Tag: deficit
More evidence the debt crisis is about to go critical
House proposes cutting NOAA by $103 million
More science budget news: The House today proposed cutting NOAA’s $4.59 billion budget by $103 million.
There already is some squealing about this (see the link above), but note that a $4.49 billion budget for NOAA would still be half a billion dollars more than NOAA’s 2008 budget, which is hardly what I’d call a draconian cut.
More science budget news: The House today proposed cutting NOAA’s $4.59 billion budget by $103 million.
There already is some squealing about this (see the link above), but note that a $4.49 billion budget for NOAA would still be half a billion dollars more than NOAA’s 2008 budget, which is hardly what I’d call a draconian cut.
House Spending Panel Flatlines NSF
More science budget news: The House proposes no budget increase for the National Science Foundation.
More science budget news: The House proposes no budget increase for the National Science Foundation.
House proposes to drop NASA’s budget to 2008 levels, eliminate Webb Telescope
The House today proposed cutting NASA’s budget back to 2008 levels while eliminating all funds for the James Webb Space Telescope.
As much as I’d hate to see the Webb telescope die, it has cost far more than planned, is way behind schedule, and carries a gigantic risk of failure. However, if I had a choice, I’d rather they cut the $1.95 billion for Congress’s homemade heavy-lift rocket, the program-formerly-called-Constellation. There is a much better chance that Webb will get completed, launched, and work, than there is for this improvised and impossibly costly Congressionally conceived rocket.
The House today proposed cutting NASA’s budget back to 2008 levels while eliminating all funds for the James Webb Space Telescope.
As much as I’d hate to see the Webb telescope die, it has cost far more than planned, is way behind schedule, and carries a gigantic risk of failure. However, if I had a choice, I’d rather they cut the $1.95 billion for Congress’s homemade heavy-lift rocket, the program-formerly-called-Constellation. There is a much better chance that Webb will get completed, launched, and work, than there is for this improvised and impossibly costly Congressionally conceived rocket.
“It sounds as if the package is going to be all spending cuts with a few symbolic revenue increases.”
Republicans May Take ‘Mini’ Debt-Ceiling Deal
Senator Jon Cornyn (R-Texas) suggested yesterday that the Republicans might take “mini” debt-ceiling deal.
Senator Jon Cornyn (R-Texas) suggested yesterday that the Republicans might take “mini” debt-ceiling deal.
New Mayor takes office, immediately asks for concessions from the unions
This keeps happening: The new Mayor of Miami-Dade County took office on Friday and instantly demanded concessions from eight unions.
This keeps happening: The new Mayor of Miami-Dade County took office on Friday and instantly demanded concessions from eight unions.
Wisconsin union law saves school district
And here are the results: A Wisconsin school district has gone from failure to success as a result of the new law limited union power.
The Kaukauna School District, in the Fox River Valley of Wisconsin near Appleton, has about 4,200 students and about 400 employees. It has struggled in recent times and this year faced a deficit of $400,000. But after the law went into effect, at 12:01 a.m. Wednesday, school officials put in place new policies they estimate will turn that $400,000 deficit into a $1.5 million surplus. And it’s all because of the very provisions that union leaders predicted would be disastrous.
And here are the results: A Wisconsin school district has gone from failure to success as a result of the new law limited union power.
The Kaukauna School District, in the Fox River Valley of Wisconsin near Appleton, has about 4,200 students and about 400 employees. It has struggled in recent times and this year faced a deficit of $400,000. But after the law went into effect, at 12:01 a.m. Wednesday, school officials put in place new policies they estimate will turn that $400,000 deficit into a $1.5 million surplus. And it’s all because of the very provisions that union leaders predicted would be disastrous.
Are we finally seeing a sea change in the war between the right and left?
This story today from what is generally considered a Democratic newspaper, suggests that the political debate has shifted strongly in favor of the Republicans and against Obama and the Democrats. From the Los Angeles Times: Deficit battle shaping up as GOP victory
Even as the political battle mounts over federal spending, the end result for federal policy is already visible — and clearly favors Republican goals of deep spending cuts and drastically fewer government services.
President Obama entered the fray last week to insist that federal deficits can’t be reduced through spending reductions alone. Federal tax revenue also must rise as part of whatever deficit reduction package Congress approves this summer, he said.
