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Posts Tagged ‘Congress’

The U.S. Treasury building, Washington D.C.
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More proof that the insane have taken over Washington!!!!

WASHINGTON – Senate Democrats on Wednesday proposed allowing the federal government to borrow an additional $1.9 trillion to pay its bills, a record increase that would permit the national debt to reach $14.3 trillion.

The unpopular legislation is needed to allow the federal government to issue bonds to fund programs and prevent a first-time default on obligations. It promises to be a challenging debate for Democrats, who, as the party in power, hold the responsibility for passing the legislation.

It’s hardly the debate Democrats want or need in the wake of Sen.-elect Scott Brown’s victory in Massachusetts. Arguing over the debt limit provides a forum for Republicans to blame Democrats for rising deficits and spiraling debt, even though responsibility for the government’s financial straits can be shared by both political parties.

The measure came to the floor under rules requiring 60 votes to pass. That’s an unprecedented step that could mean that every Democrat, no matter how politically endangered, may have to vote for it next week before Brown takes office and Democrats lose their 60-vote majority.

Democratic leaders are also worried that Sen. Evan Bayh, D-Ind., who opposed the debt limit increase approved last month, will vote against the measure.

The record increase in the so-called debt limit is required because the budget deficit has spiraled out of control in the wake of a recession that cut tax revenues, the Wall Street bailout, and increased spending by the Democratic-controlled Congress. Last year’s deficit hit a phenomenal $1.4 trillion, and the current year’s deficit promises to be as high or higher.

Congress has never failed to increase the borrowing limit.

“We have gone to the restaurant. We have eaten the meal. Now the only question is whether we will pay the check,” said Finance Committee Chairman Max Baucus, D-Mont. “We simply must do so.”

A White House policy statement said the increase “is critically important to make sure that financing of federal government operations can continue without interruption and that the creditworthiness of the United States is not called into question.”

via Democrats propose $1.9T increase in debt limit – Yahoo! News.

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Here we go…the fiasco of the Obama administration is exposed…

WASHINGTON – The federal government faces exploding deficits and mounting debt over the next decade, White House officials predicted Tuesday in a fiscal assessment far bleaker than what the Obama administration had estimated just a few months ago.

Figures released by the White House budget office foresee a cumulative $9 trillion deficit from 2010-2019, $2 trillion more than the administration estimated in May. Moreover, the figures show the public debt doubling by 2019 and reaching three-quarters the size of the entire national economy.

Obama economic adviser Christina Romer predicted unemployment could reach 10 percent this year and begin a slow decline next year. Still, she said, the average unemployment will be 9.3 in 2009 and 9.8 percent in 2010.

“This recession was simply worse than the information that we and other forecasters had back in last fall and early this winter,” Romer said.

The grim administration projections came on a day of competing economic news. The Congressional Budget Office, which has predicted less economic growth than the White House in the past, was also scheduled to announce revised budget projections on Tuesday.

Obama himself may have drowned out the rising deficit news with the announcement Tuesday that he intends to nominate Ben Bernanke to a second term as chairman of the Federal Reserve. The Bernanke news could neutralize any disturbance in the financial markets caused by the high deficit projections.

The deeper red ink and the gloomy unemployment forecast present President Barack Obama with an enormous challenge. The new numbers come as he prods Congress to enact a major overhaul of the health care system — one that could cost $1 trillion or more over 10 years. Obama has said he doesn’t want the measure to add to the deficit, but lawmakers have been unable to agree on revenues that cover the cost.

What’s more, the high unemployment could last well into the congressional election campaign next year, turning the contests into a referendum on Obama’s economic policies.

via White House projects bigger deficits, bigger debt – Yahoo! News.

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Al gore giving his global warming talk in Moun...
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Well, they wouldn’t want to confuse things by having an actual scientist give his analysis of global warning. It is better to have a divinity school drop-out who is the author of several fictional books give his unsupported opinion about the subject…Good Job Democrats!!!

UK‘s Lord Christopher Monckton, a former science advisor to Prime Minister Margaret Thatcher, claimed House Democrats have refused to allow him to appear alongside former Vice President Al Gore at a high profile global warming hearing on Friday April 24, 2009 at 10am in Washington. Monckton told Climate Depot that the Democrats rescinded his scheduled joint appearance at the House Energy and Commerce hearing on Friday. Monckton said he was informed that he would not be allowed to testify alongside Gore when his plane landed from England Thursday afternoon.

“The House Democrats don’t want Gore humiliated, so they slammed the door of the Capitol in my face,” Monckton told Climate Depot in an exclusive interview. “They are cowards.”

via Report: Democrats Refuse to Allow Skeptic to Testify Alongside Gore At Congressional Hearing | Climate Depot.

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President Obama has taken the bull by the horns in his first two months and is getting gored, little by little because of the poor decision making processes. His inability to attract quality recruits from the “real world” is making the smooth implementation of his initiatives much more of a job than I’m sure he ever imagined. I’m sure the caustic comments from Emanuel and the press secretary have done little to help his image, as is reflected in his declining public popularity. The wheels haven’t fallen off the cart yet, but some of the lugnuts are missing and we’re wobbling along at a limp.

Both political parties have shown little real leadership in shaping the stimulus package into a real tool to combat the recession. They both will have a lot to answer for if this economy drags on for many more months. Congress needs to step up and quit waiting for Obama’s team to come up with ideas. They seem to be incapable of original thought or inspiration.

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