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Sev
06-12-2012, 04:14 PM
Pretty marginal increases in receipts considering the amount of borrowing and spending the government is doing.

http://www.businessweek.com/news/2012-06...-billion-in-may (http://www.businessweek.com/news/2012-06-12/u-dot-s-dot-budget-deficit-widened-to-124-dot-6-billion-in-may)


<span style='font-size: 23pt'>U.S. Budget Deficit Widened to $124.6 Billion in May</span>

The U.S. government budget deficit widened in May, as spending jumped 31.3 percent from the same month a year ago.

The deficit expanded to $124.6 billion from a $57.6 billion shortfall in May 2011, according to Treasury Department data released today in Washington. The shortfall matches a projected a $125 billion deficit, according to the median estimate in a Bloomberg News survey.

The U.S. government risks a fiscal crisis unless it makes significant changes in tax and spending policies, the Congressional Budget Office said June 5. The non-partisan agency said that without policy changes, the national debt within 15 years will top the historical peak set after World War II. In 1946, government debt amounted to 109 percent of the economy.

“I am sure there will be brinksmanship and possibly even some investor panic, but in the end, everything will work out,” said Stephen Stanley, chief economist at Pierpont Securities LLC in Stamford, Connecticut. “Having said that, Washington had better get it right in 2013, as next year may well be the last chance to get our fiscal house in order on our own terms.”

Revenue rose by 3.3 percent in May from a year earlier to $180.7 billion from $174.9 billion, and spending rose to $305.3 billion from $232.6 billion.
May Budget

In the first eight months of the fiscal year that began in October, the budget deficit narrowed to $844.5 billion from $927.4 billion in the same period last year.

A so-called fiscal cliff is coming at the end of 2012 when a number of major tax-and-spending changes will take effect unless Congress acts. The George W. Bush-era income tax cuts will expire as will a temporary cut in the Social Security payroll tax. About $1 trillion in automatic spending cuts will be poised to start, expanded jobless benefits will expire and the government will approach the legal limit on federal borrowing.

Individual income tax receipts in the first eight months of this fiscal year rose to $731.3 billion from $701.9 billion in the same period last year. Corporate income tax receipts rose to $119.1 billion from $85.5 billion.

U.S. stocks rose, rebounding from yesterday’s slump, amid optimism the Federal Reserve will stimulate the economy.

The Standard & Poor’s 500 Index gained 0.6 percent to 1,316.38 at 2:16 p.m. New York time after briefly erasing gains following Fitch Ratings’ downgrade of 18 Spanish banks. It fell 1.3 percent yesterday. The Dow Jones Industrial Average added 99.15 points, or 0.8 percent, to 12,510.38 today.
November Election

U.S. lawmakers are waiting for the outcome of the November election before deciding what to do about the fiscal changes, in hopes that voters will give them a stronger hand in negotiations.

“If politicians fail again next year to get their hands around the problem, markets are likely to begin losing patience, as has been the case in Europe,” Stanley said by e-mail before today’s report.

Estimates of the May budget gap ranged from $30 billion to $130 billion in the Bloomberg survey of 25 economists.

The Congressional Budget Office estimated last week the May deficit would be $125 billion. The CBO said in a report dated June 7 that the results were influenced by the shift of certain payments from May to April.

Gayle in MD
06-12-2012, 04:20 PM
I'm so glad you stopped crying!

/forums/images/%%GRAEMLIN_URL%%/smile.gif

Soflasnapper
06-13-2012, 04:44 PM
The U.S. government risks a fiscal crisis <span style='font-size: 14pt'>unless it makes significant changes in tax and spending policies</span>, the Congressional Budget Office said June 5. The non-partisan agency said that without policy changes, the national debt within 15 years will top the historical peak set after World War II. In 1946, government debt amounted to 109 percent of the economy.

Sorry, that's a crock.

What they showed as part of the analysis was the projected baseline, which isn't so bad at all.

In fact, by exactly doing nothing, letting the W tax rate cuts expire, and everything else proceed as the law today says it will (barring changing the laws), the debt levels off to a 50% of the gdp level indefinitely. That includes keeping the health care reform in place as well, and doing the $2 trillion dollar sequestering that was agreed to.