Obama has been pushing to end a series of what he calls tax loopholes and tax breaks for the rich. But even if Obama were to gain all the tax-law changes he wants, new revenue would make up only about 15 cents of each dollar in deficit reduction in the package. An agreement by the Republicans to accept new revenue would be a political victory for Obama because “no new taxes” has been such an article of faith for the GOP.
But substantively, budget experts note, the plan would still be dominated by cuts to government programs, many of them longtime Democratic priorities, such as Medicaid and federal employee pensions.
For a liberal newspaper to recognize and describe in detail the absurdity of Obama’s position on taxes versus cuts is remarkable. Normally a liberal newspaper would ignore the fact that the President’s suggested tax-law changes will bring in practically no significant revenue, and focus instead on the so-called refusal of Republicans to compromise. That the Los Angeles Times is not willing to carry water for Obama and the Democrats shows that the Democratic position is incredibly weak politically, and is likely to collapse if the Republicans stand firm. That the newspapers is also willing to describe fairly the Republican position, something liberal newspapers have almost never done in the past two decades, also suggests that they have had enough, and have finally realized how much their creditability has suffered in recent years by their unwillingness to cover political news honestly.
If this pattern spreads, the Republicans might find themselves getting everything — and more — of what they want. And that will be something I have not seen in almost fifty years of watching political life.
Schumer confirms White House considering ignoring debt limit
The law is such an inconvenient thing: Senator Charles Schumer (D-New York) confirmed yesterday that the White House is considering simply ignoring debt limit should no agreement be reached in Congress.
The law is such an inconvenient thing: Senator Charles Schumer (D-New York) confirmed yesterday that the White House is considering simply ignoring debt limit should no agreement be reached in Congress.
Minnesota government shuts down over budget and taxes
The Minnesota state government shut down on Friday over budget and taxes.
“We have divided government, and a governor that believes that he has a mandate to raise taxes and increase spending, and we have a Legislature that believes we should cut taxes and reduce spending,” said House Majority Leader Matt Dean. “It is a sort of a microcosm, in the middle of the country, of what’s going on throughout the nation.”
The Minnesota state government shut down on Friday over budget and taxes.
“We have divided government, and a governor that believes that he has a mandate to raise taxes and increase spending, and we have a Legislature that believes we should cut taxes and reduce spending,” said House Majority Leader Matt Dean. “It is a sort of a microcosm, in the middle of the country, of what’s going on throughout the nation.”
U.S. National Parks’ Cultural and Natural Resources Threatened
The pigs begin squealing again: According to a report written by a D.C. advocacy group, the national parks face serious problems due to a lack of sufficient funds.
It’s never enough. The National Park Service budget [pdf] has grown from $2.5 billion in 2003 to $3.1 billion in 2011. At the same time, they have increased fees on all public lands, often introducing fees where none had ever existed before.
Somehow, they managed for decades on smaller budgets. At this time of unimaginable federal debt, I have no sympathy for them, despite the fact that I am a passionate lover of the natural wonders contained in the national parks.
The pigs begin squealing again: According to a report written by a D.C. advocacy group, the national parks face serious problems due to a lack of sufficient funds.
It’s never enough. The National Park Service budget [pdf] has grown from $2.5 billion in 2003 to $3.1 billion in 2011. At the same time, they have increased fees on all public lands, often introducing fees where none had ever existed before.
Somehow, they managed for decades on smaller budgets. At this time of unimaginable federal debt, I have no sympathy for them, despite the fact that I am a passionate lover of the natural wonders contained in the national parks.
Obama’s blast at corporate tax breaks for private jets was created in his stimulus package
This is funny: Obama’s attack of corporate tax breaks for private jets was an attack on something actually reauthorized by his stimulus package.
This is funny: Obama’s attack of corporate tax breaks for private jets was an attack on something actually reauthorized by his stimulus package.
Another billion in free money for homeowners who can’t pay their mortgage
The Obama administration is offering another billion in free money to homeowners who can’t pay their mortgage.
So, considering the trillions in debt that is overwhelming the budget of the federal government, I wonder where is billion dollars coming from. Do they grow it on trees? I’d really like to know, since it would be nice if I could manufacture cash out of thin air as easily whenever I thought I needed it.
The Obama administration is offering another billion in free money to homeowners who can’t pay their mortgage.
