Tag: budget
“Our current unfunded entitlement liabilities run about $100 trillion.”
Federal funding for IPCC back in budget
The pigs win: Funding for the IPCC restored to budget in 2011 budget deal.
The pigs win: Funding for the IPCC restored to budget in 2011 budget deal.
No deal
No deal. Key quote:
If Democrats are not going to do even minor surgery on Medicare and Medicaid and Republicans are not going to raise taxes, there is no hope of big budget deal to cut a deficit now running at 11 percent of gross domestic product.
And that raises another question. How long can the Federal Reserve continue financing these deficits? China, choking on U.S. debt, is reportedly beginning to divest itself of U.S. bonds. Japan will need to sell U.S. bonds to get hard currency to repair the damage from the earthquake and tsunami. And the Fed is about to end its QE2 monthly purchases of $100 billion in U.S. bonds. Where is the Fed going to borrow the $125 billion a month to finance this year’s deficit of $1.65 trillion, and another of comparable size in 2012? Bill Gross’ Pimco, the world’s largest bond fund, has sold all his U.S. bonds and begun to short U.S. debt. Pimco is betting that the value of U.S. Treasury bonds will begin to fall.
We may be about to enter a maelstrom.
No deal. Key quote:
If Democrats are not going to do even minor surgery on Medicare and Medicaid and Republicans are not going to raise taxes, there is no hope of big budget deal to cut a deficit now running at 11 percent of gross domestic product.
And that raises another question. How long can the Federal Reserve continue financing these deficits? China, choking on U.S. debt, is reportedly beginning to divest itself of U.S. bonds. Japan will need to sell U.S. bonds to get hard currency to repair the damage from the earthquake and tsunami. And the Fed is about to end its QE2 monthly purchases of $100 billion in U.S. bonds. Where is the Fed going to borrow the $125 billion a month to finance this year’s deficit of $1.65 trillion, and another of comparable size in 2012? Bill Gross’ Pimco, the world’s largest bond fund, has sold all his U.S. bonds and begun to short U.S. debt. Pimco is betting that the value of U.S. Treasury bonds will begin to fall.
We may be about to enter a maelstrom.
House approves 2011 budget deal in 260-167 bipartisan vote
With substantial numbers of Republicans and Democrats voting against, the House today nonetheless approved last week’s budget deal for the 2011 fiscal year by a vote of 260-167.
Next important deadline: on May 16 or so the federal government should reach its debt limit.
With substantial numbers of Republicans and Democrats voting against, the House today nonetheless approved last week’s budget deal for the 2011 fiscal year by a vote of 260-167.
Next important deadline: on May 16 or so the federal government should reach its debt limit.
A revolt on the right over budget deal?
A revolt on the right over budget deal?
“There is a gut feeling in some quarters today that the Boehner-Obama deal could be in bigger trouble than anybody realizes.”
A revolt on the right over budget deal?
“There is a gut feeling in some quarters today that the Boehner-Obama deal could be in bigger trouble than anybody realizes.”
Taxing the rich will not solve the problem
Because it is often claimed that we can solve our federal budget problems by closing loopholes and increasing taxes on the wealthy, I thought I’d share this video from Bill Whittle, dramatizing this Iowahawk essay.
We can argue all day about whether we should increase taxes on the wealthy, but that is not going to solve our debt problem. Even if we confiscated every penny of profit from every person or corporation earning more than million dollars a year, we would still not make the slightest dent in the federal deficit.
Our federal government is simply spending money it doesn’t have. We need to cut spending, and cut spending drastically, in order to gain some control over this problem.
Unfortunately, it doesn’t appear to me the American people or Congress are yet willing to face this fact.
The Obama adminstration in 8 charts
The squeals at NOAA
The pig squeals at NOAA: The agency’s administrator told Congress yesterday that the 2011 budget deal will cause great harm to weather monitoring.
Note that NOAA is getting $4.5 billion in the 2011 budget, $700 million more than the weather agency got in 2008.
Only in Washington is a budget increase of almost 20 percent in three years called a draconian cut.
The pig squeals at NOAA: The agency’s administrator told Congress yesterday that the 2011 budget deal will cause great harm to weather monitoring.
Note that NOAA is getting $4.5 billion in the 2011 budget, $700 million more than the weather agency got in 2008.
Only in Washington is a budget increase of almost 20 percent in three years called a draconian cut.
Budget problems might delay JWST until 2018
The telescope that ate astronomy: More budget problems for the James Webb Space Telescope, with its launch likely delayed again until 2018.
