Posts Tagged ‘ government spending ’

More on debt limit and default

October 10, 2013
posted by

David Friedman Ideas
by David Friedman  

"A President cannot spend money he does not have; whatever the requirements, if the debt limit prevents borrowing he will have to reduce expenditure to revenue. Further, the author concedes that the only legal opinion on the subject, from the Government Accounting Office some time back, is that the President can indeed prioritize debt. And, finally, Congress is always free to change its mind about what it authorizes. The Republican majority in the House would gladly pass a bill prioritizing interest payments, so unless the President and his party want to default there is no need to do so." (10/09/13)

http://tinyurl.com/ln9rj8d  

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Poll: Most Americans oppose debt limit increase, government “shutdown”

September 26, 2013
posted by

Fox Business    

"Most Americans oppose a clean raise in the debt limit without budget cuts attached to a new spending bill, but they are also opposed to using a government shutdown to force those cuts, a new poll shows. The poll, commissioned by Douglas Holtz-Eakin, president of the Conservative-leaning American Action Forum, comes as the government continues to haggle over raising the so-called debt limit, where the government will run out of money to pay the nation's [sic] bills without a deal between the White House and Congress to borrow more. Treasury Secretary Jack Lew said that the debt limit will be reached 'no later than October 17.'" (09/25/13)

http://tinyurl.com/mh4959m  

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Obama offers new “grand bargain” of corporate tax cuts and jobs

July 31, 2013
posted by

Los Angeles Times    

"President Obama on Tuesday offered what he billed as a new 'grand bargain' proposal that would combine a cut in corporate tax rates sought by many Republicans with a jobs-creating program that would spend more money on roads and bridges around the country. ... Republican leaders scoffed at the idea immediately, saying it offered them no concession at all. The GOP position has been that money generated by tax reform should be rolled back into the system to further lower tax rates. They have opposed any reform plan that would add to spending." (07/30/13)

http://tinyurl.com/k5qatfv  

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A primer for understanding Obama’s budget

April 10, 2013
posted by

Cato Institute Cato Institute
by William Poole  

"President Obama will release his overdue budget on Wednesday. It will doubtless project a reduction in the federal budget deficit -- a projection that journalists, commentators and policy makers should ignore. To do otherwise is to be complicit in fraud. Strong statement? Not really. For 50 years or so the federal government has deliberately and to an increasing extent misstated probable future budget deficits." (04/09/13)

http://tinyurl.com/carbea3  

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Obama submits $3.77 trillion budget proposal

April 10, 2013
posted by

Fox News    

"President Obama found himself weathering bipartisan broadsides Wednesday as he sent Congress his 2014 budget proposal, which in its effort to please both sides of the aisle has ended up angering both. The $3.77 trillion spending plan, which is being delivered to Congress two months late, tries to curb deficits by further raising taxes on top earners and reining in the growth of Social Security. But Republicans argue they already consented to increased taxes as part of the fiscal crisis deal and have expressed little interest in negotiating another hike. And liberal Democrats -- particularly powerful advocacy groups -- have launched a series of campaigns to oppose the changes to Social Security." [editor's note: The proposal projects a deficit of nearly $750 billion, and of course that projection is low - TLK] (04/10/13)

http://tinyurl.com/czdqfq9  

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When the government goes bankrupt

April 4, 2013
posted by

Andrew P. Napolitano LewRockwell.com
by Andrew P. Napolitano  

"What happens when the government goes bankrupt? This question is one that sounds like a hypothetical exercise in a law school classroom from just a few years ago, where it might have been met with some derision. But today, it is a realistic and terrifying inquiry that many who have financial relationships with governments in America will need to make, and it will be answered with the gnashing of teeth." (04/04/13)

http://lewrockwell.com/napolitano/napolitano94.1.html  

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For Krugman, the size of a deficit depends on the point he’s trying to make

April 4, 2013
posted by

Robert P. Murphy Free Advice
by Robert P. Murphy  

"OK, so mark that down: Whatever the budget deficits were in the Reagan era, Krugman is saying they were (a) unprecedented (for peacetime) and (b) 'large.' Now, I am not even going to bother finding quotes to back this up, but I hope no one will challenge me when I say that Krugman has referred to Herbert Hoover’s ill-fated presidency as an example of fiscal austerity, the kind of tight-fisted budgeting that we want to avoid. In that context, it is interesting to look at the budget deficits (as a share of GDP) of Hoover vs. Reagan." (04/03/13)

http://tinyurl.com/bqz3wdg  

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Another bloated Republican budget

