World-News

US pols overspending on pace to hit $2.58 trillion for 2011-12

Politico

01/26/11

New budget estimates Wednesday paint a grim picture of the nation?s [sic] fiscal state, with the government on pace to rack up combined deficits of $2.58 trillion for 2011 and 2012 even with an improved economy. With the Treasury already warning it will have exhausted the government?s borrowing authority this spring, the Congressional Budget Office report is the most up-to-date analysis of just how big an increase in the debt ceiling will be needed [sic] prior to the 2012 elections...

http://www.politico.com/news/stories/0111/48226.html



The road to national suicide

Antiwar.com Antiwar.com
by Philip Giraldi

01/27/11

It is not often that one sees an entire nation marching in lockstep to go over a cliff into an abyss, but that is essentially what the United States is doing at the moment. Not only have there been strong hints from the Obama Administration that the US presence in Iraq and Afghanistan will go on into the dim future, but there is also no sign of any necessary course correction in other areas...

http://tinyurl.com/4t57rua



Bush?s third term continues

OpenMarket.org
by Ryan Young

01/26/11

President Obama?s policies are remarkably similar to President Bush?s. Most of their differences are in matters of degree, not principle. Both presidents believe in expanding federal involvement in health care, education, energy, you name it. Both grew regulation, spending and deficits at tremendous rates. Even their foreign policy is almost identical...

http://tinyurl.com/4s2hkva



When numbers get unserious

Reason Reason
by Jacob Sullum

01/26/11

Obama depicts budget cutters as panicky passengers 'trying to reduce the weight of an overloaded aircraft by removing its engine,' a metaphor that transforms frugality into a vice and makes continuing to spend money we don't have seem like the only responsible course. This inversion of values is facilitated by the self-fulfilling conventional wisdom that serious spending cuts are unserious because no one will take them seriously. According to this view, epitomized by the Times, only rubes imagine that the budget can be balanced by reducing expenditures, while fiscal sophisticates understand the need to carry on as usual, despite a $1.4 trillion deficit and a $14 trillion debt...

http://reason.com/archives/2011/01/26/when-numbers-get-unserious



And the debt bomb ticks on

Human Events
by Patrick J. Buchanan

01/25/11

The federal deficit for the fiscal year 2011, which ends Sept. 30, is projected at between $1,200 billion and $1,500 billion. Thus, the $100 billion in cuts the firebrands are pushing, and few think they will get, add up at best to 8 percent of the deficit and 2.5 percent of the $3.87 trillion budget Obama proposed. Thus, at best, this Congress will only slightly reduce the rate of speed at which we are heading toward a debt default...

http://www.humanevents.com/article.php?id=41375


Informant: Thomas L. Knapp



http://www.sharenews-blog.com:8090/helma/twoday/sharenews/search?q=Obama
http://www.sharenews-blog.com:8090/helma/twoday/sharenews/search?q=Bush+legacy
http://www.sharenews-blog.com:8090/helma/twoday/sharenews/search?q=foreign+policy
http://www.sharenews-blog.com:8090/helma/twoday/sharenews/search?q=Treasury
http://www.sharenews-blog.com:8090/helma/twoday/sharenews/search?q=Congressional+Budget+Office
http://www.sharenews-blog.com:8090/helma/twoday/sharenews/search?q=budget
http://www.sharenews-blog.com:8090/helma/twoday/sharenews/search?q=debt
http://www.sharenews-blog.com:8090/helma/twoday/sharenews/search?q=deficit
http://freepage.twoday.net/search?q=market+correction
http://www.sharenews-blog.com:8090/helma/twoday/sharenews/search?q=Philip+Giraldi
http://freepage.twoday.net/search?q=Ryan+Young
http://www.sharenews-blog.com:8090/helma/twoday/sharenews/search?q=Jacob+Sullum
http://www.sharenews-blog.com:8090/helma/twoday/sharenews/search?q=Patrick+J.+Buchanan
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