On Friday, House Republicans voted overwhelmingly for a plan that would raise the debt limit a whopping $2.5 trillion. All but 22 members, including many stalwart conservatives, supported the bill because they were promised that the second installment of the debt limit increase ($1.6 trillion) would only be approved under two conditions: 1) A debt commission identifies at least $1.6 trillion in spending cuts. 2) | Read More »
Well, we really stuck it to the Democrats today. Instead of passing Cut, Cap, and Balance, a plan that will never pass the Senate and would have foisted the blame of a default upon us (supposedly), we orchestrated a plan to really own them. We came up with Boehner plan 2.0 that..well, …..will not pass the Senate – and will force a default, unless we | Read More »
It’s official: Obama’s debt reduction commission has failed. Not surprisingly, former SEIU boss Andy Stern was among those who voted against the plan. The closely-followed US debt commission failed to pass its deficit reduction plan Friday, once more pushing back hard choices about America’s ballooning national debt. Only 11 of the group’s 18 members backed the plan, three short of the 14 required to send | Read More »
A shorter post today, because nothing much happening on the Hill. The President’s Debt Commission failed to garner the 14 votes out of 18 necessary this morning on the official commission report that would increase taxes by one trillion over the next 10 years. The House passed last evening a bill that would increase taxes on families making more than $250,000 a year. The Senate passed late last | Read More »
Download Podcast | iTunes | Podcast Feed On today’s edition of Coffee and Markets, Brad Jackson and Ben Domenech are joined by Francis Cianfrocca to discuss the latest jobs numbers, which put unemployment at 9.8%, and how plans by Obama’s deficit reduction committee may impact small businesses. We’re brought to you as always by BigGovernment and Stephen Clouse and Associates. If you’d like to email | Read More »
Congress is back in session in what is referred to as the Lame Duck session. Lame Duck refers to the fact that a great number of Members of Congress have been retired, either voluntarily or involuntarily, yet they can vote on legislation and nominations. Congress has not completed work on one of the 12 spending bills to keep the government running into next year and | Read More »
I realize for the front page this should probably be a longer post, but this must be your must read of the day. Dan Mitchell from the CATO Institute has everything you need to know about the Debt Commission report. If you read through their report, it sounds like there are lots of spending cuts. But they never explain that these supposed cuts are really | Read More »
As you wake up this morning, there is a lot of talk about the leaked report of the Debt Commission. Keep in mind that this is not the final report, but a draft passed out by the co-chairs. What you need to know is pretty straight forward. Yes, the plan ends the deficit. It does so with lots and lots of spending cuts across the | Read More »
A headline at CNN back on August 13th proclaimed “Democrats to use Social Security against GOP this fall”. There is just one problem. The Wall Street Journal is reporting that it is Barack Obama’s own debt commission that intends to destroy social security as we know it. In addition to raising the retirement age, which is now set to reach age 67 in 2027, specific | Read More »
Cross-posted from Liberty Central. Obviously, balancing the federal budget is a worthy goal – an extremely important one, in fact. Congress has massively increased spending, to the point that the United States is projected to run inordinately high deficits for years to come. The problem is one of historic proportions. It would be a welcome change if this Congress were to consider a package of | Read More »
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