April 3, 2013
posted by

Laurence M. Vance LewRockwell.com
by Laurence M. Vance  

"Republicans are upset that although President Obama released his picks for the NCAA men’s basketball final four bracket, he didn’t submit to Congress his budget for the next fiscal year as he was supposed to do by the first Monday in February. I don’t know why Republicans are so upset, since any budget that Obama submitted would be dead on arrival in the Republican-controlled House of Representatives. Just don’t think for a minute that Obama’s budget would be rejected because Republicans are fiscal conservatives who want to follow the Constitution, eliminate the deficit, balance the budget, reign in federal spending, and decrease the national debt. The budget recently passed by the Republicans in the House contains unconstitutional spending, has a built-in deficit, is not balanced, does not reign in federal spending, and increases the national debt." (04/03/13)

http://lewrockwell.com/vance/vance328.html  

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I survived sequestration

April 3, 2013
posted by

Michael D. Tanner National Review
by Michael D. Tanner  

"This week marks the one-month anniversary of one of the most terrifying events in American history: the sequester. So, with great trepidation, I have climbed out of my bunker to survey the devastation and send off this column. I was shocked to discover that somehow mankind had survived." (04/03/13)

http://tinyurl.com/d2y5zoo  

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Sequester theater drawdown: DoD reduces “furlough” days

March 28, 2013
posted by

Washington Post    

"More than 700,000 civilian defense workers will be forced to take 14 days of furloughs instead of 22 between April and the end of the fiscal year, officials said, softening the blow of the automatic spending cuts known as sequestration. ... Defense officials had said for weeks that civilians would be required to take one day a week off with pay for 22 weeks starting in late April. That amounted to a 20 percent pay cut for five months. The continuing resolution did not give the Pentagon more money, but it allowed the agency to shift $10.4 billion into its operations and maintenance accounts, which pay civilian salaries. Active duty personnel are exempt from the cuts." (03/28/13)

http://tinyurl.com/d2knq8r  

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ECB gives Cyprus Monday bailout deadline

March 21, 2013
posted by

Globe and Mail [Canada]    

"Evidently losing patience with the Cypriot government and its stalled bailout plan, the European Central Bank said it will suspend emergency assistance to the country’s banks on Monday unless a rescue is agreed with the European Union and the International Monetary Fund. The threat puts enormous pressure on the Cypriot government to devise a new bailout in the next couple of days or face the eradication of its banking system." (03/21/13)

http://tinyurl.com/cloj8tm  

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Poll: Sequester has not hit home

March 11, 2013
posted by

McClatchy Washington Bureau    

"The budget cuts in Washington have not hit home in America, at least not yet. A plurality of Americans think federal spending cuts will have no effect at all on them or their families, according to a new McClatchy-Marist Poll. At the same time, as many Americans think the cuts will have no effect or a positive effect on the overall economy as think the cuts will hurt the economy, the survey found." (03/10/13)

http://tinyurl.com/axk6zhw  

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Krugman: High deficits are due to either a depression or a recovery, but never to my policies

February 24, 2013
posted by

Robert P. Murphy Free Advice
by Robert P. Murphy  

"his is classic. For the last four years, Krugman has constantly lecture people on the 'myth' that Obama is a big-deficit guy. Why, it was all about the surging social safety net payments, and the reduced tax receipts, caused by the depressed economy. It just looked like we had big deficits, but it was an illusion that fooled idiots who can’t see how a bad economy changes things. Now, when the CBO forecasts rising deficits down the road, Krugman explains that no, this too is an illusion." (02/21/13)

http://tinyurl.com/b86bg8v  

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As sequestration deadline looms, governors join White House whine-fest

February 24, 2013
posted by

Washington Post    

"Governors from both parties are warning of the damaging economic impact if the White House and Congress fail to reach a deal to stave off across-the-board spending cuts set to take effect Friday. ... Some governors were pessimistic about the prospects for a compromise. They said the budget impasse was just the latest crisis in Washington that is keeping business from hiring and undermining the ability of governors to develop state spending plans." (02/24/13)

http://tinyurl.com/awmkohu  

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Spain: Regime unveils new “austerity” under European pressure

July 11, 2012
posted by

Reuters    

"Recession-plagued Spain unveiled new austerity measures on Wednesday designed to slash 65 billion euros from the public deficit by 2014 as Prime Minister Mariano Rajoy yielded to EU pressure to try to avoid a full state bailout. The conservative leader announced a 3-point hike in the main rate of Value Added Tax on goods and services to 21 percent and cuts in unemployment benefits and civil service pay and perks in a speech interrupted by jeers and boos from the opposition." (07/11/12)

http://reut.rs/O5ybwn  

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US pols spend $844.5 billion more than they can steal in eight months

June 12, 2012
posted by

Seattle Times    

"The federal budget deficit is approaching $1 trillion for a fourth straight year even though the government is collecting more tax revenue than last year. The Treasury Department said Tuesday that the deficit grew by $124.6 billion in May." (06/12/12)

http://tinyurl.com/7ulp4f8  

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Baby budget hawks of the GOP

