White House Ignores Interest Payments in Claiming to Control Debt

This is beyond belief: The White House has decided to make believe the interest payments required to pay back the federal debt do not exist in their claim that their budget is reducing that debt. Key quote from Senate hearings yesterday:

To justify the administration claim, [White House Budget Director Jack] Lew said the administration was merely referring to “primary balance” — or federal spending minus interest payments. Lew sought to forgive the public for their confusion. “The terminology that we use in Washington of primary balance is a little confusing,” Lew said.

“It’s because I believe it’s dishonest,” [Senator John] Ensign (R-Nevada) shot back.

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GOP bill zeroes out programs, puts curbs on Obama initiatives

Another look at the GOP budget cuts: Republican proposal will zero out programs and puts serious limits on many Obama initiatives. Key quote:

“In the last two years, under President Obama, the federal government has added 200,000 new federal jobs,” said [House Speaker John A. Boehner (R-Ohio)]. “If some of those jobs are lost, so be it. We’re broke.”

Not surprisingly, Democrats are squealing.

Democrats challenged the 200,000 job number and said he showed a callous attitude toward those who would be out of work. “Maybe ‘so be it’ for him, but not ‘so be it’ for people who are losing their jobs,” said House Minority Leader Nancy Pelosi, California Democrat. Senate Appropriations Committee Chairman Daniel K. Inouye, Hawaii Democrat, said Republicans’ cuts amounted to a “meat cleaver” approach.

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Healthcare Reform Law Requires New IRS Army Of 1,054

Repeal the damn bill! The IRS announced today that it will require over a thousand new agents and $359 million more money to implement Obamacare in 2012. Key quote:

The detailed IRS budget documents spell out exactly what most of the new workforce will be doing. For example, some 81 will be tasked just to handle the tax reporting of 25,000 tanning salons. They face a new 10 percent excise tax on indoor tanning services. Another 76 will be assigned to make sure businesses engaged in making and imported drugs pay their new fee which is expected to deliver $2.8 billion to the Treasury in 2012 and 2013. The new healthcare corps will also require new facilities and computers.

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