Government Spending & Budgets

Obama to the House Speaker on ‘wasting time’: “What have you guys been debating, John [Boehner]? A commemorative coin for baseball? You have legislation reaffirming that ‘In God We Trust’ is our motto.”

November 3, 2011

“President Obama on Wednesday attacked House Republicans for failing to pass jobs growth measures and instead voting on commemorative coins and a resolution reaffirming “In God We Trust” as the national motto.

“What have you guys been debating, John?” Obama said, referring to House Speaker John Boehner (R-Ohio). “A commemorative coin for baseball? You have legislation, uh … reaffirming that ‘In God We Trust’ is our motto,” said the president.

Obama’s attacks were not reserved for House Republicans, saying that Senate Minority Leader Mitch McConnell (R-Ky.) supports infrastructure improvement.

“ ‘Roads and bridges are not partisan in Washington’, that’s a quote from him,” Obama said.”

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Detroit Mayor: City dealing with “extremely serious” fiscal issues

November 3, 2011

“Michigan’s largest city is facing a projected cash shortage of about $150 million by the end of March, a statement from his office said.

To avoid having a state-appointed emergency financial manager, the city needs to address pension and health-care costs and “inefficient services” such as transportation and lighting, while labor union contracts need to be renegotiated before their expiration next June, the statement said.

“City government has to live within its means,” Bing said in the statement. “Continuing to do business the same way is not an option, given our extremely serious financial condition. The last thing I want is for Detroit to be run by an emergency financial manager, whether it’s me or someone else.”

The state said it is not contemplating appointing an emergency manager for Detroit right now.”

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Report: Obama Administration considered Bailout for Solyndra days before bankruptcy

November 3, 2011

“Days before a solar panel maker collapsed, the Obama administration considered a bailout that would have provided an infusion of cash and made the federal government a part-owner of the company.

Officials rejected the plan, which was recommended in August by the investment banking firm Lazard Ltd. Lazard was paid $1 million for analyzing options related to the faltering company, Solyndra Inc.

Details of the bailout plan were among nearly 1,200 pages of documents released by the government Wednesday, hours before a House subcommittee was set to vote on a plan to subpoena White House documents related to Solyndra.

The Republican-controlled House Energy and Commerce Committee said a subpoena was necessary because the White House has denied or delayed requests for thousands of documents related to Solyndra. The California company received a $528 million federal loan before filing for bankruptcy protection and laying off 1,100 workers.

An Energy Department spokesman said the administration was cooperating with House investigators and has provided more than 80,000 pages of documents. The administration turned over more than 15,000 pages of documents to the committee this week, including about 1,200 pages of communications between the White House and the Energy Department, Energy Department spokesman Damien LaVera said.”

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U.S. Debt increased $203 Billion in October — $650 for every person in America

November 3, 2011

“The federal government’s debt increased by $203,368,715,583.63 in the month of October, according to the U.S. Treasury.

That equals about $650 per person for each of the 312,542,760 people the Census Bureau now estimates live in the United States.

At the end of September, the total national debt stood at $14,790,340,328,557.15, according to the Bureau of the Public Debt. By the end of October, it had risen to $14,993,709,044,140.78.”

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Krugman: Medicare saves money. Don’t raise the age for Medicare eligibility.

June 14, 2011

“Like Republicans who want to end Medicare as we know it and replace it with (grossly inadequate) insurance vouchers, Mr. Lieberman describes his proposal as a way to save Medicare. It wouldn’t actually do that.”

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