Tales from the Trail

Bejeebers! A scary fiscal outlook and Tea Party politics

October 20, 2010

Tackling huge budget deficits and growing debt is essential for the United States to avoid a financial market crisis that would push interest rates higher and severely damage the U.S. economy, many economists have warned.

A Social Security reality check for deficit hawks

October 13, 2010

President Barack Obama’s fiscal commission is expected to recommend changes to Social Security to help reduce the deficit when it issues its report in early December.FRANCE-PENSIONS/ But protests in France over pension reforms there could serve as a reality check to U. S. deficit hawks who want to raise the U.S. retirement age  and make other benefit changes to the popular  retirement plan.

Simpson gets delivery from NOW

September 29, 2010

High drama at President Barack Obama’s deficit commission meeting.

Members of the bipartisan panel were about to settle in at the Senate Budget CommitUSA/tee hearing room to discuss the weighty issues of performance objectives and the merit of one-year vs. two-year budgeting, when the unscheduled happened.

Republican YouCut seeks to shear Mohair from budget

May 20, 2010

It’s worth about $1 million a year.

For most people that’s a lot of money. But in the context of a $3.7 trillion federal budget and a $1.5 trillion deficit, it’s small potatoes. Except in this case it’s a federal subsidy for mohair and it has more lives than an Angora cat.

Obama reminds Americans he inherited the high deficit from Republicans

February 1, 2010

OBAMA

Lest there be any doubt, President Barack Obama, a Democrat, blames Republicans for leaving him a huge deficit when he took office.

Republican sees Democrats passing healthcare overhaul

November 13, 2009

Sarah Palin says on her Facebook page that the healthcare overhaul passed by the U.S. House of Representatives last week should be “Dead on Arrival” in the U.S. Senate. 

Obama lets the budget ax fall — but gently

May 7, 2009

President Barack Obama has been threatening to crack down on government spending and on Thursday he let the budget ax fall — but gently.
 
He unveiled $17 billion in cuts as part of his administration’s budget for the 2010 fiscal year.
 
OBAMA/BUDGET“We can no longer afford to spend as if deficits don’t matter and waste is not our problem. We can no longer afford to leave the hard choices for the next budget, the next administration — or the next generation,” Obama said.
 
$17 billion.
 
That would be about one half of one percent of his $3.55 trillion budget.
 
Nearly 1.5 percent of the projected 2010 deficit.
 
And about $1 billion less than what President George W. Bush proposed to cut from the previous year’s budget.
 
By comparison, the American family with a median income of about $51,000 a year looking at a 0.5 percent budget cut would need to trim $255.

Think the U.S. deficit is bad? Check out the interest payments

February 26, 2009

US TREASURY PAULSONFor those who are worried about the $1.75 trillion deficit that President Barack Obama projected the government would run in fiscal 2009, wait until you see what the interest on the growing U.S. debt will be.

Presidential advisers debate candidate tax proposals

June 11, 2008

barry.jpgjohnm.jpg NEW YORK  – As presidential contenders John McCain and Barack Obama sparred over competing tax proposals on Tuesday, their top economic advisers debated similar issues of  what changes in fiscal policy will help boost the U. S. economy.