[credit provider=”Flickr” url=”http://www.flickr.com/photos/talkradionews/4012425080/sizes/m/in/photostream/”] Update: Senate Minority Leader Mitch McConnell (R-KY) proposed a “contingency” plan for raising the debt ceiling Tuesday afternoon.
[credit provider=”CBS News”] President Barack Obama told CBS News’s Scott Pelley that Social Security benefit checks are in jeopardy if Congress doesn’t raise the debt limit by August 2.”I cannot guarantee that those checks go out on August 3rd if we haven’t resolved this issue, because there may simply not […]
[credit provider=”National Taxpayers Union” url=”http://i158.photobucket.com/albums/t106/OnlyObvious/Tax_Rates/TopTaxBracket_TaxRate.jpg”] As the US struggles with a massive budget deficit, the conversation has obviously turned to taxes.Specifically, what should be done with them.
[credit provider=”AP”] Speaker of the House John Boehner introduced a new argument to the debt ceiling and deficit reduction talks Tuesday, saying raising the borrowing limit is Republicans’ concession in the negotiations.”This debt limit increase is [Obama’s] problem,” he said.
Congressional leaders will return to the White House today to continue negotiations on raising the debt ceiling and lowering the deficit.
[credit provider=”Wikimedia Commons”] Good morning. Here’s what you need to know:1. The Wall Street Journal reports: “The euro was hammered again Tuesday, while peripheral bond spreads widened and stocks tumbled, as investors’ fears about the euro-zone debt crisis spreading to Italy deepened and a meeting of European Union finance ministers […]
Update: Two key Republican Senators opposed a deficit reduction plan including cuts to Medicare and Medicaid.
“It’s almost like a baptism. They can’t break from it.”
As President Barack Obama and congressional leaders huddled to negotiated a deficit reduction deal, Sen. Kent Conrad (D-ND) released the much-anticipated Senate Democrats budget framework.
Talks between President Obama and Congressional leaders wrapped up Monday afternoon without an agreement.
[credit provider=”AP”] For the 11th straight day, Minnesota residents awoke to a state shutdown. Vital institutions are operating only on a series of court orders keeping the police force and schools open. There are few signs negotiations to reopen the state will lead anywhere.”I don’t see a quick conclusion,” Republican […]
[credit provider=”republicanconference via Flikr”] Deficit reduction talks suffered a setback Monday. Republicans rejected President Barack Obama’s demand for new revenues in an agreement to raise the debt ceiling.In a press conference, Speaker of the House John Boehner criticised Obama for trying to raise taxes during a recession, saying “the president and […]
President Barack Obama held his second press conference in as many weeks today to discuss negotiations to raise the debt limit and lower the deficit.
Talks between President Barack Obama and Congressional Republicans turned “testy” Sunday night, as both sides refused to budge on tax increases.
Good morning. Here’s what you need to know:1. The New York Times reports: “Close to $2 of every $10 that went into Americans’ wallets last year were payments like jobless benefits, food stamps, Social Security and disability, according to an analysis by Moody’s Analytics. By the end of this year, […]
[credit provider=”Flickr” url=”http://www.flickr.com/photos/davidsilver/5227589198/sizes/m/in/photostream/”] Update 2: House Minority Leader Nancy Pelosi’s statement on the meeting:”We are still hopeful for a large bipartisan agreement, which means more stability for our economy, more growth and jobs, and more deficit reduction over a longer period of time.”
