Posts Tagged ‘ government spending ’

US politicians’ debt: Lew cranks up waaaaaaaaambulance

October 26, 2015
posted by

CNBC    

"Congress risks 'manufacturing crisis' by prevaricating over raising the debt ceiling, Treasury Secretary Jack Lew said in an opinion piece Monday in USA Today. Unless the cap is raised beyond the current limit of $18.1 trillion, the Treasury is seen running out of money to pay bills in full and on time by Tuesday next week. It would then be left with only incoming taxes and fees to cover expenses, which will be insufficient. ... Since 1960, Congress has acted 78 times to raise the debt cap or revise the definition of the debt limit -- 49 times under Republican presidents and 29 times under Democratic presidents, according to the Treasury's website." [editor's note: Somewhere I hear the world's smallest violin playing a sad tune for those who say it's "insufficient" that the politicians might only be able to spend what they steal from us, instead of borrowing against their promises to steal MORE from us in the future - TLK] (10/26/15)

http://www.cnbc.com/2015/10/26/lew-raise-debt-ceiling-to-avoid-terrible-accident.html  

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GOP House moves on ObamaCare repeals, debt ceiling plans despite White House veto threat

October 26, 2015
posted by

Fox News Fox News    

"House Republicans [last] week appeared committed to passing measures that President Obama almost certainly won't sign, including a bill that would put the government at risk of defaulting on its bills. The GOP-controlled chamber on Friday adopted a measure -- through a process called 'budget reconciliation' -- that repeals large parts of ObamaCare and defunds Planned Parenthood. The process allows the Senate to pass such legislation without a super-majority, which the Republican-controlled upper chamber has failed to get in recent key votes. The move is largely considered another symbolic effort against the president. But another by House Republicans -- including proposed cuts to Medicare and other social service programs in the debt ceiling plan -- could cause problems after Nov. 3, when the government technically runs out of cash." (10/25/15)

http://www.foxnews.com/politics/2015/10/25/gop-house-moves-on-obamacare-repeals-debt-ceiling-plans-despite-white-house/  

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Debt ceiling debate: Don’t mention warfare/welfare state!

October 20, 2015
posted by

Ron Paul Campaign For Liberty
by Ron Paul  

"Cutting up its credit card is the only way to make Congress reduce spending. Anyone who doubts this should listen to the bipartisan whining over how sequestration has so drastically reduced spending that there is literally nothing left to cut. But, according to the Heritage Foundation, sequestration has only reduced spending from $3.6 trillion to $3.5 trillion. Only in DC would a less than one percent spending reduction be considered a draconian cut. Defense hawks have found a way around sequestration by shoving billions of dollars into the Overseas Contingency Operations (OCO) account. OCO spending is classified as 'emergency' spending so it does not count against the spending limits, even when OCO is used for items that do not fit any reasonable definition of emergency." (10/19/15)

http://bit.ly/1NQqWxk  

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Lew furiously waves panic fetish, mutters incantations as ability to kite checks nears expiration

October 19, 2015
posted by

Los Angeles Times Los Angeles Times    

"Treasury Secretary Jacob J. Lew on Monday tried to increase pressure on lawmakers to raise the nation's debt limit before a Nov. 3 deadline, warning that he feared an accidental federal government default if they wait too long. 'I worry every time we hit this that sometime there would be an accident, and that would be terrible,' he told CNBC. Lew wrote to congressional leaders last week that the Treasury Department would run out of borrowing authority on Nov. 3 -- two days earlier than a previous estimate -- unless the $18.1-trillion debt limit is raised." (10/19/15)

http://lat.ms/1Kk1uZh  

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Will the next Speaker enforce sequestration?

October 15, 2015
posted by

Michael D. Tanner Cato Institute
by Michael D Tanner  

"Whoever emerges from the current chaos to become the next House speaker, one of the first issues he or she will have to deal with is funding the federal government for the remainder of the current fiscal year. It won't be easy, but the choices made will tell us a great deal about the new speaker's priorities and whether the revolt against the GOP leadership has actually changed anything in Washington." (10/14/15)

http://bit.ly/1GH7SK3  

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Balancing the government’s budget now

October 12, 2015
posted by

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

"[T]here is a simple and straightforward way to bring the fiscal hemorrhaging to an end. Don't raise the debt limit. In one legislative act, in this case, a non-action, the Federal government will have to operate within the confines of a balanced budget. With no increase in the debt limit, the Federal government will be legally restrained to spend only what it takes in, in taxes and other revenue sources. This, in itself, makes the case for not increasing the debt limit very appealing." (10/12/15)

http://bit.ly/1GElNjN  

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Score one for Fiorina: A clarion call to budgeting sanity