The telescope that ate astronomy: More budget problems for the James Webb Space Telescope, with its launch likely delayed again until 2018.
Budget deal cuts this year’s deficit by just $352 million, not $38 billion
They really do think we are all fools: Last week’s budget deal actually cuts this year’s deficit by only $352 million, not $38 billion, according to the Congressional Budget Office.
And they might be right.
They really do think we are all fools: Last week’s budget deal actually cuts this year’s deficit by only $352 million, not $38 billion, according to the Congressional Budget Office.
And they might be right.
Obama to call for tax increases in tonight’s speech
Tone deaf: The day before tax day, Obama is expected tonight to call for more tax increases.
More here about what Obama is proposing.
I meanwhile ask this obvious question: Why didn’t Obama make this proposal in his earlier budget proposals? Could it be that he isn’t serious, and is simply responding to the pressure he is getting from the right?
Tone deaf: The day before tax day, Obama is expected tonight to call for more tax increases.
More here about what Obama is proposing.
I meanwhile ask this obvious question: Why didn’t Obama make this proposal in his earlier budget proposals? Could it be that he isn’t serious, and is simply responding to the pressure he is getting from the right?
Catching up with the future of the U.S. space program
As I have been traveling for the past week, I have fallen behind in posting stories of interest. Two occurred in the past week that are of importance. Rather than give a long list of multiple links, here is a quick summary:
First, NASA administrator Charles Bolden yesterday announced the museum locations that will receive the retired shuttles. I find it very interesting that the Obama administration decided to snub Houston and flyover country for a California museum. In fact, all the shuttles seem to be going to strong Democratic strongholds. Does this suggest a bit of partisanship on this administration’s part? I don’t know. What I do know is that it illustrates again the politically tone-deaf nature of this administration, especially in choosing the fiftieth anniversary of Yuri Gagarin’s spaceflight to make this sad announcement.
Second, the new budget deal (still pending) included NASA’s budget, with cuts. While requiring NASA to build a super-duper heavy-lift rocket (the program-formerly-called-Constellation) for less money and in less time than was previously allocated to Constellation, the budget also frees NASA from the rules requiring them to continue building Constellation. Since the Obama administration has no interest in building the super-duper heavy-lift rocket and has said it can’t be done, I expect they will use the elimination of this rule to slowdown work on the heavy-lift rocket. I expect that later budget negotiations will find this heavy-lift rocket an easy target for elimination, especially when it becomes obvious it is not going to get built.
» Read more
Details on the $38 billion budget deal
Some details on the $38 billion budget deal.
Overall, it looks like more of the same, gimmicks disguised as budget cuts. Nonetheless, considering that most of government is still controlled by status quo spenders — in both parties — the deal is still a good one, as it clearly sets that political tone for the future: budget cuts and more budget cuts.
Some details on the $38 billion budget deal.
Overall, it looks like more of the same, gimmicks disguised as budget cuts. Nonetheless, considering that most of government is still controlled by status quo spenders — in both parties — the deal is still a good one, as it clearly sets that political tone for the future: budget cuts and more budget cuts.
Fine print of spending deal ’still under negotiation’
The fat lady hasn’t sung yet: The budget deal fine print is “still under negotiation.”
The fat lady hasn’t sung yet: The budget deal fine print is “still under negotiation.”
Government shutdown averted as congressional leaders reach agreement on budget deal
A government shutdown is averted as congressional leaders have reached an agreement on a budget deal. Here’s some analysis of the political ramifications.
A government shutdown is averted as congressional leaders have reached an agreement on a budget deal. Here’s some analysis of the political ramifications.
Government Shutdown Would Idle All but 500 NASA Workers
A government shutdown would idle all but 500 NASA workers.
A government shutdown would idle all but 500 NASA workers.
Let’s dump trash at Boehner’s pad
Leftwing civility: “Let’s dump trash at Boehner’s pad.”
Leftwing civility: “Let’s dump trash at Boehner’s pad.”
NASA braces for possible government shutdown
NASA backs out of space gravitational wave mission
NASA, crunched for money due to overages on James Webb Space Telescope, has cancelled its participation in the space gravitational wave mission LISA.
NASA, crunched for money due to overages on James Webb Space Telescope, has cancelled its participation in the space gravitational wave mission LISA.
Two Americas: Public vs. Private Employees
Two Americas: public vs. private. The graph illustrates our nation’s problems quite clearly.
Two Americas: public vs. private. The graph illustrates our nation’s problems quite clearly.