[credit provider=”NBC”] President Barack Obama is not giving up on his hopes to pass a “big” $4 trillion deficit cutting bill as part of a deal to raise the debt ceiling, Treasury Secretary Tim Geithner said Sunday.”[Obama] recognises that to do the right thing you have to try and do […]
[credit provider=”AP”] Former Minnesota Gov. Tim Pawlenty is the latest GOP presidential candidate to oppose raising the debt ceiling, The New York Times reports.”I hope and pray and believe they should not raise the debt ceiling,” Pawlenty told Iowa voters last week. “These historic, dramatic moments where you can draw a […]
[credit provider=”AP”] Speaker of the House John Boehner ruled out a “grand bargain” on the deficit and the debt ceiling Saturday night, ending hopes for a historic $4 trillion deal.”Despite good-faith efforts to find common ground, the White House will not pursue a bigger debt reduction agreement without tax hikes,” […]
Democratic and Republican lawmakers are balking at the “grand bargain” under consideration by President Barack Obama and Speaker of the House John Boehner, dimming hopes that a deal can be reached this weekend to prevent the government from defaulting on August 2.
[credit provider=”Flickr” url=”http://www.flickr.com/photos/medilldc/5430941803/in/photostream/”] A day after President Barack Obama met with congressional leaders to negotiate a debt ceiling increase and deficit reduction package, the deal is falling apart.”We are this far apart,” Speaker of the House John Boehner said Thursday morning, holding his arms out. “It is not like there […]
Good morning. Here’s what you need to know:
Treasury Secretary Tim Geithner says he does not believe President Barack Obama has the authority to unilaterally ignore the debt ceiling.
“It is part of class warfare politics.”
House Minority Leader Nancy Pelosi (D-CA) says she is confident a debt ceiling deal will be reached before the federal government defaults on its obligations on August 2.
[credit provider=”Flickr” url=”http://www.flickr.com/photos/davidsilver/5227589198/sizes/m/in/photostream/”] President Barack Obama and Congressional leaders today agreed to pursue a “big” deficit reduction target — as much as $4 trillion saved from cuts and new revenue.Reuters is reporting that all the participants at today’s negotiating session agreed that a short-term debt ceiling increase should not be […]
House Minority Leader Nancy Pelosi (D-CA) says Democrats will not support any entitlement benefit cuts as part of a deficit reduction package.
President Barack Obama just finished making a brief statement on the debt ceiling and deficit reduction talks.
[credit provider=”Pew Research centre for the People & the Press”] As President Barack Obama and congressional leaders consider cuts to Social Security, Medicare and Medicaid as part of a deficit reduction package, a new poll shows that most Americans believe maintaining benefits is more important than reigning in spending.The poll, […]
[credit provider=”AP”] Seven days into Minnesota’s government shutdown, the state’s Democratic Governor and Republican lawmakers remain $1.4 billion apart on an agreement over how to close the state’s $5 billion budget deficit.Talks to end the shutdown remained at an impasse yesterday after Gov. Mark Dayton asked Republican negotiators to agree […]
[credit provider=”Flickr” url=”http://www.flickr.com/photos/gopleader/4156380948/sizes/m/in/photostream/”] Speaker of the House John Boehner informed his caucus this morning that there is a 50-50 chance that a deal to lower the deficit and raise the debt ceiling will be reached in the next 48 hours, National Journal reports.Boehner’s prognosis comes barely 12 hours after a […]
[credit provider=”AP Photo/Charles Dharapak”] Republicans have agreed to between $150 billion and $200 billion in revenue increases as part of a deficit reduction package, Senate Minority Whip Jon Kyl (R-AZ) said Wednesday night. The announcement is the latest bit of good news for the once-stagnant talks to raise the debt ceiling and lower the […]
Sen. Jim DeMint (R-S.C.) said Republicans should continue demanding steep spending cuts as part of a debt ceiling deal, even if it means the government will default.
“That’s really who they are.”
[credit provider=”Flickr” url=”http://www.flickr.com/photos/scriptingnews/3268284226/sizes/m/in/photostream/”] President Barack Obama is raising the stakes in the ongoing talks to raise the debt ceiling and lower the deficit — proposing $4 trillion in cuts over the next decade, including reductions to Social Security, The Washington Post is reporting.Obama has already indicated he would support cuts […]
[credit provider=”AP”] As President Barack Obama and Republican leaders encourage each other to “do something big” on lowering the deficit, Time’s Jay Newton-Small explains what such a “grand bargain” might entail.Obama is already giving in to Republican demands for steep spending cuts that will form the backbone of a deal to […]
This is just depressing.