October 12, 2015
posted by

Thomas L. Knapp WIlliam Lloyd Garrison Center for Libertarian Advocacy Journalism
by Thomas L Knapp  

"In every presidential election cycle, candidates find themselves called upon to present plans for balancing the federal budget. And, for the most part, their plans call for doing so -- in the sweet bye and bye. Never next year, seldom even next decade. The plan is for the current crop of politicians to kick the can down the road some more, leaving it to future Congresses and administrations to exercise the fiscal restraint that these politicians won't. Not Carly Fiorina." (10/09/15)

http://thegarrisoncenter.org/archives/3258  

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Carly Fiorina’s war on math

October 8, 2015
posted by

Salon
by Gary Legum  

"It started with Mark Halperin, looking disappointed that Fiorina hadn't flown to 30 Rock in a helicopter and offered him a ride, asking her if she would pledge to submit a balanced budget in her first term. Now, this is a deeply silly question for lots of reasons, but it's pretty easy for a Republican presidential candidate to answer. Just say you have a plan to lower the deficit by cutting spending while also cutting taxes to unleash the engine of American capitalism, which will result in so many dollar bills raining down on the Treasury, it will look like a Waka Floka Flame concert. The budget deficit will magically start dropping, and someday, maybe by the end of a second term, voila! A balanced budget. Instead, Fiorina said this: 'Yes, and I think one of the keys to submitting a balanced budget ... is starting by knowing where the money is being spent ... Where I would start is to submit a plan for zero based budgeting ..." [editor's note: The author's argument is that the federal government is just too big to expect the poor beset bureaucrats to justify all their expenditures every year, and that therefore we MUST assume that they'll always spend more next year than they did this year, and anything else is insane. In fact, this is damn near the only thing Fiorina has said so far that makes any sense at all - TLK] (10/08/15)

http://bit.ly/1L9HoCH  

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Raising taxes and truth

October 8, 2015
posted by

Paul Jacob Common Sense
by Paul Jacob  

"Sheila Weinberg wants to raise your taxes. So fervent is her money-lust that she even threatens to run for president, and only half-jokingly, on that single issue. More surprising: I would enthusiastically vote for her. What gives? Well, Weinberg isn't demanding a tax increase or a spending cut, per se -- just one and/or the other until accounts are balanced." (10/08/15)

http://thisiscommonsense.com/2015/10/08/raising-taxes-truth/  

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US Senate sends massive “defense” bill to Obama

October 8, 2015
posted by

Sharon Herald    

"Congress on Wednesday sent President Barack Obama a sweeping $612 billion defense [sic] policy bill that he has threatened to veto over an ongoing battle between Democrats and Republicans about government spending. The Senate voted to approve the measure 70 to 27. If Obama vetoes the defense bill, it would be only the fifth time that has happened in the past half-century. The bipartisan measure has become law every year for more than 50 years. The House passed the bill last week, 269 to 151, with enough Democratic votes to sustain a presidential veto. Obama says he'll veto it because while it contains all the money he requested, he doesn't like the way Congress did it. The bill increases defense spending by padding a separate war-fighting account with an extra $38 billion. Congress didn't increase money for domestic agencies too as the president wants." (10/08/15)

http://bit.ly/1jet2tY  

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Lew to Congress: Raise the debt limit, and don’t you dare put any conditions on it

October 8, 2015
posted by

Reuters Reuters    

"Treasury Secretary Jack Lew urged Congress to act soon to raise the debt limit .... some conservative Republicans have said they cannot support a debt limit increase unless certain issues are addressed, such as a plan to sharply reduce government spending. Lew told NPR: 'We've made it clear that we are not going to let the debt ceiling be used as a way to extract commitments that otherwise would be unacceptable.'" (10/08/15)

http://reut.rs/1FUHelY  

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Greece: Tsipras urges reform as part of strategy to exit crisis

October 6, 2015
posted by

Salt Lake Tribune    

"Greek Prime Minister Alexis Tsipras insisted Monday that the priority of his newly re-elected government is to deliver on its bailout promises so that the country can start tapping international bond markets for money by 2017. His comments to Greek lawmakers came as European creditors urged Tsipras to maintain his zeal for reforms in return for billions more of bailout cash and a promise of talks on relieving the country's debt burden. As a condition of July's three-year 86 billion-euro ($96 billion) bailout agreement -- the country's third since 2010 -- Greece has to overhaul its economy by reforming its labor markets, raising taxes, cutting spending and putting state investments up for sale. If it doesn't, Greece would not be able to tap the bailout funds and would again face the prospect of bankruptcy and an exit from the euro." (10/05/15)

http://www.sltrib.com/home/3029551-155/tsipras-urges-reform-as-part-of  

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Debt ceiling circus looms ahead, again

