brings in with taxes. The deficit between taxes and spending will mean adding larger additional amounts to the already existing mountain of U.S. government debt. The statists, especially those in the mainstream press, went gaga with exhortations of approval over the deal. If you want to see why libertarians keep emphasizing that this is a very bad and a very dangerous road to be travelling, keep watch over what happens in Puerto Rico. It's not going to be pretty, just as a similar situation in Greece has proven to be rather ugly. The real issue, though, is why Puerto Rico even belongs to the United States." (01/04/16)

http://fff.org/2016/01/04/let-puerto-go/  

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Obama signs $1.1 trillion spending bill before departing on holiday break

December 21, 2015
posted by

United Press International United Press International    

"Both chambers of Congress passed a $1.1 trillion spending measure Friday that includes a change to the Affordable Care Act and keeps the government running through September 2016. The bill, while bipartisan, has faced conservative criticism for high spending and the omission of language that would put restrictions on Syrian refugees and the women's health provider Planned Parenthood." (12/18/15)

http://www.upi.com/Top_News/US/2015/12/18/Obama-signs-11T-omnibus-spending-bill-into-law-before-departing-on-holiday-break/1571450450464/  

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Budget bill leaves no boondoggle behind

December 18, 2015
posted by

James Bovard JimBovard.com
by James Bovard  

"Republican congressional leaders are like a football coach who believes the secret to winning is to punt early and often. House Speaker Paul Ryan and others are claiming victory over the 2,000-plus page appropriations bill, but this is a 'no boondoggle left behind' $1.1 trillion nightmare." (12/17/15)

http://jimbovard.com/blog/2015/12/17/usa-today/  

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The waste awakens never, to sleep again

December 16, 2015
posted by

Doug Bandow Cato Institute
by Doug Bandow  

"Sen. Jeff Flake (R-Ariz.) follows retired Tom Coburn in reporting on the ludicrous waste of taxpayer dollars in Washington. In advance of the latest Star Wars movie release, Flake issued Wastebook 2015: The Farce Awakens. Alas, the waste never sleeps. One of the few constants in Washington is tossing taxpayers’ hard-earned cash not just to special interests who hire the best lobbyists, but for misbegotten purposes that only Uncle Sam could imagine. The Wastebook showcases 100 nutty expenditures." (12/15/15)

http://www.cato.org/publications/commentary/waste-awakens-never-sleep-again  

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