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HARRY TRUMAN, PRESIDENT OF THE U.S
Harry S. Truman – Wiki Article
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Obama’s SAD Deal
By Raymond Thomas Pronk
Presidents like to make deals with the American people that supposedly will fix things.
Theodore Roosevelt had his Square Deal, Franklin D. Roosevelt had his New Deal, Harry Truman had his Fair Deal, and President Barack Obama has his SAD (Spending Addiction Disorder) deal.
The most recent developments in Obama’s SAD deal are the federal government will be completely open for business and funded through Jan. 15, 2014 under yet another continuing resolution passed on Wednesday by Congress and signed by the president. The gross national debt ceiling was suspended until Feb. 7, 2014. By then the national debt will be approaching $17.5 trillion and will exceed the entire gross domestic product for 2013 estimated to be about $16 trillion.
In other words the SAD deal means more government spending and taxes, more massive budgetary deficits, more government debt and more money and credit creation by the Federal Reserve System to finance the SAD habit.
Senate Majority Leader Harry Reid (D-Nev.) and Minority Leader Mitch McConnell (R-Ky.) announced on Wednesday that they had reached an agreement to open the government until Jan. 15, 2014 and extend the debt ceiling through Feb. 7, 2014.
Sen. Ted Cruz (R-Texas) said, “The deal that has been cut provides no relief to the millions of Americans who are hurting because of Obamacare. The deal that has been cut provides no relief to all the young people coming out of school who can’t find a job because of Obamacare. It provides no relief to all the single parents who have been forced into part-time work, struggling to feed their kids on 29 hours a week.”
Unfortunately, the SAD deal will continue the annual massive budgetary deficits that over the last five years have averaged more than $1.2 trillion per year and will increase the burden of debt on existing and future generations of the American people. Under Obama’s SAD deal the gross national debt has been increased over $6 trillion to fund the fiscal year deficits from 2009 through 2013. The White House has optimistically estimated that the fiscal year deficit for 2014 will be only $750 billion!
The SAD deal has resulted in the worse post-World War II economic recovery with unemployment rates exceeding 7 percent for the 56 months of the Obama’s presidency. Tens of millions of Americans are searching for a permanent full-time job.
House Majority Leader Eric Cantor (R-Va.) at the Republican conference meeting on Oct. 16 said, “We all agree Obamacare is an abomination. We all agree taxes are too high. We all agree spending is too high. We all agree Washington is getting in the way of job growth. We all agree we have a real debt crisis that will cripple future generations. We all agree on these fundamental conservative principles.”
The American people agree that the Washington ruling elite of both the Democrat and Republican parties are simply incapable of controlling their SAD habit.
Cruz is right. The ruling elite are not listening to the American people.
The American people want federal spending and taxes to be cut, a balanced budget, the national debt paid off and Obamacare repealed. The American people can no longer afford to pay for Obama’s SAD deal.
Read Full Post | Make a Comment ( None so far )Obama Rejects Republican Offer To Reopen the Federal Government For 6 Months and Suspend and Raise The Debt Ceiling For 6 Weeks– Videos
Government shutdown, debt ceiling: Who will blink first?
Full Program | Friday, October 11, 2013
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Obama Rejects Latest House GOP Offer
President Obama used his weekly radio address to reject the latest offer from House Republicans to end the fiscal stalemate. The outline of their proposal was released Friday and would have reopened government through December and lifted the debt ceiling for six weeks.
“It wouldn’t be wise, as some suggest, to just kick the debt ceiling can down the road for a couple months, and flirt with a first-ever intentional default right in the middle of the holiday shopping season,” Obama said in his address.
“Because damage to America’s sterling credit rating wouldn’t just cause global markets to go haywire; it would become more expensive for everyone in America to borrow money,” Obama continued. “Students paying for college. Newlyweds buying a home,”
On Friday, Senate Republicans floated the outlines of their own plan to end the standoff. Their proposal would lift the debt ceiling through the end of January and reopen the government for six months. The dueling proposals put Obama in the enviable position of choosing between his opponents. He can reject one proposal and still look Presidential by negotiating on a competing offer. Obama said Friday he would look for the “best deal.”
On Saturday, the House Republicans are meeting to finalize the details of the plan they released Friday. Obama’s rejection of even the outlines of that plan make the next moves by the House uncertain. The Senate, meanwhile, moves back to center-stage of the debate with a vote Saturday afternoon on a one-year increase in the debt ceiling.
http://www.breitbart.com/Big-Government/2013/10/12/Obama-Rejects-Latest-House-GOP-Offer
Read Full Post | Make a Comment ( None so far )Fear, Uncertainty, Doubt — FUD Over Not Raising National Debt Ceiling — When Will Government Spending and The Budget Balanced? — The American People Would Like To Know! — Videos
U.S. National Debt Clock
http://www.usdebtclock.org/
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BUREAU OF THE FISCAL SERVICE
STAR - TREASURY FINANCIAL DATABASE
TABLE 1. SUMMARY OF RECEIPTS, OUTLAYS AND THE DEFICIT/SURPLUS BY MONTH OF THE U.S. GOVERNMENT (IN MILLIONS)
ACCOUNTING DATE: 08/13
PERIOD RECEIPTS OUTLAYS DEFICIT/SURPLUS (-)
+ ____________________________________________________________ _____________________ _____________________ _____________________
PRIOR YEAR
OCTOBER 163,072 261,539 98,466
NOVEMBER 152,402 289,704 137,302
DECEMBER 239,963 325,930 85,967
JANUARY 234,319 261,726 27,407
FEBRUARY 103,413 335,090 231,677
MARCH 171,215 369,372 198,157
APRIL 318,807 259,690 -59,117
MAY 180,713 305,348 124,636
JUNE 260,177 319,919 59,741
JULY 184,585 254,190 69,604
AUGUST 178,860 369,393 190,533
SEPTEMBER 261,566 186,386 -75,180
YEAR-TO-DATE 2,449,093 3,538,286 1,089,193
CURRENT YEAR
OCTOBER 184,316 304,311 119,995
NOVEMBER 161,730 333,841 172,112
DECEMBER 269,508 270,699 1,191
JANUARY 272,225 269,342 -2,883
FEBRUARY 122,815 326,354 203,539
MARCH 186,018 292,548 106,530
APRIL 406,723 293,834 -112,889
MAY 197,182 335,914 138,732
JUNE 286,627 170,126 -116,501
JULY 200,030 297,627 97,597
AUGUST 185,370 333,293 147,923
YEAR-TO-DATE 2,472,542 3,227,888 755,345
http://www.fms.treas.gov/mts/mts0813.txt
REPORT ID: STM0P082
USER ID :
DATE: 2013-09-10 TIME: 22.20.06 PAGE 1(2)
1 BUREAU OF THE FISCAL SERVICE
STAR - TREASURY FINANCIAL DATABASE
TABLE 3. SUMMARY OF RECEIPTS AND OUTLAYS OF THE U.S. GOVERNMENT (IN MILLIONS)
ACCOUNTING DATE: 08/13
ACTUAL ACTUAL ACTUAL COMP. BUDGET EST.
CLASSIFICATION THIS MONTH THIS FY TO DATE PRIOR PERIOD FULL FY
+ _________________________________________________________________ _______________ _______________ _______________ _______________
BUDGET RECEIPTS
INDIVIDUAL INCOME TAXES 85,286 1,175,536 1,015,419 1,309,683
CORPORATION INCOME TAXES 3,595 216,360 186,272 278,684
SOCIAL INSURANCE AND RETIREMENT RECEIPTS:
EMPLOYMENT AND GENERAL RETIREMENT (OFF-BUDGET) 54,771 614,010 521,335 674,143
EMPLOYMENT AND GENERAL RETIREMENT (ON-BUDGET) 16,703 194,450 186,822 214,817
UNEMPLOYMENT INSURANCE 5,969 56,524 66,145 58,593
OTHER RETIREMENT 313 3,256 3,449 3,746
EXCISE TAXES 6,315 72,894 69,420 85,334
ESTATE AND GIFT TAXES 1,253 17,783 13,026 17,690
CUSTOMS DUTIES 2,843 28,859 27,570 32,154
MISCELLANEOUS RECEIPTS 8,322 92,871 98,069 101,719
ALLOWANCES ...... ...... ...... ......
;BTOTAL RECEIPTS 185,370 2,472,542 2,187,527 2,776,563
;C(ON-BUDGET) 130,599 1,858,532 1,666,192 2,102,420
;C(OFF-BUDGET) 54,771 614,010 521,335 674,143
;CBUDGET OUTLAYS
LEGISLATIVE BRANCH 345 3,955 4,097 4,792
JUDICIAL BRANCH 669 6,508 6,650 7,283
DEPARTMENT OF AGRICULTURE 10,859 146,486 129,810 159,620
DEPARTMENT OF COMMERCE 682 8,322 9,513 9,391
DEPARTMENT OF DEFENSE-MILITARY PROGRAMS 53,367 559,942 601,176 610,266
DEPARTMENT OF EDUCATION 7,028 38,725 53,177 44,431
DEPARTMENT OF ENERGY 1,650 22,576 29,635 25,977
DEPARTMENT OF HEALTH AND HUMAN SERVICES 94,535 832,894 793,470 903,970
DEPARTMENT OF HOMELAND SECURITY 3,633 52,272 43,932 58,377
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT 2,289 32,545 46,807 56,518
DEPARTMENT OF THE INTERIOR 1,153 8,455 11,393 9,964
DEPARTMENT OF JUSTICE 2,428 27,125 28,226 29,897
DEPARTMENT OF LABOR 5,972 75,930 98,314 86,163
DEPARTMENT OF STATE 1,714 21,774 23,222 29,536
DEPARTMENT OF TRANSPORTATION 7,730 67,605 66,944 78,505
DEPARTMENT OF THE TREASURY:
INTEREST ON TREASURY DEBT SECURITIES (GROSS) 25,488 395,826 342,541 414,655
OTHER 2,619 23,821 135,586 -10,700
DEPARTMENT OF VETERANS AFFAIRS 17,996 131,489 118,198 138,901
http://www.fms.treas.gov/mts/mts0813.txt
Debt ceiling: Understanding what’s at stake
By
ALAIN SHERTER /
MONEYWATCH
It is the economic calamity that no one expects and everyone fears.
Experts agree that failing to raise the nation’s debt ceiling by Oct. 17, when U.S. officials say the government will run out of money to pay its bills, would gravely wound the economy, and perhaps even throw it back into recession. Because Treasury bonds and the dollar are cornerstones of the global financial system, meanwhile, the shock wave would be felt around the world.
“The potential is disastrous,” said Gus Faucher, senior economist with PNC Financial Services Group. “We would see interest rates spike across the board. We’d see a huge crash in the dollar. People count on lending their money to the federal government and getting it back, and if that trust is taken away — it’s never happened that we haven’t met our obligations as a nation — then that has very, very negative consequences for the U.S. economy.”
The consequences are so severe that, even as the government shutdown enters its second week, most seasoned political observers still expect Congress to ultimately reach an eleventh-hour deal to lift the government’s borrowing limit.
But what exactly is the debt ceiling, and exactly how worried should Americans be that it could come crashing down?
What is the debt ceiling?
The debt ceiling is the total amount of money the U.S. government can borrow (by selling Treasury bonds) to pay its obligations, including interest on the national debt, Social Security and Medicare benefits, and many other payments. That limit is currently $16.7 trillion, although technically the government already exceeded it in May. The Treasury Department has since used various measures to continue borrowing.
During World War I, amid uncertainty regarding the total costs of funding U.S. involvement in the conflict, Congress created the cap in 1917 to put an upper limit on federal borrowing. Since 1960, Congress has raised the debt ceiling 78 times.
How is the debt ceiling changed?
Lawmakers can adjust it by passing a standalone bill or by including it in another piece of legislation as an amendment.
Does raising the debt ceiling increase the federal debt?
No. Lifting the borrowing limit simply allows the government to pay its existing bills. That debt exists whether or not Congress authorizes additional borrowing, and to avoid default it must be paid.
Why can’t Congress and the White House avoid lifting the cap by cutting federal spending?
Because preventing the government from borrowing to meet its obligations would require all discretionary spending, such as for defense, education, housing and other annual appropriations, to stop, according to the Congressional Research Service. Most of the outlays for mandatory programs, such as Social Security, also would have to be halted, while taxes would need to rise to ensure the government had money to spend. Deep spending cuts and tax hikes would throw the economy into recession.
Why is Oct. 17 a critical date?
Treasury Secretary Jacob Lew recently forecastthat on Oct. 17 the government would have about $30 billion on hand. That isn’t enough because the government spends as much as $60 billion per day. “If we have insufficient cash on hand, it would be impossible for the United States of America to meet all of its obligations for the first time in our history,” he said last week in a letter to congressional leaders.
What happens if Congress doesn’t raise the debt ceiling?
If the government runs low on cash, it will have to withhold a range of payments. Retirees might not get their Social Security checks, especially worrisome for the millions of Americans who depend almost entirely on the social insurance program for income. The same goes for Medicare and Medicaid recipients. Holders of Treasury notes, from Wall Street and other global banks to foreign governments, also could get stiffed, jeopardizing the solvency of many financial institutions and choking off global credit flows.
The U.S. also would struggle to pay the interest on its debt, including a $6 billion payout due at the end of the month. At that point, the U.S. would be in default of its obligations. The value of Treasury bonds and the dollar would nosedive. The nation’s borrowing costs would soar as anxious investors demanded a higher return to buy suddenly shaky U.S. debt. And because the interest rate on Treasuries provides a benchmark for rates on other loans, from mortgages and credit cards to car and student loans, borrowing would become far more costly for consumers and businesses. Stock markets in the U.S. and elsewhere around the world would almost certainly plunge.
“When stock prices fall, investment or other spending to expand a business is more costly,” the Treasury Department said in a report last week outlining the potential impact of the debt-ceiling fight. “The effects on households and businesses, moreover, are reinforcing. Less capacity and willingness of households to spend, when businesses have less incentive to invest, hire and expand production, all lead to weaker economic activity.”
In short, the already fragile economic recovery could stall.
Haven’t we been here before?
There is recent precedent for such turmoil. Consumer confidence plummeted after lawmakers squared off over the debt ceiling in the summer of 2011, while the Standard & Poor’s 500 stock index dropped nearly 20 percent. Hiring among small businesses slowed. Ever after a deal was struck to raise the cap in August of that year, credit rating agency Standard & Poor’s downgraded U.S. debt for the first time ever.
Beyond the immediate economic fallout of defaulting on its debt, for the U.S. the symbolic blow might be even greater. In the post-World War II era, Treasuries and the greenback have — for better and for worse — served as the foundation of the global financial system. A default would shatter the faith on which that system relies.
How much danger are we in?
Although financial markets are not yet in panic mode, the standoff in Washington has them worried. Unlike during the 2011 dispute, when Republicans and most Democrats favored cutting federal spending, the stark division over Obamacare suggests there may be less room for compromise this time around. One clear sign of distress: Interest rates on short-term Treasury bonds rose last week, as investors seek greater yields to offset what they perceive as the greater risk of holding the debt.
Still, most economists, stock analysts and, for all the pointed rhetoric on Capitol Hill, even congressional leaders themselves downplay the chances of a default. The belief is that common sense, or at least a sense of political self-preservation, will prevail.
http://www.cbsnews.com/8301-505123_162-57606253/debt-ceiling-understanding-whats-at-stake/
Read Full Post | Make a Comment ( None so far )The Pronk Pops Show 142, October 3, 2013, Segment 1: U.S. Treasury Secretary Jacob Lew Panics Plays Politics With Debt Ceiling — Claims U.S. Will Default On Treasury Debt If Debt Ceiling Is Not Raise and Will Cause Recession — Pure Propaganda — Treasury Receives About $200 Billion Per Month With Interest On Debt Less Than $35 Billion Per Month! — Videos
Pronk Pops Show 142: October 3, 2013
Pronk Pops Show 141: October 2, 2013
Pronk Pops Show 140: September 30, 2013
Pronk Pops Show 139: September 27, 2013
Pronk Pops Show 138: September 26, 2013
Pronk Pops Show 137: September 25, 2013
Pronk Pops Show 136: September 24, 2013
Pronk Pops Show 135: September 23, 2013
Pronk Pops Show 134: September 20, 2013
Pronk Pops Show 133: September 19, 2013
Pronk Pops Show 132: September 18, 2013
Pronk Pops Show 131: September 17, 2013
Pronk Pops Show 130: September 16, 2013
Pronk Pops Show 129: September 13, 2013
Pronk Pops Show 128: September 12, 2013
Pronk Pops Show 127: September 11, 2013
Pronk Pops Show 126: September 10, 2013
Pronk Pops Show 125: September 9, 2013
Pronk Pops Show 124: September 6, 2013
Listen To Pronk Pops Podcast or Download Show 135-142
Listen To Pronk Pops Podcast or Download Show 131-134
Listen To Pronk Pops Podcast or Download Show 124-130
Listen To Pronk Pops Podcast or Download Shows 121-123
Listen To Pronk Pops Podcast or Download Shows 118-120
Listen To Pronk Pops Podcast or Download Shows 113 -117
Listen To Pronk Pops Podcast or Download Show 112
Listen To Pronk Pops Podcast or Download Shows 108-111
Listen To Pronk Pops Podcast or Download Shows 106-108
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Listen To Pronk Pops Podcast or Download Shows 101-103
Listen To Pronk Pops Podcast or Download Shows 98-100
Listen To Pronk Pops Podcast or Download Shows 94-97
Listen To Pronk Pops Podcast or Download Shows 93
Listen To Pronk Pops Podcast or Download Shows 92
Listen To Pronk Pops Podcast or Download Shows 91
Listen To Pronk Pops Podcast or Download Shows 88-90
Listen To Pronk Pops Podcast or Download Shows 84-87
Listen To Pronk Pops Podcast or Download Shows 79-83
Listen To Pronk Pops Podcast or Download Shows 74-78
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Listen To Pronk Pops Podcast or Download Shows 01-09
Segment 1: U.S. Treasury Secretary Jacob Lew Panics Plays Politics With Debt Ceiling — Claims U.S. Will Default On Treasury Debt If Debt Ceiling Is Not Raise and Will Cause Recession — Pure Propaganda — Treasury Receives About $200 Billion Per Month With Interest On Debt Less Than $35 Billion Per Month! — Videos
U.S. Debt Clock
BUREAU OF THE FISCAL SERVICE
STAR - TREASURY FINANCIAL DATABASE
TABLE 1. SUMMARY OF RECEIPTS, OUTLAYS AND THE DEFICIT/SURPLUS BY MONTH OF THE U.S. GOVERNMENT (IN MILLIONS)
ACCOUNTING DATE: 08/13
PERIOD RECEIPTS OUTLAYS DEFICIT/SURPLUS (-)
+ ____________________________________________________________ _____________________ _____________________ _____________________
PRIOR YEAR
OCTOBER 163,072 261,539 98,466
NOVEMBER 152,402 289,704 137,302
DECEMBER 239,963 325,930 85,967
JANUARY 234,319 261,726 27,407
FEBRUARY 103,413 335,090 231,677
MARCH 171,215 369,372 198,157
APRIL 318,807 259,690 -59,117
MAY 180,713 305,348 124,636
JUNE 260,177 319,919 59,741
JULY 184,585 254,190 69,604
AUGUST 178,860 369,393 190,533
SEPTEMBER 261,566 186,386 -75,180
YEAR-TO-DATE 2,449,093 3,538,286 1,089,193
CURRENT YEAR
OCTOBER 184,316 304,311 119,995
NOVEMBER 161,730 333,841 172,112
DECEMBER 269,508 270,699 1,191
JANUARY 272,225 269,342 -2,883
FEBRUARY 122,815 326,354 203,539
MARCH 186,018 292,548 106,530
APRIL 406,723 293,834 -112,889
MAY 197,182 335,914 138,732
JUNE 286,627 170,126 -116,501
JULY 200,030 297,627 97,597
AUGUST 185,370 333,293 147,923
YEAR-TO-DATE 2,472,542 3,227,888 755,345
-
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Treasury warns default could be worse than Great Recession
he U.S. Treasury Department is warning that the economy could plunge into a downturn worse than the Great Recession if Congress fails to raise the federal borrowing limit and the country defaults on its debt obligations.
A default could cause the nation’s credit markets to freeze, the value of the dollar to plummet and U.S. interest rates to skyrocket, according to the Treasury report released Thursday.
(Read more:Buffett speaks out against DC’s ‘extreme idiocy’)
Treasury officials hope by laying out potential consequences they will be able to bring pressure on Congress to act. Treasury SecretaryJacob Lew has said he will have used up the extraordinary measures to avoid breaching the debt ceiling by Oct. 17. After that, the government will have around $30 billion of cash on hand.
The report looked at the disruptions caused to financial markets during a similar stand-off between the administration and Congress over raising the debt limit. It then made projections about what could occur if there were an actual default.
In August 2011, Congress eventually raised the nation’s borrowing limit before a default occurred but only after a protracted debate. The politics that nearly led to a default prompted Standard & Poor’s to cut the nation’s credit rating by a notch.
(Read more: Hank Paulson: Tea party ‘hijacked the debate’)
“As we saw two years ago, prolonged uncertainty over whether our nation will pay its bills in full and on time hurts our economy,” Lew said in a statement. “Postponing a debt ceiling increase to the very last minute is exactly what our economy does not need—a self-inflicted wound harming families and businesses.”
Our nation has worked hard to recover from the 2008 financial crisis, and Congress must act now to lift the debt ceiling before that recovery is put in jeopardy,” Lew said.
The report notes that even the possibility of a default could roil financial markets and damage the economy, thereby harming American businesses and households. Sharp declines in household wealth, increases in the cost of financing for businesses and households, and a fall in private-sector confidence, all tend to undermine economic expansion. It also states that if the current government shutdown is protracted, it could make the U.S. economy even more susceptible to the adverse effects from a debt ceiling impasse than it was prior to the shutdown.
In the event of a default, the U.S. economy could be plunged into a recession worse than any seen since the Great Depression, it said.
“The U.S. dollar and Treasury securities are at the center of the international finance system. In the catastrophic event that a debt limit impasse were to lead to a default on Treasury securities, financial markets could be shaken to their core as was seen in late 2008, which resulted in a recession worse than any seen since the Great Depression.”
http://www.nbcnews.com/business/treasury-warns-default-could-be-worse-great-recession-8C11329540
Simple facts show Obama’s debt-ceiling default threats are nonsense
|
The United States of America isn’t going to default on its debt, even if Congress doesn’t increase the statutory borrowing authority in the next couple of months. Everyone in Washington knows, or should know, this. Any assertions to the contrary are tantamount to — perish the thought! — playing politics with the debt ceiling.This is the second time in less than two years that the nation finds itself at this juncture, with Republicans in Congress threatening to hold the debt ceiling hostage. Some lawmakers are willing to shut down the government in order to pressure President Barack Obama to agree to spending cuts. A shutdown is certainly possible. A debt default? Not gonna happen. Why? Because the income taxes withheld from most of our paychecks each month exceed the interest the Treasury owes on its debt outstanding. In November, for example, the Treasury’sinterest expense totaled $25 billion. That compares with tax receipts of $161.7 billion. The ratio of receipts to interest expense varies from month to month, but what comes in more than covers what goes out in debt service. Without an increase in the $16.394 trillion debt limit, the federal government can’t pay all of its bills: It borrows 40 cents of every dollar it spends. Still, “debt service would come first,” said Lou Crandall, chief economist at Wrightson Icap LLC in Jersey City, New Jersey. Prioritizing Payments Wait. The Treasury claims it has no authority to prioritize payments, to pay bondholders first. That’s what it says, yes. Others beg to differ. In response to a congressional inquiry on the issue in 1985, the Government Accountability Office concluded the following: “We are aware of no statute or any other basis for concluding that Treasury is required to pay outstanding obligations in the order in which they are presented for payment unless it chooses to do so.” The GAO is equally unaware of any new law that would alter its opinion in any way. So repeat after me: The U.S. isn’t going to fail to make timely payment of principal and interest on its sovereign debt. If it can’t issue new debt, it can roll over maturing debt. Borrowers may very well demand a higher rate of interest, especially if Obama and Treasury Secretary Timothy Geithner raise the specter of default, as they did in 2011. Issuing such a threat is irresponsible and even counterproductive if it prompts bondholders to dump Treasuries. That’s what happened initially during the debt-ceiling negotiations in July and August of 2011, costing the U.S. Treasury an additional $1.3 billion in interest expense, according to the GAO. Once Standard & Poor’s put the U.S.’s AAA rating on credit watch on July 14, stocks went into the tank and Treasuries ignored the downgrade threat, which became a reality on Aug. 5. “The bond market has its own credit-rating system,”Crandall said. I am not suggesting that a failure to raise the debt ceiling wouldn’t be disruptive or cause undue hardship to those who rely on government checks. Social Security payments might not get processed. Medicare and Medicaid providers wouldn’t get paid. Neither would those serving in the military. The sad part is that the debt ceiling has nothing to do with the debt problem. It merely allows Treasury to borrow what Congress has already spent. It does not authorize new spending commitments. Options to get around the statutory debt limit, such as invoking the 14th Amendment or minting a $1 trillion platinum coin, seem like a bad precedent (the former) or a gimmick (the latter) to circumvent a relic. Neither is likely to be implemented. ‘Finished, Over’ The only solution is to address the debt ceiling directly. Obama has made it clear he won’t negotiate with Congress over the government’s borrowing authority. Republicans have made it equally clear they aren’t going to give him what he wants without extracting concessions on spending cuts. Given thepublic’s view of them as spoilers, Republicans would be better served by using their leverage in negotiations over the sequester. As part of the deal to avert the fiscal cliff, the first installment of the 10-year, $1.2 trillion of not-so-automatic discretionary-spending cuts was delayed for two months. Obama no longer has the leverage he had in the cliff negotiations: tax increases for all if Congress failed to act. Republicans, as a rule, oppose cuts in defense spending. So does the Pentagon. Obama doesn’t want to pare nondefense spending. In fact, he would like to increase it under the guise of”investment.” (It sounds so much better.) Obama has also said that any deficit-reduction agreement must be balanced, by which he means spending cuts only in return for additional tax increases. Congress just made the Bush-era tax cuts permanent for all but the top 0.7 percent of earners. And Senate Minority Leader Mitch McConnell, echoing the view of his caucus, said the “tax issue is finished, over, completed.” The lines in the sand have been drawn — rather sharply, as it turns out. The negotiations could get interesting if Republicans pick their battles carefully, addressing spending cuts at a time and place that’s appropriate. (Caroline Baum, author of “Just What I Said,” is a Bloomberg View columnist. The opinions expressed are her own.) To contact the writer of this article: Caroline Baum in New York at cabaum@bloomberg.net. To contact the editor responsible for this article: James Greiff at jgreiff@bloomberg.net. More government insanity: This is the “bottom line” on Washington’s fiscal-cliff deal New poll shows the majority of Americans HATE Congress The worst effect of Obama’s re-election may have nothing to do with taxes, healthcare, or handouts |
Jacob Lew
Jacob Joseph “Jack” Lew (born August 29, 1955) is an American government administrator and attorney who is the 76th and current United States Secretary of the Treasury, serving since 2013. He served as the 25th White House Chief of Staff from 2012 to 2013. Lew previously served as Director of the Office of Management and Budget in the Clinton and Obama Administrations, and is a member of the Democratic Party.