So, considering the trillions in debt that is overwhelming the budget of the federal government, I wonder where is billion dollars coming from. Do they grow it on trees? I’d really like to know, since it would be nice if I could manufacture cash out of thin air as easily whenever I thought I needed it.
Obama’s proposal to end the tax break for corporate jet owners would reduce the deficit by less than one-tenth of 1 percent.
A dose of reality: Obama’s repeated demand at yesterday’s press conference to end the tax break for corporate jet owners would reduce the deficit by less than one-tenth of 1 percent.
I say, the Republicans should trade this measly tax increase for $1 trillion in cuts. This tax increase is stupid, and will do nothing bu harm, but if they can trade it for lots of cuts, it’s worth accepting it.
A dose of reality: Obama’s repeated demand at yesterday’s press conference to end the tax break for corporate jet owners would reduce the deficit by less than one-tenth of 1 percent.
I say, the Republicans should trade this measly tax increase for $1 trillion in cuts. This tax increase is stupid, and will do nothing bu harm, but if they can trade it for lots of cuts, it’s worth accepting it.
NASA Funding Mired In Budget Politics
Obama and Republicans in agreement: Senate should cancel next week’s vacation
Obama and Republicans in agreement: The Senate should cancel next week’s vacation.
Obama and Republicans in agreement: The Senate should cancel next week’s vacation.
Biosphere 2 gets a new owner and a boost in funding
Biosphere 2 gets a new owner and a boost in funding.
Biosphere 2 gets a new owner and a boost in funding.
The EPA has given $100M to foreign governments and groups in last decade
The EPA has given $100M to foreign governments and foreign groups in last decade.
The EPA has given $100M to foreign governments and foreign groups in last decade.
The shocking true size of our nation’s debt
The day of reckoning beckons: The shocking true size of our nation’s debt.
Add it all up, and total US debt actually exceeds 900% of GDP. That’s somewhere in excess of $120 trillion. We are beginning to talk real money here.
The Congressional Budget Office [CBO] also contains bad news for those who believe that we can fix this problem simply by cutting “fraud, waste and abuse.” As CBO points out, the projected growth in the debt “is attributable entirely to increases in spending on several large mandatory programs: Social Security, Medicare, Medicaid, and (to a lesser extent) insurance subsidies that will be provided through [Obamacare].” There is simply no way to deal with our debt problems without reforming those entitlement programs.
Finally, the CBO report makes it clear that we have a debt problem because spending is too high, not because taxes are too low. In fact, even though taxes are currently at a near historic low as a proportion of the economy, that is largely a result of the recession. If the economy returns to normal growth rates (a big “if”), federal revenues will not only rise, but will actually be higher than the postwar average percentage of GDP by the end of the decade. In fact, this will happen even if the Bush tax cuts are extended and the Alternative Minimum Tax AMT continues to be patched.
The day of reckoning beckons: The shocking true size of our nation’s debt.
Add it all up, and total US debt actually exceeds 900% of GDP. That’s somewhere in excess of $120 trillion. We are beginning to talk real money here.
The Congressional Budget Office [CBO] also contains bad news for those who believe that we can fix this problem simply by cutting “fraud, waste and abuse.” As CBO points out, the projected growth in the debt “is attributable entirely to increases in spending on several large mandatory programs: Social Security, Medicare, Medicaid, and (to a lesser extent) insurance subsidies that will be provided through [Obamacare].” There is simply no way to deal with our debt problems without reforming those entitlement programs.
Finally, the CBO report makes it clear that we have a debt problem because spending is too high, not because taxes are too low. In fact, even though taxes are currently at a near historic low as a proportion of the economy, that is largely a result of the recession. If the economy returns to normal growth rates (a big “if”), federal revenues will not only rise, but will actually be higher than the postwar average percentage of GDP by the end of the decade. In fact, this will happen even if the Bush tax cuts are extended and the Alternative Minimum Tax AMT continues to be patched.
Obama to directly intervene in the debt limit negotiations
Finally: The White House announced today that Obama will now directly involve himself in the debt limit negotiations.
Finally: The White House announced today that Obama will now directly involve himself in the debt limit negotiations.
Global Bankruptcy Months Away?