This is from Jeff Gundlach’s recent slide presentation.
Good morning. Here’s what you need to know:
[credit provider=”Flickr” url=”http://www.flickr.com/photos/governordayton/5494677310/sizes/m/in/photostream/”] Talks between Minnesota Gov. Mark Dayton (DFL) and Republican legislators to end the state’s shutdown briefly resumed Tuesday, with little progress made toward reaching a new budget agreement.As an “all-star” team of business leaders and former politicians examines the budget for a “third-way” compromise to end the […]
If you ask a person who prefers to ignore data, the answer might be yes. If you ask a person who looks at the data, the answer is likely no. There are apparently a lot of the former . Anyway, to some analysis. From the abstract of a paper by […]
“The people who set the common wisdom in Washington, and the sort of Beltway press, ought to care about their own hypocrisy.”
Everyone really needs to cool it with the rhetoric.
[credit provider=”Flickr” url=”http://www.flickr.com/photos/davidsilver/5227589198/sizes/m/in/photostream/”] As the August 2 deadline approaches, all eyes are on Republican lawmakers who must decide whether to agree to a debt ceiling deal including cuts to corporate subsidies or send the government into default.Over the past week, Democrats have signaled they would agree to spending cuts to Medicare […]
[credit provider=”Flickr” url=”http://www.flickr.com/photos/[email protected]
/2995854760/sizes/m/in/photostream/”] Minnesota Gov. Mark Dayton (DFL) is turning to business leaders and a bipartisan group of former politicians to help end the state’s five-day-long shutdown.The group, led by Former Vice President Walter Mondale (D) and Former Gov. Arne Carlson (R), is set on finding a “third way” solution […]
Good morning. Here’s what you need to know:
[credit provider=”The White House”] President Barack Obama is considering hundreds of billions of dollars in cuts to Medicare and Medicaid as part of a deal to raise the debt limit and close the deficit.According to The New York Times, the White House would be willing to make $340 billion in […]
Negotiations between Gov. Mark Dayton and state legislators to agree on a new budget — and end a four-day old shutdown — will not resume until Tuesday at the earliest, Minnesota Public Radio reported.State parks, campgrounds, and racetracks remain shuttered during the usually busy holiday weekend, and 22,000 workers are […]
Top Senate Republicans indicated on Sunday they would support the elimination of tax subsidies as part of a deal to lower the deficit and raise the debt ceiling.Sen. John McCain (R-AZ) and Sen. John Cornyn (R-TX) indicated they would support “revenue raisers” as part of an agreement to avert government default […]
State budgets were due Friday, marking the end of one of the most contentious legislative seasons in recent memory, and the first day of the new fiscal year for most states.
[credit provider=”YouTube” url=”http://www.youtube.com/watch?v=kiO2iwAgbFs&feature=youtu.be”] The National Republican Senatorial Committee released a video Thursday critical of President Barack Obama’s leadership on debt ceiling negotiations.After Obama called for Republicans to “act like leaders” and reach a deal on raising the debt limit in a press conference on Wednesday, the committee fired back with […]
[credit provider=”scriptingnews via Flickr” url=”http://www.flickr.com/photos/scriptingnews/3268284226/sizes/m/in/photostream/”] The White House believes a deal on raising the debt limit must be reached by July 22 in order for the U.S. government to avoid defaulting on its obligations, The Wall Street Journal reports.Once an agreement is reached, Congress would have to draft and pass […]
[credit provider=”en.wikipedia.org” url=”http://en.wikipedia.org/wiki/File:Gulfstream_G-400.jpg”] Listening to a government-sponsored radio news broadcast this yesterday, I heard Barack Obama talking about his plans for closing up the nation’s larger-than-Greece’s federal budget deficit (don’t forget that the states are also running deficits by underfunding public employee pensions) by eliminating tax breaks for corporate jet […]
[credit provider=”AP Photo/Domingo Botan”] California has voted a law that would compel Amazon to collect sales tax from its affiliates. So Amazon nuked its affiliates.