Born in New York City, Lew received his A.B. from Harvard College and his J.D. from Georgetown University Law Center. Lew began his career as a legislative assistant to Representative Joe Moakley and as a senior policy adviser to former House Speaker Tip O’Neill. Lew then worked as an attorney in private practice before working as a deputy in Boston’s office of management and budget. In 1993, he began work for the Clinton Administration as Special Assistant to the President. In 1994 Lew served as Associate Director for Legislative Affairs and Deputy Director of the Office of Management and Budget, where he served as Director of that agency from 1998 to 2001 and from 2010 to 2012. After leaving the Clinton Administration, Lew worked as the Executive Vice President for Operations at New York University from 2001 to 2006, and as the COO at Citigroup from 2006 to 2008. Lew then served as the first Deputy Secretary of State for Management and Resources, from 2009 to 2010.
On January 10, 2013, Lew was nominated as the replacement for retiring Treasury Secretary Timothy Geithner, to serve in President Barack Obama‘s second term.[2] On February 27, 2013, the Senate confirmed Lew for the position. He was sworn in the following day.
Early life, education, and early career
Lew was born in New York City. He attended New York City public schools, graduating from Forest Hills High School.[3] His father was a lawyer and rare-book dealer who came to the United States from Poland as a child.[4] Lew attended Carleton College in Minnesota where his faculty adviser was Paul Wellstone, who eventually represented Minnesota in the U.S. Senate.[5] He graduated from Harvard College in 1978 and the Georgetown University Law Center in 1983.[6]
He worked as an aide to Rep. Joe Moakley (D-Mass.) from 1974 to 1975.[7] He then was a senior policy adviser to House Speaker Tip O’Neill.[8] Under O’Neill he served at the House Democratic Steering and Policy Committee as Assistant Director and then Executive Director, and was responsible for work on domestic and economic issues including Social Security, Medicare, budget, tax, trade, appropriations, and energy issues.[1]
Lew practiced as an attorney for five years as a partner at Van Ness, Feldman and Curtis.[9] His practice dealt primarily with electric power generation. He has also worked as Executive Director of the Center for Middle East Research, Issues Director for the Democratic National Committee’s Campaign 88, and Deputy Director of the Office of Program Analysis in the city of Boston‘s Office of Management and Budget. [10][11]
Clinton administration
From February 1993 to 1994, Lew served as Special Assistant to the President under President Clinton.[12] Lew was responsible for policy development and the drafting of the national service initiative (AmeriCorps) and health care reform legislation.[13]
Lew left the White House in October 1994 to work as OMB’s Executive Associate Director and Associate Director for Legislative Affairs.[14] From August 1995 until July 1998, Lew served as Deputy Director of OMB.[15] There, Lew was chief operating officer responsible for day-to-day management of a staff of 500. He had crosscutting responsibilities to coordinate Clinton administration efforts on budget and appropriations matters. He frequently served as a member of the Administration negotiating team, including regarding the Balanced Budget Act of 1997.
President Clinton nominated Lew to be Director of the OMB,[16] and the United States Senate confirmed him for that job on July 31, 1998.[17] He served in that capacity until the end of the Clinton administration in January 2001. As OMB Director, Lew had the lead responsibility for the Clinton Administration’s policies on budget, management, and appropriations issues. As a member of the Cabinet and senior member of the economic team, he advised the President on a broad range of domestic and international policies. He represented the Administration in budget negotiations with Congress and served as a member of the National Security Council.
Between Clinton and Obama tenures
After leaving public office in the Clinton administration, Lew served as the Executive Vice President for Operations at New York University and was a Clinical Professor of Public Administration at NYU’s Wagner School of Public Service.[18] While at NYU, Lew aided the university in ending graduate students’ collective bargaining rights. The Obama administration has maintained that Lew supports workers’ union rights.[19] According to a 2004 report in NYU’s student newspaper, the Washington Square News, Lew was paid $840,339 during the 2002-2003 academic year.[20]In addition to his salary, several hundred thousand dollars in mortgage loans from NYU to Mr. Lew were forgiven by the University.[21]
In June 2006, Lew was named chief operating officer of Citigroup‘s Alternative Investments unit, a proprietary trading group. The unit he oversaw invested in a hedge fund “that bet on the housing market to collapse.”[22] During his work at Citigroup, Lew had invested heavily in funds in Ugland House while he worked as an investment banker at Citigroup during the 2008 financial meltdown.[23] Lew also had oversight of Citigroup subsidiaries in countries including, Bermuda, the Cayman Islands, and Hong Kong; and during his time at Citigroup, Citigroup subsidiaries in the Cayman Islands increased to 113.[24]
Lew co-chaired the Advisory Board for City Year New York.[25] He is a member of the Council on Foreign Relations, the Brookings Institution Hamilton Project Advisory Board, and the National Academy of Social Insurance.[26] Lew is also a member of the bar in Massachusetts and the District of Columbia.[27]
Obama administration
Deputy Secretary of State
Lew with former Chair of the Joint Chiefs Admiral Mike Mullen at the Combined Press Information Center in Baghdad, July 27, 2010.
As Deputy Secretary of State for Management and Resources, Lew was the State Department‘s chief operating officer and was primarily responsible for resource issues, while James Steinberg, who also served as Deputy Secretary of State during that period was responsible for policy.[28][29] Lew was co-leader of the State Department’s Quadrennial Diplomacy and Development Review.[30]
Budget director
On July 13, 2010, the White House announced that Lew had been chosen to replace Peter Orszag as Director of the Office of Management and Budget (OMB), subject to Senate confirmation.[31] During confirmation hearings in the Senate, in response to questioning by Senator Bernie Sanders (I-VT), Lew said that he did not believe deregulation was a “proximate cause” of the financial crisis of 2007–2008: Lew told the panel that “the problems in the financial industry preceded deregulation,” and after discussing those issues, added that he didn’t “personally know the extent to which deregulation drove it, but I don’t believe that deregulation was the proximate cause.”[32][33]
On November 18, 2010, Lew was confirmed by the Senate by unanimous consent.
The $3.7 trillion 2011 budget President Obama unveiled the administration estimated reductions to federal spending deficits by $1.1 trillion over the next decade if adopted and economic assumptions were fully achieved. Two-thirds of the that estimated reduction would come from spending cuts through a 5-year freeze in discretionary spending first announced in Obama’s 2011 State of the Union address, as well as savings to mandatory programs such as Medicare and lower interest payments on the debt that would result from the lower spending. Tax increases are responsible for the other third of the reduction, including a cap on itemized reductions for wealthier taxpayers and the elimination of tax breaks for oil and gas companies.[34] Economist and former financial fraud investigator William K. Black warned that the OMB budget statement prepared under Lew’s direction was “an ode to austerity,” and that austerity would force the U.S. economy back into recession.[35]
Lew meeting with President Barack Obama and the Assistant to the President for Legislative Affairs Rob Nabors
In an op-ed in the Huffington Post, Lew cited top Administration priorities to achieve deficit reduction; including: $400 billion in savings from non-security discretionary spending freezes, $78 billion in cuts to the Department of Defense, returning to the Clinton-era tax rates for the top 2% of income earners, and lowering the Corporate tax from 35% to 25%.[36]
Chief of Staff
On January 9, 2012, President Obama announced that Lew would replace William M. Daley as White House Chief of Staff.[37] Lew’s nomination was followed with criticism[38][39][40][41] after renewed reports that he received over $900,000 in bonuses while working at Citigroup, which had been rescued with $45 billion from the Troubled Asset Relief Program (TARP) after losing $27.7 billion, or 90% of its value.[42][43]
During his tenure as Chief of Staff, Lew was seen as a supporter and top negotiator for a “grand bargain” deal between President Obama and House Speaker John Boehner, to avoid “Fiscal cliff” sequester cuts and tax increases.[1]
Lew’s Old Signature
Secretary of the Treasury
Lew’s New Money Signature
On January 10, 2013, President Obama nominated Lew for the position of Secretary of the Treasury.[2] The nomination became the subject of some humorous commentary, due to Lew’s unusual loopy signature, which would appear on all U.S. paper currency for the duration of his tenure;[44] the signature generated enough media attention that Obama joked at a press conference that he had considered rescinding his nomination when he learned of it.[45] Lew later adopted a more conventional signature for currency.[46] The Senate Finance Committee held confirmation hearings for Lew on February 13, 2013, and approved his nomination 19–5 on February 26, 2013, sending his nomination to the full Senate.[47]
During his confirmation hearings before the Senate Finance Committee, Senator Chuck Grassley expressed concern that Lew did not know what Ugland House was, though he had invested in it.[48] During his work at Citigroup, Lew had invested heavily in funds in Ugland House while he worked as an investment banker at Citigroup during the 2008 financial meltdown.[49] He had taken advantage of current tax law and his financial allocation in the venture resulted in Lew taking roughly a 2.8% loss, a $1,582 decrease in his investment principal.[50]
On February 27, 2013, the full Senate voted and approved Lew for Secretary of the Treasury 71–26. He was sworn into office on February 28.[51]
Religion
Lew is an Orthodox Jew who observes the Jewish Sabbath [52][53] and attends Congregation Beth Sholom.[54]
Interviewed in a 2010 article, Lew’s former boss on the National Security Council, Sandy Berger, commented that “Lew’s faith never got in the way of performing his duties.”[52] Berger also said that Lew’s commitment to his family was also extremely important, but that Lew “was able to balance the requirements, which was very, very hard – and he was determined to observe his religious traditions.”[52]
A 2011 press release from the Religion News Service noted that Lew also “has extensive connections in the American Jewish community,” and that he might be able to help President Obama “build a more friendly rapport” with Israeli Prime Minister Benjamin Netanyahu.[55]
References
- ^ Jump up to: a b c Cook, Nancy (9 January 2013). “Jack Lew: The Man Who Could Save Obama’s Legacy”. National Journal. Retrieved 14 January 2013.
- ^ Jump up to: a b Jackie Calmes (January 10, 2013). “Lew Would Complete Transformation of Obama’s Economic Team”. The New York Times. Retrieved January 10, 2013.
- Jump up ^ “Homecoming”. whitehouse.gov. June 27, 2011.
- Jump up ^ “Trusted Aide to Obama Faces Test in Budget Showdown”. nytimes.com. December 1, 2012.
- Jump up ^ Luke Johnson Jack Lew Biography: Meet The New White House Chief Of Staff January 9, 2012 Huffington Post
- Jump up ^ “Biographical information on Jack Lew”. online.wallstreetjournal.com. January 9, 2012.
- Jump up ^ “Incoming White House Chief of Staff Jack Lew like Rahm sans %@#!”. thehill.com. January 12, 2012.
- Jump up ^ “Biographical information on Jack Lew”. seattletimes.com. January 9, 2012.
- Jump up ^ “Van Ness Feldman Congratulates Jack Lew on His Anticipated Nomination to Serve as Head of the White House Office of Management and Budget”. vnf.com. July 13, 2010.
- Jump up ^ “Thompson Schedules Nomination Hearing on Jacob J. Lew”. hsgac.senate.gov. Thursday, May 28, 1998.
- Jump up ^ “Jacob J. Lew”. nytimes.com. November 15, 2008.
- Jump up ^ “OBAMA’S NEW CHIEF OF STAFF THIRD GU ALUMNUS TO SERVE IN POST”. georgetown.edu. January 18, 2012.
- Jump up ^ “Lew, Jacob J. “Jack””. January 26, 2012. ourcampaigns.com.
- Jump up ^ “The White House Office of the Press Secretary”. Houston, Texas: National Archives and Records Administration. April 14, 1998. Retrieved January 14, 2013.
- Jump up ^ “A Look at the New White House Chief of Staff Jack Lew”. news.yahoo.com. January 9, 2012.
- Jump up ^ “President Clinton Announces OMB Director Raines’ Departure”. clinton4.nara.gov. April 14, 1998.
- Jump up ^ “OMB’s Organization”. clinton3.nara.gov.
- Jump up ^ “Nat’l Security Team Additions”. realclearpolitics.blogs.time.com. December 23, 2008.
- Jump up ^ Eidelson, Josh. “Jack Lew’s union-busting past”. Salon. Retrieved 10 January 2013.
- Jump up ^ http://online.wsj.com/article/SB10001424127887324329204578269821728015016.html
- Jump up ^ Kaminer, Ariel. “NYU will cease loans to top employees for second homes”. The New York Times. Retrieved 16 August 2013.
- Jump up ^ “Flashback: Lew’s Time at Citi And Other Disappointments”. motherjones.com. January 9, 2012.
- Jump up ^ February 2013 “From the Citi to the Caymans”. WSJ News. 12 February 2012.
- Jump up ^ Daniel Halper (13 February 2013). “Jack Lew Oversaw Up to 113 Cayman Island Investment Funds”. Weekly Standard. Retrieved 22 February 2013.
- Jump up ^ “Director Jack Lew Blogs About CYNY”. cityyearnewyork.wordpress.com. January 18, 2011.
- Jump up ^ “White House Chief of Staff Jack Lew to Keynote December 16 Convocation; Stanley Raskas, Moise Safra and Diane Wassner to be Honored”. blogs.yu.edu. November 26, 2012.
- Jump up ^ “Obama National Security Team Takes Shape”. National Journal. December 23, 2008. Retrieved July 13, 2010.
- Jump up ^ “Obama Names Steinberg, Lew State Department Deputies”. Bloomberg L.P. December 23, 2008. Retrieved February 6, 2011.
- Jump up ^ “Senior Officials”. United States Department of State. Retrieved February 6, 2011.
- Jump up ^ Long, Emily (July 15, 2009). “State Department launches quadrennial review”. Government Executive. Retrieved February 6, 2011.
- Jump up ^ “President Obama Announces His Intent to Nominate Jacob Lew as OMB Director”. http://www.whitehouse.gov. July 13, 2010.
- Jump up ^ http://www.huffingtonpost.com/2010/09/21/obama-nominee-jacob-lew-f_n_732594.html
- Jump up ^ “Matt Taibbi & Bill Black: Obama’s New Treasury Secretary a ‘Failure of Epic Proportions'”. http://www.alternet.org. January 11, 2013.
- Jump up ^ Wasson, Erik (2011-02-14). “Obama 2012 budget proposes $1.1T deficit cut over next decade”. Thehill.com. Retrieved 2012-11-14.
- Jump up ^ “Obama’s OMB Channels its Inner Tea Party”. http://neweconomicperspectives.org/. December 27, 2012.
- Jump up ^ “The 2012 Budget”. huffingtonpost.com. February 14, 2011. Retrieved January 7, 2013.
- Jump up ^ “Obama chief of staff Bill Daley steps down, budget chief Jack Lew steps up”. Cbsnews.com. 2012-01-09. Retrieved 2012-11-14.
- Jump up ^ “The new WH Chief of Staff and Citigroup”. salon.com. January 10, 2012. Retrieved January 7, 2013.
- Jump up ^ “Are These Examples of Washington Corruption?”. cato.org. Retrieved January 7, 2013.
- Jump up ^ “OMB nominee got $900,000 after Citigroup bailout”. washingtontimes.com. July 28, 2010. Retrieved January 7, 2013.
- Jump up ^ “Advisers’ Citigroup Ties Raise Questions”. nytimes.com. Retrieved January 7, 2013.
- Jump up ^ “BUSTED: Obama’s New Budget Chief Got A $900K Bonus From Citigroup After It Got A Bailout”. businessinsider.com. July 29, 2010. Retrieved January 7, 2013.
- Jump up ^ “Citigroup Inc.”. nytimes.com. December 5, 2012. Retrieved January 7, 2013.
- Jump up ^ “Likely Treasury Secretary Under Fire for Signature”. abcnews.go.com. January 9, 2013. Retrieved January 9, 2013.
- Jump up ^ Rachel Weiner (January 10, 2013). “Obama mocks Lew’s signature”. washingtonpost.com. Retrieved January 10, 2013.
- Jump up ^ Goldfarb, Zachary A. (June 18, 2013). “Treasury Secretary Jack Lew unveils new signature after quibbles with his scribble”. The Washington Post (The Washington Post Company). Retrieved July 29, 2013.
- Jump up ^ http://www.politico.com/story/2013/02/senate-finance-approves-jack-lew-nomination-for-treasury-88091.html?hp=r1
- Jump up ^ “Grassley Says Lew’s Ignorance of Ugland House ‘Does not Build Confidence'”. Tax Notes Today. February 13, 2013. p. 2013 TNT 31-26. Missing or empty
|url=(help);|accessdate=requires|url=(help) - Jump up ^ “From the Citi to the Caymans”. WSJ News. February 12, 2012. Retrieved February 21, 2013.
- Jump up ^ Timothy W. Coleman (February 16, 2013). “Politically inconvenient taxation”. Washington Times Communities. Retrieved February 18, 2013.
- Jump up ^ “Jack Lew Gets Enough Senate Votes to Be Confirmed as Treasury Secretary”. CNBC. Retrieved 27 February 2013.
- ^ Jump up to: a b c Wagner, Ellis, White House Correspondent, “Clinton’s Budget Brain Returning to OMB Helm,” Politics Daily, July 16, 2010, retrieved February 5, 2012.
- Jump up ^ “Obama names Jack Lew new chief of staff”. Ynetnews. Retrieved January 9, 2012.
- Jump up ^ Donn, Yochonon “Jack Lew: Liberal Jew, White House’s First ‘Gabbai'” Hamodia, retrieved January 3, 2013.
- Jump up ^ Gibson, David, “New White House Staffers, Cecille Munoz and Jacob Lew, Have Strategic Catholic, Jewish Ties,” Religion News Service, January 10, 2012, retrieved February 5, 2012.
External links
 |
Wikimedia Commons has media related to Jacob Lew. |
- About the Secretary-U.S. Department of the Treasury
- Chief of Staff Jack Lew at The White House
- Works by or about Jack Lew in libraries (WorldCat catalog)
- Appearances on C-SPAN programs
- Appearances at the Internet Movie Database
- Collected news and commentary at Bloomberg News
- Collected news and commentary at The New York Times
- Collected news and commentary at The Wall Street Journal (paywall)
- Collected news and commentary at The Washington Post
http://en.wikipedia.org/wiki/Jack_Lew
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U.S. Debt Clock
http://www.usdebtclock.org/
| Interest Expense Fiscal Year 2013 | |
|---|---|
| August | $25,487,831,947.93 |
| July | $25,076,777,459.95 |
| June | $93,031,790,187.97 |
| May | $24,378,480,861.09 |
| April | $35,951,751,963.63 |
| March | $23,472,400,737.30 |
| February | $16,901,310,565.17 |
| January | $17,816,590,831.57 |
| December | $95,736,594,801.52 |
| November | $25,068,968,472.99 |
| October | $12,922,741,407.27 |
| Fiscal Year Total | $395,845,239,236.39 |
Dan Mitchell Testifying to the Joint Economic Committee about the Debt Ceiling
Brinkmanship in US Congress as debt ceiling looms – economy
‘The Big Lebowski’ and the debt ceiling
President Obama: “I Will Not Negotiate On The Debt Ceiling”
Obama Accuses Republicans Of Extortion Over Raising The Debt Ceiling
President Obama Remarks Before Possible Government Shutdown 9/30/2013
John Boehner on spending bill and GOP debt limit demands
‘The Cupboard Is Bare’ – Are You Buying Nancy Pelosi’s Baloney?
The Debate – Looming US government shutdown
Dan Mitchell, Cato Institute, Debt Ceiling
1 BUREAU OF THE FISCAL SERVICE
STAR - TREASURY FINANCIAL DATABASE
TABLE 1. SUMMARY OF RECEIPTS, OUTLAYS AND THE DEFICIT/SURPLUS BY MONTH OF THE U.S. GOVERNMENT (IN MILLIONS)
ACCOUNTING DATE: 08/13
PERIOD RECEIPTS OUTLAYS DEFICIT/SURPLUS (-)
+ ____________________________________________________________ _____________________ _____________________ _____________________
PRIOR YEAR
OCTOBER 163,072 261,539 98,466
NOVEMBER 152,402 289,704 137,302
DECEMBER 239,963 325,930 85,967
JANUARY 234,319 261,726 27,407
FEBRUARY 103,413 335,090 231,677
MARCH 171,215 369,372 198,157
APRIL 318,807 259,690 -59,117
MAY 180,713 305,348 124,636
JUNE 260,177 319,919 59,741
JULY 184,585 254,190 69,604
AUGUST 178,860 369,393 190,533
SEPTEMBER 261,566 186,386 -75,180
YEAR-TO-DATE 2,449,093 3,538,286 1,089,193
CURRENT YEAR
OCTOBER 184,316 304,311 119,995
NOVEMBER 161,730 333,841 172,112
DECEMBER 269,508 270,699 1,191
JANUARY 272,225 269,342 -2,883
FEBRUARY 122,815 326,354 203,539
MARCH 186,018 292,548 106,530
APRIL 406,723 293,834 -112,889
MAY 197,182 335,914 138,732
JUNE 286,627 170,126 -116,501
JULY 200,030 297,627 97,597
AUGUST 185,370 333,293 147,923
YEAR-TO-DATE 2,472,542 3,227,888 755,345
http://www.fms.treas.gov/mts/mts0813.txt
| Interest Expense Fiscal Year 2013 | |
|---|---|
| August | $25,487,831,947.93 |
| July | $25,076,777,459.95 |
| June | $93,031,790,187.97 |
| May | $24,378,480,861.09 |
| April | $35,951,751,963.63 |
| March | $23,472,400,737.30 |
| February | $16,901,310,565.17 |
| January | $17,816,590,831.57 |
| December | $95,736,594,801.52 |
| November | $25,068,968,472.99 |
| October | $12,922,741,407.27 |
| Fiscal Year Total | $395,845,239,236.39 |
| Available Historical Data Fiscal Year End | |
|---|---|
| 2012 | $359,796,008,919.49 |
| 2011 | $454,393,280,417.03 |
| 2010 | $413,954,825,362.17 |
| 2009 | $383,071,060,815.42 |
| 2008 | $451,154,049,950.63 |
| 2007 | $429,977,998,108.20 |
| 2006 | $405,872,109,315.83 |
| 2005 | $352,350,252,507.90 |
| 2004 | $321,566,323,971.29 |
| 2003 | $318,148,529,151.51 |
| 2002 | $332,536,958,599.42 |
| 2001 | $359,507,635,242.41 |
| 2000 | $361,997,734,302.36 |
| 1999 | $353,511,471,722.87 |
| 1998 | $363,823,722,920.26 |
| 1997 | $355,795,834,214.66 |
| 1996 | $343,955,076,695.15 |
| 1995 | $332,413,555,030.62 |
| 1994 | $296,277,764,246.26 |
| 1993 | $292,502,219,484.25 |
| 1992 | $292,361,073,070.74 |
| 1991 | $286,021,921,181.04 |
| 1990 | $264,852,544,615.90 |
| 1989 | $240,863,231,535.71 |
| 1988 | $214,145,028,847.7 |
Treasury taking final steps to avoid default
By MJ LEE
The Treasury Department has begun using the last set of accounting maneuvers at its disposal to allow the government to keep paying its bills until Congress raises the country’s borrowing limit, Treasury Secretary Jack Lew told congressional leaders Tuesday night.
In a letter, Lew reiterated that if the debt ceiling is not raised by Oct. 17 the government will not be able to meet all its financial commitments, such as making payments to U.S. debt holders, government contractors and Social Security recipients.
“If we have insufficient cash on hand, it would be impossible for the United States of America to meet all of its obligations for the first time in our history,” he wrote. “For this reason, I respectfully urge Congress to act immediately to meet its responsibility by extending the nation’s borrowing authority.”
The Obama administration has said it will not negotiate over the debt ceiling, arguing Congress needs to act because the issue isn’t whether to approve new spending but whether the government should pay the bills it has already racked up.
(PHOTOS: D.C. closes up shop after government shutdown)
But Republicans have made clear they will expect some sort of concession in exchange for voting to raise the debt ceiling.
That debate has yet to begin in earnest, however, as congressional leaders and the White House wrestle with the more immediate fiscal fight over funding the government.
On Tuesday, the government began a partial shutdown because Congress failed to enact legislation to keep the government funded. A deal to get agencies up and running remains elusive.
Lew said in his letter that the government shutdown — and the decrease in spending that comes with it — will not do much if anything to push off the Oct. 17 deadline, which is when Treasury estimates the government will run out of money to pay all its bills.
Economists, corporate executives and market analysts have warned that failing to raise the debt ceiling would pose a much greater risk to the government and financial markets than a government shutdown.
U.S. government securities are viewed as the safest assets in the world and therefore play a key role in financial markets. If the creditworthiness of the U.S. government is called into question, economists warn, it could lead to a financial panic and a severe economic downturn.
(POLITICO’s full government shutdown coverage)
To buy more time before the debt limit needs to be raised, Lew said the final “extraordinary measures” being deployed include suspending the daily reinvestment of the portion of the Exchange Stabilization Fund that is invested in Treasury securities and that Treasury is entering into a debt swap with the Federal Financing Bank and the Civil Service Retirement and Disability Fund.
House G.O.P. Leaders List Conditions for Raising Debt Ceiling
By JONATHAN WEISMAN and ASHLEY PARKER
House Republican leaders shifted the budget battle on Thursday to a potentially more consequential fight over raising the government’s borrowing limit, rolling out conditions for a debt-ceiling increase that they pulled from three years of frustrated efforts to roll back regulations and undo President Obama’s first-term achievements.
Speaker John A. Boehner also made clear that he was not ready just yet to give up a policy fight that could shut down the federal government on Tuesday. Asked whether he would put a stopgap spending bill to a vote free of Republican policy prescriptions, he answered, “I do not see that happening.”
But anything other than a budget bill unadorned with Republican amendments would not pass the Senate, Senator Harry Reid, the majority leader, said Thursday.
“They want to shut down the government — here’s how much time they have to figure it out,” Mr. Reid said, gesturing to a digital clock in a room off the Senate chamber that is ticking down, to the second, the time before the government shutdown deadline on Oct. 1. “They can play around all they want.”
With just days remaining until a cascade of economic events crash onto Washington, the budget showdown between Congressional Republicans, Senate Democrats and President Obama is growing only more tangled.
Democratic and Republican leaders were trying on Thursday to negotiate an agreement for final votes on a stopgap spending measure through mid-November that would likely be stripped of language defunding the health care law.
Also behind closed doors in the Capitol, House Republican leaders laid out their demands for a debt-ceiling increase to the Republican rank and file.
They include a one-year delay of the president’s health care law, fast-track authority to overhaul the tax code, construction of the Keystone XL oil pipeline, offshore oil and gas production, more permitting of energy exploration on federal lands, a rollback of regulations on coal ash, blocking new Environmental Protection Agency regulations on greenhouse gas production, eliminating a $23 billion fund to ensure the orderly dissolution of failed major banks, eliminating mandatory contributions to the new Consumer Financial Protection Bureau, limits on medical malpractice lawsuits and an increase in means testing for Medicare, among other provisions.
Representative Kevin McCarthy of California, the House majority whip, said all of those measures have passed the House since Republicans took over in 2011, but they have gone nowhere in the Democratic Senate.
Now, Republicans say, they will use the threat of a potentially devastating default on United States government debt to force consideration. The laundry list of Republican priorities is also needed to build support for any debt-limit increase, which many Republicans say they cannot vote for under any circumstances.
“The president says ‘I’m not going to negotiate,’ ” Mr. Boehner said. “Well, I’m sorry, but it doesn’t work that way.”
Given the president’s stance and resistance by Senate Democrats to any threat to postpone the health measure, the House proposal would seem to have no chance of success in the Senate.