October 1, 2015
posted by

Jacob G Hornberger Future of Freedom Foundation
by Jacob G Hornberger  

"The recurring debt-ceiling circus is approaching, once again. The maximum amount of debt that the federal government is permitted to incur is about to be reached ... again. That means that the federal government will not be permitted to incur any more debt ... unless Congress raises the debt ceiling again, thereby permitting the federal government to continue its never-ending spending and borrowing spree." (10/01/15)

http://fff.org/2015/10/01/debt-ceiling-circus-looms-ahead-again/  

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Congress moves on spending bill as fake shutdown deadline looms

September 29, 2015
posted by

Reuters Reuters    

"The U.S. Congress moved on Monday to rush legislation to President Barack Obama that avoids a government shutdown [sic] on Thursday as the new fiscal year starts while setting aside a bitter Republican feud over money for Planned Parenthood. The Senate kicked off the effort by advancing a measure to extend all previous agency funding levels until Dec. 11, in a bipartisan 77-19 procedural vote. That clears the way for the Senate to pass the spending bill by early Wednesday, sending it to the House of Representatives for passage just in time to beat a midnight Wednesday deadline." [editor's note: Of course, the "shutdown" is all melodrama and guff; no actual shutdown is contemplated, just some posturing - TLK] (09/28/15)

http://tinyurl.com/od22p8v  

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GOP hypocrisy on Planned Parenthood

September 29, 2015
posted by

Jacob G Hornberger Future of Freedom Foundation
by Jacob G Hornberger  

"In their fight against funding for Planned Parenthood, Republicans aren't questioning the fundamental premise of the welfare state, which is that the federal government should have the power to tax people in order to give the money to people who the federal government selects to receive it. Instead, Republicans are essentially saying: 'We love the welfare state. We love the fact that the IRS taxes people in order to give the money to other people. We just don't want the federal government giving the money to Planned Parenthood. We want the federal government to give it to our cronies and buddies.'" (09/28/15)

http://fff.org/2015/09/28/gop-hypocrisy-on-planned-parenthood/  

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More revenue won’t save Puerto Rico’s corrupt political class

September 17, 2015
posted by

Frank Worley-Lopez The Canal
by Frank Worley-Lopez  

"The information released this week from the governor's office does indeed look grim, but let's not forget that Puerto Rico raises nearly $10 billion per year in taxes, and receives more than $20 billion a year from the federal government, with total expenditures exceeding $28 billion. Puerto Rico does not have a revenue problem. Puerto Rico's problem is not the size of its debt. Puerto Rico’s problem is how much it spends." (09/16/15)

http://tinyurl.com/qy99ocw  

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Funding the US Department of Offense

September 10, 2015
posted by

Veronique de Rugy Reason
by Veronique de Rugy  

"f you want to know how serious Republican presidential candidates are about fiscal responsibility, just look at their positions on the spending caps put into place by the Budget Control Act of 2011. The caps, which largely cover domestic discretionary programs and the defense budget, brought a modicum of restraint to the federal spending train that careened out of control under the Bush and Obama administrations. But for the special interests that live off the largesse -- particularly weapons manufacturers and lobbies for foreign governments that don't mind U.S. taxpayers footing the bill for their defense needs -- restraint on the Pentagon's war chest is unacceptable." (09/10/15)

http://tinyurl.com/p9dku97  

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Why the Greeks should repudiate their government’s debt

September 10, 2015
posted by

Ludwig von Mises Institute Ludwig von Mises Institute
by Simon Wilson  

"In apportioning blame for the Greek government debt crisis, it would be difficult not to lay the major share on Greece itself. With government jobs paying three times the private sector average, a national rail service with a wage bill four times its annual revenue, a public pension system that would pay out generous benefits at fifty for anyone classified as working in 'arduous' professions like hairdressing, there is no shortage of taxpayer-funded largesse running rampant through Greek society. At this point however, dissecting the Greek's failure to live within their means is not only nugatory -- beyond proving the time-tested observation that people like something for nothing -- but also obfuscates the true moral contours of the crisis. Moreover, it blurs our understanding of a fundamental truth crucial not just to the future of Greeks but all peoples: Government debt is not like private debt. In fact, government debt is fundamentally illegitimate and one might even be justified in claiming that anyone seeking to profit from it is aiding and abetting criminal activity." (09/09/15)

http://tinyurl.com/nwro7r5  

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More sequestration: The best bad thing, for now