Conservative judge wins in Wisconsin
After much fussing in the vote-counting process, the conservative judge has won in Wisconsin. This probably ends the debate over the union law passed last month, which will now become law.
After much fussing in the vote-counting process, the conservative judge has won in Wisconsin. This probably ends the debate over the union law passed last month, which will now become law.
GOP Budget Proposal: ‘Not a Penny’ for Obamacare
More progress, if true: The Republican 2012 budget proposal includes nothing for Obamacare.
More progress, if true: The Republican 2012 budget proposal includes nothing for Obamacare.
Obama Rejects Latest Republican budget
Looks like he has decided to shut the government down: Obama rejects latest Republican budget.
Looks like he has decided to shut the government down: Obama rejects latest Republican budget.
NASA human space-flight programme lost in transition
From the British science journal Nature: NASA human space-flight programme lost in transition.
From the British science journal Nature: NASA human space-flight programme lost in transition.
Ryan proposes $6.2 trillion in cuts over the next 10 years
Progress! The House Republicans propose $6.2 trillion in cuts over the next 10 years.
Progress! The House Republicans propose $6.2 trillion in cuts over the next 10 years.
Russia Speeds Up Moon, Mars Plans as U.S. May Cut Spending
Russia is accelerating its space program.
“It is the first time that the government has allocated decent financing to us,” Anatoly Perminov, head of the Russian space agency Roscosmos, said in a phone interview on April 2. The agency’s $3.5 billion budget for 2011 has almost tripled since 2007, reaching the highest since the collapse of the Soviet Union in 1991. “We can now advance on all themes a bit,” Perminov said.
Unlike 50 years ago, when beating the U.S. into space marked a geopolitical victory in the Cold War, Russia is focusing on the commercial, technological and scientific aspects of space travel. President Dmitry Medvedev has named aerospace one of five industries the government plans to nurture to help diversify the economy of the world’s largest energy supplier away from resource extraction.
Russia is accelerating its space program.
“It is the first time that the government has allocated decent financing to us,” Anatoly Perminov, head of the Russian space agency Roscosmos, said in a phone interview on April 2. The agency’s $3.5 billion budget for 2011 has almost tripled since 2007, reaching the highest since the collapse of the Soviet Union in 1991. “We can now advance on all themes a bit,” Perminov said.
Unlike 50 years ago, when beating the U.S. into space marked a geopolitical victory in the Cold War, Russia is focusing on the commercial, technological and scientific aspects of space travel. President Dmitry Medvedev has named aerospace one of five industries the government plans to nurture to help diversify the economy of the world’s largest energy supplier away from resource extraction.
House GOP introduces one-week stopgap with $12B in spending cuts
The House Republicans last night introduced a one-week stopgap continuing resolution with $12 billion in spending cuts.
The House Republicans last night introduced a one-week stopgap continuing resolution with $12 billion in spending cuts.
Federal workers in shutdown limbo
My heart bleeds: Federal workers in shutdown limbo.
Considering government workers generally make twice the salary of workers in the private sector, I have little sympathy for them and consider this to be nothing more than a pig squealing.
My heart bleeds: Federal workers in shutdown limbo.
Considering government workers generally make twice the salary of workers in the private sector, I have little sympathy for them and consider this to be nothing more than a pig squealing.
Boehner digs in on spending cuts, saying $33B is ‘not enough’
The Republican response to the various Democratic claims that a budget deal is imminent: There is no deal, and $33 billion in cuts is “not enough.”
The Republican response to the various Democratic claims that a budget deal is imminent: There is no deal, and $33 billion in cuts is “not enough.”
GOP 2012 budget to make $4 trillion-plus in cuts
It’s a start, though it really isn’t enough: the Republican 2012 budget will call for $4 trillion-plus in cuts over the next decade.
Ryan said Obama’s call for freezing nondefense discretionary spending actually locks in spending at high levels. Under the forthcoming GOP plan, Ryan said spending would return to 2008 levels and thus cut an additional $400 billion over 10 years. [emphasis mine]
Note that no one was starving and children weren’t dying for lack of federal spending in 2008.
It’s a start, though it really isn’t enough: the Republican 2012 budget will call for $4 trillion-plus in cuts over the next decade.
Ryan said Obama’s call for freezing nondefense discretionary spending actually locks in spending at high levels. Under the forthcoming GOP plan, Ryan said spending would return to 2008 levels and thus cut an additional $400 billion over 10 years. [emphasis mine]
Note that no one was starving and children weren’t dying for lack of federal spending in 2008.