Economists of all political persuasions have warned that a failure to raise the debt ceiling by the Treasury’s deadline of Oct. 17 could be catastrophic. The world economy’s faith in the inviolable safety of Treasury debt would be shaken for years, interest rates could shoot up and stock prices worldwide would most likely plummet.
But to House Republicans, those fears are precisely the leverage they need to win passage of their priorities.
“People have to recognize there’s never any compromise until the stakes are high,” said Representative Dana Rohrabacher, Republican of California. “In our society, that’s the nature of democratic government.”
Representative Blake Farenthold, Republican of Texas, said, “That’s why we’re paid the big bucks — right? — to figure these problems out.”
But Democrats — and some Republicans — worried on Thursday that the shift to the debt-ceiling fight would leave the government heading toward a shutdown on Tuesday with no resolution in sight.
“I’d like to see us keep that focus there,” said Representative Tom Graves, Republican of Georgia who led the fight to link further government funding to gutting the Affordable Care Act. “We’ve got a responsibility to finish this up and let it play out.”
Senator Patty Murray, Democrat of Washington and the chairwoman of the Senate Budget Committee, said the shift in focus from a short-term stopgap spending bill that keeps the government open to the debt ceiling is coming because “Republicans realize fighting a small battle over a small bill is a waste of time.”
She called the House debt ceiling “Christmas list” disingenuous.
“This is not the time to throw in your 50 favorite flavors,” she said. “You can’t just throw everything against the wall and see what happens.”
The Debt Limit: History and Recent Increases
D. Andrew Austin
Analyst in Economic Policy
Mindy R. Levit
Analyst in Public Finance
September 25, 2013
http://www.senate.gov/CRSReports/crs-publish.cfm?pid=’0E%2C*P%5C%3F%3D%23%20%20%20%0A
Read Full Post | Make a Comment ( None so far )The Conference Board’s Consumer Confidence Index Craters: 59.2 In July To 44.5 In August–Lowest Since April 2009!
http://raymond-pronk65892.podomatic.com/swf/joeplayer_v18c.swf
http://econintersect.com/wordpress/?p=12471
The Conference Board Reported Consumer Confidence Fell In August
“…The Conference Board reported that consumer confidence fell in August as expectations dived, and as views on future business conditions worsened, as well as jobs and income.
The organization’s consumer-confidence index fell to 44.5 in August, which is the lowest level since April 2009, from a slightly downwardly revised 59.2 in July. Economists had expected an August reading of 51.9.
According to the director of Consumer Board’s consumer research center, Lynn Franco, “A contributing factor may have been the debt ceiling discussions since the decline in confidence was well underway before the S&P
downgrade.” …”
Spector Says Consumer Confidence Reflects Leadership
Aug. 30 (Bloomberg) — Jonathan Spector, chief executive officer of the Conference Board, talks about the group’s consumer confidence survey for August and the outlook for the U.S. economy. The Conference Board’s index slumped to 44.5, the weakest since April 2009, from a revised 59.2 reading in July. Spector speaks with Matt Miller on Bloomberg Television’s “Street Smart.” (Source: Bloomberg)
Consumer Confidence Lowest in 2 Years
Morning Market Alert for August 30, 2011
August 12th 2011 CNBC Stock Market Squawk on the Street (Consumer Sentiment)
“…Retail sales may be solid but you’d never know it judging by consumer sentiment. The Reuters/University of Michigan index fell nearly nine
points to 54.9 which is just below levels during the worst of the 2008 meltdown. This is nearly a record low, next only to the Iranian hostage
crisis and oil embargo of the late 70s and early 80s. The expectations component, which is the leading component, fell more than 10 points to
45.7, again very severely depressed and near a record low. The current conditions component fell less severely, down more than six points to
69.3.
The debt-ceiling crisis and wild movements in the financial markets are very clearly not helping the consumer’s faith in the economic outlook. Hopefully, the extension of the ceiling and recent rallies for the Dow will give a boost to this report’s month-end readings. One positive is that inflation is not a risk to the outlook with one-year expectations steady for the last month at 3.4 percent with the five-year even more firmly steady at 2.9 percent. Stocks are coming off opening gains in reaction to today’s report. …”
The Conference Board Consumer Confidence Index® Declines
“… The Conference Board Consumer Confidence Index®, which had improved slightly in July, plummeted in August. The Index now stands at 44.5 (1985=100), down from 59.2 in July. The Present Situation Index decreased to 33.3 from 35.7. The Expectations Index decreased to 51.9 from 74.9 last month.
The monthly Consumer Confidence Survey®, based on a probability-design random sample, is conducted for The
Conference Board by The Nielsen Company, a leading global provider of information and analytics around what consumers buy and watch. The cutoff date for the preliminary results was August 18th.
Says Lynn Franco, Director of The Conference Board Consumer Research Center: “Consumer confidence deteriorated sharply in August, as consumers grew significantly more pessimistic about the short-term outlook. The index is now at its lowest level in more than two years (April 2009, 40.8). A contributing factor may have been the debt ceiling discussions since the decline in confidence was well underway before the S&P downgrade. Consumers’ assessment of current conditions, on the other hand, posted only a modest decline as employment conditions continue to suppress confidence.”
Consumers’ appraisal of present-day conditions weakened further in August. Consumers claiming business conditions are “bad” increased to 40.6 percent from 38.7 percent, while those claiming business conditions are “good” inched up to 13.7 percent from 13.5 percent. Consumers’ assessment of employment conditions was more pessimistic than last month. Those claiming jobs are “hard to get” increased to 49.1 percent from 44.8 percent, while those stating jobs are “plentiful” declined to 4.7 percent from 5.1 percent.
Consumers’ short-term outlook deteriorated sharply in August. Those expecting business conditions to improve over the next six months decreased to 11.8 percent from 17.9 percent, while those expecting business conditions to worsen surged to 24.6 percent from 16.1 percent. Consumers were also more pessimistic about the outlook for the job market. Those anticipating more jobs in the months ahead decreased to 11.4 percent from 16.9 percent, while those expecting fewer jobs increased to 31.5
percent from 22.2 percent. The proportion of consumers anticipating an increase in their incomes declined to 14.3 percent from 15.9 percent.
http://www.conference-board.org/data/consumerconfidence.cfm
U.S. Consumer Confidence Index (CCI
The U.S. Consumer Confidence Index (CCI) is an indicator designed to measure consumer confidence, which is defined as the degree of optimism on the state of the economy that consumers are expressing through their activities of savings and spending. Global consumer confidence is not measured. Country by country analysis indicates huge variance around the globe. In an interconnected global economy, tracking international consumer confidence is a lead indicator of economic trends.[1]
In the United States consumer confidence is issued monthly by The Conference Board, an independent economic research organization, and is based on 5,000 households. Such measurement is indicative of consumption component level of the gross domestic product. The Federal Reserve looks at the CCI when determining interest rate changes, and it also affects stock market prices.
The Consumer Confidence Index was started in 1967 and is benchmarked to 1985=100. This year was chosen because it was neither a peak nor a trough. The Index is calculated each month on the basis of a household survey of consumers’ opinions on current conditions and future expectations of the economy. Opinions on current conditions make up 40% of the index, with expectations of future conditions comprising the remaining 60%. In the glossary on its website, The Conference Board
defines the Consumer Confidence Survey as “a monthly report detailing consumer attitudes and buying intentions, with data available by age, income and region”.
Another well-established index that measures consumer confidence is the University of Michigan Consumer Sentiment Index, run by University of Michigan‘s Institute for Social Research. …”
Calculation
In simple terms, increased consumer confidence indicates economic growth in which consumers are spending money, indicating higher consumption. Decreasing consumer confidence implies slowing economic growth, and so consumers are likely to decrease their spending. The idea is that the more confident people feel about the economy and their jobs and incomes, the more likely they are to make purchases. Declining consumer confidence is a sign of slowing economic growth and may indicate that the economy is headed into trouble.
Each month The Conference Board surveys 5,000 U.S. households. The survey consists of five questions that ask the respondents’ opinions about the following:[2]
- Current business conditions
- Business conditions for the next six months
- Current employment conditions
- Employment conditions for the next six months
- Total family income for the next six months
Survey participants are asked to answer each question as “positive”, “negative” or “neutral”. The preliminary results from the Consumer Confidence Survey are released on the last Tuesday of each month at 10am EST.
Once the data have been gathered, a proportion known as the “relative value” is calculated for each question separately. Each question’s positive responses are divided by the sum of its positive and negative responses. The relative value for each question is then compared against each relative value from 1985. This comparison of the relative values results in an “index value” for each question.
The index values for all five questions are then averaged together to form the Consumer Confidence Index; the average of index values for questions one and three form the Present Situation Index, and the average of index values for questions two, four and five form the Expectations Index. The data are calculated for the United States as a whole and for each of the country’s nine census regions.
How it is used
Manufacturers, retailers, banks and the government monitor changes in the CCI in order to factor in the data in their decision-making processes. While index changes of less than 5% are often dismissed as inconsequential, moves of 5% or more often indicate a change in the direction of the economy.
A month-on-month decreasing trend suggests consumers have a negative outlook on their ability to secure and retain good jobs. Thus, manufacturers may expect consumers to avoid retail purchases, particularly large-ticket items that require financing. Manufacturers may pare down inventories to reduce overhead and/or delay investing in new projects and facilities. Likewise, banks can anticipate a decrease in lending activity, mortgage applications and credit card use. When faced with a down-trending index, the government has a variety of options, such as issuing a tax rebate or taking other fiscal or monetary action to stimulate the economy.
Conversely, a rising trend in consumer confidence indicates improvements in consumer buying patterns. Manufacturers can increase production and hiring. Banks can expect increased demand for credit. Builders can prepare for a rise in home construction and government can anticipate improved tax revenues based on the increase in consumer spending.
Consumer Confidence Index in the United States
http://en.wikipedia.org/wiki/Consumer_Confidence_Index
University of Michigan Consumer Sentiment Index
The University of Michigan Consumer Sentiment Index Thomson Reuters/University of Michigan Surveys of Consumers is a consumer confidence index published monthly by the University of Michigan and Thomson Reuters. The index is normalized to have a value of 100 in December 1964. At least 500 telephone interviews are conducted each month of a United
States sample which excludes Alaska and Hawaii. 50 core questions are asked.[1]
The consumer confidence measures were devised in the late 1940’s by George Katona at the University of Michigan. They have now developed into an ongoing, nationally representative survey based on telephonic household interviews. The Index of Consumer Sentiment (ICS) is developed from these interviews. The Index of Consumer Expectations (a sub-index of
ICS) is included in the Leading Indicator Composite Index published by the U.S. Department of Commerce, Bureau of Economic Analysis.
Objectives
The Index was created and still is published with the following objectives:
- To assess near-time consumer attitudes on the business climate, personal finance, and spending;
- To promote an understanding of, and to forecast changes in, the national economy;
- To provide a means of incorporating empirical measures of consumer expectations into models of spending and saving behavior;
- To gauge the economic expectations and probable future spending behavior of the consumer; and
- To judge the consumer’s level of optimism/pessimism.
Inputs
The Index of Consumer Expectations seeks to find how consumers view three things:
- Their own financial situation.
- The short-term general economy.
- The long-term general economy.
Implications
This Index has implications which can influence the following:
- Stocks
- Bonds
- Dollar
http://en.wikipedia.org/wiki/University_of_Michigan_Consumer_Sentiment_Index
Univeristy of Michigan Consumer Sentiment Index
Michigan Consumer Sentiment 4th Worst on Record
Posted on 26 August 2011 by Doug Short
“…The University of Michigan Consumer Sentiment Index final report for
August came in at 55.7, a slight improvement over the 54.9 preliminary
reading August 12, but this is the 4th lowest monthly final since the
inception on the series in 1798. The Briefing.com consensus expectation
was for 55.8. The two lowest months (52.7 and 51.7) were at the depths
of the 1980 recession, and the third lowest was in November 2008 during
somes of the darkest days of the Financial Crisis.
See the chart below for a long-term
perspective on this widely watched index. Because the sentiment index
has trended upward since its inception in 1978, I’ve added a linear
regression to help understand the pattern of reversion to the trend.
I’ve also highlighted recessions and included real GDP to help evaluate
the correlation between the Michigan Consumer Sentiment Index and the
broader economy. …”
http://econintersect.com/wordpress/?p=12471
Read Full Post | Make a Comment ( None so far )Will Tea Party Caucus Vote As A Block Against Democratic and Republican Establishment Compromise Bill On Raising National Debt Ceiling By $900 Billion, Adding Over $7,000 Billion To National Debt In The Next Ten Years Plus A Huge Tax Hike in 2013?–The American People Would Like To Know!–Videos
Judge Napolitano – U.S. Debt Limit (Law’s of Economics)
Schiff Happens
Sen. Rand Paul on CNBC’s The Kudlow Report – 08/01/11
Ron Paul Texas Straight Talk: Freeze the Budget and Stop Plundering the American People! Aug 1, 2011
Deficits are Bad, but the Real Problem is Spending
It’s Simple to Balance The Budget Without Higher Taxes
Did President Manufacture Debt Crisis?
Senator Rand Paul (R-KY) Discusses Congressman Connie Mack’s (R-FL) Penny Plan
Senator Marco Rubio: “Save The Whole House Or It Will All Burn Down”
Ron Paul Ad – Conviction
This Is Why We Need Ron Paul 2012 – Wake up Americans and fight!
Harry Reid Eric Cantor Revenue
Debt deal must have balanced budget amendment: Sen. Mike Lee
Ron Paul to Congress: If Debt Is the Problem, Why Do You Want More of It?
“Cut, Cap and Balance,” the Debt Ceiling and Federal Spending
Underwhelming Spending Cuts from Congress and Obama
Klavan, Whittle & Ferreira: Is a Spending Freeze the Answer to US Budgetary Problems
Debt Ceiling Theatrics, U.S. Economy Back in Recession
Andrew Napolitano – The Story of Money
House Roll Call: How they voted on debt-limit bill
“…The 269-161 roll call Monday by which the House passed the compromise bill to raise the debt ceiling and prevent a government default.
A “yes” vote is a vote to pass the measure.
Voting yes were 95 Democrats and 174 Republicans.
Voting no were 95 Democrats and 66 Republicans.
X denotes those not voting.
There are 2 vacancies in the 435-member House. …”
FLORIDA
Democrats — Brown, N; Castor, Y; Deutch, Y; Hastings, N; Wasserman Schultz, Y; Wilson, Y.
Republicans — Adams, Y; Bilirakis, Y; Buchanan, Y; Crenshaw, Y; Diaz-Balart, Y; Mack, N; Mica, Y; Miller, Y; Nugent, Y; Posey, N; Rivera, Y; Rooney, Y; Ros-Lehtinen, Y; Ross, N; Southerland, N; Stearns, N; Webster, Y; West, Y; Young, Y.
MINNESOTA
Democrats — Ellison, N; McCollum, N; Peterson, Y; Walz, Y.
Republicans — Bachmann, N; Cravaack, N; Kline, Y; Paulsen, Y.
OHIO
Democrats — Fudge, N; Kaptur, N; Kucinich, N; Ryan, N; Sutton, N.
Republicans — Austria, Y; Boehner, Y; Chabot, Y; Gibbs, Y; Johnson, Y; Jordan, N; LaTourette, Y; Latta, Y; Renacci, Y; Schmidt, Y; Stivers, Y; Tiberi, Y; Turner, N.
TEXAS
Democrats — Cuellar, Y; Doggett, Y; Gonzalez, N; Green, Al, N; Green, Gene, Y; Hinojosa, Y; Jackson Lee, Y; Johnson, E. B., Y; Reyes, N.
Republicans — Barton, Y; Brady, Y; Burgess, Y; Canseco, Y; Carter, Y; Conaway, Y; Culberson, Y; Farenthold, Y; Flores, Y; Gohmert, N; Granger, Y; Hall, N; Hensarling, Y; Johnson, Sam, Y; Marchant, Y; McCaul, Y; Neugebauer, N; Olson, Y; Paul, N; Poe, N; Sessions, Y; Smith, Y; Thornberry, Y.
Read more: http://thegardenisland.com/news/national/article_28736ea6-a777-59fe-9244-2ef3c128679e.html#ixzz1TpZcm4LP
The American people want balanced budgets.
The American people oppose adding between $7,000 billion to $8,000 billion to the National debt over the next ten years.
The American people oppose the tax hike of repealing Bush tax rate cuts and locking in tax hikes for Obamacare that this bill would enable.
The American people are not fooled by the so-call spending cuts that are in fact only cuts in the rate of growth of the budget baseline and not actual cuts in the budget baseline itself.
The American people oppose yet another increase the national debt ceiling without either a balanced budget amendment being passed by two-thirds majorities in the House and Senate or a balanced budget within three years.
Now is the time for all good tea party members to come to the aid of their country and vote against the Democratic and Republican Party establishment’s compromise bill to raise the National debt ceiling by over $900 billion for Fiscal Year 2011 and add over $7,000 in additional deficit spending and more national debt over the next ten-year.
For the proposed Fiscal Year 2012 and 2013 budgets the total effect on deficits is only a reduction of $21 billion and $42 billion respectively excluding any future reductions of the Joint Select Committee on Deficit Reduction.
http://www.cbo.gov/ftpdocs/123xx/doc12357/BudgetControlActAug1.pdf
The American people are watching to see if the Tea Party caucus votes as a block to defeat this bill.
Those tea party members who vote in favor of the bill will be challenged in the primaries next year and defeated.
The tea party patriots are not pleased with those Tea Party member who apparently sold out and betrayed the tea party.
The tea party and the American people will be watching.
Should this bill pass the Federal Reserve will start printing money with quantitative easing 3 or creating money to purchase Treasury securities or more debt.
Quantitative Easing 3 or creating more money to buy U.S. Treasury securities will begin in the fall after the National Bureau of Economic Research’s Business Cycle Dating Committee officially determines that the U.S. Economy has been in a recession since the middle of 2010.
http://papers.nber.org/cycles/cyclesmain.html
Once it is announced the U.S. economy is again in a recession, the Federal Reserve will use this fact to justify another massive money printing program of over $1,000 billion to finance the deficit spending in Fiscal Year 2012 of over $1,000 billion.
This in turn will lead to inflation or a general rise in the price level.
The economy is currently in a another recession that started in July 2010–the dreaded double dip recession.
The result will be even higher unemployment rates and inflation–stagflation.
This bill is not only not perfect, it is an economic disaster in the making.
Vote for this bill and you will be wrecking the economy, destroying jobs and killing the American dream.
The American people will not forget those who voted for this bill–both Democrats and Republicans.
You do not compromise your principles to vote for this bill especially given the damage this bill will cause to the American people and economy.
In 2012 the tea party will double its numbers in the Congress and the Senate with over 100 Representatives and over 12 Senators who have signed the Fiscal Responsibility Pledge.
Judge: You Can’t Get Out of Debt By Spending
American Citizens for Fiscal Responsibility
“A wise and frugal government, which shall leave men free to regulate their own pursuits of industry and improvement, and shall not take from the mouth of labor the bread it has earned – this is the sum of good government.”
~Thomas Jefferson
Fiscal Responsibility Pledge
I, ________________________________________, pledge to the taxpayers of the state
of ____________________________, and to the American people that I will:
1. Support and vote for only balanced budgets or surplus budgets where total estimated Federal government tax revenues for each fiscal year equals or exceeds total estimated Federal government spending outlays.
2. Support and vote for only decreases in the national debt ceiling.
3. Support and vote for the FairTax. The FairTax abolishes all federal personal and corporate income taxes, gift, estate, capital gains, alternative minimum, Social Security, Medicare, and self-employment taxes and replaces them with one simple, visible, federal retail sales tax on new goods and services, and administered primarily by existing state sales tax authorities. Once enacted any changes in the FairTax or increases in the FairTax rate will require two-thirds roll call vote of the House of Representatives and Senate.
4. Support and vote for the repeal of the 16th Amendment to the Constitution of the United States.
5. Support and vote for a balanced budget Amendment to the Constitution of the United State which allows budget surpluses or requires the balancing of tax revenues and spending outlays each fiscal year, limits Federal Government spending to eight-teen percent (18%) of Gross Domestic Product or less, requires a two-thirds majority roll call vote for any proposed tax increase in the House of Representatives and Senate and where the only exception to a surplus budget or balanced budget is the passage of a declaration of war that would require unbalanced budgets and increases in the national debt.
___________________________________________ _____________________________________
Signature Date Signed
___________________________________________ _____________________________________
Witness Witness
Pledge must be signed, dated, witnessed and returned to the:
American Citizens for Fiscal Responsibility
10455 N. Central Expressway-#109-228
Dallas, Texas 75231
Background Articles and Videos
The Secret of Oz (by Mr Bill Still)
Michael Savage-August 1, 2011 part 3
Dan Mitchell Exposing DC’s Fake Spending-Cut Scam with Judge Napolitano
Baseline Budgeting Explained
US Business Cycle Expansions and Contractions
http://papers.nber.org/cycles/cyclesmain.html
The NBER’s Business Cycle Dating Committee
“…The NBER’s Business Cycle Dating Committee maintains a chronology of the U.S. business cycle. The chronology comprises alternating dates of peaks and troughs in economic activity. A recession is a period between a peak and a trough, and an expansion is a period between a trough and a peak. During a recession, a significant decline in economic activity spreads across the economy and can last from a few months to more than a year. Similarly, during an expansion, economic activity rises substantially, spreads across the economy, and usually lasts for several years.
In both recessions and expansions, brief reversals in economic activity may occur-a recession may include a short period of expansion followed by further decline; an expansion may include a short period of contraction followed by further growth. The Committee applies its judgment based on the above definitions of recessions and expansions and has no fixed rule to determine whether a contraction is only a short interruption of an expansion, or an expansion is only a short interruption of a contraction. The most recent example of such a judgment that was less than obvious was in 1980-1982, when the Committee determined that the contraction that began in 1981 was not a continuation of the one that began in 1980, but rather a separate full recession.
The Committee does not have a fixed definition of economic activity. It examines and compares the behavior of various measures of broad activity: real GDP measured on the product and income sides, economy-wide employment, and real income. The Committee also may consider indicators that do not cover the entire economy, such as real sales and the Federal Reserve’s index of industrial production (IP). The Committee’s use of these indicators in conjunction with the broad measures recognizes the issue of double-counting of sectors included in both those indicators and the broad measures. Still, a well-defined peak or trough in real sales or IP might help to determine the overall peak or trough dates, particularly if the economy-wide indicators are in conflict or do not have well-defined peaks or troughs.
FAQs – Frequently asked Questions and additional information on how the NBER’s Business Cycle Dating Committee chooses turning points in the Economy …”
http://papers.nber.org/cycles/recessions.html
Ron Paul: Freeze The Budget And Stop Plundering American People! – OpEd
Written by: Ron Paul
“…In spite of the rhetoric being thrown around, the real debate is over how much government spending will increase. No plan under serious consideration cuts spending in the way you and I think about it. Instead, the cuts being discussed are illusory and are not cuts from current amounts being spent, but cuts in prospective spending increases. This is akin to a family saving $100,000 in expenses by deciding not to buy a Lamborghini and instead getting a fully loaded Mercedes when really their budget dictates that they need to stick with their perfectly serviceable Honda.
But this is the type of math Washington uses to mask the incriminating truth about the unrepentant plundering of the American people. The truth is that frightening rhetoric about default and full faith in the credit of the United States being carelessly thrown around to ram through a bigger budget than ever in spite of stagnant revenues. If your family’s income did not change year over year, would it be wise financial management to accelerate spending so you would feel richer? That is what our government is doing, with one side merely suggesting a different list of purchases than the other.
In reality, bringing our fiscal house into order is not that complicated or excruciatingly painful at all. If we simply kept spending at current levels, by their definition of cuts that would save nearly $400 billion in the next few years, versus the $25 billion the Budget Control Act claims to cut. It would only take us five years to cut $1 trillion in Washington math just by holding the line on spending. That is hardly austere or catastrophic.
A balanced budget is similarly simple and within reach if Washington had just a tiny amount of fiscal common sense. Our revenues currently stand at approximately $2.2 trillion a year and are likely to remain stagnant as the recession continues. Our outlays are $3.7 trillion and projected to grow every year. Yet we only have to go back to 2004 for federal outlays of $2.2 trillion, and the government was far from small that year. If we simply referred to that year’s spending levels, which would hardly do us fear, we would have a balanced budget right now. If we held the line on spending and the economy actually did grow as estimated, the budget would balance on its own by 2015 with no cuts whatsoever. …”
Congress moving quickly on debt and spending deal
“…Tea party favorite and presidential candidate Michele Bachmann, R-Minn., countered that the deal “spends too much and doesn’t cut enough. … Someone has to say no. I will.”
The government presently borrows more than 40 cents of every dollar it spends, and without an infusion of borrowing authority, the government would face an unprecedented default on U.S. loans and obligations — like $23 billion worth of Social Security pension payments to retirees due Aug. 3.
The increased borrowing authority includes $400 billion that would take effect immediately and $500 billion that Obama could order unless specifically denied by Congress. That $900 billion increase in the debt cap would be matched by savings produced over the coming decade by capping spending on day-to-day agency budgets passed by Congress each year.
A special bipartisan committee would be established to find up to $1.5 trillion in deficit cuts, probably taken from benefit programs like farm subsidies, Medicare and the Medicaid health care program for the poor and disabled. Republicans dismissed the idea that the panel would approve tax increases.
Any agreement by the panel would be voted on by both House and Senate — and if the panel deadlocked, automatic spending cuts would slash across much of the federal budget. Social Security, Medicaid and food stamps would be exempt from the automatic cuts, but payments to doctors, nursing homes and other Medicare providers could be trimmed, as could subsidies to insurance companies that offer an alternative to government-run Medicare.