Of course, if the GOP tears up the sequestering as they'd agreed to be bound by, and now are trying to renege on, and keeps all the tax rate cuts in place, and repeals health care reform, THEN the scenario envisaged as part of the CBO prediction comes true.

eg8r
06-14-2012, 02:08 AM
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">Sorry, that's a crock...Of course, if the GOP tears up the sequestering as they'd agreed to be bound by, and now are trying to renege on, and keeps all the tax rate cuts in place, and repeals health care reform, THEN the scenario envisaged as part of the CBO prediction comes true. </div></div>It is so funny how you dance around when you see CBO numbers. You hate them one day and adore them the next. /forums/images/%%GRAEMLIN_URL%%/smile.gif

LOL, you guys continue to tell us the "obstructionists" have no agenda other than to obstruct. Then when given the data, if that happened you call it a crock only to agree with it if the Reps do exactly what you have been telling us they would do. LOL, what a laugh.

I am not totally against letting the Obama tax cuts expire. The world was not crumbling before them and it surely hasn't gotten any better with them. A little common sense would tell you that other than that item keeping the status quo isn't nearly good enough. Common sense will tell you the healthcare reform cost predictions are much lower than the actual costs will be. This current administration has failed on nearly every prediction made so why would something of that magnitude be expected to be correct? Nope, not a chance. Reforming the reform is definitely in order. Cutting spending while increasing revenue is the best avenue to drive down the debt.

Letting Obama's tax cuts expire is not all that needs to be done. By massively simplifying the tax code we can begin to see gains in both revenue gain and cost cutting. Simplifying the tax code will increase revenue and eliminate the need for so many IRS agents and government tax employees which reduces uneccessary spending (understanding this is only a minor quip in the overall budget but it is a start).

eg8r

Gayle in MD
06-14-2012, 07:24 AM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: eg8r</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">Sorry, that's a crock...Of course, if the GOP tears up the sequestering as they'd agreed to be bound by, and now are trying to renege on, and keeps all the tax rate cuts in place, and repeals health care reform, THEN the scenario envisaged as part of the CBO prediction comes true. </div></div>It is so funny how you dance around when you see CBO numbers. You hate them one day and adore them the next. /forums/images/%%GRAEMLIN_URL%%/smile.gif

LOL, you guys continue to tell us the "obstructionists" have no agenda other than to obstruct. Then when given the data, if that happened you call it a crock only to agree with it if the Reps do exactly what you have been telling us they would do. LOL, what a laugh.

I am not totally against letting the Obama tax cuts expire. The world was not crumbling before them and it surely hasn't gotten any better with them. A little common sense would tell you that other than that item keeping the status quo isn't nearly good enough. Common sense will tell you the healthcare reform cost predictions are much lower than the actual costs will be. This current administration has failed on nearly every prediction made so why would something of that magnitude be expected to be correct? Nope, not a chance. Reforming the reform is definitely in order. Cutting spending while increasing revenue is the best avenue to drive down the debt.

Letting Obama's tax cuts expire is not all that needs to be done. By massively simplifying the tax code we can begin to see gains in both revenue gain and cost cutting. Simplifying the tax code will increase revenue and eliminate the need for so many IRS agents and government tax employees which reduces uneccessary spending (understanding this is only a minor quip in the overall budget but it is a start).

eg8r </div></div>


<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body"> REPUBLICAN SNAKE-LIKE STRATEGIES COMING TO FRUITION. RIGHT IN FRONT OF YOUR FACE.
by Larry “Lusciato” Krayn
06 June 2012
Blatant Minority


It was something we spoke about amidst rallies, parties, and champagne corks. We huddled confused, frightened, nervous, and cautiously optimistic in our class rooms, dinner parties, and over our weekend cocktails. Outside of our intellectual, rational confines, the world was experiencing somewhat of a hysteria.

Tea Partiers were using magic markers to write misspelled signs about the dangers of “Afro-Lenninism, Kenyan anti-colonial socialism, and the end of “America”, Future Ron Paul supporters and future Occupy Wall Street members were rejoicing, waiting for the flash of an instant where equality would reign throughout Earth, Marijuana would be made legal federally, Gay Marriage would be legalized constitutionally, and all foreign conflict would immediately be halted.

But trapped within the maximum security prisons that were our own rationality and logic, intellectual, liberal-minded people, understood that we were in for a huge undertaking, and that navigating a harsh social and political environment was going to be essential in achieving any tangible restructuring of the bad policies that had gotten us into one of the worst periods in recent national memory. Unfortunately, we were not the only ones.

