Bernanke headlines a day of grim warnings about the nationโ€™s fiscal standing

Fed chairman Bernanke issued a grim warning yesterday about the federal government’s overwhelming debt. Key quote:

The national debt is currently about 60 percent of the economy, or Gross Domestic Product, [Bernanke] said, adding that it is projected to reach 90 percent of GDP by 2020 and 150 percent of GDP by 2030. But Bernankeโ€™s citation of $9.5 trillion in national debt didnโ€™t include the $4.6 trillion owed by the government to trust funds for things such as Social Security and Medicare, which have paid out cash to the Treasury in exchange for promisory notes. The full national debt โ€“ when both forms of debt are included โ€“ is already just under 100 percent of GDP, which is currently around $14.6 trillion.

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Senate Rejects Full ObamaCare Repeal but Votes To Kill โ€˜1099โ€™ Provision

By a vote of 51-47, the Senate today rejected a full repeal of ObamaCare. A second vote, 81-17, did repeal the 1099 tax paperwork provision.

No surprises here. This just illustrates the need to throw more of these clowns out of office in 2012. For one thing, many of the 81 Senators who voted to repeal the 1099 tax provision had voted for it only 10 months ago. Have they finally learned to read?

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White House quietly exempts friends from Obamacare

Repeal the damn bill! And even the White House agrees as it quietly exempts its political friends from Obamacare. Key quote:

How can you get your own free pass from Obamacare? Maybe you can just donate $27 million to President Obamaโ€˜s campaign efforts. Thatโ€™s what Andy Stern did as president of SEIU in 2008. He has been the most frequent guest at Mr. Obamaโ€˜s White House.

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