Sen. John McCain, R-Ariz., said he’d have to “swallow hard” and vote for the legislation even though he is worried about cuts in defense spending. …”
http://abclocal.go.com/kgo/story?section=news/politics&id=8281927
Tea Party Caucus
The Tea Party Caucus is a caucus of the United States House of Representatives and Senate launched and chaired by Minnesota Congresswoman Michele Bachmann on July 16, 2010.[1] The caucus is dedicated to promoting fiscal responsibility, adherence to the movement’s interpretation of the Constitution, and limited government. The idea of a Tea Party Caucus originated from Kentucky Senator Rand Paul when he was campaigning for his current seat.[2]
The caucus was approved as an official congressional member organization by the House Administration Committee on July 19, 2010[3] and held its first meeting on July 21. Its first public event was a press conference on the grounds of the U.S. Capitol, also on July 21.[4] Four Senators joined the caucus on January 27, 2011.[5]
Members, 112th Congress
The caucus chairman is Michele Bachmann of Minnesota. As of March 31, 2011 the committee has 60 members, all Republicans.[15]
- Sandy Adams, Florida
- Robert Aderholt, Alabama
- Todd Akin, Missouri
- Rodney Alexander, Louisiana
- Michele Bachmann, Minnesota, Chairman
- Roscoe Bartlett, Maryland
- Joe Barton, Texas
- Gus Bilirakis, Florida
- Rob Bishop, Utah
- Diane Black, Tennessee
- Michael C. Burgess, Texas
- Paul Broun, Georgia
- Dan Burton, Indiana
- John Carter, Texas
- Bill Cassidy, Louisiana
- Howard Coble, North Carolina
- Mike Coffman, Colorado
- Chip Cravaack, Minnesota
- Ander Crenshaw, Florida
- John Culberson, Texas
- Jeff Duncan, South Carolina
- Blake Farenthold, Texas
- Stephen Fincher, Tennessee
- John Fleming, Louisiana
- Trent Franks, Arizona
- Phil Gingrey, Georgia
- Louie Gohmert, Texas
- Vicky Hartzler, Missouri
- Wally Herger, California
- Tim Huelskamp, Kansas
- Lynn Jenkins, Kansas
- Steve King, Iowa
- Doug Lamborn, Colorado
- Jeff Landry, Louisiana
- Blaine Luetkemeyer, Missouri
- Kenny Marchant, Texas
- Tom McClintock, California
- David McKinley, West Virginia
- Gary Miller, California
- Mick Mulvaney, South Carolina
- Randy Neugebauer, Texas
- Rich Nugent, Florida
- Steve Pearce, New Mexico
- Mike Pence, Indiana
- Ted Poe, Texas
- Tom Price, Georgia
- Denny Rehberg, Montana
- Phil Roe, Tennessee
- Dennis Ross, Florida
- Ed Royce, California
- Steve Scalise, Louisiana
- Tim Scott, South Carolina
- Pete Sessions, Texas
- Adrian Smith, Nebraska
- Lamar Smith, Texas
- Cliff Stearns, Florida
- Tim Walberg, Michigan
- Joe Walsh, Illinois
- Allen West, Florida
- Lynn Westmoreland, Georgia
- Joe Wilson, South Carolina
Members of Senate Caucus
- Jim DeMint (South Carolina)[5]
- Mike Lee (Utah)[5]
- Jerry Moran (Kansas)
- Rand Paul (Kentucky)[5]
Aronoff: Media’s Disgraceful Coverage of Debt-Ceiling Debate
“…The general performance of the media during the debt ceiling debate has been atrocious. The currency of journalists consists of words, and by completely debasing that currency, they are undermining their profession. They are also making it that much more difficult for the public to understand the choices and the consequences they are facing.
The constant reference to August 2nd being the date we default on our debt is utterly false. ABC has shown a “Countdown to Default” clock, ticking away to August 2nd. CNN has run similar graphics, as have all the networks, including the Fox News Channel. Even today MSNBC is showing a graphic that says, “Four Days to Default.” They have continued right through this week. Default occurs only if and when the U.S. fails to make interest payments to the bondholders on the debt it owes. Not only is August 2nd not the day the U.S. defaults on its debt, but the issue could easily be taken off the table, and President Obama could calm the markets by announcing that under no circumstances will he allow the U.S. to default, and he could assure that by saying he will definitely make that payment the highest priority until a deal is reached in Congress. Instead, he chose to have the debt ceiling “used as a gun against the heads” of Americans, which is exactly what he accused the Republicans of doing earlier this month, in language that was supposed to be no longer acceptable after the tragic shooting of Rep. Gabrielle Giffords in Tucson last January.
Charles Gasparino of Fox Business News reported this week that the Obama administration has begun calling major Wall Street banks to assure them that the U.S. won’t default on its debt. Sources have told me that the administration is also trying to get the banks to lobby on its behalf.
The other egregious falsehood reveals an astounding lack of knowledge, or willingness to deceive, about the difference between the deficit and the national debt. Here, for example, from Jake Tapper of ABC News: “The president continues to push for a ‘grand bargain,’ buoyed by the bipartisan ‘Gang of Six’ proposal that would reduce the deficit by $3.7 trillion over the next decade through spending cuts and tax increases.”
And here, from Stephanie Condon of CBS News: “The deal would reduce the deficit by nearly $4 trillion…”
President Obama in his July 25th prime time address to the country said, “This balanced approach asks everyone to give a little without requiring anyone to sacrifice too much. It would reduce the deficit (emphasis added) by around $4 trillion and put us on a path to pay down our debt.
This misuse of the language has been the rule, not the exception. As explained on the Treasury Department’s own website, “The deficit is the difference between the money Government takes in, called receipts, and what the Government spends, called outlays, each year.” (emphasis added) The same website says that “One way to think about the debt is as accumulated deficits.” This is basic economics, but astonishingly, the President and most of the media constantly get it wrong. Is it on purpose, to mislead, or do they not understand the difference? …”
Which Budgets Are Balanced And Living Within The Means of The American People?
4/5/11 Republican Leadership Press Conference
Democratic Party Budget Proposals
|
S-1 FY2012 President’s Budget (Nominal Dollars in Billions) |
||||
| Fiscal Year | Outlays | Revenues | Deficits | Debt Held By Public |
| 2011 | 3,819 | 2,174 | -1,645 | 10,856 |
| 2012 | 3,729 | 2,627 | -1,101 | 11,881 |
| 2013 | 3,771 | 3,003 | -768 | 12,784 |
| 2014 | 3,977 | 3,333 | -646 | 13,562 |
| 2015 | 4,190 | 3,583 | -607 | 14,301 |
| 2016 | 4,468 | 3,819 | -649 | 15,064 |
| 2017 | 4,669 | 4,042 | -627 | 15,795 |
| 2018 | 4,876 | 4,257 | -619 | 16,513 |
| 2019 | 5,154 | 4,473 | -681 | 17,284 |
| 2020 | 5,442 | 4,686 | -735 | 18,103 |
| 2021 | 5,697 | 4,923 | -774 | 18,967 |
| 2012-2021 | 45,952 | 38,747 | -7,205 | n.a. |
http://www.whitehouse.gov/sites/default/files/omb/budget/fy2012/assets/tables.pdf
Republican Party Budget Proposals
|
S-1 FY2012 Chairman’s Markup (Nominal Dollars in Billions) |
||||
| Fiscal Year | Outlays | Revenues | Deficits | Debt Held By Public |
| 2011 | 3,618 | 2,230 | -1,388 | 10,351 |
| 2012 | 3,529 | 2,533 | -995 | 11,418 |
| 2013 | 3,559 | 2,860 | -699 | 12,217 |
| 2014 | 3,586 | 3,094 | -492 | 12,801 |
| 2015 | 3,671 | 3,237 | -434 | 13,326 |
| 2016 | 3,858 | 3,377 | -481 | 13,886 |
| 2017 | 3,998 | 3,589 | -408 | 14,363 |
| 2018 | 4,123 | 3,745 | -379 | 14,800 |
| 2019 | 4,352 | 3,939 | -414 | 15,254 |
| 2020 | 4,544 | 4,142 | -402 | 15,681 |
| 2021 | 4,739 | 4,354 | -385 | 16,071 |
| 2012-2021 | 39,958 | 34,870 | -5,088 | n.a. |
http://budget.house.gov/UploadedFiles/PathToProsperityFY2012.pdf
Sen. Toomey Unveils his FY 2012 Budget
Senator Pat Toomey Talks with Michael Medved about his Budget
| S-1 FY2012 Senator Pat Toomey(Nominal Dollars in Billions) | ||||
| Fiscal Year | Outlays | Revenues | DeficitsSurplus | Debt Held By Public |
| 2011 | 3,625 | 2,230 | -1,351 | 10,351 |
| 2012 | 3,477 | 2,538 | -919 | 11,418 |
| 2013 | 3,485 | 2,964 | -521 | 12,217 |
| 2014 | 3,509 | 3,216 | -291 | 12,801 |
| 2015 | 3,623 | 3,391 | -233 | 13,326 |
| 2016 | 3,765 | 3,524 | -241 | 13,886 |
| 2017 | 3,853 | 3,736 | -117 | 14,363 |
| 2018 | 3,955 | 3,916 | -39 | 14,800 |
| 2019 | 4,140 | 4,108 | -32 | 15,254 |
| 2020 | 4,302 | 4,325 | 23 | 15,681 |
| 2021 | 4,493 | 4,566 | 73 | 16,071 |
| 2012-2021 | 38,602 | 36,304 | -2298 | n.a. |
http://www.scribd.com/doc/55116239/Restoring-Balance-Final
SA@TAC – The GOP, War and the Debt
3/09/11: Sen. Rand Paul on balancing the budget
03/17/11: Sen. Rand Paul Introduces Five-Year Balanced Budget Plan
| S-1 FY2012 Senator Rand Paul(Nominal Dollars in Billions) | ||||
| Fiscal Year | Outlays | Revenues | DeficitsSurpluses | Debt Held By Public |
| 2011 | 3,708 | 2,228 | -1,480 | 10,430 |
| 2012 | 3,100 | 2,547 | -553 | 11,051 |
| 2013 | 3,152 | 2,755 | -397 | 11,532 |
| 2014 | 3,227 | 3,088 | -139 | 11,748 |
| 2015 | 3,360 | 3,244 | -116 | 11,942 |
| 2016 | 3,430 | 3,349 | 19 | 11,997 |
| 2012-2016 | 16,269 | 15,083 | -1,188 | n.a. |
http://campaignforliberty.com/materials/RandBudget.pdf
Tea Party Budget Proposals
| S-1 FY2012 Tea Party’s Balanced/Surplus Budget(Nominal Dollars in Billions) | ||||
| Fiscal Year | Outlays | Revenues | Surpluses | Debt Held By Public |
| 2012 | 2,500 | 2,500 | 0 | 10,900 |
| 2013 | 2,800 | 2,800 | 0 | 10,900 |
| 2014 | 3,000 | 3,000 | 0 | 10,900 |
| 2015 | 3,200 | 3,200 | 0 | 10,900 |
| 2016 | 3,300 | 3,300 | 0 | 10,900 |
| 2017 | 3,400 | 3,500 | 100 | 10,800 |
| 2018 | 3,500 | 3,700 | 200 | 10,600 |
| 2019 | 3,600 | 3,900 | 300 | 10,300 |
| 2020 | 3,700 | 4,000 | 300 | 10,000 |
| 2021 | 3,800 | 4,300 | 500 | 9,500 |
| 2012-2021 | 32,800 | 34,200 | 1,400 | n.a. |
Baseline (budgeting)
“…Baseline budgeting is a method of developing a budget which uses existing spending levels as the basis for establishing future funding requirements. The concept assumes that the organization is generally headed in the right direction and only minor changes in spending levels will be required. The baseline is normally enhanced by adding adjustment factors based on issues such as inflation, new programs, and anticipated changes to existing programs.
The genesis of baseline budget projections can be found in the Congressional Budget Act of 1974. That act required the Office of Management and Budget (OMB) to prepare projections of federal spending for the upcoming fiscal year based on a continuation of the existing level of governmental services. It also required the newly established Congressional Budget Office to prepare five-year projections of budget authority, outlays, revenues, and the surplus or deficit. OMB published its initial current-services budget projections in November 1974, and CBO’s five-year projections first appeared in January 1976. Today’s baseline budget projections are very much like those prepared more than two decades ago, although they now span 10 years instead of five.
The Budget Act was silent on whether to adjust estimates of discretionary appropriations for anticipated changes in inflation. Until 1980, OMB’s projections excluded inflation adjustments for discretionary programs. CBO’s projections, however, assumed that appropriations would keep pace with inflation, although CBO has also published projections without these so-called discretionary inflation adjustments.
CBO’s budget projections took on added importance in 1980 and 1981, when they served as the baseline for computing spending reductions to be achieved in the budget reconciliation process. The reconciliation instructions contained in the fiscal year 1982 budget resolution (the so-called Gramm-Latta budget) required House and Senate committees to reduce outlays by a total of $36 billion below baseline levels, but each committee could determine how those savings were to be achieved. The CBO baseline has been used in every year since 1981 for developing budget resolutions and measuring compliance with reconciliation instructions.
The Deficit Control Act of 1985 provided the first legal definition of baseline. For the most part, the act defined the baseline in conformity with previous usage. If appropriations had not been enacted for the upcoming fiscal year, the baseline was to assume the previous year’s level without any adjustment for inflation. In 1987, however, the Congress amended the definition of the baseline so that discretionary appropriations would be adjusted to keep pace with inflation. Other technical changes to the definition of the baseline were enacted in 1990, 1993, and 1997.
Baseline budget projections increasingly became the subject of political debate and controversy during the late 1980s and early 1990s, and more recently during the 2011 debt limit debate. Some critics contend that baseline projections create a bias in favor of spending by assuming that federal spending keeps pace with inflation and other factors driving the growth of entitlement programs. Changes that merely slow the growth of federal spending programs have often been described as cuts in spending, when in reality they are actually reductions in the rate of spending growth.
There have been attempts to eliminate the baseline budget concept and replace it with zero based budgeting, which is the opposite of baseline budgeting. Zero based budgeting requires that all spending must be re-justified each year or it will be eliminated from the budget regardless of previous spending levels.
According to the Government Accountability Office, a Baseline is as follows:
Baseline
“An estimate of spending, revenue, the deficit or surplus, and the public debt expected during a fiscal year under current laws and current policy. The baseline is a benchmark for measuring the budgetary effects of proposed changes in revenues and spending. It assumes that receipts and mandatory spending will continue or expire in the future as required by law and that the future funding for discretionary programs will equal the most recently enacted appropriation, adjusted for inflation. Under the Budget Enforcement Act (BEA), which will expire at the end of fiscal year 2006, the baseline is defined as the projection of current-year levels of new budget authority, outlays, revenues, and the surplus or deficit into the budget year and outyears based on laws enacted through the applicable date.
CBO Baseline
Projected levels of governmental receipts (revenues), budget authority, and outlays for the budget year and subsequent fiscal years, assuming generally that current policies remain the same, except as directed by law. The baseline is described in the Congressional Budget Office’s (CBO) annual report for the House and Senate Budget Committees, The Budget and Economic Outlook, which is published in January. The baseline, by law, includes projections for 5 years, but at the request of the Budget Committees, CBO has provided such projections for 10 years. In most years the CBO baseline is revised in conjunction with CBO’s analysis of the President’s budget, which is usually issued in March, and again during the summer. The “March” baseline is the benchmark for measuring the budgetary effects of proposed legislation under consideration by Congress.” …”
External links
http://en.wikipedia.org/wiki/Baseline_(budgeting)
Rasmussen Reports
Most Voters Are Unhappy With Both Sides in the Debt Ceiling Debate
“…Most voters don’t care much for the way either political party is performing in the federal debt ceiling debate.
The latest Rasmussen Reports national telephone survey finds that 58% of Likely U.S. Voters at least somewhat disapprove of the way President Obama and congressional Democrats are handling the debate over the debt ceiling, with 38% who Strongly Disapprove. But 53% also disapprove of how congressional Republicans are handling the debate, including 32% who Strongly Disapprove.
Just 36% approve of how Obama and Democrats are doing, with 10% who Strongly Approve. Forty percent (40%) approve of the GOP’s performance, including 13% who Strongly Approve. (To see survey question wording, click here.)
While the two sides continue to wrangle over how to avoid defaulting on the government’s massive debt load, most voters nationwide are worried the final deal will raise taxes too much and cut spending too little.
Whatever spending cuts are in the final deal, 49% of all voters don’t think the government will actually cut the spending agreed upon. A commentary by Scott Rasmussen, published in Politico, put it this way: “Based on the history of the past few decades, voters have learned that politicians promising unspecified spending cuts should be treated with all the credibility of a six-year old boy caught with his hand in the cookie jar promising to be good for the rest of his life.” …”
Rasmussen Reports
55% Oppose Tax Hike In Debt Ceiling Deal
“…As the Beltway politicians try to figure out how they will raise the debt ceiling and for how long, most voters oppose including tax hikes in the deal.
Just 34% think a tax hike should be included in any legislation to raise the debt ceiling. A new Rasmussen Reports national telephone survey finds that 55% disagree and say it should not. …”
“…There is a huge partisan divide on the question. Fifty-eight percent (58%) of Democrats want a tax hike in the deal while 82% of Republicans do not. Among those not affiliated with either major political party, 35% favor a tax hike and 51% are opposed.
Americans who earn more than $75,000 a year are evenly divided as to whether a tax hike should be included in the debt ceiling deal. Those who earn less are opposed to including tax hikes.
Voters remain very concerned about the debt ceiling issue. Sixty-nine percent (69%) believe that it would be bad for the economy if a failure to raise the debt ceiling led to government defaults. Only 6% believe it would be good for theeconomy. Fourteen percent (14%) believe it would have no impact and 11% are notsure. These figures are little changed from a few weeks ago. …”
House passes Ryan’s ’12 budget; conservatives want more cuts
“…The House on Friday approved a fiscal year 2012 budget resolution from Budget Committee Chairman Paul Ryan (R-Wis.) that seeks to drastically limit government spending next year and in years to follow.
But the vote on the measure — which imposes $5.8 trillion in spending cuts over the next decade — came after a clear sign that at least half of the Republican Caucus supports even tougher spending cuts.
The final tally was 235-193, with four Republicans opposing it. They were Reps. Ron Paul (Texas), Denny Rehberg (Mont.), Walter Jones (N.C.) and David McKinley (W.Va.).
Rehberg, the appropriator in charge of health spending, is running for Montana’s Senate seat.
Majority Whip Kevin McCarthy (R-Calif.) said listening sessions with Republican members made it the strongest vote of the year.
“This is the process we should follow on all votes,” he said.
Every Democrat voted “no.” …”
House passes cut, cap and balance — and a deal is in sight
By Jennifer Rubin
“…The Republican-controlled House defied a presidential veto threat Tuesday night in approving a bill to amend the Constitution to require a balanced federal budget. But Speaker John A. Boehner acknowledged that a backup plan is needed, and a Senate GOP leader said he expects such an alternative to win his chamber’s approval.
The House voted 234 to 190 in favor of the “Cut, Cap and Balance Act,” which the White House has said will be vetoed in the unlikely event it passes the Senate and reaches President Obama’s desk. Faced with those prospects, Boehner told reporters that it would also be responsible to consider a backup plan for raising the federal debt ceiling and thus averting a potentially disastrous default on U.S. obligations.
Related Posts On Pronk Palisades
Tea Party Candidates And Elected Officials New Gold Standard For Balanced And Surplus Budgets, Lower Debt Ceilings and Tax Reform: Fiscal Responsibility Pledge To The American People–Videos
The Second Obama Recession Starts Or The Great Obama Depression Continues–The Growth Rate of Gross Domestic Product Declines For Four Consecutive Quarters–The Economy Has Peaked And Entered A Period Of Stagflation–Rising Prices, Unemployment And Obama Misery Index!–Ron Paul To The Rescue?–Videos
Read Full Post | Make a Comment ( None so far )The Tea Party’s Compromise Offer Of A $2 Hike In The National Debt Ceiling For Every $1 Cut In Fiscal Year 2012 Budget Spending Outlays–$2,400 Billion Hike In National Debt Ceiling For $1,200 Billion Cut In Fiscal Year 2012 Budget –The Great Deal–A Balanced Budget!–Videos
The Tea Party movement Representatives, Senators and supporters in the spirit of compromise, a balanced approach and fiscal responsibility offers both the Democratic and Republican Party establishments and their leadership a Great Deal that the American people fully support–A Balanced Budget!
The Tea Party movement will agree to a $2,400 billion immediate increase in the National Debt ceiling in exchange for balancing the Fiscal Year 2012 budget by an immediate decrease in estimated spending outlays of $1,200 billion which will balance the Fiscal Year 2012 with estimated tax revenues of about $2,500 billion.
Do the right thing for your children, grandchildren and future generations by announcing your acceptance of The Great Deal today.
This would restore consumer and business confidence, grow the economy and dramatically reduce the unemployment rates.
This may even get you re-elected in November 2012!
Ron Paul on Debt limit and Boehner’s bill
Ron Paul on Freedom Watch: We Are Defaulting Either Way
Ron Paul on FED Manipulation of US Dollar & Debt Ceiling
7-28-11 – Sen. Rand Paul on Fox News with Greta Van Susteran – 07-27-11
Rand Paul Blasts Reid, Boehner Plans [FOX 7-27-2011]
Dan Mitchell Explaining the Debt Limit Fight for Bloomberg Asia
Underwhelming Spending Cuts from Congress and Obama
Cut, Cap and Balance,” the Debt Ceiling and Federal Spending
Rush Limbaugh – Ok Here Is The History Of The Base Line Budget
Debt Ceiling Crisis: Boehner vs. Tea Party
Deficits, Debts and Unfunded Liabilities: The Consequences of Excessive Government Spending
Ron Paul to Congress: If Debt Is the Problem, Why Do You Want More of It?
House GOP’s $61 Billion Spending Cuts in Perspective
Smoke and Mirrors on Spending Cuts
It’s Simple to Balance The Budget Without Higher Taxes
Neither the Republican Party nor Democratic Party Fiscal Year 2012 budget proposals are the road to peace and prosperity but a Tea Party budget with balanced budgets most definitely is:
Which Budgets Are Balanced And Living Within The Means of The American People?
4/5/11 Republican Leadership Press Conference
Democratic Party Budget Proposals
|
S-1 FY2012 President’s Budget (Nominal Dollars in Billions) |
||||
| Fiscal Year | Outlays | Revenues | Deficits | Debt Held By Public |
| 2011 | 3,819 | 2,174 | -1,645 | 10,856 |
| 2012 | 3,729 | 2,627 | -1,101 | 11,881 |
| 2013 | 3,771 | 3,003 | -768 | 12,784 |
| 2014 | 3,977 | 3,333 | -646 | 13,562 |
| 2015 | 4,190 | 3,583 | -607 | 14,301 |
| 2016 | 4,468 | 3,819 | -649 | 15,064 |
| 2017 | 4,669 | 4,042 | -627 | 15,795 |
| 2018 | 4,876 | 4,257 | -619 | 16,513 |
| 2019 | 5,154 | 4,473 | -681 | 17,284 |
| 2020 | 5,442 | 4,686 | -735 | 18,103 |
| 2021 | 5,697 | 4,923 | -774 | 18,967 |
| 2012-2021 | 45,952 | 38,747 | -7,205 | n.a. |
http://www.whitehouse.gov/sites/default/files/omb/budget/fy2012/assets/tables.pdf
Republican Party Budget Proposals
|
S-1 FY2012 Chairman’s Markup (Nominal Dollars in Billions) |
||||
| Fiscal Year | Outlays | Revenues | Deficits | Debt Held By Public |
| 2011 | 3,618 | 2,230 | -1,388 | 10,351 |
| 2012 | 3,529 | 2,533 | -995 | 11,418 |
| 2013 | 3,559 | 2,860 | -699 | 12,217 |
| 2014 | 3,586 | 3,094 | -492 | 12,801 |
| 2015 | 3,671 | 3,237 | -434 | 13,326 |
| 2016 | 3,858 | 3,377 | -481 | 13,886 |
| 2017 | 3,998 | 3,589 | -408 | 14,363 |
| 2018 | 4,123 | 3,745 | -379 | 14,800 |
| 2019 | 4,352 | 3,939 | -414 | 15,254 |
| 2020 | 4,544 | 4,142 | -402 | 15,681 |
| 2021 | 4,739 | 4,354 | -385 | 16,071 |
| 2012-2021 | 39,958 | 34,870 | -5,088 | n.a. |
http://budget.house.gov/UploadedFiles/PathToProsperityFY2012.pdf
Sen. Toomey Unveils his FY 2012 Budget
Senator Pat Toomey Talks with Michael Medved about his Budget
| S-1 FY2012 Senator Pat Toomey(Nominal Dollars in Billions) | ||||
| Fiscal Year | Outlays | Revenues | DeficitsSurplus | Debt Held By Public |
| 2011 | 3,625 | 2,230 | -1,351 | 10,351 |
| 2012 | 3,477 | 2,538 | -919 | 11,418 |
| 2013 | 3,485 | 2,964 | -521 | 12,217 |
| 2014 | 3,509 | 3,216 | -291 | 12,801 |
| 2015 | 3,623 | 3,391 | -233 | 13,326 |
| 2016 | 3,765 | 3,524 | -241 | 13,886 |
| 2017 | 3,853 | 3,736 | -117 | 14,363 |
| 2018 | 3,955 | 3,916 | -39 | 14,800 |
| 2019 | 4,140 | 4,108 | -32 | 15,254 |
| 2020 | 4,302 | 4,325 | 23 | 15,681 |
| 2021 | 4,493 | 4,566 | 73 | 16,071 |
| 2012-2021 | 38,602 | 36,304 | -2298 | n.a. |
http://www.scribd.com/doc/55116239/Restoring-Balance-Final
SA@TAC – The GOP, War and the Debt
3/09/11: Sen. Rand Paul on balancing the budget
03/17/11: Sen. Rand Paul Introduces Five-Year Balanced Budget Plan
| S-1 FY2012 Senator Rand Paul(Nominal Dollars in Billions) | ||||
| Fiscal Year | Outlays | Revenues | DeficitsSurpluses | Debt Held By Public |
| 2011 | 3,708 | 2,228 | -1,480 | 10,430 |
| 2012 | 3,100 | 2,547 | -553 | 11,051 |
| 2013 | 3,152 | 2,755 | -397 | 11,532 |
| 2014 | 3,227 | 3,088 | -139 | 11,748 |
| 2015 | 3,360 | 3,244 | -116 | 11,942 |
| 2016 | 3,430 | 3,349 | 19 | 11,997 |
| 2012-2016 | 16,269 | 15,083 | -1,188 | n.a. |
http://campaignforliberty.com/materials/RandBudget.pdf
Tea Party Budget Proposals
| S-1 FY2012 Tea Party’s Balanced/Surplus Budget(Nominal Dollars in Billions) | ||||
| Fiscal Year | Outlays | Revenues | Surpluses | Debt Held By Public |
| 2012 | 2,500 | 2,500 | 0 | 10,900 |
| 2013 | 2,800 | 2,800 | 0 | 10,900 |
| 2014 | 3,000 | 3,000 | 0 | 10,900 |
| 2015 | 3,200 | 3,200 | 0 | 10,900 |
| 2016 | 3,300 | 3,300 | 0 | 10,900 |
| 2017 | 3,400 | 3,500 | 100 | 10,800 |
| 2018 | 3,500 | 3,700 | 200 | 10,600 |
| 2019 | 3,600 | 3,900 | 300 | 10,300 |
| 2020 | 3,700 | 4,000 | 300 | 10,000 |
| 2021 | 3,800 | 4,300 | 500 | 9,500 |
| 2012-2021 | 32,800 | 34,200 | 1,400 | n.a. |
Baseline (budgeting)
“…Baseline budgeting is a method of developing a budget which uses existing spending levels as the basis for establishing future funding requirements. The concept assumes that the organization is generally headed in the right direction and only minor changes in spending levels will be required. The baseline is normally enhanced by adding adjustment factors based on issues such as inflation, new programs, and anticipated changes to existing programs.
The genesis of baseline budget projections can be found in the Congressional Budget Act of 1974. That act required the Office of Management and Budget (OMB) to prepare projections of federal spending for the upcoming fiscal year based on a continuation of the existing level of governmental services. It also required the newly established Congressional Budget Office to prepare five-year projections of budget authority, outlays, revenues, and the surplus or deficit. OMB published its initial current-services budget projections in November 1974, and CBO’s five-year projections first appeared in January 1976. Today’s baseline budget projections are very much like those prepared more than two decades ago, although they now span 10 years instead of five.
The Budget Act was silent on whether to adjust estimates of discretionary appropriations for anticipated changes in inflation. Until 1980, OMB’s projections excluded inflation adjustments for discretionary programs. CBO’s projections, however, assumed that appropriations would keep pace with inflation, although CBO has also published projections without these so-called discretionary inflation adjustments.
