The current (July 20) issue of The New American includes our first congressional scorecard on the 111th Congress, which convened in January. The scorecard, entitled “The Freedom Index,” rates congressmen based on their adherence to constitutional principles of limited government, fiscal responsibility, national sovereignty, and a traditional foreign policy of avoiding foreign entanglements.
It will come as a surprise to many Americans to learn that the Federal Reserve, created by Congress in 1913, has never been audited. Even though the organization possesses complete control over the nation’s monetary system, the Fed remains an untouchable base of power.
“Cap-And-Trade” global-warming legislation that would — by President Barack Obama's own admission — “skyrocket” electricity rates as well as raise taxes on consumers narrowly passed the House of Representatives June 26 by a vote of 219-212. The legislation would levy new taxes and dramatic new regulations in order to cap carbon and other “greenhouse gas” emissions. Congressional Quarterly reported that eight Republicans who voted for the bill tipped the balance in favor of the legislation.
The Washington Post has reported today that Congress will vote Friday on the 1,092-page American Clean Energy and Security Act (H.R. 2454) to restrict carbon-dioxide emissions in order to fight global warming. The Congressional Budget Office estimates that the measure, which is also known as "cap-and-trade" legislation, would create $846 billion in higher taxes and increase federal “direct spending by about $821 billion.” In addition to the direct tax implications, the bill's extensive new “cap-and-trade” regulations could skyrocket all Americans’ utility bills and create massive job losses.