Several people in the same settings, but with an ideological slant that leaned right, just as logical, just as rational, and perhaps much more cunning and ruthless, were talking about the very same things. However, with these people the mission was not to fix the ills of America, it was not to set parameters for a collaborative government that would now have to function in a world in which they were the minority (the american people had spoken), but to figure out the best possible way to win the next presidential election, to win the next congressional election, and to eventually win back the senate, house, and presidency.

These masters of equivocation may tell you the reasons behind their strategies are only meant to achieve what “is best for America” (the arrogant claim that them gaining complete control is the only possible thing good for America, even though them having that very same level of control is what steered us into this mess in the first place) But the truth is, no one really knows why power was their only aim for the better part of 4 years. Not progress, not fixing the deficit, not creating jobs, not governing. In fact, one of their biggest “achievements” was nearly bringing the entire U.S. government to a halt, and nearly defaulting on U.S. debt, potentially causing the greatest financial and economic collapse in human history.

The reasons that these people did this have been outlined in various works and have been referenced by various writers, historians, scholars, and others very recently. One of the most recent and comprehensive works on the subject has been Robert Draper’s “Ask Not What Good We Do” in which a meeting of the minds is recounted. A meeting that took place between several key republican leaders as well as former presidential candidate Newt Gingrich on the night of president Obama’s inauguration. The conclusion of the meeting was, in summary, that the Republican party must do anything and everything possible to stone-wall the Newly elected and optimistic President of the United States, even if the country suffered. The reason behind this? To paint him as a failed leader, a failed president, and someone who could not get things done.

In fact, Senate filibusters (which are measures enacted by the minority party in the senate to stall or completely stop any kind of legislation dead in its tracks if the majority party cannot attain a 60 vote super majority) Reached a Record high under the republican minority. The first year democrats controlled the senate in 07-08 there were a record number 112 filibusters in the senate. The most the democrats have ever filibustered in the same time span historically has been 58 times.

Republicans have been filibustering a multitude of President Obama’s nominees for various agencies as well. Even federal judges are being held up for their positions. As many as 16 of these judges have already been UNANIMOUSLY approved by the bi-partisan judicial committee! These judges are not permitted to work while they are waiting, and some have been waiting in excess of a year!

This does not make mention of the budget. In fact, the senate has not passed a Budget in 3 years. The reason for this is that in order for a budget to take effect, it needs that same 60 vote super-majority. Of course senate democrats cannot attain that majority while being stone-walled by every single republican in the senate (even when a few cross the aisle it is extremely hard for them to attain the needed 60)

In the house, republicans have continually shoved through vicious, heartless, unrealistic, and radical budget plans, that were sure to cause a dispute and non-surmountable filibuster in the Senate. The house walked away from deficit reduction deals on numerous occasions, due to the fact that President Obama requested basic compromise (Meaning he asked for a 4% increase in top marginal tax rate, a return to the exponential job growth years of Clinton, where the rates were the same as Obama has requested, in exchange for his cuts to entitlement programs). The House invoked a debt ceiling debate, and then blamed President Obama when the resulting credit rating downgrade of the U.S. occurred.

But, all these things must not have existed at all according to most Republicans currently taking to national media outlets with their message. According to these people, “The democratic senate has not passed a budget in 3 years” , “The President is not a good leader, because he cannot reach across the aisle and constructively work with republicans to move the country forward” “He is a failed leader because job growth is anemic” Yet the jobs created have been all private sector jobs, while public sector jobs have taken a nose dive, mainly due to republican ideology and core beliefs – which state public sector jobs should be axed. Not to mention the fact that Republicans have filibustered and defeated virtually every single Jobs bill the President has attempted to introduce, and have offered up none of their own (aside from tax cuts).

The sad thing is that several Americans are buying into this deceptive, snake-like nonsense. The Republican party for the better part of the last 4 years, has done nothing but lay groundwork for their return to power by harnessing hate, harnessing homophobia, harnessing fear of change and progress, being a constant impediment to the president no matter what he does, even if he is attempting to pass legislation traditionally championed by Republicans etc.

These people have not attempted to fix the nations ills, they have not attempted to elevate or assist the middle class, they have not attempted in the least to create any jobs or to get the economy going again. No, these people have only spread lies, hate, misinformation, and propaganda in a concerted and planned effort to win the 2012 elections.

And now all around us, right in front of our faces, everywhere, the serpentine strategies are being sprung into action. Men and women with smiling faces, posing as concerned well-meaning intellectuals are telling us that “The President has failed to lead, has failed to get things done” “We need a pragmatist, a true leader”. In reality they are reciting a perfectly planned and rehearsed mantra of deception. They have let a lust for power undermine trust int he government, and they make no apologies for doing such. We must stand together as contributing and concerned citizens, and we must make it known to our peers and fellow voters, that we are not falling for these deceitful tactics, rather we know who stands with us, and who stands for only themselves.