Update 2: The Minnesota state government shut down early Friday, as its new fiscal year began without a budget.
Update 2: Last week Sen. Chuck Schumer said Democrats could agree to changes in the “delivery side” of Medicare.
Online retailer Amazon is leaving thousands of California-based online retailers in the lurch after the state passed a law requiring Amazon to collect sales taxes on sales made by its in-state affiliate networks
Update 2: White House Spokesman Jay Carney said Thursday afternoon that President Barack Obama rejected an invitation from Senate Republican Leader Mitch McConnell to meet about cutting the deficit.
The Minnesota Star Tribune is reporting Democratic Gov. Mark Dayton and Republican lawmakers met today to try to reach a deal to temporarily fund the government beyond midnight tonight.
Update: Senate Republican Leader Mitch McConnell is inviting President Barack Obama to the Capitol to hear first-hand why his proposed tax increases will not pass, The Associated Press is reporting.
Tommy Ironic on Flickr
Good morning. Here’s what you need to know:1. Standard & Poor’s managing director John Chambers told Reuters yesterday that the United States would immediately have its top-notch credit rating slashed to “selective default” if it misses a debt payment on August 4th. “If the U.S. government misses a payment, it […]
“Shouting doesn’t make your point any more legitimate.”
[credit provider=”Flickr” url=”http://www.flickr.com/photos/medilldc/5430941803/in/photostream/”] Speaker of the House John Boehner fired back at the White House this afternoon, after President Barack Obama criticised Congress in a press conference for stalling a deal to raise the debt ceiling.”His administration has been burying our kids and grandkids in new debt and offered no […]
There’s what he says and what he signals. What President Obama signaled in his press conference this morning is that there is now a rough outline for a deal on deficit reduction and raising the debt ceiling.
“Everyone in the hedge fund game is laughing their head off knowing they’re going to get away with this.”
[credit provider=”Flickr” url=”http://www.flickr.com/photos/gopleader/4156380948/sizes/m/in/photostream/”] Speaker of the House John Boehner called the Treasury Department’s August 2 deadline to raise the debt ceiling “artificial” in an interview with Fox News’ Sean Hannity Tuesday.Rejecting the imperative to raise the debt ceiling in the next five weeks or risk government default, Boehner said “we cannot […]
[credit provider=”U.S. Census Bureau” url=”http://www2.census.gov/govs/qtax/information_sheet.pdf”] In the latest bit of bad news for cash-strapped local governments, property tax receipts declined for the second consecutive quarter, according to new data released Tuesday by the Census Bureau.In the first quarter of this year, local governments saw a 1.7 per cent drop in property […]
President Barack Obama is in no hurry to make a deal on deficit reduction and raising debt ceiling. The White House believes his ability to craft an agreement more to his liking improves every day he stalls, according to a report from National Journal’s Marc Ambinder.
[credit provider=”AP”] The White House announced today that it is seeking to raise $600 billion in revenue through new taxes and the elimination of corporate subsidies as part of a deal to lower the deficit and raise the debt ceiling.President Barack Obama is trying to ensure that any spending cuts […]
[credit provider=”Wikimedia Commons” url=”http://upload.wikimedia.org/wikipedia/commons/6/6f/Old_Greek_flag_waving.png”] Good morning! Here’s what you need to know:1. The Wall Street Journal reports: “..the inability of governments and households to reduce their debt continues to cast a shadow over Western economies and the financial health of individuals. Today, U.S. consumers have more mortgage and credit-card debt […]
Top Congressional Democrats say any deal to raise the debt ceiling must include tax hikes, setting the stage for a high-stakes game of brinkmanship with Republicans.”There needs to be revenues in any deal.” said Sen. Chuck Schumer (D-NY) on a call with reporters today.
