Tag: budget

Debt Commission Agrees to postpone report

10:07 am

Sadly, the pigs are winning! Obama’s deficit commission apparently does not have the votes to release a report today. Key quote:

The New York Times reports that there is unanimous opposition from the six Democrat and six Republican members of Congress who sit on the president’s debt-reduction commission to issuing a final report today. . . . In order to issue a report, the commission must win support for its recommendations from 14 of the 18 members; but that is looking unlikely at the moment, even though the commission has extended its deadline to Friday. Predictably, Democrats don’t want to endorse many of the spending cuts, while Republicans are averse to tax increases.

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Saving NASA’s astrophysics budget and Webb

7:13 pm

The struggle to find $1.5 billion to save NASA’s astrophysics budget as well as the overbudget James Webb Space Telescope. Note that this article once again allows a variety of NASA managers and scientists push the false story that Webb is a replacement for Hubble. It is not. Hubble looks at the universe mostly in optical wavelengths, as our eyes do. Webb will be an infrared telescope. It will do wonderful things, but different things than Hubble.

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Continuing resolution likely into 2011

3:36 pm

The space war returns! The lame duck session of Congress is now expected to pass a continuing resolution that extends into next year, leaving the final decisions about the budget to the next Congress. This is very bad news for NASA and what’s left of the government space program.

Update: I should add that I’m not bothered in the slightest that this might happen. The money that the present Congress proposed giving to NASA will not make the exploration of the solar system possible, and in fact might hinder that exploration significantly under the weight of government regulation. It is time to cut the cord, and stop depending on the damn government to conquer the stars.

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Bankruptcy of U.S. government “mathematical certainty” says banker

3:22 pm

The former CEO of one of the nation’s largest banks says that unless the federal government gets its budget under control, bankruptcy is a “mathematical certainty.” I especially like this quote from the CEO, John Allison, in describing the past history of Fannie Mae and Freddie Mack:

“I was on a committee, a Financial Services Roundtable, for nine years trying to do something about Freddie Mac and Fannie Mae,” said Allison. “You couldn’t help but see it coming,” he said. “You ran the numbers, particularly the last several years, and it was mathematically certain Freddie and Fannie were going bankrupt.”

“We met with Congress. We met with [House Financial Services Chairman] Barney Frank and [Senate Banking Chairman] Chris Dodd and they absolutely wouldn’t see it,” said Allison.

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Squeal like a pig

11:45 am

Let’s take a trip into the future, looking past Tuesday’s midterm election.

For the sake of argument, let’s assume that, come Tuesday, the Republicans take both houses, in a stunning landslide not seen in more than a century. Let’s also assume that the changes in Congress are going to point decidedly away from the recent liberal policies of large government (by both parties). Instead, every indication suggests that the new Congress will lean heavily towards a return to the principles of small government, low taxes, and less regulation.

These assumptions are not unreasonable. Not only do the polls indicate that one or both of the houses of Congress will switch from Democratic to Republican control, the numerous and unexpected primary upsets of established incumbents from both parties — as well the many protests over the past year by large numbers of ordinary citizens — make it clear that the public is not interested in half measures. Come January, the tone and direction of Congress is going to undergo a shocking change.

Anyway, based on these assumptions, we should then expect next year’s Congress to propose unprecedented cuts to the federal budget, including the elimination of many hallowed programs. The recent calls to defund NPR and the Corporation for Public Broadcastings are only one example.

When Congress attempts this, however, the vested interests that have depended on this funding for decades are not going to take the cuts lightly. Or to put it more bluntly, they are going to squeal like pigs, throwing temper tantrums so loud and insane that they will make the complaints of a typical three-year-old seem truly statesman-like. And they will do so in the hope that they will garner sympathy and support from the general voting public, thereby making the cuts difficult to carry out.

The real question then is not whether the new Congress will propose the cuts required to bring the federal government under control, but whether they, as well as the public, will have the courage to follow through, to defy the howls from these spoiled brats, and do what must be done. » Read more

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Charles Lollar vs Steny Hoyer

5:11 pm

Steny Hoyer must be in trouble. At the Charles County Candidate Forum on Wednesday, he lowered himself to actually debate his opponents for the upcoming Congressional election, the first time I have seen this happen since I moved to his district in 1999. However, his Republican opponent, Charles Lollar, got the last word, and made Hoyer look bad.

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Federal spending is out of control and NASA’s gonna get what it wants?

10:58 pm

You think NASA’s going get money this year or next? Or ever? In one graph (see below), this article shows how completely out of control federal spending has become, beginning in 2007, with no end in sight. Key quote:

Until this skyrocketing spending growth is arrested and reversed, we suspect that government spending has become disconnected from the ability of any American household to support it.

out of control

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