New budget estimates by the Congressional Budget Office say that the proposed 2013 Obama budget will increase the federal debt by $3.5 trillion.
The day of reckoning looms: The federal government recorded its worst monthly deficit in history in February 2012.
The [Congressional Budget Office] projected the government will run a deficit of $229 billion in February, the highest monthly figure ever. The previous high was $223 billion a year ago, in February 2011. It is the 41st straight month the government has run a deficit — itself a record streak that dates back to the final months of President George W. Bush’s tenure. Before now, the longest streak on record was 11 months.
Obviously, this record-setting deficit is racist for occurring during the term of Barack Obama.
The White House chart that illustrates the irresponsible nature of Obama’s proposed budget.
Yes, that’s right, the chart is from the White House itself, which means they themselves know how useless their proposed budget is, and how little they care. More here, including video of a truly entertaining but clarifying exchange between Congressman Paul Ryan and Treasury Secretary Tim Geithner.
From Obama’s own Treasury Secretary, describing Obama’s own budget proposal:
Even if Congress were to enact this budget we would still be left with – in the outer decades as millions of Americans retire – what are still unsustainable commitments in Medicare and Medicaid.
The day of reckoning looms.
California: Running out of other people’s money.
The bigger picture: The White House has confirmed that the Obama 2013 budget proposal to be announced on Monday will predict a $1.3 trillion deficit in 2012, and only try to shrink that to $900 billion in 2013.
Numbers like this demonstrate the need for further budget cuts, even in areas that I think are important, such as space exploration. However, these numbers also illustrate one clear fact: the Obama administration is not serious about balancing the budget. That the administration has applied the knife to the Mars planetary program while allowing other less successful NASA programs to flourish proves this administration’s poor sense of priorities in these difficult financial times.
More thoughts next week.
The day of reckoning looms: “We only have two or three years before we get into a very ugly debt-crisis austerity mode.”
Six charts from the Congressional Budget Office that will scare the bejeebers out of you.
The NY Times reported today that the investigation into MF Global’s bankrucpty has located most of the missing $1.2 billion of customer money.
Investigators have determined what happened to nearly all of the customer money that disappeared from MF Global around the time of its bankruptcy last Oct. 31, but have not publicly disclosed their progress, fearing that doing so might cripple efforts to recover the cash and pursue potential wrongdoing, people briefed on the investigation said.
While authorities have traced hundreds of millions of dollars to banks, MF Global’s trading partners and even the firm’s securities customers, investigators remain uncertain about whether they can retrieve the money.
As I was reading this article I had the strange feeling that I lived in an alternative universe. At no point did the New York Times bother to mention the name of former Democratic New Jersey Governor Jon Corzine, the economic go-to guy for the Obama administration and the man who was in charge of MF Global when all of this illegal and incompetent activity occurred. For those that want to know a bit more about the story, you might want to go to this New York Post editorial today, which lays out the issues that the New York Times so conveniently wants everyone to forget, and also notes that even now Corzine is out there campaigning and raising funds for Obama’s re-election.
Well, as they say, birds of a feather will flock together.
Bankrupt and owing the taxpayers half a billion dollars, Solyndra has been caught destroying brand new parts.