CBO’s budget projections took on added importance in 1980 and 1981, when they served as the baseline for computing spending reductions to be achieved in the budget reconciliation process. The reconciliation instructions contained in the fiscal year 1982 budget resolution (the so-called Gramm-Latta budget) required House and Senate committees to reduce outlays by a total of $36 billion below baseline levels, but each committee could determine how those savings were to be achieved. The CBO baseline has been used in every year since 1981 for developing budget resolutions and measuring compliance with reconciliation instructions.
The Deficit Control Act of 1985 provided the first legal definition of baseline. For the most part, the act defined the baseline in conformity with previous usage. If appropriations had not been enacted for the upcoming fiscal year, the baseline was to assume the previous year’s level without any adjustment for inflation. In 1987, however, the Congress amended the definition of the baseline so that discretionary appropriations would be adjusted to keep pace with inflation. Other technical changes to the definition of the baseline were enacted in 1990, 1993, and 1997.
Baseline budget projections increasingly became the subject of political debate and controversy during the late 1980s and early 1990s, and more recently during the 2011 debt limit debate. Some critics contend that baseline projections create a bias in favor of spending by assuming that federal spending keeps pace with inflation and other factors driving the growth of entitlement programs. Changes that merely slow the growth of federal spending programs have often been described as cuts in spending, when in reality they are actually reductions in the rate of spending growth.
There have been attempts to eliminate the baseline budget concept and replace it with zero based budgeting, which is the opposite of baseline budgeting. Zero based budgeting requires that all spending must be re-justified each year or it will be eliminated from the budget regardless of previous spending levels.
According to the Government Accountability Office, a Baseline is as follows:
Baseline
“An estimate of spending, revenue, the deficit or surplus, and the public debt expected during a fiscal year under current laws and current policy. The baseline is a benchmark for measuring the budgetary effects of proposed changes in revenues and spending. It assumes that receipts and mandatory spending will continue or expire in the future as required by law and that the future funding for discretionary programs will equal the most recently enacted appropriation, adjusted for inflation. Under the Budget Enforcement Act (BEA), which will expire at the end of fiscal year 2006, the baseline is defined as the projection of current-year levels of new budget authority, outlays, revenues, and the surplus or deficit into the budget year and outyears based on laws enacted through the applicable date.
CBO Baseline
Projected levels of governmental receipts (revenues), budget authority, and outlays for the budget year and subsequent fiscal years, assuming generally that current policies remain the same, except as directed by law. The baseline is described in the Congressional Budget Office’s (CBO) annual report for the House and Senate Budget Committees, The Budget and Economic Outlook, which is published in January. The baseline, by law, includes projections for 5 years, but at the request of the Budget Committees, CBO has provided such projections for 10 years. In most years the CBO baseline is revised in conjunction with CBO’s analysis of the President’s budget, which is usually issued in March, and again during the summer. The “March” baseline is the benchmark for measuring the budgetary effects of proposed legislation under consideration by Congress.” …”
External links
- Congressional Budget Act
- Office of Management and Budget
- Government Accountability Office
- House Budget Committee (Republican Site)
- House Budget Committee (Democratic Site)
- Senate Budget Committee (Republican Site)
- Senate Budget Committee (Democratic Site)
http://en.wikipedia.org/wiki/Baseline_(budgeting)
Background Articles and Video
Sen. Toomey Gives a Speech on the Debt Limit at AEI
Smoke and Mirrors on Spending Cuts
Ron Paul on the U.S. Government’s Debt Crisis
The Debt Limit: Made Simple
Ron Paul 2012 Amazing!!!
Rasmussen Reports
Most Voters Are Unhappy With Both Sides in the Debt Ceiling Debate
“…Most voters don’t care much for the way either political party is performing in the federal debt ceiling debate.
The latest Rasmussen Reports national telephone survey finds that 58% of Likely U.S. Voters at least somewhat disapprove of the way President Obama and congressional Democrats are handling the debate over the debt ceiling, with 38% who Strongly Disapprove. But 53% also disapprove of how congressional Republicans are handling the debate, including 32% who Strongly Disapprove.
Just 36% approve of how Obama and Democrats are doing, with 10% who Strongly Approve. Forty percent (40%) approve of the GOP’s performance, including 13% who Strongly Approve. (To see survey question wording, click here.)
While the two sides continue to wrangle over how to avoid defaulting on the government’s massive debt load, most voters nationwide are worried the final deal will raise taxes too much and cut spending too little.
Whatever spending cuts are in the final deal, 49% of all voters don’t think the government will actually cut the spending agreed upon. A commentary by Scott Rasmussen, published in Politico, put it this way: “Based on the history of the past few decades, voters have learned that politicians promising unspecified spending cuts should be treated with all the credibility of a six-year old boy caught with his hand in the cookie jar promising to be good for the rest of his life.” …”
Rasmussen Reports
55% Oppose Tax Hike In Debt Ceiling Deal
“…As the Beltway politicians try to figure out how they will raise the debt ceiling and for how long, most voters oppose including tax hikes in the deal.
Just 34% think a tax hike should be included in any legislation to raise the debt ceiling. A new Rasmussen Reports national telephone survey finds that 55% disagree and say it should not. …”
“…There is a huge partisan divide on the question. Fifty-eight percent (58%) of Democrats want a tax hike in the deal while 82% of Republicans do not. Among those not affiliated with either major political party, 35% favor a tax hike and 51% are opposed.
Americans who earn more than $75,000 a year are evenly divided as to whether a tax hike should be included in the debt ceiling deal. Those who earn less are opposed to including tax hikes.
Voters remain very concerned about the debt ceiling issue. Sixty-nine percent (69%) believe that it would be bad for the economy if a failure to raise the debt ceiling led to government defaults. Only 6% believe it would be good for theeconomy. Fourteen percent (14%) believe it would have no impact and 11% are notsure. These figures are little changed from a few weeks ago. …”
House passes Ryan’s ’12 budget; conservatives want more cuts
“…The House on Friday approved a fiscal year 2012 budget resolution from Budget Committee Chairman Paul Ryan (R-Wis.) that seeks to drastically limit government spending next year and in years to follow.
But the vote on the measure — which imposes $5.8 trillion in spending cuts over the next decade — came after a clear sign that at least half of the Republican Caucus supports even tougher spending cuts.
The final tally was 235-193, with four Republicans opposing it. They were Reps. Ron Paul (Texas), Denny Rehberg (Mont.), Walter Jones (N.C.) and David McKinley (W.Va.).
Rehberg, the appropriator in charge of health spending, is running for Montana’s Senate seat.
Majority Whip Kevin McCarthy (R-Calif.) said listening sessions with Republican members made it the strongest vote of the year.
“This is the process we should follow on all votes,” he said.
Every Democrat voted “no.” …”
House passes cut, cap and balance — and a deal is in sight
By Jennifer Rubin
“…The Republican-controlled House defied a presidential veto threat Tuesday night in approving a bill to amend the Constitution to require a balanced federal budget. But Speaker John A. Boehner acknowledged that a backup plan is needed, and a Senate GOP leader said he expects such an alternative to win his chamber’s approval.
Read Full Post | Make a Comment ( None so far )The House voted 234 to 190 in favor of the “Cut, Cap and Balance Act,” which the White House has said will be vetoed in the unlikely event it passes the Senate and reaches President Obama’s desk. Faced with those prospects, Boehner told reporters that it would also be responsible to consider a backup plan for raising the federal debt ceiling and thus averting a potentially disastrous default on U.S. obligations.
Tea Party Democrats, Republicans, and Independents Betrayed–Tell The Democratic and Republican Establishments To Balance The Budget and Cut The Debt Ceiling–Just Say No To Obama, Reid, Boehner and Ryan Unbalanced Budgets–Videos
Lying Politicians And Words
“By and large, language is a tool for concealing the truth.”
~George Carlin
“You can fool all the people some of the time, and some of the people all the time, but you cannot fool all the people all the time.”
~Abraham Lincoln
Freedom is the Only Solution
Ron Paul on Debt limit and Boehner’s bill
Ron Paul on Freedom Watch: We Are Defaulting Either Way
7-28-11 – Sen. Rand Paul on Fox News with Greta Van Susteran – 07-27-11
Rand Paul Blasts Reid, Boehner Plans [FOX 7-27-2011]
Ron Paul on Freedom Watch 07/27/11
Ron Paul to Congress: If Debt Is the Problem, Why Do You Want More of It?
The Laura Ingraham Show – Speaker John Boehner answers tea party criticism
Office of the Majority Whip | Balanced Budget Amendment Video
Debt Ceiling Crisis: Boehner vs. Tea Party
SA@TAC – Ron Paul’s Pledge to America
Smoke and Mirrors on Spending Cuts
House GOP’s $61 Billion Spending Cuts in Perspective
John Boehner Goes Back On The Head Of The Republican Parties Radio Show Rush Limbaugh
McCain to Republicans: Pushing Balanced Budget Amendment is “Bizarro”
FOX: DeMint Slams Reid & Boehner Plans
Mark Levin Interviews Jim Demint – I’m Not Encouraged By Whats Going On In Washington Right Now
Ron Paul Ad – Conviction
The tea party movement has been betrayed by the Republican Party establishment leadership including John Boehner, Eric Cantor, Mitch McConnell and Paul Ryan.
The big dirty secret the ruling class in Washington D.C. do not want the American people to know is the Fiscal Year 2012 budget will be in deficit by about $1,000 billion.
The Boehner bill will add over $7,000 billion in additional debt over the next ten years and would not balance in any of the next ten years!
This is not fiscally responsible nor is it a “balanced approach”.
This is business as usual and a betrayal of the American people and the conservative, libertarian and tea party movements.
The Democratic and Republican Establishments aka the “ruling class” are addicted to spending money the American people do not have on things the American people do not need.
The Democratic and Republican Establishments try to fool the American people with phony cuts in the growth of the current services baseline budget by emphasizing trillion-dollar “cuts” over a ten-year budget timeframe.
There are never any cuts in the current service baseline budget only cuts in the growth rates over ten years of the budget baseline.
Underwhelming Spending Cuts from Congress and Obama
“Cut, Cap and Balance,” the Debt Ceiling and Federal Spending
The American people are not fooled by this nonsense and rubbish.
The only year that counts is Fiscal Year 2012 that starts October 1, 2011 and ends September 30, 2012.
The only cuts that are real are actual cuts in the budget baseline itself and not cuts in the rate of growth of that baseline.
Dan Mitchell Exposing DC’s Fake Spending-Cut Scam with Judge Napolitano
It’s Simple to Balance The Budget Without Higher Taxes
Ron Paul to Congress: Freeze Big Government!
Ron Paul knew everything
Stop budgeting to the current services budget baseline and budget to estimated tax revenue collections.
Stop closed-door deals, commissions, select committees and gangs.
Stop lying and misleading the American people.
Vote against any budget that is not balanced.
Vote against any increase in the National Debt ceiling.
Vote for closing permanently Government Departments, agencies and hundreds of programs.
Vote for cutting the Budget Baseline not for cutting the rate of growth of the Budget Baseline!
Vote for the FairTax.
The political ruling class is bought and paid for and are wrecking the economy, destroying jobs and killing the American Dream.
The American people will eventually learn the secret and that both political parties have been lying to them.
A plague on both political parties.
Both political parties are responsible for the bloated budgets and massive deficits.
Let the party establishments clean their own mess up.
The Democratic and Republican Party establishments simply do not give a flip about the American people.
The conservative, libertarian and tea party movements will need to challenge Republican office holders in the primaries and the Democrats in the general election.
Suggest you listen to the late George Carlin.
George Carlin -“Who Really Controls America”
“Inside every cynical person, there is a disappointed idealist.”
“Always do whatever’s next.”
~George Carlin
Background Articles and Videos
Neither the Republican Party nor Democratic Party Fiscal Year 2012 budget proposals are the road to peace and prosperity but a Tea Party budget with balanced budgets most definitely is:
Which Budgets Are Balanced And Living Within The Means of The American People?
4/5/11 Republican Leadership Press Conference
O’Reilly — Does Obama Care About the Economy?
Democrats’ Budget Plan – “Blank Check”
Democratic Party Budget Proposals
|
S-1 FY2012 President’s Budget (Nominal Dollars in Billions) |
||||
| Fiscal Year | Outlays | Revenues | Deficits | Debt Held By Public |
| 2011 | 3,819 | 2,174 | -1,645 | 10,856 |
| 2012 | 3,729 | 2,627 | -1,101 | 11,881 |
| 2013 | 3,771 | 3,003 | -768 | 12,784 |
| 2014 | 3,977 | 3,333 | -646 | 13,562 |
| 2015 | 4,190 | 3,583 | -607 | 14,301 |
| 2016 | 4,468 | 3,819 | -649 | 15,064 |
| 2017 | 4,669 | 4,042 | -627 | 15,795 |
| 2018 | 4,876 | 4,257 | -619 | 16,513 |
| 2019 | 5,154 | 4,473 | -681 | 17,284 |
| 2020 | 5,442 | 4,686 | -735 | 18,103 |
| 2021 | 5,697 | 4,923 | -774 | 18,967 |
| 2012-2021 | 45,952 | 38,747 | -7,205 | n.a. |
http://www.whitehouse.gov/sites/default/files/omb/budget/fy2012/assets/tables.pdf
Republican Party Budget Proposals
|
S-1 FY2012 Chairman’s Markup (Nominal Dollars in Billions) |
||||
| Fiscal Year | Outlays | Revenues | Deficits | Debt Held By Public |
| 2011 | 3,618 | 2,230 | -1,388 | 10,351 |
| 2012 | 3,529 | 2,533 | -995 | 11,418 |
| 2013 | 3,559 | 2,860 | -699 | 12,217 |
| 2014 | 3,586 | 3,094 | -492 | 12,801 |
| 2015 | 3,671 | 3,237 | -434 | 13,326 |
| 2016 | 3,858 | 3,377 | -481 | 13,886 |
| 2017 | 3,998 | 3,589 | -408 | 14,363 |
| 2018 | 4,123 | 3,745 | -379 | 14,800 |
| 2019 | 4,352 | 3,939 | -414 | 15,254 |
| 2020 | 4,544 | 4,142 | -402 | 15,681 |
| 2021 | 4,739 | 4,354 | -385 | 16,071 |
| 2012-2021 | 39,958 | 34,870 | -5,088 | n.a. |
http://budget.house.gov/UploadedFiles/PathToProsperityFY2012.pdf
Sen. Toomey Unveils his FY 2012 Budget
Senator Pat Toomey Talks with Michael Medved about his Budget
| S-1 FY2012 Senator Pat Toomey(Nominal Dollars in Billions) | ||||
| Fiscal Year | Outlays | Revenues | DeficitsSurplus | Debt Held By Public |
| 2011 | 3,625 | 2,230 | -1,351 | 10,351 |
| 2012 | 3,477 | 2,538 | -919 | 11,418 |
| 2013 | 3,485 | 2,964 | -521 | 12,217 |
| 2014 | 3,509 | 3,216 | -291 | 12,801 |
| 2015 | 3,623 | 3,391 | -233 | 13,326 |
| 2016 | 3,765 | 3,524 | -241 | 13,886 |
| 2017 | 3,853 | 3,736 | -117 | 14,363 |
| 2018 | 3,955 | 3,916 | -39 | 14,800 |
| 2019 | 4,140 | 4,108 | -32 | 15,254 |
| 2020 | 4,302 | 4,325 | 23 | 15,681 |
| 2021 | 4,493 | 4,566 | 73 | 16,071 |
| 2012-2021 | 38,602 | 36,304 | -2298 | n.a. |
http://www.scribd.com/doc/55116239/Restoring-Balance-Final
SA@TAC – The GOP, War and the Debt
3/09/11: Sen. Rand Paul on balancing the budget
03/17/11: Sen. Rand Paul Introduces Five-Year Balanced Budget Plan
| S-1 FY2012 Senator Rand Paul(Nominal Dollars in Billions) | ||||
| Fiscal Year | Outlays | Revenues | DeficitsSurpluses | Debt Held By Public |
| 2011 | 3,708 | 2,228 | -1,480 | 10,430 |
| 2012 | 3,100 | 2,547 | -553 | 11,051 |
| 2013 | 3,152 | 2,755 | -397 | 11,532 |
| 2014 | 3,227 | 3,088 | -139 | 11,748 |
| 2015 | 3,360 | 3,244 | -116 | 11,942 |
| 2016 | 3,430 | 3,349 | 19 | 11,997 |
| 2012-2016 | 16,269 | 15,083 | -1,188 | n.a. |
http://campaignforliberty.com/materials/RandBudget.pdf
Tea Party Budget Proposals
| S-1 FY2012 Tea Party’s Balanced/Surplus Budget(Nominal Dollars in Billions) | ||||
| Fiscal Year | Outlays | Revenues | Surpluses | Debt Held By Public |
| 2012 | 2,500 | 2,500 | 0 | 10,900 |
| 2013 | 2,800 | 2,800 | 0 | 10,900 |
| 2014 | 3,000 | 3,000 | 0 | 10,900 |
| 2015 | 3,200 | 3,200 | 0 | 10,900 |
| 2016 | 3,300 | 3,300 | 0 | 10,900 |
| 2017 | 3,400 | 3,500 | 100 | 10,800 |
| 2018 | 3,500 | 3,700 | 200 | 10,600 |
| 2019 | 3,600 | 3,900 | 300 | 10,300 |
| 2020 | 3,700 | 4,000 | 300 | 10,000 |
| 2021 | 3,800 | 4,300 | 500 | 9,500 |
| 2012-2021 | 32,800 | 34,200 | 1,400 | n.a. |
Peter Ferrara’s Too-Nice Attack on Phony Washington Budget Deals
Posted by Daniel J. Mitchell
“…Writing in the Wall Street Journal, Peter Ferrara of the Institute for Policy Innovation explains that Washington budget deals don’t work because politicians never follow through on promised spending cuts. This is a very relevant argument, since President Obama’s so-called Deficit Reduction Commission supposedly is considering a deal featuring $3 of spending cuts for every $1 of tax increases (disturbingly reminiscent of what was promised — but never delivered — as part of the infamous 1982 TEFRA budget scam).
Washington’s traditional approach to balancing the budget is to negotiate an agreement on a package of benefit cuts and tax increases. President Obama’s deficit commission seems likely to recommend just this strategy in December. The problem is that it never works. What happens is the tax increases get permanently adopted into law. But the spending cuts are almost never fully adopted and, even if they are, they are soon swept away in the next spendthrift budget. Then — because taxes weaken incentives to produce — the tax increases don’t raise the revenue that Congress initially projected and budgeted to spend. So the deficit reappears.
In 1982, congressional Democrats promised President Ronald Reagan $3 in spending cuts for every dollar in tax increases. Reagan went to his grave waiting for those spending cuts. Then there was the budget deal in 1990, when President George H.W. Bush agreed to violate his famous campaign pledge — “Read my lips, no new taxes,” he had said in 1988 — in pursuit of a balanced budget. But after the deal, the deficit increased substantially: to $290 billion in 1992 from $221 billion in 1990.
As the excerpt indicates, Peter’s column is solid and everything he writes is correct, but it suffers from one major sin of omission. He should have exposed the dishonest practice of using “current services” or “baseline” budgeting. This is the clever Washington practice of assuming that all previously planned spending increases should go into effect and categorizing any budget that increases spending by a lower amount as a spending cut. In other words, if the hypothetical “baseline” budget increases by 7 percent, and a budget is proposed that increases spending by 4 percent, that 4 percent spending increase magically gets transformed into a 3 percent spending cut.
Politicians love “current services” or “baseline” budgeting for two reasons. First, it allows them to have their cake and eat it too. They can simultaneously shovel more money to interest groups while telling voters they are “cutting” spending. Second, it rigs the process in favor of bigger government. This is because lawmakers who actually propose to restrain the growth of spending can be lambasted for wanting “savage” and “draconian” budget cuts totaling “trillions of dollars” when all they’re actually proposing is to have spending grow by less than the so-called baseline. But since people in the real world use honest math rather than “current services” math, they assume that spending is being reduced next year by some large amount compared to what is being spent this year. And if the phony budget cut numbers sound too big (especially for specific programs such as Medicare or Medicaid), they sometimes conclude that it would be better to raise taxes.
Speaking of which, the same misleading process works on the revenue side of the budget. The politicians automatically get to keep whatever additional revenue is generated by population growth and higher incomes, which is not trivial since revenue in a typical year grows faster than nominal GDP. But when they do a budget deal featuring X dollars of tax increases for every Y dollars of spending cuts, the additional taxes are always on top of the revenue increases that already are occurring. And since the supposed spending cuts invariably are nothing more than reductions in planned increases, it should come as no surprise that the burden of spending always seems to increase. …”
http://www.cato-at-liberty.org/peter-ferraras-too-nice-attack-on-phony-washington-budget-deals/
Tim Russert Interviews George Carlin
George Carlin interview (1996) – Late Show with Tom Snyder, part 1
George Carlin interview (1996) – Late Show with Tom Snyder, part 2
George Carlin interview (1996) – Late Show with Tom Snyder, part 3
George Carlin On His Time In The Military
Related Posts On Pronk Palisades
The President Obama Exposed As An Empty Suit That Negotiates In Bad Faith With No Democratic Party or Presidential Plan–All Talk and No Walk–Videos
The Pronk Plan for A Peace and Prosperity Economy–Videos
Related Posts On Pronk Pops
Pronk Pops Show 37, July 20, 2011–Segment 0: President Obama Lies and Scares People On Social Security–Stop Spending and Balance The Budget!–Videos
Pronk Pops Show 37, July 20, 2011: Segment 1: The American People’s Solution To Economic Stagnation: Increase National Debt Ceiling By $2,000 Billion To $16,300 Billion In Exchange For Passage of A Balanced Budget Amendment And The FairTax Bills And Repealing The Income Tax 16th Amendment To U.S. Constitution–A Balanced, Fair And Transparent Approach To Creating Jobs and Growing A Peace and Prosperity Economy–Videos
Pronk Pops Show 37, July 20, 2011: Segment 2: It’s Time For A Permanent, Prevasive and Predictable Stimulus Package–The FairTax–Launching A Peace and Prosperity Economy–Videos
Pronk Pops Show 37, July 20, 2011: Segment 3: Senator Tom Coburn’s
Read Full Post | Make a Comment ( None so far )Memo To Tea Party Constitutional Republicans–Insist That 10% Of Any National Debt Increase Be A Cut In The Fiscal Year 2012 House of Representatives Budget Resolution–Videos
“A Conservative is a fellow who is standing athwart history yelling ‘Stop!'”
~William F. Buckley, Jr.
Understanding The Debt Crisis In The U.S.
Ron Paul: Rein in Government Spending to Reduce the Debt
The CPI chart on the home page reflects our estimate of inflation for today as if it were calculated the same way it was in 1990. The CPI on the Alternate Data Series tab here reflects the CPI as if it were calculated using the methodologies in place in 1980. In general terms, methodological shifts in government reporting have depressed reported inflation, moving the concept of the CPI away from being a measure of the cost of living needed to maintain a constant standard of living.
http://www.shadowstats.com/alternate_data/inflation-charts
Ron Paul to Congress: If Debt Is the Problem, Why Do You Want More of It?
Ron Paul: I’ll Vote Against Raising the Debt Limit
Ron Paul Ad – Conviction
Ron Paul ‘Annoyed’ at President Obama
Ron Paul Talks on The Federal Reserves Manipulation of US Dollar & The Tyranny of the TSA
Peter Schiff Responds to Timothy Geithner on Debt Ceiling He’s just making this stuff up!
A Promise That Cannot Be Kept | THE PLAIN TRUTH by Judge Napolitano
An open letter from Judge Andrew Napolitano to Speaker John Boehner
Underwhelming Spending Cuts from Congress and Obama
Dan Mitchell Exposing DC’s Fake Spending-Cut Scam with Judge Napolitano
“Cut, Cap and Balance,” the Debt Ceiling and Federal Spending
Dan Mitchell Talking about Downgrades and Debt Limit with Kudlow on CNBC
“Every Man Cannot Have His Way In All Things” President Obama Address
GOP Response To President Obama’s Debt Ceiling Address – 07/25/11
“A wise and frugal government, which shall leave men free to regulate their own pursuits of industry and improvement, and shall not take from the mouth of labor the bread it has earned – this is the sum of good government.”
~Thomas Jefferson
The American people want government spending to be cut, the budget balanced and no increase the national debt ceiling starting in Fiscal Year 2012.
The only real cuts in the Federal government spending are cuts to the budget baseline for Fiscal Year 2012 not cuts in the rate of growth of the baseline.
Please downsize the government by closing Departments, Agencies and programs and not voting for an increase the National Debt ceiling.
The time has come to furlough without pay non-essential government employees starting on August 2, 2011.
If you must betray the Tea Party and conservative movements and the American people at least insist that for every dollar increase in the national debt ceiling at least 10 cents be cut from the House of Representatives Fiscal Year 2012 Budget Resolution:
FY 2012 Budget Resolution
( Nominal Dollars In Billions)
OUTLAYS 3,529
REVENUES 2,533
DEFICIT 995
DEBT HELD BY THE PUBLIC 11,418
As A Share of GDP
OUTLAYS 22.5
REVENUES 16.1
DEFICIT 6.3
DEBT HELD BY THE PUBLIC 72.8
http://budget.house.gov/UploadedFiles/SummaryTables.pdf
If you vote for a $1,000 billion increase in the National Debt ceiling then require the House of Representatives Fiscal Year 2012 Budget Resolution be cut by $100 billion to $3,429 billion with a $885 billion dollar deficit.
If you vote for a $2,000 billion increase in the National Debt ceiling then require the House of Representatives Fiscal Year 2012 Budget Resolution be cut by $200 billion to $3,329 billion with a $785 billion dollar deficit.
If you vote for a $3,000 billion increase in the National Debt ceiling then require the House of Representatives Fiscal Year 2012 Budget Resolution be cut by $300 billion to $3,229 billion with a $685 billion dollar deficit.
If you vote for a $4,000 billion increase in the National Debt ceiling then require the Fiscal Year Budget be cut by $400 billion to $3,129 with a $585 billion dollar deficit.
If you vote for a $10,000 billion increase in the National Debt ceiling then require the Fiscal Year Budget be cut by $1,000 billion to $2, 529 with a $ 4 billion dollar surplus.
Otherwise you will be considered a traitor to the Tea Party movement and be voted out of office in 2012.
Either you are a Constitutionalist Republican or an Establishment Republican, you are either with the tea party or you are against the Tea party.
If you go back to the Fiscal Year 2005 government spending or outlay level, you can balance the budget this year.
I agree with President Obama that we need comprehensive tax reform and Speaker Boehner that we need something dramatic or a breakthrough.
Pass the FairTax to increase economic growth, jobs, savings, investment, productivity and even tax revenues by expanding the tax base.
The FairTax would replace the current Federal income, payroll, gift and estate taxation system which everyone agrees is too complex, costly and unfair.
The FairTax: It’s Time
Lugar Cosponsors the FairTax
Ron Paul on Taxes
Start listening to Ron Paul if you want to get re-elected.
No more commissions or backroom deals.
Cut spending now!
The choice is yours.
“It is incumbent on every generation to pay its own debts as it goes. A principle which if acted on would save one-half the wars of the world.”
~Thomas Jefferson
Background Articles and Video
Sen. Toomey Gives a Speech on the Debt Limit at AEI
Smoke and Mirrors on Spending Cuts
Ron Paul on the U.S. Government’s Debt Crisis
The Debt Limit: Made Simple
Ron Paul 2012 Amazing!!!