Dont. Tread. On. Me. ! (lol)

written by Larry “Lusciato” Krayn

</div></div>

Gayle in MD
06-14-2012, 07:25 AM
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body"> REPUBLICAN SNAKE-LIKE STRATEGIES COMING TO FRUITION. RIGHT IN FRONT OF YOUR FACE.
by Larry “Lusciato” Krayn
06 June 2012
Blatant Minority


It was something we spoke about amidst rallies, parties, and champagne corks. We huddled confused, frightened, nervous, and cautiously optimistic in our class rooms, dinner parties, and over our weekend cocktails. Outside of our intellectual, rational confines, the world was experiencing somewhat of a hysteria.

Tea Partiers were using magic markers to write misspelled signs about the dangers of “Afro-Lenninism, Kenyan anti-colonial socialism, and the end of “America”, Future Ron Paul supporters and future Occupy Wall Street members were rejoicing, waiting for the flash of an instant where equality would reign throughout Earth, Marijuana would be made legal federally, Gay Marriage would be legalized constitutionally, and all foreign conflict would immediately be halted.

But trapped within the maximum security prisons that were our own rationality and logic, intellectual, liberal-minded people, understood that we were in for a huge undertaking, and that navigating a harsh social and political environment was going to be essential in achieving any tangible restructuring of the bad policies that had gotten us into one of the worst periods in recent national memory. Unfortunately, we were not the only ones.

Several people in the same settings, but with an ideological slant that leaned right, just as logical, just as rational, and perhaps much more cunning and ruthless, were talking about the very same things. However, with these people the mission was not to fix the ills of America, it was not to set parameters for a collaborative government that would now have to function in a world in which they were the minority (the american people had spoken), but to figure out the best possible way to win the next presidential election, to win the next congressional election, and to eventually win back the senate, house, and presidency.

These masters of equivocation may tell you the reasons behind their strategies are only meant to achieve what “is best for America” (the arrogant claim that them gaining complete control is the only possible thing good for America, even though them having that very same level of control is what steered us into this mess in the first place) But the truth is, no one really knows why power was their only aim for the better part of 4 years. Not progress, not fixing the deficit, not creating jobs, not governing. In fact, one of their biggest “achievements” was nearly bringing the entire U.S. government to a halt, and nearly defaulting on U.S. debt, potentially causing the greatest financial and economic collapse in human history.

The reasons that these people did this have been outlined in various works and have been referenced by various writers, historians, scholars, and others very recently. One of the most recent and comprehensive works on the subject has been Robert Draper’s “Ask Not What Good We Do” in which a meeting of the minds is recounted. A meeting that took place between several key republican leaders as well as former presidential candidate Newt Gingrich on the night of president Obama’s inauguration. The conclusion of the meeting was, in summary, that the Republican party must do anything and everything possible to stone-wall the Newly elected and optimistic President of the United States, even if the country suffered. The reason behind this? To paint him as a failed leader, a failed president, and someone who could not get things done.

In fact, Senate filibusters (which are measures enacted by the minority party in the senate to stall or completely stop any kind of legislation dead in its tracks if the majority party cannot attain a 60 vote super majority) Reached a Record high under the republican minority. The first year democrats controlled the senate in 07-08 there were a record number 112 filibusters in the senate. The most the democrats have ever filibustered in the same time span historically has been 58 times.

Republicans have been filibustering a multitude of President Obama’s nominees for various agencies as well. Even federal judges are being held up for their positions. As many as 16 of these judges have already been UNANIMOUSLY approved by the bi-partisan judicial committee! These judges are not permitted to work while they are waiting, and some have been waiting in excess of a year!

This does not make mention of the budget. In fact, the senate has not passed a Budget in 3 years. The reason for this is that in order for a budget to take effect, it needs that same 60 vote super-majority. Of course senate democrats cannot attain that majority while being stone-walled by every single republican in the senate (even when a few cross the aisle it is extremely hard for them to attain the needed 60)

In the house, republicans have continually shoved through vicious, heartless, unrealistic, and radical budget plans, that were sure to cause a dispute and non-surmountable filibuster in the Senate. The house walked away from deficit reduction deals on numerous occasions, due to the fact that President Obama requested basic compromise (Meaning he asked for a 4% increase in top marginal tax rate, a return to the exponential job growth years of Clinton, where the rates were the same as Obama has requested, in exchange for his cuts to entitlement programs). The House invoked a debt ceiling debate, and then blamed President Obama when the resulting credit rating downgrade of the U.S. occurred.

