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.
New members in Congress may face tough choices as Tea Partiers say the defense budget shouldn’t be exempt from budget cuts. According to MSNBC.com on Jan. 21, although the $700 billion annual budget is one that few in Congress have been willing to tackle, Tea Party groups declare that if spending is to be cut, “the military’s budget needs to be part of the mix.”
The controversial USA PATRIOT Act (Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act), signed into law in 2001, is quietly up again for renewal. The Raw Story reports that Representative Mike Rogers (R-Mich.) has introduced a bill intended to “renew controversial provisions of the Bush administration's USA Patriot Act that are due to expire this year."
The American people, according to a January 11 Reuters poll, strongly oppose raising the debt ceiling of the federal government. The poll shows that 71 percent of respondents are against raising the limit on federal borrowing authority, while only 18 percent support such a move.