Rasmussen Reports
Most Voters Are Unhappy With Both Sides in the Debt Ceiling Debate
“…Most voters don’t care much for the way either political party is performing in the federal debt ceiling debate.
The latest Rasmussen Reports national telephone survey finds that 58% of Likely U.S. Voters at least somewhat disapprove of the way President Obama and congressional Democrats are handling the debate over the debt ceiling, with 38% who Strongly Disapprove. But 53% also disapprove of how congressional Republicans are handling the debate, including 32% who Strongly Disapprove.
Just 36% approve of how Obama and Democrats are doing, with 10% who Strongly Approve. Forty percent (40%) approve of the GOP’s performance, including 13% who Strongly Approve. (To see survey question wording, click here.)
While the two sides continue to wrangle over how to avoid defaulting on the government’s massive debt load, most voters nationwide are worried the final deal will raise taxes too much and cut spending too little.
Whatever spending cuts are in the final deal, 49% of all voters don’t think the government will actually cut the spending agreed upon. A commentary by Scott Rasmussen, published in Politico, put it this way: “Based on the history of the past few decades, voters have learned that politicians promising unspecified spending cuts should be treated with all the credibility of a six-year old boy caught with his hand in the cookie jar promising to be good for the rest of his life.” …”
Rasmussen Reports
55% Oppose Tax Hike In Debt Ceiling Deal
“…As the Beltway politicians try to figure out how they will raise the debt ceiling and for how long, most voters oppose including tax hikes in the deal.
Just 34% think a tax hike should be included in any legislation to raise the debt ceiling. A new Rasmussen Reports national telephone survey finds that 55% disagree and say it should not. …”
“…There is a huge partisan divide on the question. Fifty-eight percent (58%) of Democrats want a tax hike in the deal while 82% of Republicans do not. Among those not affiliated with either major political party, 35% favor a tax hike and 51% are opposed.
Americans who earn more than $75,000 a year are evenly divided as to whether a tax hike should be included in the debt ceiling deal. Those who earn less are opposed to including tax hikes.
Voters remain very concerned about the debt ceiling issue. Sixty-nine percent (69%) believe that it would be bad for the economy if a failure to raise the debt ceiling led to government defaults. Only 6% believe it would be good for theeconomy. Fourteen percent (14%) believe it would have no impact and 11% are notsure. These figures are little changed from a few weeks ago. …”
House passes Ryan’s ’12 budget; conservatives want more cuts
“…The House on Friday approved a fiscal year 2012 budget resolution from Budget Committee Chairman Paul Ryan (R-Wis.) that seeks to drastically limit government spending next year and in years to follow.
But the vote on the measure — which imposes $5.8 trillion in spending cuts over the next decade — came after a clear sign that at least half of the Republican Caucus supports even tougher spending cuts.
The final tally was 235-193, with four Republicans opposing it. They were Reps. Ron Paul (Texas), Denny Rehberg (Mont.), Walter Jones (N.C.) and David McKinley (W.Va.).
Rehberg, the appropriator in charge of health spending, is running for Montana’s Senate seat.
Majority Whip Kevin McCarthy (R-Calif.) said listening sessions with Republican members made it the strongest vote of the year.
“This is the process we should follow on all votes,” he said.
Every Democrat voted “no.” …”
House passes cut, cap and balance — and a deal is in sight
By Jennifer Rubin
“…The Republican-controlled House defied a presidential veto threat Tuesday night in approving a bill to amend the Constitution to require a balanced federal budget. But Speaker John A. Boehner acknowledged that a backup plan is needed, and a Senate GOP leader said he expects such an alternative to win his chamber’s approval.
The House voted 234 to 190 in favor of the “Cut, Cap and Balance Act,” which the White House has said will be vetoed in the unlikely event it passes the Senate and reaches President Obama’s desk. Faced with those prospects, Boehner told reporters that it would also be responsible to consider a backup plan for raising the federal debt ceiling and thus averting a potentially disastrous default on U.S. obligations.
Neither the Republican Party nor Democratic Party Fiscal Year 2012 budget proposals are the road to peace and prosperity but a Tea Party budget with balanced budgets most definitely is:
Which Budgets Are Balanced And Living Within The Means of The American People?
4/5/11 Republican Leadership Press Conference
Democratic Party Budget Proposals
|
S-1 FY2012 President’s Budget (Nominal Dollars in Billions) |
||||
| Fiscal Year | Outlays | Revenues | Deficits | Debt Held By Public |
| 2011 | 3,819 | 2,174 | -1,645 | 10,856 |
| 2012 | 3,729 | 2,627 | -1,101 | 11,881 |
| 2013 | 3,771 | 3,003 | -768 | 12,784 |
| 2014 | 3,977 | 3,333 | -646 | 13,562 |
| 2015 | 4,190 | 3,583 | -607 | 14,301 |
| 2016 | 4,468 | 3,819 | -649 | 15,064 |
| 2017 | 4,669 | 4,042 | -627 | 15,795 |
| 2018 | 4,876 | 4,257 | -619 | 16,513 |
| 2019 | 5,154 | 4,473 | -681 | 17,284 |
| 2020 | 5,442 | 4,686 | -735 | 18,103 |
| 2021 | 5,697 | 4,923 | -774 | 18,967 |
| 2012-2021 | 45,952 | 38,747 | -7,205 | n.a. |
http://www.whitehouse.gov/sites/default/files/omb/budget/fy2012/assets/tables.pdf
Republican Party Budget Proposals
|
S-1 FY2012 Chairman’s Markup (Nominal Dollars in Billions) |
||||
| Fiscal Year | Outlays | Revenues | Deficits | Debt Held By Public |
| 2011 | 3,618 | 2,230 | -1,388 | 10,351 |
| 2012 | 3,529 | 2,533 | -995 | 11,418 |
| 2013 | 3,559 | 2,860 | -699 | 12,217 |
| 2014 | 3,586 | 3,094 | -492 | 12,801 |
| 2015 | 3,671 | 3,237 | -434 | 13,326 |
| 2016 | 3,858 | 3,377 | -481 | 13,886 |
| 2017 | 3,998 | 3,589 | -408 | 14,363 |
| 2018 | 4,123 | 3,745 | -379 | 14,800 |
| 2019 | 4,352 | 3,939 | -414 | 15,254 |
| 2020 | 4,544 | 4,142 | -402 | 15,681 |
| 2021 | 4,739 | 4,354 | -385 | 16,071 |
| 2012-2021 | 39,958 | 34,870 | -5,088 | n.a. |
http://budget.house.gov/UploadedFiles/PathToProsperityFY2012.pdf
Sen. Toomey Unveils his FY 2012 Budget
Senator Pat Toomey Talks with Michael Medved about his Budget
| S-1 FY2012 Senator Pat Toomey(Nominal Dollars in Billions) | ||||
| Fiscal Year | Outlays | Revenues | DeficitsSurplus | Debt Held By Public |
| 2011 | 3,625 | 2,230 | -1,351 | 10,351 |
| 2012 | 3,477 | 2,538 | -919 | 11,418 |
| 2013 | 3,485 | 2,964 | -521 | 12,217 |
| 2014 | 3,509 | 3,216 | -291 | 12,801 |
| 2015 | 3,623 | 3,391 | -233 | 13,326 |
| 2016 | 3,765 | 3,524 | -241 | 13,886 |
| 2017 | 3,853 | 3,736 | -117 | 14,363 |
| 2018 | 3,955 | 3,916 | -39 | 14,800 |
| 2019 | 4,140 | 4,108 | -32 | 15,254 |
| 2020 | 4,302 | 4,325 | 23 | 15,681 |
| 2021 | 4,493 | 4,566 | 73 | 16,071 |
| 2012-2021 | 38,602 | 36,304 | -2298 | n.a. |
http://www.scribd.com/doc/55116239/Restoring-Balance-Final
SA@TAC – The GOP, War and the Debt
3/09/11: Sen. Rand Paul on balancing the budget
03/17/11: Sen. Rand Paul Introduces Five-Year Balanced Budget Plan
| S-1 FY2012 Senator Rand Paul(Nominal Dollars in Billions) | ||||
| Fiscal Year | Outlays | Revenues | DeficitsSurpluses | Debt Held By Public |
| 2011 | 3,708 | 2,228 | -1,480 | 10,430 |
| 2012 | 3,100 | 2,547 | -553 | 11,051 |
| 2013 | 3,152 | 2,755 | -397 | 11,532 |
| 2014 | 3,227 | 3,088 | -139 | 11,748 |
| 2015 | 3,360 | 3,244 | -116 | 11,942 |
| 2016 | 3,430 | 3,349 | 19 | 11,997 |
| 2012-2016 | 16,269 | 15,083 | -1,188 | n.a. |
http://campaignforliberty.com/materials/RandBudget.pdf
Tea Party Budget Proposals
| S-1 FY2012 Tea Party’s Balanced/Surplus Budget(Nominal Dollars in Billions) | ||||
| Fiscal Year | Outlays | Revenues | Surpluses | Debt Held By Public |
| 2012 | 2,500 | 2,500 | 0 | 10,900 |
| 2013 | 2,800 | 2,800 | 0 | 10,900 |
| 2014 | 3,000 | 3,000 | 0 | 10,900 |
| 2015 | 3,200 | 3,200 | 0 | 10,900 |
| 2016 | 3,300 | 3,300 | 0 | 10,900 |
| 2017 | 3,400 | 3,500 | 100 | 10,800 |
| 2018 | 3,500 | 3,700 | 200 | 10,600 |
| 2019 | 3,600 | 3,900 | 300 | 10,300 |
| 2020 | 3,700 | 4,000 | 300 | 10,000 |
| 2021 | 3,800 | 4,300 | 500 | 9,500 |
| 2012-2021 | 32,800 | 34,200 | 1,400 | n.a. |
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Pass the FairTax and Balance The Budget starting Fiscal Year 2012, otherwise the American people will vote all of you out of office.
Both political parties are lying to the American people.
Neither political party can balance the budget.
For Fiscal Year 2012 the deficit will be about $1,000 billion.
This is not a balanced budget nor a balanced approach.
I am with Ron Paul.
No increase in the debt ceiling.
Start cutting the budget or cut your political throats.
The choice is all yours.
Read Full Post | Make a Comment ( 1 so far )
Conservative, Libertarian and Tea Party Movements Sold Out and Betrayed By Gang of Six and Progressive Republicans In Senate–Videos
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The estimated total tax revenues in Fiscal Year 2012 are estimated to be between $2,500 billion and $2,600 billion.
The gang of six Fiscal Year 2012 budget will have outlays or spending between $3,500 billion to $3,700 billion
The Fiscal Year 2012 will result in a deficit of over $1,000 billion under the gang of six’s plan.
The Fiscal Year 2012 budget for outlays or spending needs to be reduced by $500 billion to $3,000 billion or less.
This would result in a deficit of about $500 billion.
Any politician who votes for the gang of six so-called compromise balanced approach of more taxes now and spending cuts in the out years will not be getting my vote.
Both President Ronald Reagan and George H.W. Bush fell for a similar compromise of tax increases now for future spending cuts that never happened.
Reagan; Taxes and Budget Deficit: Revenue 19% of GDP; Spending is 23%; Revenue is sufficient
Cut spending and balance the budget in Fiscal Year 2012 and 2013.
Pass the FairTax bill.
Tax increases will put the economy into another recession or depression.
Monetization of the debt by the Federal Reserve only leads to defaulting on the debt by debasing or devaluing of the currency which results in rising prices or inflation and a decrease in the purchasing power of the U.S. dollar.
Explanation of Fed Monetizing US Debt
Quantitative Easing Explained
The gang of six compromise is a betrayal of the American people.
No deal.
Background Articles and Videos
Debt hope: Obama praises ‘Gang of Six’ plan
Obama, some Republicans laud Senate ‘Gang of Six’ deficits plan as a way ahead on debt limit
“…President Barack Obama and a startling number of Republican senators lauded a bipartisan deficit-reduction plan Tuesday that includes $1 trillion in higher taxes, raising hopes of a last-minute compromise to repair the nation’s finances while averting a government default. Wall Street saluted as well. …”
“…Unlike Obama, Sen. Jim DeMint, R-S.C. was harshly critical, calling McConnell’s approach “smoke and mirrors.”
“If Republicans do not show the political will to stop the spending, and use the debt limit to make our case, the party is gone,” he was quoted as saying on National Review Online.
The Gang of Six envisioned a two-stage process in which $500 billion in savings would be enacted swiftly, with the more complicated changes in programs like Medicare and Medicaid to follow.
http://finance.yahoo.com/news/Debt-hope-Obama-praises-Gang-apf-120819518.html?x=0
Obama Backs New Senate Debt Plan
“…The proposal would cut spending, overhaul entitlement programs such as Medicare, rework the tax code, and make significant changes to Social Security. He said he still hadn’t read all the details of the plan, and said it will be difficult for all parties to reach agreement.
The plan is sweeping in its scope but was thought for months to be both overly ambitious and slightly ambiguous, which nearly led the effort to collapse in recent weeks. But the plan was revived, in part by its lead authors—Sens. Mark Warner (D., Va.) and Saxby Chambliss (R., Ga.)—and the flood of bipartisan support coming out of the meeting surprised them both, the lawmakers said.
Senate Democratic leaders reacted cautiously, saying the Gang of Six plan had come too late to be incorporated into legislation increasing the debt ceiling.
Sen. Richard Durbin (D., Ill), one of six senators who helped crafted the plan, said it wouldn’t form part of a debt-ceiling package that must be passed by Congress before Aug. 2. Senate Majority Leader Harry Reid (D., Nev.) said he thought there could be elements of the plan that might be wrapped into the legislation increasing the debt ceiling.
Aides said the plan still lacked many crucial details. Its release, instead, would influence the budget landscape after Aug. 2, aides said. …”
“…Central parts of the plan would:
• Impose immediate spending cuts and caps that reduce the deficit by $500 billion over 10 years.
• Make changes to Social Security to make the program solvent over 75 years.
• Direct key congressional committees to find specific levels of deficit reduction within their areas of jurisdiction. If the committees fail, then five Democratic and five Republican senators would be able to offeKr their own deficit-reduction plan as a replacement.
Messrs. Warner and Chambliss said they asked the other lawmakers at the meeting to report back to them within 24 hours with any feedback, and several lawmakers said the group had already begun drafting legislation. …”
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I agree with Ron Paul and Michele Bachmann that the National Debt ceiling should not be increased.
I support and have signed the cut, cap, and balance pledge.
Only if both the balanced budget amendment and FairTax bills are passed with a provision repealing the income tax 16th Amendment would I support the raising of the National Debt ceiling by an amount not exceeding $2,000 billion.
This would require the Democratic Party in both the House of Representatives and Senate to vote for this and the President signing these bills.
Barring this, the President needs to start informing nonessential government employees that their jobs have been terminated.
The priorities for Federal Government outlays should be as follows:
1. Interest on the national debt
2. Social Security
3. Medicare and Medicaid
5. Department of Treasury
6. Department of Justice
7. Department of State
8. Department of Defense (60% of total budget outlays) with salaries of military personnel on active duty paid first.
The above is about 65% of total government expenditures or outlays.
The Federal government should start selling all of its real estate asset and gold to make up any shortfall in tax revenues.
The remaining Federal Departments need to be closed and only operations that are absolutely essential should continue operating.
It should take a minimum of two to five years to have the necessary 38 states ratify the Balanced Budget Amendment and an Amendment repealing the income tax 16th Amendment to the Consitution to the United States.
Until these amendments are ratified the U.S. Federal Government budget should be balanced and the income tax replaced by the consumption tax–The FairTax.
The Budget for Fiscal Year 2012 should not exceed $3,000 billion not the proposed $3,500 billion Republican budget which has a deficit of nearly $1,000 billion.
Congress should balance the budget starting in Fiscal Year 2013 at $ 3,000 billion or less.
Time for the House of Representatives to call President Obama’s bluff.
The American people want Federal Government spending to be drastically cut and all U.S. Federal Government budgets balanced starting no later than Fiscal year 2013.
The American people want all Federal Government taxes to be replaced with a national retail consumption sales tax on all new goods and services–the FairTax.
The FairTax should go into operation on January 1, 2013 at the latest and would replace all Federal Government taxes including income, payroll, gift and estate taxes.
The time has come to call the President’s bluff.
If the Democrats vote against this, then the American people will blame them for shutting down the Federal Government.
Background Articles and Videos
Legendary investor Jim Rogers- “Ron Paul is the only politician that has a clue”
http://en.wikipedia.org/wiki/Economy_of_the_United_States
| Summary of Outlays, Revenues (Receipts), Deficits, Surpluses Fiscal Years 1980-2010(Nominal Dollars in Millions) | |||
| Fiscal Year | Outlays | Revenues (Receipts) | Deficits (-), Surpluses |
| 1980 | 590,941 | 517,112 | -73,830 |
| 1981 | 678,241 | 599,272 | -78,968 |
| 1982 | 745,743 | 617,766 | –127,977 |
| 1983 | 808,364 | 600,562 | -207,802 |
| 1984 | 851,805 | 666,488 | -185,367 |
| 1985 | 946,344 | 734,037 | -212,308 |
| 1986 | 990,382 | 769,155 | -221,277 |
| 1987 | 1,004,017 | 854,288 | -149,730 |
| 1988 | 1,064,417 | 854,288 | -155,178 |
| 1989 | 1,143,744 | 991,105 | -152,639 |
| 1990 | 1,252,994 | 1,031,958 | -221,036 |
| 1991 | 1,324,226 | 1,054,988 | -269,238 |
| 1992 | 1,381,529 | 1,091,208 | -290,321 |
| 1993 | 1,409,386 | 1,154,335 | -255,051 |
| 1994 | 1,461,753 | 1,258,566 | –203,186 |
| 1995 | 1,515,742 | 1,351,790 | -163,392 |
| 1996 | 1,560,484 | 1,453,053 | -107,431 |
| 1997 | 1,601,116 | 1,579,232 | -21,884 |
| 1998 | 1,652,458 | 1,721,728 | 69,270 |
| 1999 | 1,701,842 | 1,827,452 | 125,610 |
| 2000 | 1,788,950 | 2,025,191 | 236,241 |
| 2001 | 1,862,846 | 1,991,082 | 128,236 |
| 2002 | 2,010,894 | 1,853,136 | –157,758 |
| 2003 | 2,159,899 | 1,782,314 | -377,585 |
| 2004 | 2,292,841 | 1,880,114 | -412,727 |
| 2005 | 2,471,957 | 2,153,611 | -318,346 |
| 2006 | 2,655,050 | 2,406,869 | -248,181 |
| 2007 | 2,728,686 | 2,567,985 | -160,701 |
| 2008 | 2,982,544 | 2,523,991 | -458,553 |
| 2009 | 3,517,677 | 2,104,989 | -1,412,688 |
| 2010 | 3,456,213 | 2,162,724 | -1,293,489 |
FINANCIAL MANAGEMENT SERVICE
STAR – TREASURY FINANCIAL DATABASE
TABLE 1. SUMMARY OF RECEIPTS, OUTLAYS AND THE DEFICIT/SURPLUS BY MONTH OF THE U.S. GOVERNMENT (IN MILLIONS)
ACCOUNTING DATE: 06/11
PERIOD RECEIPTS OUTLAYS DEFICIT/SURPLUS (-)
+ ____________________________________________________________ _____________________ _____________________ _____________________
PRIOR YEAR
OCTOBER 135,293 311,656 176,363
NOVEMBER 133,563 253,850 120,287
DECEMBER 218,919 310,329 91,410
JANUARY 205,239 247,873 42,634
FEBRUARY 107,520 328,429 220,909
MARCH 153,358 218,745 65,387
APRIL 245,260 327,950 82,689
MAY 146,794 282,721 135,927
JUNE 251,048 319,470 68,422
JULY 155,546 320,588 165,043
AUGUST 163,998 254,524 90,526
SEPTEMBER 245,207 279,813 34,607
YEAR-TO-DATE 2,161,746 3,455,949 1,294,204
CURRENT YEAR
OCTOBER 145,951 286,384 140,432
NOVEMBER 148,970 299,364 150,394
DECEMBER 236,875 315,009 78,134
JANUARY 226,550 276,346 49,796
FEBRUARY 110,656 333,163 222,507
MARCH 150,894 339,047 188,153
APRIL 289,543 329,929 40,387
MAY 174,936 232,577 57,641
JUNE 249,658 292,738 43,080
YEAR-TO-DATE 1,734,033 2,704,557 970,524
http://www.fms.treas.gov/mts/mts0611.txt
U.S. Federal Government Budget Receipts and Outlays
Totals Include On-Budget and Off-Budget Amounts
From Coolidge To Obama, In Billions of Dollars
| Total Budget | Percent of G.D.P. | |||||||
| President | Fiscal Year |
Receipts | Outlays | Surplus orDeficits | G.D.P. | Receipts | Outlays | Surplus orDeficit |
|---|---|---|---|---|---|---|---|---|
| Calvin Coolidge | 1930 | 4.1 | 3.3 | 0.7 | 97.4 | 4.2 | 3.4 | .8 |
| Herbert Hoover | 1931 | 3.1 | 3.6 | -0.5 | 83.9 | 3.7 | 4.3 | -0.6 |
| 1932 | 1.9 | 4.7 | -2.7 | 67.6 | 2.8 | 6.9 | -4.9 | |
| 1933 | 2.0 | 4.6 | -2.6 | 57.6 | 3.5 | 8.0 | -4.5 | |
| F.D.Roosevelt | 1934 | 3.0 | 6.5 | -3.6 | 61.2 | 4.8 | 10.7 | -5.9 |
| 1935 | 3.6 | 6.4 | -2.8 | 69.6 | 5.2 | 9.2 | -4.0 | |
| 1936 | 3.9 | 8.2 | -4.3 | 78.5 | 5.0 | 10.5 | -5.5 | |
| 1937 | 5.4 | 7.6 | -2.2 | 87.8 | 6.1 | 8.6 | -2.5 | |
| 1938 | 6.8 | 6.8 | -0.1 | 89.0 | 7.6 | 7.7 | -0.1 | |
| 1939 | 6.3 | 9.1 | -2.8 | 89.1 | 7.1 | 10.3 | -3.2 | |
| 1940 | 6.5 | 9.5 | -2.9 | 96.8 | 6.8 | 9.8 | -3.0 | |
| 1941 | 8.7 | 13.7 | -4.9 | 114.1 | 7.6 | 12.0 | -4.3 | |
| 1942 | 14.6 | 35.1 | -20.5 | 144.3 | 10.1 | 24.3 | -14.2 | |
| 1943 | 24.0 | 78.6 | -54.6 | 180.3 | 13.3 | 43.6 | -30.3 | |
| 1944 | 43.7 | 91.3 | -47.6 | 209.2 | 20.9 | 43.6 | -22.7 | |
| 1945 | 45.2 | 92.7 | -47.6 | 221.4 | 20.4 | 41.9 | -21.5 | |
| 1946 | 39.3 | 55.2 | -15.9 | 222.6 | 17.7 | 24.8 | -7.2 | |
| Harry S.Truman | 1947 | 38.5 | 34.5 | 4.0 | 233.2 | 16.5 | 14.8 | 1.7 |
| 1948 | 41.6 | 29.8 | 11.8 | 256.6 | 16.2 | 6.9 | 4.6 | |
| 1949 | 39.4 | 38.8 | 0.6 | 271.3 | 14.5 | 14.3 | 0.2 | |
| 1950 | 39.4 | 38.8 | 0.6 | 273.1 | 14.4 | 15.6 | -1.1 | |
| 1951 | 51.6 | 45.5 | 6.1 | 320.2 | 16.1 | 14.2 | 1.9 | |
| 1952 | 66.2 | 67.7 | -1.5 | 348.7 | 19.0 | 19.4 | -0.3 | |
| 1953 | 60.7 | 70.9 | -6.5 | 372.5 | 18.7 | 20.4 | -1.7 | |
| D.D.Eisenhower | 1954 | 69.7 | 70.9 | -1.2 | 377.0 | 18.5 | 18.8 | -0.3 |
| 1955 | 65.5 | 68.4 | -3.07 | 395.9 | 16.5 | 17.3 | -.8 | |
| 1956 | 74.6 | 70.6 | 3.9 | 427.0 | 17.5 | 16.5 | 0.9 | |
| 1957 | 80.0 | 76.6 | 3.4 | 450.9 | 17.7 | 17.0 | 0.8 | |
| 1958 | 79.6 | 82.4 | -2.8 | 460.0 | 17.3 | 17.9 | -0.6 | |
| 1959 | 79.2 | 92.1 | -12.8 | 490.2 | 16.2 | 18.8 | -2.6 | |
| 1960 | 92.5 | 92.2 | 0.3 | 518.9 | 17.8 | 17.8 | 0.1 | |
| 1961 | 94.4 | 97.7 | -3.3 | 529.9 | 17.8 | 18.4 | -1.3 | |
| John F.Kennedy | 1962 | 99.7 | 106.8 | -4.8 | 567.8 | 17.6 | 18.8 | -1.3 |
| 1963 | 106.6 | 111.3 | -4.8 | 599.2 | 17.8 | 18.4 | -0.6 | |
| Lyndon B.Johnson | 1964 | 112.6 | 118.5 | -5.9 | 641.5 | 17.6 | 18.5 | -0.9 |
| 1965 | 116.8 | 118.2 | -1.4 | 687.5 | 17.0 | 17.2 | -0.2 | |
| 1966 | 130.8 | 134.5 | -3.7 | 755.8 | 17.3 | 17.8 | -0.5 | |
| 1967 | 148.8 | 157.5 | -8.6 | 810.0 | 18.4 | 19.4 | -1.1 | |
| 1968 | 153.0 | 178.1 | -25.2 | 868.4 | 17.6 | 20.5 | -2.9 | |
| 1969 | 186.9 | 183.6 | 3.2 | 948.1 | 19.7 | 19.4 | -0.3 | |
| Richard N.Nixon | 1970 | 192.8 | 195.6 | -2.8 | 1,012.7 | 19.0 | 19.3 | -0.3 |
| 1971 | 187.1 | 210.2 | -23.0 | 1,080.0 | 17.3 | 19.5 | -2.1 | |
| 1972 | 207.3 | 230.7 | -23.4 | 1,176.5 | 17.6 | 19.6 | -2.0 | |
| 1973 | 230.8 | 245.7 | -14.9 | 1,310.6 | 17.6 | 18.7 | -1.1 | |
| 1974 | 263.2 | 269.4 | -6.1 | 1,438.5 | 18.3 | 18.7 | -0.4 | |
| Gerald R.Ford | 1975 | 279.1 | 332.3 | -53.2 | 1,560.2 | 17.9 | 21.3 | -3.4 |
| 1976 | 298.1 | 371.8 | -73.7 | 1,738.16 | 17.1 | 21.4 | -4.2 | |
| TQ | 81.2 | 96.0 | -14.7 | 459.4 | 17.7 | 20.0 | -3.2 | |
| 1977 | 355.6 | 409.2 | -53.7 | 1,973.5 | 18.0 | 20.7 | -2.7 | |
| Jimmy Carter | 1978 | 399.6 | 458.7 | -59.2 | 2,217.5 | 18.0 | 20.7 | -2.7 |
| 1979 | 463.3 | 504.0 | -40.7 | 2,501.4 | 18.5 | 20.1 | -1.6 | |
| 1980 | 517.1 | 590.9 | -73.8 | 2,724.2 | 19.0 | 21.7 | -2.7 | |
| 1981 | 599.3 | 678.2 | -79.0 | 3,057.0 | 19.6 | 22.2 | -2.6 | |
| Ronald Reagan | 1982 | 617.8 | 745.7 | -128.0 | 3,223.7 | 19.2 | 23.1 | -4.0 |
| 1983 | 600.6 | 808.4 | -207.8 | 3,440.7 | 17.5 | 23.5 | -6.0 | |
| 1984 | 666.4 | 851.8 | -185.4 | 3,844.4 | 17.3 | 22.2 | -4.8 | |
| 1985 | 734.0 | 946.3 | -212.3 | 4,146.3 | 17.7 | 22.8 | -5.1 | |
| Ronald Reagan | 1986 | 769.2 | 990.4 | -212.2 | 4,403.9 | 17.5 | 22.5 | -4.9 |
| 1987 | 854.3 | 1,004.0 | -149.7 | 4,651.4 | 18.4 | 21.6 | -3.2 | |
| 1988 | 909.2 | 1,064.4 | -155.2 | 5,008.5 | 18.2 | 21.3 | -3.0 | |
| 1989 | 991.1 | 1,143.7 | -152.6 | 5,399.5 | 18.4 | 21.2 | -4.9 | |
| George H.W.Bush | 1990 | 1,032.0 | 1,253.0 | -221.0 | 5,734.5 | 18.0 | 21.9 | -3.9 |
| 1991 | 1,055.0 | 1,324.2 | -269.2 | 5,930.5 | 17.8 | 22.3 | -4.5 | |
| 1992 | 1,091.2 | 1,381.5 | -290.3 | 6,242.0 | 17.5 | 22.1 | -4.7 | |
| 1993 | 1,154.3 | 1,409.4 | -255.1 | 6,587.3 | 17.5 | 21.4 | -3.9 | |
| William J. Clinton | 1994 | 1,258.6 | 1,461.8 | -203.2 | 6,976.6 | 2.8 | 6.9 | -4.9 |
| 1995 | 1,351.8 | 1,515.8 | -164.0 | 7,341.1 | 18.4 | 20.6 | -2.2 | |
| 1996 | 1,453.1 | 1,560.5 | -107.4 | 7,718.3 | 18.8 | 20.2 | -1.4 | |
| 1997 | 1,579.2 | 1,601.1 | -21.9 | 8,211.7 | 19.2 | 19.5 | -0.3 | |
| William J. Clinton | 1998 | 1,721.7 | 1,652.5 | 69.3 | 67.6 | 19.9 | 19.1 | 0.8 |
| 1999 | 1,827.5 | 1,701.8 | 125.6 | 9,208.4 | 19.8 | 18.5 | 1.4 | |
| 2000 | 2,025.2 | 1,789.0 | 236.2 | 9,821.0 | 20.6 | 18.2 | 2.4 | |
| 2001 | 1,991.1 | 1,862.9 | 128.2 | 10,225.3 | 19.5 | 18.2 | 1.3 | |
| George W.Bush | 2002 | 1,853.1 | 2,010.9 | -157.8 | 10,543.9 | 17.6 | 19.1 | -1.5 |
| 2003 | 1,782.3 | 2,159.9 | -377.6 | 10,979.8 | 16.2 | 19.7 | -3.4 | |
| 2004 | 1,880.1 | 2,292.9 | -412.7 | 11,685.6 | 16.1 | 19.6 | -3.5 | |
| 2005 | 2,153.6 | 2,472.0 | -318.3 | 12,445.7 | 17.3 | 19.9 | -2.6 | |
| George W.Bush | 2006 | 2,406.0 | 2,655.1 | -248.2 | 13,224.9 | 18.2 | 20.1 | -1.9 |
| 2007 | 2,568.0 | 2,728.7 | -160.7 | 13,896.0 | 18.5 | 19.6 | -1.2 | |
| 2008 | 2,524.0 | 2,982.6 | -458.6 | 14,439.0 | 17.5 | 20.7 | -3.2 | |
| 2009 | 2,105.0 | 3,517.7 | -1,412.7 | 14,237.2 | 14.8 | 24.7 | -9.9 | |
| Barack H.Obama | 2010 | 2,165.1 | 3,720.7 | -1,555.6 | 14,623.9 | 14.8 | 25.4 | -10.6 |
| estimates | 2011 | 2,567.2 | 3,833.9 | -1,266.7 | 15,299.0 | 16.8 | 25.1 | -8.3 |
| estimates | 2012 | 2,926.4 | 3,754.9 | -828.5 | 16,203.3 | 18.1 | 23.2 | -5.1 |
Prior to fiscal year 1977 the Federal fiscal years began on July 1 and ended on June 30. For example, John F. Kennedy assumed office on January 20, 1961, but the FY 1961 budget was prepared by the Eisenhower Administration.
