As expected, the bill to raise the federal debt ceiling that House Republicans brought to a quick vote today failed overwhelmingly. The bill, which would have unconditionally increased the debt limit by $2.4 trillion — the precise amount requested by the Obama administration — garnered only 97 Yea votes, all from Democrats. A combined 318 Democrats and Republicans voted Nay, and seven Democrats voted Present.
Remember the halcyon days of the late 1970s, when inflation, interest, and unemployment rates all soared into double digits? Back then the top marginal income tax rate in the United States was 70 percent, which may just have had something to do with the economic malaise of the period.
The allegedly pro-life Republican Party has betrayed its base again. According to Terence P. Jeffrey of CNSNews.com, the budget deal reached between the Obama administration and Congress on April 9 does not include the Pence Amendment, which would have banned federal funding of Planned Parenthood for the remainder of the fiscal year. Should this bill become law, the nation’s largest abortion provider will continue to receive millions of taxpayer dollars.
When launching his military intervention into the Libyan civil war, President Barack Obama undoubtedly expected some resistance from Republicans in Congress. On the other hand, he probably did not count on members of his own party joining the GOP in opposing the operation, but that is precisely what is happening.
It is becoming increasingly obvious that the Republican leaders in the House of Representatives never really had their hearts in all their pre-election talk about shrinking government. Having vowed to cut $100 billion from the Obama administration’s proposed budget for fiscal year 2011, they were prepared instead to trim a paltry $35 billion, arguing that on a prorated basis it works out to about $74 billion for the year, still 26 percent less than their modest stated goal.
The Federal Reserve cherishes its privacy and has fought tooth and nail to keep it. Nevertheless, its ability to shower greenbacks on favored corporations and foreign banks may soon be drawing to a close thank s to the 2010 elections.
“We’ve had some incidents where TSA authorities think that congresspeople should be treated like everybody else,” Rep. James Clyburn (left, D-S.C.) told Fox News Sunday.
According to the federal government’s 2010 financial statements, released in late December, the 2010 deficit was $1.29 trillion, a slight decrease from the 2009 deficit of $1.42 trillion. Despite this minor improvement, the long-term debt when all obligations are taken into account, including such major unfunded liabilities as Social Security and Medicare, is an astounding $64 trillion — and that may be understating things by about $12.3 trillion, says John Williams of ShadowStats.com (as reported by Douglas French on the Ludwig von Mises Institute blog).
Leave it to Democrats to make the spendthrift Republicans of the George W. Bush era look like tightwads. “The federal government,” reports CNSNews.com, “has accumulated more new debt — $3.22 trillion ($3,220,103,625,307.29) — during the tenure of the 111th Congress than it did during the first 100 Congresses combined, according to official debt figures published by the U.S. Treasury.” That comes to “$10,429.64 in new debt for each and every one of the … people counted in the United States by the 2010 Census,” writer Terence P. Jeffrey explains, adding that the total national debt as of the close of business on December 22 “now equals $44,886.57 for every man, woman and child in the United States.
Did you know that in 2010 the federal government spent $2.9 million for a study of the video game "World of Warcraft"? How about $1.8 million for a neon sign museum in Las Vegas? Or $823,000 for teaching South African men how to wash their private parts?