May 28, 2012
posted by

Michael D. Tanner Cato Institute
by Michael D. Tanner  

"The conventional wisdom, pushed for very different reasons by both Republicans and Democrats, is that Republicans in Congress, controlled by radical tea-partiers, have been slashing government spending. Thus it becomes a little hard to understand how, in the few short months since last year’s debt-ceiling deal, the federal debt has increased by more than $1.5 trillion, roughly $13,000 per household. If Republicans are such great budget cutters, how come we continue to spend more, run more deficits, and accumulate more debt?" (05/23/12)

http://www.cato.org/publications/commentary/baby-budget-hawks-gop  

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More on pretending

May 22, 2012
posted by

Erne Lewis ErneLewis.com
by Erne Lewis  

"If we are to survive as a nation we must immediately stop spending money we don’t have and balance the budget now! And we must start where the spending is most egregious and least needed, our military-industrial-spycraft complex, that pretentious monster masquerading as National Defense." (05/21/12)

http://ernelewis.com/blog/2012/05/more-on-pretending/  

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CA: Pols face $16 billion budget shortfall

May 13, 2012
posted by

The Californian    

"California's budget deficit has swelled to a projected $16 billion -- much larger than had been predicted just months ago -- and will force severe cuts to schools and public safety if voters fail to approve tax increases in November, Gov. Jerry Brown said Saturday. The Democratic governor said the shortfall grew from $9.2 billion in January in part because tax collections have not come in as high as expected and the economy isn't growing as fast as hoped for. The deficit has also risen because lawsuits and federal requirements have blocked billions of dollars in state cuts." (05/13/12)

http://bit.ly/IOy1JP  

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Netherlands: Government collapses over austerity budget

April 23, 2012
posted by

RTT News    

"Liberals-led minority government in the Netherlands collapsed on Monday as Prime Minister Mark Rutte resigned after coalition talks on reducing the country's budget deficit to meet European guidelines failed to reach agreement. The government was in crisis at the weekend as the extreme right Freedom Party (PVV) withdrew its support, with its anti-Islamist populist leader Geert Wilders saying he would not accept the government's additional EUR 14 billion austerity program meant to bring the fiscal deficit to 3% by 2013." (04/23/12)

http://bit.ly/I4d0vc  

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Austerity or stimulus? What we need is growth

March 26, 2012
posted by

Cato Institute Cato Institute
by John H. Cochrane  

"Austerity isn’t working in Europe. Greece is collapsing, Italy and Spain’s output is declining, and even Germany and the U.K. are slowing down. In addition to their direct economic costs, these 'austerity' measures aren’t even swiftly closing budget gaps. As incomes decline, tax revenue drops, and it becomes harder to cut spending. A downward spiral looms. These events have important lessons for the U.S." (03/21/12)

http://bit.ly/H50YlP  

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Spending, not taxation, is the problem

February 23, 2012
posted by

Bumper Hornberger Future of Freedom Foundation
by Jacob G. Hornberger  

"With President Obama and various Republican presidential candidates competing to reduce corporate income taxes, it must be election time. Do you ever feel like you’re living in a Latin American country, where the presidential candidates are notorious for offering all sorts of political candy to the voters during the campaign season?" (02/23/12)

http://www.fff.org/blog/jghblog2012-02-23.asp  

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Politicians fiddle while fiscal crisis looms

February 22, 2012
posted by

Creators Syndicate
by John Stossel  

"Imagine this family budget: Last year, you earned $24,700. But you spent $37,900, incurring $13,300 in debt, and you were already $153,500 in debt. So you say, 'I promise I'll spend $300 less this year!' Anyone can see that your cutback is pathetic and that you need to spend much less. Yet if you add eight zeroes, that's America's budget." (02/22/12)

http://bit.ly/xMlGYx  

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The audacity of taxing and spending

February 19, 2012
posted by

Timothy J. Taylor Authority!
by Timothy J Taylor  

"The orgy of profligate government spending during the last two presidential administrations continues unabated under this budget, and to keep it going strong, taxes will be drastically increased for successful individuals while any spending cuts here will be more than offset by more spending there." (02/19/12)

http://bit.ly/y8q63S  

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We are on the road to bankruptcy

February 15, 2012
posted by

Fox News Forum
by John Stossel  

"President Obama said in his State of the Union speech last month, 'We’ve already agreed to more than $2 trillion in cuts and savings.' That was reassuring. The new budget he released this week promises $4 trillion in 'deficit reduction' -- about half in tax increases and half in spending cuts. But like most politicians, Obama misleads. Cato Institute economist Dan Mitchell, a recent guest on my Fox Business show, cut through the fog to get at the truth of the $2 trillion 'cut.'” (02/15/12)

http://tinyurl.com/76pl53p  

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