But, all these things must not have existed at all according to most Republicans currently taking to national media outlets with their message. According to these people, “The democratic senate has not passed a budget in 3 years” , “The President is not a good leader, because he cannot reach across the aisle and constructively work with republicans to move the country forward” “He is a failed leader because job growth is anemic” Yet the jobs created have been all private sector jobs, while public sector jobs have taken a nose dive, mainly due to republican ideology and core beliefs – which state public sector jobs should be axed. Not to mention the fact that Republicans have filibustered and defeated virtually every single Jobs bill the President has attempted to introduce, and have offered up none of their own (aside from tax cuts).

The sad thing is that several Americans are buying into this deceptive, snake-like nonsense. The Republican party for the better part of the last 4 years, has done nothing but lay groundwork for their return to power by harnessing hate, harnessing homophobia, harnessing fear of change and progress, being a constant impediment to the president no matter what he does, even if he is attempting to pass legislation traditionally championed by Republicans etc.

These people have not attempted to fix the nations ills, they have not attempted to elevate or assist the middle class, they have not attempted in the least to create any jobs or to get the economy going again. No, these people have only spread lies, hate, misinformation, and propaganda in a concerted and planned effort to win the 2012 elections.

And now all around us, right in front of our faces, everywhere, the serpentine strategies are being sprung into action. Men and women with smiling faces, posing as concerned well-meaning intellectuals are telling us that “The President has failed to lead, has failed to get things done” “We need a pragmatist, a true leader”. In reality they are reciting a perfectly planned and rehearsed mantra of deception. They have let a lust for power undermine trust int he government, and they make no apologies for doing such. We must stand together as contributing and concerned citizens, and we must make it known to our peers and fellow voters, that we are not falling for these deceitful tactics, rather we know who stands with us, and who stands for only themselves.

Dont. Tread. On. Me. ! (lol)

written by Larry “Lusciato” Krayn

</div></div>

eg8r
06-14-2012, 08:05 AM
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">REPUBLICAN SNAKE-LIKE STRATEGIES COMING TO FRUITION. RIGHT IN FRONT OF YOUR FACE.
</div></div>LOL, let me reply like I was sofla. That is a crock. If the Dems get a spine and fight back that will never happen. If the Reps continue to win then I take back my earlier statement and agree. /forums/images/%%GRAEMLIN_URL%%/smile.gif

eg8r

Soflasnapper
06-14-2012, 08:33 AM
It is so funny how you dance around when you see CBO numbers. You hate them one day and adore them the next. \:\)

You are amusing yourself with a falsehood then.

I haven't 'danced away' from CBO numbers, or criticized them ever that I can recall. Perhaps you can fire up the search engine here and find an example? (No, you cannot.)

Here you go. (http://www.cbo.gov/sites/default/files/cbofiles/attachments/06-21-Long-Term_Budget_Outlook.pdf)

Page 1.

Check the extended baseline. You know the one that goes up some and then flattens out indefinitely out to the horizon? Yes, that one.

I misremembered the level at which it levels off forever, which is at a 75% of gdp level for the publicly held debt, not 50%. That error doesn't change the fact that it stays where it is, indefinitely, if all the changes now in place in the law scheduled to occur simply are allowed to unfold without interruption.

Gayle in MD
06-14-2012, 08:35 AM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: eg8r</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">REPUBLICAN SNAKE-LIKE STRATEGIES COMING TO FRUITION. RIGHT IN FRONT OF YOUR FACE.
</div></div>LOL, let me reply like I was sofla. That is a crock. If the Dems get a spine and fight back that will never happen. If the Reps continue to win then I take back my earlier statement and agree. /forums/images/%%GRAEMLIN_URL%%/smile.gif

eg8r </div></div>

I was writing, "What a croock" for years on here, during the REpiglican run up to the crashed economy. Remember? Back through all of those years when you defended BUSH ET AL?



If the Reps win it will be because their ignorant Tea Party, flyover supporters, will AGAIN be stupid enough to vote against their own best interests.

The same phenomenon which Repigs have exploited, in order to win elections, for decades, as was addressed in the book, written years ago:

What's The Matter With Kansas?

G.