The day of reckoning beckons: Global bankruptcy months away? Key quote:
“Based upon world liquidity, the amount of money available to fund sovereign debt in 2011 is between $6-9 trillion,” Marc Nuttle told Townhall Finance. Nuttle runs the site DebtWall.org. “The world’s government projections for deficit financing in 2011 is $8-10 trillion. We are bumping into the ceiling of the world’s ability to fund ongoing sovereign deficits and debt on an annual basis.”
The day of reckoning beckons: Global bankruptcy months away? Key quote:
“Based upon world liquidity, the amount of money available to fund sovereign debt in 2011 is between $6-9 trillion,” Marc Nuttle told Townhall Finance. Nuttle runs the site DebtWall.org. “The world’s government projections for deficit financing in 2011 is $8-10 trillion. We are bumping into the ceiling of the world’s ability to fund ongoing sovereign deficits and debt on an annual basis.”
NASA faces subpoena on heavy-lift rocket work
The space war continues: Several senators are threatening to subpoena NASA over what they perceive as the agency’s foot-dragging in building a heavy-lift rocket.
Idiots. They give NASA less money and less time to build the program-formerly-called-Constellation, and then are surprised when things don’t go well. Of course, it doesn’t help that the Obama administration is trying to sabotage the project anyway.
The space war continues: Several senators are threatening to subpoena NASA over what they perceive as the agency’s foot-dragging in building a heavy-lift rocket.
Idiots. They give NASA less money and less time to build the program-formerly-called-Constellation, and then are surprised when things don’t go well. Of course, it doesn’t help that the Obama administration is trying to sabotage the project anyway.
More money troubles in NASA’s climate and astronomy programs
Other science money troubles: NASA’s climate and astronomy programs face delays due to cost overruns and rocket failures.
Other science money troubles: NASA’s climate and astronomy programs face delays due to cost overruns and rocket failures.
Underground Physics Lab to Cost U.S. Energy Department at Least $1.2 Billion
A new report released today says a new underground physics lab will cost the Energy Department from $1.2 to $2.2 billion.
Though I know the science is worthwhile and we should be doing it, I also can’t help ask this question: Where the hell are we going to get the money?
A new report released today says a new underground physics lab will cost the Energy Department from $1.2 to $2.2 billion.
Though I know the science is worthwhile and we should be doing it, I also can’t help ask this question: Where the hell are we going to get the money?
Want to send a probe to another planet? Cut costs!
Want to send a probe to another planet? Do it cheaply, as these scientists did.
Want to send a probe to another planet? Do it cheaply, as these scientists did.
Senate Republicans pull out of Biden debt limit negotiations
The Senate Republicans have pulled out of Biden’s debt limit negotiations.
This article strongly suggests to me that the Democrats, who hold a majority in this negotiating group, have refused to take seriously the Republicans’ demand to cut spending, instead focusing on tax increases as a solution. The problem is that you could raise our taxes to 100 percent and you wouldn’t solve the debt problem. The government has got to reduce its spending.
The Senate Republicans have pulled out of Biden’s debt limit negotiations.
This article strongly suggests to me that the Democrats, who hold a majority in this negotiating group, have refused to take seriously the Republicans’ demand to cut spending, instead focusing on tax increases as a solution. The problem is that you could raise our taxes to 100 percent and you wouldn’t solve the debt problem. The government has got to reduce its spending.
CBO: The national debt will exceed the size of the entire U.S. economy by 2021
The day of reckoning looms: The Congressional Budget Office today reported that unless something drastic is done, the national debt will exceed the size of the entire U.S. economy by 2021.
The day of reckoning looms: The Congressional Budget Office today reported that unless something drastic is done, the national debt will exceed the size of the entire U.S. economy by 2021.
California legislators: No budget, no pay
My heart bleeds: California legislators: No budget, no pay.
My heart bleeds: California legislators: No budget, no pay.
Conservative lawmakers push for pledge cutting spending across the board, capping government spending, and requires a balanced budget amendment.
Conservative lawmakers are coalescing behind a pledge to cut spending across the board while requiring a balanced budget amendment.
This story once again suggests to me that the political winds are definitely favoring big cuts in government spending. Woe to the politician of either party who ignores these winds.
Conservative lawmakers are coalescing behind a pledge to cut spending across the board while requiring a balanced budget amendment.
This story once again suggests to me that the political winds are definitely favoring big cuts in government spending. Woe to the politician of either party who ignores these winds.