President Obama will sign a bill this week that keeps the government running through the fiscal year but it's a bill that he would rather not approve because it also means at least some massive spending cuts. CBS News' Bill Plante reports.
As a corporate budgeter, I learned decades ago that only a few people can look at an organization's money, corporation's money or someone else's money and spend it as if it were their own money -- i.e., very deliberately, based on the priorities and values of the organization.
Although it hasn't made much news, what with the world missing a Pope, the Senate missing an on-the-floor bathroom, Venezuela missing a President, and President Hamid Karzai missing a press conference with Defense Secretary Chuck Hagel; but President Barack Obama has missed the deadline for producing a budget document for the United States.
President Obama continues to be irresponsible on budgetary duties. The President of the United States has a duty, annually, to submit a budget to congress that has some measure of fiscal sanity which can then be debated in congress.
When Newt Gingrich criticized House Budget Chairman Paul Ryan’s (R-WI) budget proposal in May, a who’s who of conservative, tea party and Republican leaders, including many in Congress, told him to “get back on board with what we’re trying to do.” Conservative-leading pundits said Newt was “not a serious person” and was “underm[ing]” conservative efforts.
Will Boehner lead a Republican-controlled House of Representatives in enacting government funding bills for fiscal 2012 that allow tax dollars to flow to a group that kills an average of 910 unborn babies per day?
It should strengthen the dollar temporarily, lift equities and start the process of moving bond yields up toward more normal levels. U.S. GDP growth and developments in Europe (particularly EU steps to counter the procyclical interaction between short selling, derivatives and ratings downgrades) are important remaining variables in the strength of the asset reallocation from bonds to equities.
To kick the can down the road or not to kick the can down the road. That is the cliché.
With just 1 in 5 Americans having a favorable opinion of Congress, selling the details of any debt deal struck with an upside down President will be hard work for Republican and Democrat leaders alike.
To get the private sector to invest and hire, it’s critical that Washington cut both spending and tax rates (broader base, lower rates). Unfortunately, Bernanke ducked on this issue, leaving the impression that the Fed, like CBO is bound by an economic model in which the GDP growth rate is unaffected by the size of government and taxes.
The Obama administration has been trying to have it both ways, enabling an obscure but powerful agency to slash away at business while simultaneously claiming to have no control of the situation.
They were happier times. Headier times. President Barack Obama and his Democrats held strong majorities in both the House and Senate. Dreams of "fundamentally transforming the United States of America" were at hand.
President Obama unveiled a much different tax-reform vision in his much-anticipated debt speech on Wednesday. He would raise tax rates on upper-income earners and small businesses. He also would eliminate deductions and credits, or so called “tax expenditures.”
Some conservatives and Tea Parties are criticizing the budget deal Republicans agreed to with Democrats and the Obama administration on Friday. Should they be?