September 9, 2015
posted by

Thomas L. Knapp William Lloyd Garrison Center for Libertarian Advocacy Journalism
by Thomas L Knapp  

"If American politicians lived in the real world, US president Barack Obama would propose and Congress would pass a balanced budget for the federal government. But American politicians don't live in the real world. Since World War II they've inhabited a utopian fantasy in which the federal government has continuously spent more money than it has brought in, on the promise that that debt will eventually be paid off. Someday. By someone. So we've once again reached the periodic moment of untruth, with a September 30th deadline for Congress to decide between three alternatives ..." (09/08/15)

http://thegarrisoncenter.org/archives/2865  

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Debbie Does Democracy

September 7, 2015
posted by

Common Sense
by Paul Jacob  

"Say the Republicans in Congress want to defund Planned Parenthood. Democrats want to keep funding it, but ... the whole federal government spends over revenue -- by nearly half a trillion this past year. So if Republicans fight the spending and Democrats defend it and the government shuts down because of lack of agreement, it's obvious: both parties shut down the government. Both refuse to compromise. But for some reason, it's only those who want to cut spending who get tarred with responsibility for the lack of a budget." (09/07/15)

http://thisiscommonsense.com/2015/09/07/debbie-does-democracy/  

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The plot against Planned Parenthood and John Boehner

September 3, 2015
posted by

The Atlantic The Atlantic
by Russell Berman  

"In 2013, John Boehner gave in to Senator Ted Cruz and his conservative allies in the House, and the government shut down for two weeks in a failed fight over Obamacare. A year ago, Boehner and Mitch McConnell succeeded in twice putting off a losing battle over immigration until after they could wrest control of the Senate from the Democrats. With federal funding set to expire on September 30, conservatives are once again demanding a standoff that Boehner and McConnell are hell-bent on avoiding. This time around, the issue that might prevent an orderly -- if temporary -- extension of funding is Planned Parenthood." (09/02/15)

http://tinyurl.com/p4q4pzb  

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The spenders’ eternal excuse

August 24, 2015
posted by

Paul Jacob Common Sense
by Paul Jacob  

"Most modern welfare states have a huge problem: their politicians promise more than government revenue covers. So they borrow and borrow until they can borrow no more. And then they go down. Like Greece has gone down. Banks are closed there, and the people suffer. The problem is over-spending and over-promising (the latter being merely committing to future over-spending, so let's just call it all over-spending). But when you confront a partisan of such extravagance -- whether that person be a politician or a constituency beneficiary or an ideological socialist or social democrat -- the most common defense is: THEY WOULDN'T LET US TAX ENOUGH." (08/21/15)

http://thisiscommonsense.com/2015/08/21/the-spenders-eternal-excuse/  

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Germany: Lawmakers overwhelmingly back Greek bailout, clearing path for loans

August 20, 2015
posted by

Los Angeles Times Los Angeles Times    

"German lawmakers overwhelmingly approved another bailout for debt-ridden Greece on Wednesday, removing the last major obstacle for Athens to receive an emergency infusion of funds to avoid an imminent default. The Greek government is now expected to receive an installment of loans just in time to repay a debt owed to the European Central Bank on Thursday. Missing that deadline would almost certainly result in Greece stumbling into a default and then a disastrous exit from the Eurozone, the group of 19 nations that share the euro currency." (08/19/15)

http://tinyurl.com/qf8fjl9  

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Trumping the federal debt without playing the default card

August 19, 2015
posted by

CounterPunch CounterPunch
by Ellen Brown  

"The vast majority of the money supply today is created by banks when they make loans, as the Bank of England recently acknowledged. Banks create money by 'monetizing' debt, turning loans into the digital deposits that make up most of the circulating money supply. The government could push the reset button by monetizing its own debt, turning it into what it should have been all along -- debt-free, interest-free dollars." (08/19/15)

http://tinyurl.com/py6gz96  

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Four economic myths that perpetuate the euro crisis

August 10, 2015
posted by

Ludwig von Mises Institute Ludwig von Mises Institue
by Patrick Barron  

"Too much of the commentary about the Greek crisis has focused on whether or not Greece should drop the euro and not enough on the structural problems arising out of decades of socialism. Meanwhile, the Greek government has borrowed more money than the Greek people can possibly repay, and debased money will not make this fact disappear. On the contrary, more easy money will cause even more harm." (08/10/15)

https://mises.org/library/four-economic-myths-perpetuate-euro-crisis  

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