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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Contractor proposes taking over two shuttles and flying them for NASA through 2017

The contractor who manages the shutte program for NASA, United Space Alliance (USA), has proposed taking over two shuttles and flying them privately for NASA through 2017. Key quote:

USAโ€™s current estimated price tag of $1.5 billion per year would represent a substantial drop from previous funding levels, which have seen shuttle program costs rise as high as $4 billion per year. United Space Alliance says its plan would take advantage of shuttle infrastructure and a workforce already in place. Some shuttle production lines would have to be restarted โ€” for example, the operation that builds the shuttleโ€™s external fuel tanks. But USA says the first commercial shuttle flights could take place in 2013. That would beat the 2016 deadline specified in last yearโ€™s legislation, as well as the development schedule laid out by SpaceX and USAโ€™s other commercial competitors.

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Judge holds Interior Department in contempt over offshore oil drilling moratorium

A Louisiana judge has held the Interior Department in contempt over its offshore oil drilling moratorium. Key quote:

After [the judge] overturned the government’s moratorium in June, the agency issued a second nearly identical suspension. “Such dismissive conduct, viewed in tandem with the re-imposition of a second blanket and substantively identical moratorium and in light of the national importance of this case, provide this court with clear and convincing evidence of the government’s contempt of this court’s preliminary injunction order.”

The Obama administration might not realize it — as well as many politicians from both parties in DC — we are a nation of laws, not men. It thumb your nose at the law it will eventually come back to bite you. Especially if the citizenry becomes outraged at your arrogance.

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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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