Senate Majority Leader Harry Reid effectively pulled the rug out from under Pres. Barack Obama and House Speaker Nancy Pelosi today by announcing that the Senate will wait until the fall to debate and vote on the presidents health care reform proposals: Senate Democratic leaders on Thursday abandoned plans for a vote on health care […]
Politics
Obama Administration Putting Off Budget Update
The Associated Press is reporting that the Obama Administration is putting of releasing the annual mid-summer budget update until mid-August: The White House is being forced to acknowledge the wide gap between its once-upbeat predictions about the economy and today’s bleak landscape. The administration’s annual midsummer budget update is sure to show higher deficits and […]
Joe Biden: ‘We Have to Go Spend Money to Keep From Going Bankrupt’
From CNSNews.com: Vice President Joe Biden told people attending an AARP town hall meeting that unless the Democrat-supported health care plan becomes law the nation will go bankrupt and that the only way to avoid that fate is for the government to spend more money. “And folks look, AARP knows and the people with me here today […]
Steny Hoyer: Idiot
From CNSNews.com (emphasis mine): House Majority Leader Steny Hoyer (D-Md.) said that job growth and economic recovery would not be harmed by a Democratic plan to increase income taxes by $540 billion to pay for their health-care reform proposal because the tax hikes would not affect small businesses. Hoyer also said he could not think of any small business […]
Mandating Unemployment?
From the Wall Street Journal: Here’s some economic logic to ponder. The unemployment rate in June for American teenagers was 24%, for black teens it was 38%, and even White House economists are predicting more job losses. So how about raising the cost of that teenage labor? Sorry to say, but that’s precisely what will […]
Speed Bump: Senate Democrats Delay Action on Obama’s Healthcare & Climate Initiatives
Democrats in the House and Senate handed President Barack Obama a double dose of bad news yesterday when they moved to delay on his top legislative priorities, healthcare and climate change. Senate Environment and Public Works Committee Chairman Barbara Boxer (D-CA) said they would put off work on the climate change bill until September while […]
About that Alleged CIA ‘Lie’
From the Wall Street Journal: As political spectacles go, one would be hard pressed to find anything as ridiculous as the Washington Romper Room now starring Congressional Democrats and the CIA. If only the consequences weren’t potentially so damaging for national security. The latest episode comes courtesy of Silvestre Reyes, Chairman of the House Select […]
Pelosi v. CIA
From the Wall Street Journal: The last time the CIA and Nancy Pelosi were in the news together, the House Speaker was accusing the agency of lying about its briefings to Congress on the interrogation of al Qaeda detainees. This week, the Speaker’s fellow Democrats are set to block public disclosure of what Ms. Pelosi […]
Anatomy of a Crisis: The Fannie Mae and Freddie Mac Debacle
Republican members of the House Committee on Oversight and Government Reform have released a report analyzing the role of the government sponsored enterprises (GSE), Fannie Mae and Freddie Mac, in the housing meltdown. You can read the full report here, but here are the highlights: Political pressure led to the erosion of responsible lending practices: […]
Will Obama Push for a Weaker Dollar?
Ugh, this is not good… former Clinton trade official and current member of the Obama administration’s economic advisory panel Laura Tyson said in Singapore today that the $787-billion plan Congress passed in February “will have a positive effect, but the real economy is a sicker patient.” She went on to say the plan turned out […]
Breaking: Sarah Palin Resigning as Governor of Alaska
Alaska Governor Sarah Palin announced today that she will resign from office July 26. Palin made the announcement from her home in Wasilla, she was flanked by her husband, Todd, her family and state commissioners. Lt. Gov. Sean Parnell will succeed her. Visit msnbc.com for Breaking News, World News, and News about the Economy Wow, […]
Fiscal Irresponsibility: Congress’s Travel Tab Swells
You would think record budget deficits and the need fiscal restraint would curtail Congressional travel… but you’d be wrong: WASHINGTON — Spending by lawmakers on taxpayer-financed trips abroad has risen sharply in recent years, a Wall Street Journal analysis of travel records shows, involving everything from war-zone visits to trips to exotic spots such as […]
Reminder: Connecticut July 4th Tea Parties
Just a quick reminder that on Independence Day, the Connecticut Tea Party Patriots will hold public rallies in Hartford, Norwich and Stratford to encourage elected officials to exercise fiscal restraint, rein in government growth and support America’s free market economy. The Hartford Tea Party will take place from noon to 3 p.m. on the Capitol […]
Unemployment Climbs to 9.5 Percent
Unemployment climbed to its highest level in 26 years rising to 9.5 percent in June. All told, 14.7 million people were unemployed in June: WASHINGTON (Reuters) – U.S. employers cut far more jobs than expected last month and the unemployment rate hit 9.5 percent, the highest in nearly 26 years, underscoring the likelihood of a […]
House Passes Cap and Tax Bill 219-212
The House of Representatives passed President Barack Obama’s massive Cap and Trade energy tax bill by a vote 219-212 yesterday… 211 Democrats and eight Republicans voted for the bill. WASHINGTON — Landmark legislation to curb U.S. greenhouse-gas emissions was approved by the House of Representatives in a close vote late Friday, securing an initial victory […]