In calendar year 1976 the July-September period was a separate accounting period (known as the transition quarter or TQ) to bridge the period required to shift to the new fiscal year.
The Fiscal Year begins on October 1 of the previous year. For example, Fiscal Year 2012 begins on October 1, 2011. For this reason, budget years appear to not correspond with a president’s administration. For example, Barack H. Obama took office in January 2009, but the FY 2009 budget was prepared by the Bush Administration.
Taxman Obama’s Hidden Tax Increase On The Rich That Results In Fewer Jobs And Lower Economic Growth vs. Ryan’s Long and Winding Road To Economic Stagnation vs. Senators Lee, DeMint and Paul’s Stairway To Peace and Prosperity With A Balanced Budget!–Videos
Pronk Pops Show 29:May 26, 2011
The Beatles – Taxman
One, two, three, four…
Hrmm!
One, two, (one, two, three, four!)
Let me tell you how it will be;
There’s one for you, nineteen for me.
‘Cause I’m the taxman,
Yeah, I’m the taxman.
Should five per cent appear too small,
Be thankful I don’t take it all.
‘Cause I’m the taxman,
Yeah, I’m the taxman.
(if you drive a car, car;) – I’ll tax the street;
(if you try to sit, sit;) – I’ll tax your seat;
(if you get too cold, cold;) – I’ll tax the heat;
(if you take a walk, walk;) – I’ll tax your feet.
Taxman!
‘Cause I’m the taxman,
Yeah, I’m the taxman.
Don’t ask me what I want it for, (ah-ah, mister Wilson)
If you don’t want to pay some more. (ah-ah, mister heath)
‘Cause I’m the taxman,
Yeah, I’m the taxman.
Now my advice for those who die, (taxman)
Declare the pennies on your eyes. (taxman)
‘Cause I’m the taxman,
Yeah, I’m the taxman.
And you’re working for no one but me.
Taxman!
The Contrast on Taxes – Pro-growth reform or Job Crushing Tax Hikes
The Budget Debate’s Missing Ingredient – Economic Growth
Paul Ryan at the Economic Club of Chicago: Shared Scarcity vs Renewed Prosperity
Neither higher taxes nor more deficits and a higher national debt are the path to economic growth and prosperity.
President Obama hides in his budget proposal a tax rate increase to 44% for the so-called rich whose businesses create wealth and jobs in America .
This is a great speech or talk by House Budget Committee Chairman Paul Ryan.
Unfortunately, while Paul Ryan talks the talk, his proposed Republican Budget simply does not walk the walk.
Congressman Ryan hides the Republican Party’s deficit in the open yet the press cannot even figure it out.
The proposed Ryan Republican budget for fiscal year 2012 results in an estimated deficit of $995 billion dollars or about another $1,000 billion increase in the national debt.
Yes, this is better than President Obama’s estimated Fiscal Year 2012 budget deficit of $1,101 billion.
Yet both proposed budgets are not fiscally responsible but business as usual for the Democratic and Republican Party establishments.
Neither the Republican nor Democratic Party budget proposals are the road to peace and prosperity but a Tea Party budget with balanced budgets most definitely is:
Which Budgets Are Balanced And Living Within The Means of The American People?
Republican Party Budget Proposals
|
S-1 FY2012 Chairman’s Markup (Nominal Dollars in Billions) |
||||
| Fiscal Year | Outlays | Revenues | Deficits | Debt Held By Public |
| 2011 | 3,618 | 2,230 | -1,388 | 10,351 |
| 2012 | 3,529 | 2,533 | -995 | 11,418 |
| 2013 | 3,559 | 2,860 | -699 | 12,217 |
| 2014 | 3,586 | 3,094 | -492 | 12,801 |
| 2015 | 3,671 | 3,237 | -434 | 13,326 |
| 2016 | 3,858 | 3,377 | -481 | 13,886 |
| 2017 | 3,998 | 3,589 | -408 | 14,363 |
| 2018 | 4,123 | 3,745 | -379 | 14,800 |
| 2019 | 4,352 | 3,939 | -414 | 15,254 |
| 2020 | 4,544 | 4,142 | -402 | 15,681 |
| 2021 | 4,739 | 4,354 | -385 | 16,071 |
| 2012-2021 | 39,958 | 34,870 | -5,088 | n.a. |
http://budget.house.gov/UploadedFiles/PathToProsperityFY2012.pdf
Democratic Party Budget Proposals
| S-1 FY2012 President’s Budget(Nominal Dollars in Billions) | ||||
| Fiscal Year | Outlays | Revenues | Deficits | Debt Held By Public |
| 2011 | 3,819 | 2,174 | -1,645 | 10,856 |
| 2012 | 3,729 | 2,627 | -1,101 | 11,881 |
| 2013 | 3,771 | 3,003 | -768 | 12,784 |
| 2014 | 3,977 | 3,333 | -646 | 13,562 |
| 2015 | 4,190 | 3,583 | -607 | 14,301 |
| 2016 | 4,468 | 3,819 | -649 | 15,064 |
| 2017 | 4,669 | 4,042 | -627 | 15,795 |
| 2018 | 4,876 | 4,257 | -619 | 16,513 |
| 2019 | 5,154 | 4,473 | -681 | 17,284 |
| 2020 | 5,442 | 4,686 | -735 | 18,103 |
| 2021 | 5,697 | 4,923 | -774 | 18,967 |
| 2012-2021 | 45,952 | 38,747 | -7,205 | n.a. |
http://www.whitehouse.gov/sites/default/files/omb/budget/fy2012/assets/tables.pdf
Tea Party Budget Proposals
| S-1 FY2012 Tea Party’s Balanced/Surplus Budget(Nominal Dollars in Billions) | ||||
| Fiscal Year | Outlays | Revenues | Surpluses | Debt Held By Public |
| 2012 | 2,500 | 2,500 | 0 | 10,900 |
| 2013 | 2,800 | 2,800 | 0 | 10,900 |
| 2014 | 3,000 | 3,000 | 0 | 10,900 |
| 2015 | 3,200 | 3,200 | 0 | 10,900 |
| 2016 | 3,300 | 3,300 | 0 | 10,900 |
| 2017 | 3,400 | 3,500 | 100 | 10,800 |
| 2018 | 3,500 | 3,700 | 200 | 10,600 |
| 2019 | 3,600 | 3,900 | 300 | 10,300 |
| 2020 | 3,700 | 4,000 | 300 | 10,000 |
| 2021 | 3,800 | 4,300 | 500 | 9,500 |
| 2012-2021 | 32,800 | 34,200 | 1,400 | n.a. |
The real problem is out of control government spending and unbalanced budgets for nearly three more decades.
Paul Ryan long and winding road to a balanced budget in twenty-five years or longer is not a path to prosperity but a road to economic stagnation and financial ruin for the United States.
I applaud Paul Ryan’s growth and jobs message.
However, more and more deficit spending and an ever increasing national debt are a recipe for failure.
Stop spinning and distracting us Mr. Ryan.
Balance the budget in Fiscal Year 2012 or you too will be replaced with someone from the tea party movement who will balance the budget and really cut spending.
Senators DeMint, Lee and Paul are on the right track for a peace and prosperity balanced budget that would cut spending by permanently closing Federal Departments.
Rand Paul “I Don’t Think We’re On A Path To Balancing The Budget”
3/09/11: Sen. Rand Paul on balancing the budget
03/17/11: Sen. Rand Paul Introduces Five-Year Balanced Budget Plan
Rep. Garrett explains the RSC plan to balance the budget in less than ten years on “Stossel”
However, five years is simply too slow and the cuts are too small.
The United States economy is on the brink of another recession that must be prevented by balancing the budget now to restore business and consumer confidence that Congress understands both the scope and urgency of problem.
Time is running out on both the Democratic and Republican Party establishment and their leadership.
With over thirty million American searching for a full time job, the American people will vote out of office both big spending Democrats and Republicans.
Food and gasoline prices as well the prices of imports and other goods and service are going up as the Federal Reserve devalues the dollar by massively increasing the money supply with so-called qunatitative easing.
In other words the purchasing power of your money is falling in value to pay for the Federal Government’s out of control spending.
Ron Paul: There’s Too Much Bipartisanship in Spending and Welfare/Warfarism
Ron Paul: Fall of the Federal Empire
The tea party movement wants balanced budgets and absolutely no increase in the National Debt ceiling.
Any Republican or Democratic in the House or Senate that votes for unbalanced budgets starting in Fiscal Year 2012 and an increase in the National Debt ceiling should be voted out of office in the next election.
Rep. Garrett dissects the debt ceiling with Judge Napolitano
National Debt Clock
Neither Taxman Obama nor The Long and Winding Road Ryan are the stairway to heaven with peace and prosperity.
George Michael – The Long And Winding Road
The Beatles The Long & Winding Road (2009 Stereo Remaster)
The long and winding road
That leads to your door
Will never disappear
I’ve seen that road before
It always leads me here
Lead me to your door.
The wild and windy night
That the rain washed away
Has left a pool of tears
Crying for the day.
Why leave me standing here?
Let me know the way.
Many times I’ve been alone
And many times I’ve cried,
Anyway you’ll never know
The many ways I’ve tried.
And still they lead me back
To the long, winding road
You left me standing here
A long, long time ago
Don’t leave me waiting here
Lead me to your door.
But still they lead me back
To the long winding road
You left me standing here
A long, long time ago (ohhh)
Don’t keep me waiting here (don’t keep me waiting)
Lead me to your door. (yeah yeah yeah yeah)
The tea party movement and the American people are looking for the piper of living within ones means with balanced budgets and a dollar that is stable in value or purchasing power.
The American people will be calling the tune and throwing out of office both Democrats and Republicans who waste the people’s hard earned money on all that glitters–warfare and welfare.
The American people are looking for a rock and not being rolled by yet another articulate but fundamentally deceitful politician.
Led Zeppelin-Stairway to Heaven
“Stairway To Heaven”
There’s a lady who’s sure all that glitters is gold
And she’s buying the stairway to heaven.
When she gets there she knows, if the stores are all closed
With a word she can get what she came for.
Ooh, ooh, and she’s buying the stairway to heaven.
There’s a sign on the wall but she wants to be sure
‘Cause you know sometimes words have two meanings.
In a tree by the brook, there’s a songbird who sings,
Sometimes all of our thoughts are misgiven.
Ooh, it makes me wonder,
Ooh, it makes me wonder.
There’s a feeling I get when I look to the west,
And my spirit is crying for leaving.
In my thoughts I have seen rings of smoke through the trees,
And the voices of those who stand looking.
Ooh, it makes me wonder,
Ooh, it really makes me wonder.
And it’s whispered that soon if we all call the tune
Then the piper will lead us to reason.
And a new day will dawn for those who stand long
And the forests will echo with laughter.
If there’s a bustle in your hedgerow, don’t be alarmed now,
It’s just a spring clean for the May queen.
Yes, there are two paths you can go by, but in the long run
There’s still time to change the road you’re on.
And it makes me wonder.
Your head is humming and it won’t go, in case you don’t know,
The piper’s calling you to join him,
Dear lady, can you hear the wind blow, and did you know
Your stairway lies on the whispering wind.
And as we wind on down the road
Our shadows taller than our soul.
There walks a lady we all know
Who shines white light and wants to show
How everything still turns to gold.
And if you listen very hard
The tune will come to you at last.
When all are one and one is all
To be a rock and not to roll.
And she’s buying the stairway to heaven.
Background Articles and Videos
47% See Major Changes in Defense, Social Security, Medicare As Necessary to Big Budget Cuts, 36% Don’t
“…Most voters know they want to cut government spending in a serious way, but despite the ongoing national budget-cutting debate, they don’t seem to recognize what that’s going to take.
The majority of U.S. federal spending is allotted to national defense, Social Security and Medicare. The latest Rasmussen Reports national telephone survey shows that just 47% of Likely U.S. Voters correctly recognize that it is necessary to make major changes in those areas to make truly significant long-term cuts in government spending. Thirty-six percent (36%) don’t believe big changes in these three areas are needed, while another 17% aren’t sure. (To see survey question wording, click here.)
This marks virtually no change from early April but shows increased voter awareness from February of last year.
The most high-profile plan for changing Medicare that’s currently on the table is the one proposed by Republican Congressman Paul Ryan of Wisconsin. That plan, which includes allowing individuals to purchase private health insurance as an alternative and raising the eligibility age from 65 to 67, has been denounced by most Democrats and even has drawn the criticism of Republican presidential hopeful Newt Gingrich.
But despite the attention politicians and pundits are giving Ryan’s plan, public views of it are virtually unchanged from late last month. Twenty-six percent (26%) of voters continue to favor Ryan’s budget proposal, while 34% are opposed to it. The plurality (40%) is not sure what they think of the plan. …”
Will ‘Watchdog’ Media Report on Obama’s Stealth Tax Hike?
By Lachlan Markay | May 23, 2011
“…New facts released by the office of House Budget Chairman Paul Ryan, R-Wis., reveal a hidden tax increase in President Obama’s budget proposal. Obama’s plan would, these facts demonstrate, impose a 20 percent increase in the top income tax rate – a significantly greater increase than the president has admitted.
The news media fancies itself a watchdog, so if the president is going to dramatically hike taxes, one would hope that Americans would hear about it first. But thus far, there has been almost no coverage of these stealth tax hikes. On Monday, Washington Post fact-checker Greg Kessler confirmed the veracity of Ryan’s claims. Whether other major media outlets report on them will be the true test.
Related Posts On Pronk Palisades
Herman Cain–The Tea Party Movement Candidate–Running On Cutting Spending, Opposing Higher Debt Ceiling, Enforcing Immigration Laws, Defunding Planned Parenthood, Nominating Pro Life Judges, And Passing The FairTax–Common Sense Solutions!–Videos
Pronk Pops Show 29:May 26, 2011
Who is Herman Cain ?
Herman Cain : We the People
Cain
Herman Cain on Taxes
Herman Cain on Jack Kemp
Herman Cain on ABC This Week panel June 5, 2011
Herman Cain 2012 Event! 1 of 3
2011 NRA Annual Meetings – Herman Cain – Celebration of American Values Leadership Forum
Herman Cain: “Priorities”
Herman Cain on America Live
Herman Cain on Sean Hannity – 5/23/11
Fox News Sunday – Exclusive With Herman Cain May 22 2011
Just Herman Cain’s Answers in First Republican Debate for 2012
All Ron Paul 2012 Presidential debate answers full HQ
Frank Luntz Focus Group Picks Winner of First GOP Debate!
Herman Cain: We Need to Secure the Border With Technology and Guns
Herman Cain – Immigration
Herman Cain Explains the Fair Tax
Herman Cain Discusses Fair Tax with Neil Cavuto
Herman Cain on Second Amendment and Abortion
Herman Cain Talks Social Issues
Herman Cain says if he runs for President he would defund Planned Parenthood
America Loves Herman Cain!
Herman Cain – We need to return to Gold Standard and Eliminate the Debt
Herman Cain : We the People
Is America Ready for Common Sense Solutions?
Herman Cain to Obama at CPAC: “U.S. Will Not Become U.S. of Europe on our Watch”
My favorites candidates for the office of President of The United States are Ron Paul, Michele Bachmann and Herman Cain.
The one thing all three have in common is character and integrity.
The one thing all three do not have is the support of the Republican Party establishment in Washington, D.C.
All three are pro life and would defund Planned Parenthood, all three want Federal Government spending cut with no increase in the National debt ceiling, and all three favor lower taxation and comprehensive income tax reform such as the FairTax
All three would make an outstanding President of the United States.
While my dream ticket is Ron Paul as the candidate for President and Michele Bachmann as the candidate for Vice-President on the Republican Party ticket, Herman Cain would make an excellent Secretary of the Treasury Department or Chairman of the Republican Party.
Let the American people decide for themselves who is the best candidate.
Background Articles and Videos
Rush Limbaugh – Herman Cain Is Serious Snerdley
Herman Cain versus Bill Clinton
Herman Cain – Bill Bennett – May 11, 2011
Glenn Beck Loves Herman Cain
Mark Levin Interviews Herman Cain
Herman Cain – Laura Ingraham
Herman Cain – Thomas Jefferson Comes to Dinner Part 1
Herman Cain – Thomas Jefferson Comes to Dinner Part 2
Herman Cain
“…Herman Cain (born December 13, 1945) is an American businessman, political activist, columnist, and radio host from Georgia. He is best known as the former chairman and CEO of Godfather’s Pizza. He is a former deputy chairman (1992–94) and chairman (1995–96) of the civilian board of directors to the Federal Reserve Bank of Kansas City. Before his business and economics career he worked as a mathematician in ballistics for the United States Navy.[2] Cain’s newspaper column is distributed by North Star Writers Group. He lives in the Atlanta suburbs.
In January 2011, Cain announced he had formed an exploratory committee for a potential presidential campaign for the Republican presidential nomination in 2012, and on May 21, 2011, Cain officially announced his candidacy.[3]
Background
Cain was born in Memphis, Tennessee on December 13, 1945, the son of Lenora (née Davis) and Luther Cain, Jr.[4][5] His mother was a cleaner and his father was a chauffeur.[2] He was raised in Georgia.[6] He graduated from Morehouse College in 1967 with a Bachelor of Arts degree in mathematics and received a Master of Science degree in computer science from Purdue University in 1971,[7] while he was also working full-time in ballistics for the U.S. Department of the Navy. Cain has authored four books: Leadership is Common Sense (1997), Speak as a Leader (1999), CEO of SELF (October 2001), and They Think You’re Stupid (May 2005).
Business career
After completing his master’s degree from Purdue, Cain left the Department of the Navy and began working for The Coca-Cola Company as a business analyst. In 1977, he joined Pillsbury where he rose to the position of vice president by the early 1980s. He left his executive post to work for Burger King – a Pillsbury subsidiary at the time – managing 400 stores in the Philadelphia area. Under Cain’s leadership, his region went from the least profitable for Burger King to the most profitable in three years. This prompted Pillsbury to appoint him president and CEO of Godfather’s Pizza, another of their then-subsidiaries. Within 14 months, Cain had returned Godfather’s to profitability. In 1988, Cain and a group of investors bought Godfather’s from Pillsbury. Cain continued as CEO until 1996, when he resigned to become CEO of the National Restaurant Association – a trade group and lobby organization for the restaurant industry – where he had previously been chairman concurrently with his role at Godfather’s.[8]
Cain became a member of the board of directors to the Federal Reserve Bank of Kansas City in 1992 and served as its chairman from January 1995 to August 1996, when he resigned to become active in national politics.[9] Cain was a 1996 recipient of the Horatio Alger Award.[10]
Media work
Cain hosted The Herman Cain Show on Atlanta talk radio station News Talk 750 WSB, a Cox Radio affiliate until February 2011 and serves as a commentator for Fox Business and a syndicated columnist distributed by the North Star Writers Group. In 2009, Cain founded “Hermanator’s Intelligent Thinkers Movement” (HITM), aimed at organizing 100,000 activists in every congressional district in the United States in support of a strong national defense, the FairTax, tax cuts, energy independence, capping government spending, and Restructuring Social Security.[11]
Political activities
Role in the defeat of the Clinton health care plan
Cain publicly opposed the 1993/1994 health care plan of President Bill Clinton and First Lady Hillary Rodham Clinton. While president-elect of the National Restaurant Association he challenged Bill Clinton on the costs of the employer mandate contained within the bill, criticizing its effect on small businesses. Cain has been described as one of the primary “saboteurs” of the plan:
- The Clintons would later blame “Harry and Louise,” the fictional couple in the ads aired by the insurance industry, for undermining health reform. But the real saboteurs are named Herman and John. Herman Cain is the president of Godfather’s Pizza and president-elect of the National Restaurant Association. An articulate black entrepreneur, Cain transformed the debate when he challenged Clinton at a town meeting in Kansas City, Mo., last April. Cain asked the president what he was supposed to say to the workers he would have to lay off because of the cost of the “employer mandate.” Clinton responded that there would be plenty of subsidies for small businessmen, but Cain persisted. “Quite honestly, your calculation is inaccurate,” he told the president. “In the competitive marketplace it simply doesn’t work that way.”[12]
Joshua Green of The Atlantic has called Cain’s exchange with Clinton his “auspicious debut on the national political stage.”[13]
1996 Senior Adviser of Dole/Kemp Campaign
Cain was a senior economic adviser to the Dole/ Kemp presidential campaign in 1996.[14]
2004 U.S. Senate candidacy
In 2004, Cain ran for the U.S. Senate in Georgia, pursuing the seat that came open with the retirement of Democrat Zell Miller. Cain sought the Republican nomination, facing congressmen Johnny Isakson and Mac Collins in the primary. Cain and Collins both hoped to deny Isakson a majority on primary day in order to force him into a runoff.[citation needed] Collins tried to paint Cain as a moderate,[15] citing Cain’s support for affirmative action programs, while Cain argued that he was a conservative, noting that he opposed the legality of abortion even in cases of rape and incest.[16] Cain finished second in the primary with 26.2% of the vote, ahead of Collins, who won 20.6%, but because Isakson won 53.2% of the vote, Isakson was able to avoid a runoff.[17]
2012 presidential candidacy
In 2010, “Cain addressed more than 40 Tea Party rallies, hit all the early presidential states, and became a YouTube sensation.”[6] In April, he teased the audience at the Southern Republican Leadership Conference about his being a possible 2012 presidential candidate by saying that there may be a “dark horse candidate.”[18][19] On September 24, 2010, Cain announced that he was considering a run for president in 2012 on the Republican Party ticket.[20] “In December, he was the surprise choice for 2012 GOP nominee in a reader poll on the conservative Web site RedState.com, narrowly edging out Palin.”[6]
Cain announced the formation of a presidential exploratory committee on January 12, 2011 on the Fox News Channel program Your World with Neil Cavuto.[21] [22]
Cain supports a non-federally subsidized efficient economic stimulus, saying: “We could grow this economy faster if we had bolder, more direct stimulus policies,” criticizing President Barack Obama’s stimulus plan as simply a “spending bill” instead of meaningful stimulus through permanent tax cuts.[23]
In December 2010, Jonah Goldberg of the National Review wrote of Cain: “it’s hard to imagine him amounting to more than an exciting also-ran.”[24]
In February 2011, Cain addressed the Conservative Political Action Conference (CPAC).[25] Ed Morrisey of the conservative website Hot Air said he “stole the show” and that some attendees were moved to tears by the speech.[26] In contrast, liberal website AlterNet accused Cain of pandering to white conservatives and referred to him and other black conservatives as “garbage pail kids”. Cain called the news website’s attacks racist and condemned its “shameful behavior”.[27]
Following a number of comments made by Cain regarding his attitudes toward Muslim people, he was asked in March 2011 if he would feel comfortable appointing a Muslim to his administration or as a Judge. Cain said “No, I will not … There’s this creeping attempt, there’s this attempt, to gradually ease Shariah Law, and the Muslim faith into our government. It does not belong in our government”[28][29] and he went on to cite court cases in Oklahoma[30] and New Jersey as evidence.[31] This led to criticisms of “bigotry” and “muslim bashing” from CAIR, whose spokesperson stated “It would be laughable if it weren’t having such a negative impact on the lives of Muslim Americans”.[32][33]
On May 5, 2011 Fox News presented a presidential campaign debate. Cain was one of five potential candidates who participated. (The others were Tim Pawlenty, Ron Paul, Gary E. Johnson and Rick Santorum as the higher-profile candidates declined Fox’s invitation.) Cain was declared the winner by pollster Frank Luntz after a show of hands among 29 debate witnesses who were chosen by Fox to act as a post-performance focus group.[34][35] …”
http://en.wikipedia.org/wiki/Herman_Cain
Herman Cain to Obama at CPAC: “U.S. Will Not Become U.S. of Europe on our Watch”
Herman Cain: Liberals ‘Don’t Want People to Know the Truth’
Related Posts On Pronk Palisades
Read Full Post | Make a Comment ( None so far )
National Debt Ceiling Hit–No More Increases In The National Debt Ceiling–Live Within Your Means By Balanced Budgets–Spending=Tax Revenues–Videos
Pronk Pops Show 28:May 18, 2011
Pronk Pops Show 27:May 9, 2011
Pronk Pops Show 26:May 5, 2011
Listen To Pronk Pops Podcast or Download Shows 27-28
Listen To Pronk Pops Podcast or Download Shows 22 (Part 2)-26
Listen To Pronk Pops Podcast or Download Shows 16-22 (Part 1)
Listen To Pronk Pops Podcast or Download Shows 10-15
Listen To Pronk Pops Podcast or Download Shows 1-9
http://online.wsj.com/article/SB10001424052748703421204576325583050561022.html
U.S. Debt Clock
http://www.usdebtclock.org/
The National Debt Crisis
Obama/Boehner’s Phony Spending Cuts
Dan Mitchell, Cato Institute, Debt Ceiling
The Federal Debt Limit and Credible Commitment
Ron Paul On Raising the Debt Ceiling
Charles Krauthammer With Hannity: “Debt Ceiling Disaster!”
Debt Ceiling Debate [NBC: 5-09-2011]
Boehner: Ready to cut a deal on debt limit
Peter Schiff: “Refuse to allow the debt ceiling to be raised”
U.S. Senator Mike Lee Proposes a Constitutional Amendment to Limit Congress’ Spending
Spend, Spend, Spend
The Tea Party vs. John Boehner
US Debt Ceiling is $14.3 Trillion
The Debt Limit: Made Simple
Rep. Ryan on Debt Ceiling: “You Can’t Tax Your Way Out of This Problem”
Ron Paul: I’ll Vote Against Raising the Debt Limit
FINANCIAL MANAGEMENT SERVICE
STAR – TREASURY FINANCIAL DATABASE
TABLE 1. SUMMARY OF RECEIPTS, OUTLAYS AND THE DEFICIT/SURPLUS BY MONTH OF THE U.S. GOVERNMENT (IN MILLIONS)
ACCOUNTING DATE: 04/11
PERIOD RECEIPTS OUTLAYS DEFICIT/SURPLUS (-)
+ ____________________________________________________________ _____________________ _____________________ _____________________
PRIOR YEAR
OCTOBER 135,293 311,656 176,363
NOVEMBER 133,563 253,850 120,287
DECEMBER 218,919 310,329 91,410
JANUARY 205,239 247,873 42,634
FEBRUARY 107,520 328,429 220,909
MARCH 153,358 218,745 65,387
APRIL 245,260 327,950 82,689
MAY 146,794 282,721 135,927
JUNE 251,048 319,470 68,422
JULY 155,546 320,588 165,043
AUGUST 163,998 254,524 90,526
SEPTEMBER 245,207 279,813 34,607
YEAR-TO-DATE 2,161,746 3,455,949 1,294,204
CURRENT YEAR
OCTOBER 145,951 286,384 140,432
NOVEMBER 148,970 299,364 150,394
DECEMBER 236,875 315,009 78,134
JANUARY 226,550 276,346 49,796
FEBRUARY 110,656 333,156 222,500
MARCH 150,894 339,047 188,153
APRIL 289,543 330,030 40,488
YEAR-TO-DATE 1,309,439 2,179,337 869,898
http://www.fms.treas.gov/mts/mts0411.txt
| Summary of Outlays, Revenues (Receipts), Deficits, Surpluses Fiscal Years 1980-2010(Nominal Dollars in Millions) | |||
| Fiscal Year | Outlays | Revenues (Receipts) | Deficits (-), Surpluses |
| 1980 | 590,941 | 517,112 | -73,830 |
| 1981 | 678,241 | 599,272 | -78,968 |
| 1982 | 745,743 | 617,766 | –127,977 |
| 1983 | 808,364 | 600,562 | -207,802 |
| 1984 | 851,805 | 666,488 | -185,367 |
| 1985 | 946,344 | 734,037 | -212,308 |
| 1986 | 990,382 | 769,155 | -221,277 |
| 1987 | 1,004,017 | 854,288 | -149,730 |
| 1988 | 1,064,417 | 854,288 | -155,178 |
| 1989 | 1,143,744 | 991,105 | -152,639 |
| 1990 | 1,252,994 | 1,031,958 | -221,036 |
| 1991 | 1,324,226 | 1,054,988 | -269,238 |
| 1992 | 1,381,529 | 1,091,208 | -290,321 |
| 1993 | 1,409,386 | 1,154,335 | -255,051 |
| 1994 | 1,461,753 | 1,258,566 | –203,186 |
| 1995 | 1,515,742 | 1,351,790 | -163,392 |
| 1996 | 1,560,484 | 1,453,053 | -107,431 |
| 1997 | 1,601,116 | 1,579,232 | -21,884 |
| 1998 | 1,652,458 | 1,721,728 | 69,270 |
| 1999 | 1,701,842 | 1,827,452 | 125,610 |
| 2000 | 1,788,950 | 2,025,191 | 236,241 |
| 2001 | 1,862,846 | 1,991,082 | 128,236 |
| 2002 | 2,010,894 | 1,853,136 | –157,758 |
| 2003 | 2,159,899 | 1,782,314 | -377,585 |
| 2004 | 2,292,841 | 1,880,114 | -412,727 |
| 2005 | 2,471,957 | 2,153,611 | -318,346 |
| 2006 | 2,655,050 | 2,406,869 | -248,181 |
| 2007 | 2,728,686 | 2,567,985 | -160,701 |
| 2008 | 2,982,544 | 2,523,991 | -458,553 |
| 2009 | 3,517,677 | 2,104,989 | -1,412,688 |
| 2010 | 3,456,213 | 2,162,724 | -1,293,489 |
For a history of the Federal Government’s Receipts (Revenues), Outlays, and Deficits and Surpluses
http://www.whitehouse.gov/omb/budget/Historicals
Ryan Unveils Much Anticipated 2012 Budget Plan
Freeze Federal Government spending outlays at $2,500 billion and the National Debt Ceiling at $15,000 billion for the next five to seven years until the Constitutional Balanced Budget Amendment is passed by the states.
Pass the Balanced Budget Amendment.
Pass the FairTax.
Which Budgets Are Balanced And Living Within The Means of The American People?
Republican Party Budget Proposals
|
S-1 FY2012 Chairman’s Markup (Nominal Dollars in Billions) |
||||
| Fiscal Year | Outlays | Revenues | Deficits | Debt Held By Public |
| 2011 | 3,618 | 2,230 | -1,388 | 10,351 |
| 2012 | 3,529 | 2,533 | -995 | 11,418 |
| 2013 | 3,559 | 2,860 | -699 | 12,217 |
| 2014 | 3,586 | 3,094 | -492 | 12,801 |
| 2015 | 3,671 | 3,237 | -434 | 13,326 |
| 2016 | 3,858 | 3,377 | -481 | 13,886 |
| 2017 | 3,998 | 3,589 | -408 | 14,363 |
| 2018 | 4,123 | 3,745 | -379 | 14,800 |
| 2019 | 4,352 | 3,939 | -414 | 15,254 |
| 2020 | 4,544 | 4,142 | -402 | 15,681 |
| 2021 | 4,739 | 4,354 | -385 | 16,071 |
| 2012-2021 | 39,958 | 34,870 | -5,088 | n.a. |
http://budget.house.gov/UploadedFiles/PathToProsperityFY2012.pdf
Democratic Party Budget Proposals
| S-1 FY2012 President’s Budget(Nominal Dollars in Billions) | ||||
| Fiscal Year | Outlays | Revenues | Deficits | Debt Held By Public |
| 2011 | 3,819 | 2,174 | -1,645 | 10,856 |
| 2012 | 3,729 | 2,627 | -1,101 | 11,881 |
| 2013 | 3,771 | 3,003 | -768 | 12,784 |
| 2014 | 3,977 | 3,333 | -646 | 13,562 |
| 2015 | 4,190 | 3,583 | -607 | 14,301 |
| 2016 | 4,468 | 3,819 | -649 | 15,064 |
| 2017 | 4,669 | 4,042 | -627 | 15,795 |
| 2018 | 4,876 | 4,257 | -619 | 16,513 |
| 2019 | 5,154 | 4,473 | -681 | 17,284 |
| 2020 | 5,442 | 4,686 | -735 | 18,103 |
| 2021 | 5,697 | 4,923 | -774 | 18,967 |
| 2012-2021 | 45,952 | 38,747 | -7,205 | n.a. |
http://www.whitehouse.gov/sites/default/files/omb/budget/fy2012/assets/tables.pdf
Tea Party Budget Proposals
| S-1 FY2012 Tea Party’s Balanced/Surplus Budget(Nominal Dollars in Billions) | ||||
| Fiscal Year | Outlays | Revenues | Surpluses | Debt Held By Public |
| 2012 | 2,500 | 2,500 | 0 | 10,900 |
| 2013 | 2,800 | 2,800 | 0 | 10,900 |
| 2014 | 3,000 | 3,000 | 0 | 10,900 |
| 2015 | 3,200 | 3,200 | 0 | 10,900 |
| 2016 | 3,300 | 3,300 | 0 | 10,900 |
| 2017 | 3,400 | 3,500 | 100 | 10,800 |
| 2018 | 3,500 | 3,700 | 200 | 10,600 |
| 2019 | 3,600 | 3,900 | 300 | 10,300 |
| 2020 | 3,700 | 4,000 | 300 | 10,000 |
| 2021 | 3,800 | 4,300 | 500 | 9,500 |
| 2012-2021 | 32,800 | 34,200 | 1,400 | n.a. |
Background Articles and Videos
Poll: Most Oppose Debt Limit Rise
“…House Republicans say that their budget, put together by Rep. Paul Ryan of Wisconsin, the Budget Committee chairman, will save Medicare and keep it secure for future retirees. Democrats say the opposite is true, that the GOP plan will end the entitlement program in its current form and force seniors to pay much more for their health care coverage.
The House passed the Republican plan last month, but it faces serious opposition in the Democratically controlled Senate.
The poll indicates that 60% of the public opposes raising the debt ceiling.
“One reason may be that while many Americans predict major problems if the debt ceiling were not increased, only one in six think it would create a crisis in the U.S. And only a quarter think that the debt ceiling affects their personal financial situation a great deal,” says Holland. …”
http://www.frumforum.com/poll-majority-oppose-debt-limit-rise
The Truth About the Debt Ceiling and Default
By Sen. Pat Toomey
“…But Secretary Geithner knows that congressional delay in raising the debt limit will in no way cause a default on our national debt. If Congress refuses to raise the debt ceiling, the federal government will still have more than enough money to fully service our debt. Next year, about 7 percent of all projected federal government expenditures will go to interest on our debt. Tax revenue is projected to cover at least 70 percent of all government expenditures. So, under any circumstances, there will be plenty of money to pay our creditors.
Moreover, as the Congressional Research Service has noted, the Treasury secretary himself has the discretion to decide which bills to pay first in the event that a cash flow shortage occurs. Thus, it is he who would have to consciously, and needlessly, choose to default on our debt if the debt ceiling is not promptly raised upon reaching it. It takes a lot of chutzpah to preemptively blame congressional Republicans for a default only he could cause.
To be sure, absent an increase in the debt limit, the resulting sudden, drastic spending cuts would be very disruptive and undesirable. That is why I have always argued that we should raise the debt limit once we have adopted the needed spending cuts and budgeting reforms. But disruptive and undesirable spending cuts are not the same thing as a catastrophic default on our debt. …”
As Debt Limit Reached, Agreement Still Far Off
“…The U.S. government is expected to hit the $14.294 trillion debt ceiling Monday, setting in motion an uncertain, 11-week political scramble to avoid a default.
The Treasury Department said Monday it will stop issuing and reinvesting government securities in certain government pension plans, part of a series of steps designed to delay a default until Aug. 2.
The Treasury’s moves buy time for the White House and congressional leaders to reach a deficit-reduction agreement that could clear the way for enough lawmakers to vote to raise the amount of money Congress allows the nation to borrow.
Gene Sperling, director of the National Economic Council, said reaching the debt ceiling “should be a warning bell to the political system that it’s time to get serious about preserving our full faith and credit.” The Obama administration says a default would tip the U.S. back into a financial crisis.
But the pathway to a deal remains unclear, even to those doing the negotiating. The White House and Republicans are giving conflicting signals about how close they are to a deal. Vice President Joe Biden said last week the contours of an agreement were taking shape. House Speaker John Boehner painted a different picture Sunday, saying on CBS’s Face the Nation “I’m not seeing any real action.”
Many Republicans and some Democrats have said they won’t vote to increase the debt ceiling without an accompanying deal to cut spending or tackle such longer-term fiscal problems as health-care costs. They argue the debt ceiling is a good venue to force changes needed to help secure the nation’s solvency. …”
http://online.wsj.com/article/SB10001424052748703421204576325583050561022.html
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Boehner Says No Debt Limit Boost Without Spending Cuts
Speaker Boehner’s Address to the Economic Club of New York on Jobs, Debt, Gas Prices
Background Articles and Videos
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Why debt limit issue may drag on through Election 2012
House Speaker John Boehner calls for trillions in spending cuts as a condition of raising the national debt limit. Is that bar so high that Congress will do short-term fixes – and wait for voters to speak in Election 2012?
By Gail Russell Chaddock, Staff writer / May 10, 2011
“…House Speaker John Boehner’s call for trillions in federal spending cuts as a condition for increasing America’s $14.3 trillion debt limit just raised the bar for budget talks between congressional leaders and the White House, set to resume Tuesday – a move likely to keep the debt limit issue running through the 2012 election.
Skip to next paragraph
Allowing the United States to default on its debt would be “irresponsible,” Speaker Boehner told the Wall Street financiers’ Economic Club of New York on Monday. “But it would be more irresponsible,” he said, “to raise the debt ceiling without simultaneously taking dramatic steps to reduce spending and reform the budget process.”
In laying down his marker, Boehner signals to the White House that Republicans will exact a high price to raise the debt ceiling, to be paid off in spending cuts, not tax increases. With Democrats rejecting cuts to Social Security and Medicare, there’s little left that could deliver the trillions in cuts. One alternative is to pass short-term debt-limit deals, each accompanied by spending cuts, until Americans weigh in on the issue in 2012 elections. Another is that Congress adopts dramatic structural moves to overhaul the budget process such as passing a balanced budget amendment to the Constitution – a long process that also would be certain to run through the 2012 election. …”
FULL TEXT: Speaker Boehner’s Address to the Economic Club of New York on Jobs, Debt, Gas Prices
Remarks by House Speaker John Boehner (R-OH)
Economic Club of New York, New York, NY
As Prepared for Delivery
May 9, 2011
“Chairman Tisch, thank you for that introduction. And thank you for the chance to be here.“Let me start by expressing my admiration for what you do. You come from many different backgrounds. But you’re united by a common interest in the prosperity and security of our nation.“Last night marked one week since the operation against Osama bin Laden, the man who orchestrated the horrific attack upon this city nearly 10 years ago.“Bringing justice to Bin Laden was an important moment for America and all of the free world. But the challenges that lie ahead here at home remain formidable.
“I’m grateful for the opportunity to share my thoughts tonight on how we need to address those challenges together, as a nation.
“I came to be Speaker of the House by way of small business.
“Before I ran for Congress, I was president of a small business in West Chester, Ohio — Nucite Sales. We were manufacturers representatives in the packaging and plastics industry.
“But Nucite wasn’t my first life experience with small business. That came earlier, when my brothers and I grew up mopping the floors of Andy’s Cafe, a tavern outside of Cincinnati established in the 1930s by my grandpa, Andrew, and run for decades by my dad, Earl.
“It would be fair to say I’m not from around here. I come from a working class family of what you’d call Kennedy Democrats. I have 11 brothers and sisters.
“These experiences taught me a lot, long before I entered government service.
“They taught me our economy is a product of our people. Our economy does best when government respects our people enough to give them the freedom to do what they do best.
“I believe our mission as legislators is to liberate our economy from the things that impede growth. . .to provide clear policies, so that innovators and entrepreneurs have the green light to move forward and create jobs, without having to worry about second-guessing from Washington.
“My message to you tonight is that we will not succeed in balancing the federal budget and overcoming the challenges of our debt until we commit ourselves to government policies that will let our economy achieve long-term growth. Our economy won’t grow as long as we continue to trip it up with short-term gimmicks from Washington.
“Many of our problems can be traced to a misguided belief by politicians that the American economy is something that can be controlled or micromanaged or influenced positively by government intervention and borrowing.
“All too often, rather than providing long-term policies that will help our economy expand, government offers short-term fixes that do little right away, and end up making things worse over time.
“When things aren’t going well in our economy, the impulse in Washington is usually to respond with something big…something quote-unquote ‘comprehensive.’ The assumption is that this will provide reassurance to job creators. But it usually has the opposite effect in practice.
“We saw this with Dodd-Frank. There was a financial meltdown in our country, and millions of Americans were hit hard. But Washington’s response was all wrong.
“We got a banking system that is less competitive, pitting the small community banks like the ones in my district against giant banks that the federal government deems ‘too big to fail.’
“We got a consolidated banking system with a small number of large firms operating as public utilities.
“We got a lot of new rules that make job creation and investment more difficult.
“And the government mortgage companies that triggered the whole meltdown went untouched.
“For job creators, the ‘promise’ of a large new initiative coming out of Washington is more like a threat. It freezes them. Instead of investing in new employees or new equipment, they make the logical decision to stand pat.
“The American economy is the sum total of the hard work and ingenuity of our people.
“When the economy grows, it’s not because of a new government program or spending initiative. It’s because a lot of people in the private sector worked hard, and were successful in overcoming the obstacles thrown in their path.
“The rash of ‘stimulus’ legislation passed by Congress in recent years has been one of those obstacles.
“The recent stimulus spending binge hurt our economy and hampered private sector job creation in America.
“The effect of adding nearly a trillion dollars to our national debt — money borrowed mostly from foreign investors — caused a further erosion of economic confidence in America, and increased uncertainty for millions of private-sector job creators.
“The massive borrowing and spending by the Treasury Department crowded out private investment by American businesses of all sizes.
“Americans were told the stimulus would create millions of new jobs, and that most of them would be private sector jobs. It didn’t happen.
“Job creators were looking for certainty. You don’t get long-term certainty from short-term government programs.
“The lesson of the stimulus era is that short-term government intervention is no substitute for long-term economic investment, private initiative, and freedom.
“I believe it’s time to leave that era behind.
“We’ve also seen the arrogance of government recently in the skyrocketing gas prices our citizens and businesses are dealing with.
“There’s a clear connection between high gas prices and the weak dollar that some in Washington have quietly welcomed over the past couple of years.
“It’s well known that when you print tons of money, the dollar sinks, and the price of food and energy rises — significantly. Yet the American people are told there is nothing that can be done about it. This is simply untrue.
“Washington has also kept most of our nation’s vast energy resources under lock and key for decades, over the clear objections of the American people — the people who own those resources.
“If we had listened to the people decades ago — or even a few years ago — many of these resources would be available to us right now to lower the price of energy. And we would probably have about a million private-sector jobs in America that we don’t currently have.
“Instead what Washington has done is raise the specter of higher taxes, creating more uncertainty for those in America who create jobs.
“Washington’s arrogance has triggered a political rebellion in our country.
“I don’t think ‘rebellion’ is too strong of a word. The revolt we have seen by ordinary citizens over the past few years is like nothing we’ve seen in our lifetime. And it’s happening in part because the arrogant habits of Washington are having real economic consequences.
“The debt limit debate presents our nation’s leaders with the opportunity to reverse these habits and prove that we’re starting to get the message. It’s a chance to change course and admit that reactionary, short-term Washington solutions aren’t always best.
“Creating a sustainable fiscal structure for the federal government is essential for long-term economic growth. Particularly when it comes to entitlements.
“We have a chance to provide certainty to job creators by signaling that our government is finally set to take a new approach when it comes to the spending and borrowing that has put us so deeply in debt.
“As you know, the president has asked Congress to increase the debt limit, and to do so without preconditions.
“There are those who insist we shouldn’t ‘play games’ with it.
“Others have gone further. One prominent figure even went so far as to say ‘the people who are threatening not to pass the debt ceiling are our version of Al-Qaeda terrorists.’
“With all due respect, this is the arrogance of power — and the American people won’t stand for it.
“This is the time to end the spending binge and prioritize and modernize what we spend.
“There’s a reason the debt limit can’t be increased without a vote of Congress. The debt limit is set in statute specifically so that the executive and legislative branches of our government have to deal with the difficult fiscal choices we face.
“I know there are many in this room who are uneasy with this debate. I understand your concerns.
“It’s true that allowing America to default would be irresponsible. But it would be more irresponsible to raise the debt ceiling without simultaneously taking dramatic steps to reduce spending and reform the budget process.
“To increase the debt limit without simultaneously addressing the drivers of our debt — in defiance of the will of our people — would be monumentally arrogant and massively irresponsible.
“It would send a signal to investors and entrepreneurs everywhere that America still is not serious about dealing with our spending addiction.
“It would erode confidence in our economy and reduce certainty for small businesses. And this would destroy even more American jobs.
“So let me be as clear as I can be. Without significant spending cuts and reforms to reduce our debt, there will be no debt limit increase. And the cuts should be greater than the accompanying increase in debt authority the president is given.
“We should be talking about cuts of trillions, not just billions.
“They should be actual cuts and program reforms, not broad deficit or debt targets that punt the tough questions to the future.
“And with the exception of tax hikes — which will destroy jobs — everything is on the table. That includes honest conversations about how best to preserve Medicare, because we all know, with millions of Baby Boomers beginning to retire, the status quo is unsustainable.
“If we don’t act boldly now, the markets will act for us very soon. That’s the warning we got from Standard & Poor’s a few weeks ago.
“If we fail to use this as a moment to demonstrate that we’re getting serious about fixing the debt, the result will be fewer jobs, less confidence, and more uncertainty.
“The debt limit debate is critical because it’s forcing us to make a choice right now as a nation. It’s a choice between the policies of the past, and a new vision that acknowledges we can’t tax, borrow and spend our way back to prosperity.
“The big myth of the current budget debate is the notion that in order to balance the budget, we have to raise taxes.
“The truth is we will never balance the budget and rid our children of debt unless we cut spending and have real economic growth. And we will never have real economic growth if we raise taxes on those in America who create jobs.
“I ran for Congress in 1990, the year our nation’s leaders struck a so-called bargain that raised taxes as part of a bipartisan plan to balance the budget.
“The result of that so-called bargain was the recession of the early 1990s. It wasn’t until the economy picked back up toward the end of that decade that we achieved a balanced budget.
“Today some seem intent on recycling the 1990 budget deal, only this time with much larger tax increases.
“That’s not going to happen, and I’ve told that to the president. A tax hike would wreak havoc not only on our economy’s ability to create private-sector jobs, but also on our ability to tackle the national debt.
“Balancing the budget requires spending cuts and economic growth. We won’t have economic growth if we raise taxes and fail to address the drivers of our debt.
“The mere threat of tax hikes causes uncertainty for job creators — uncertainty that results in less risk-taking and fewer jobs.
“If we’re serious about balancing the budget and getting our economy back to creating jobs, tax hikes should be off the table.
“I mentioned I was raised in a family of Kennedy Democrats. It was before this very club in 1962 that President John F. Kennedy said the following: ‘Our true choice is not between tax reduction, on the one hand, and the avoidance of large federal deficits on the other. It is increasingly clear that no matter what party is in power, so long as our [needs] keep rising, an economy hampered by restrictive tax rates will never produce enough revenues to balance our budget — just as it will never produce enough jobs or enough profits.’
“Rather than increase government spending, President Kennedy told the New York Economic Club, we should cut taxes significantly, and take steps to ‘increase incentives and the availability of investment capital’ for employers.
“I would note that my colleagues and I are not calling for tax cuts in our budget. Rather, we’re calling for an end to the threat of tax hikes — and a fundamental reform of the tax code — to provide certainty to those in our country who create jobs. We’re calling for an end to the government spending binge that is crowding out private investment and threatening the availability of capital needed for job creation.
“There’s another myth I need to address, and that is the myth that addressing our debt challenges requires ‘pain.’
“Addressing our debt requires action. ‘Pain’ comes only from inaction.
“Suffering comes from standing pat and waiting for investors, job creators, and capital markets to impose a solution before elected leaders cannot.
“Root-canal economics has a name, and its name is Doing Nothing. The greatest threat to our economy and our future is doing nothing.
“We urgently need to enact reforms that will protect and preserve critical programs like Medicare and Medicaid.
“If we do nothing, as some propose, that guarantees benefit cuts for seniors.
“Let me repeat that, because it’s a crucial point that is too often overlooked.
“If we do nothing, seniors’ benefits will be cut.
“And to those who contend that the economy is too weak to take on the challenge of entitlement reform — I would simply say, you’ve got it backwards.
“The truth is that making fundamental reforms to these programs would be good for the economy — and good for the next generation.
“It’s possible to make changes in a way that will ensure future beneficiaries will have access to the same kinds of options as Members of Congress currently have.
“The budget put forth by our Budget Committee Chairman, Paul Ryan of Wisconsin, accomplishes this.
“And instead of raising taxes, it calls for fundamental reform of the tax code — a priority for us that will be led by Dave Camp of Michigan, the chairman of the House Committee on Ways & Means.
“There are also other steps that can be taken immediately to help free our economy and support private-sector job creation. Many of them are outlined in the Pledge to America, the governing agenda we put forth last year by listening to the people.
“We can stop the Environmental Protection Agency from proceeding with a backdoor energy tax that will further increase gas prices and destroy jobs.
“We can pass the REINS Act, authored by my colleague Geoff Davis of Kentucky. It requires congressional approval of any new government rule with an estimated economic cost of $100 million or more.
“We can use trade agreements with Panama, Colombia, and South Korea to create jobs and boost our economy by opening new markets to American exports.
“Coupled with the fundamental spending reforms and tax reforms I’ve described, these policies will clear a path for long-term, sustained economic growth.
“With such policies in place, the federal budget can be balanced.
“In closing, let me say I’m humbled by the opportunity to serve our country.
“We owe it to the people of our country to ensure that the opportunities our generation had are there for current and future generations.
“We owe them a humbler government that lives within its means and values the entrepreneurial drive of our people, with policies that unleash the awesome potential of our economy.
“For those of us in Washington, this has to be our focus.
“Until our economy is back on track and the American Dream has been restored, there can be no rest.
“It starts with freedom. In America, it always has.
“Thanks for the opportunity to be with you tonight.”
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