Good morning. Here’s what you need to know:
Vice President Joe Biden this evening acknowledged that the debt ceiling negotiations are effectively over until President Obama and Speaker of the House John Boehner reach an agreement on “tax expenditures.”In a statement, Biden reiterated that the negotiations, which imploded earlier today after Majority Leader Eric Cantor backed out of […]
States are facing budget shortfalls as revenue from the federal government is cut and their tax base’s suffer from nation-wide unemployment woes. But, there are some shining stars in the union that can still keep taxes low and attractive for businesses.
Cook County Treasurer Maria Pappas oversees 553 local government bodies. They include school districts, municipalities and all the other line-item entries on property tax bills.Two years ago, she asked each and every one of those local government bodies to provide an accurate accounting of their debts and obligations. On Tuesday […]
A new research paper by finance professors Joshua Rauh and Robert Novy-Marx paints a sobering picture of the taxes required to fully fund state and municipal governments’ pension requirements over the next 30 years.The researches found that if current laws and practices remain in effect, taxes on the average household […]
[credit provider=” betssssyviaFlickr” url=”http://www.flickr.com/photos/betsssssy/435473533/”] Seven years ago Hilary LaMonte, then a resident of Virginia, made a mistake: She failed to file an Iowa state tax return. She repeated the mistake in each of the following two years.Now she owes Iowa around $35,000, according to a Letter of Findings from the […]
Time is running out for Minnesota lawmakers to avoid a July 1 government shutdown.
The Microsoft Investor is a daily report from SAI. Sign up here to receive it by email.
The much-vaunted Republican pledge not to raise any taxes is crumbling. Tuesday 34 Senate Republicans voted to end the special tax breaks for ethanol.
“Among the reasons legislators scrambled to pass the stop-gap budget plan by Wednesday’s deadline was that state law called for them to have a full day’s pay docked for every day the budget was late. Since they passed a budget by the deadline, their pay will continue unimpeded, despite the […]
There’s only one thing you can do in Washington these days that would be worse than tweeting your underpants. And that would be to “friend” a tax loophole.
[credit provider=”GenBug on Flikr” url=”http://www.flickr.com/photos/genbug/3264320826/”] In the midst of a debt crisis, Louisiana Governor Bobby Jindal has vetoed the renewal of a four-cent cigarette tax increase, and might face the state legislature’s first override in 18 years.Jindal explained that the bill violated his “commitment to the taxpayers of Louisiana to […]
[credit provider=”commons.wikimedia.org” url=”http://commons.wikimedia.org/wiki/File:Toro_de_Fuego_de_Haro.jpg”] The EU’s leadership has called for a common corporate tax policy throughout Europe.As of now however, there is a variation of more than 40 per cent in how European countries tax corporation’s profit, according to the Doing Business Project from the World Bank Group.
On Wednesday, I met President Obama. I realise I’m supposed to act all cool and hard-bitten about this, as though it was just another day in the office.
Ever since Meredith Whitney appeared on the CBS News broadcast “60 Minutes” and said that there would be “hundreds of billions of dollars’ worth” of municipal bond defaults, everyone and their brother has been mocking her prediction.
Everyone remembers GE’s publicized spat with The New York Times over a piece that said the conglomerate had paid no taxes after making nearly $5.1 billion in profits in the U.S.
Drake Bennett profiles Grover Norquist, the immensely powerful founder of Americans for Tax Reform, for this week’s issue of Bloomberg Businessweek. For decades, Norquist has hemmed Washington lawmakers into keeping one campaign promise: No new taxes. Bennett argues that the federal budget crisis is now threatening to undermine Norquist’s power, […]
Actor Ian Mercer, who stars as a zombie quartermaster in the latest of the “Pirates Of The Caribbean” film franchise, “On Stranger Tides,” alongside Johnny Depp, was taken to court this week on charges of falsely collecting £2,300 in tax benefits.
[credit provider=”Flickr” url=”http://www.flickr.com/photos/statelibraryofnsw/3211482994/sizes/o/in/photostream/”] Tax attacks on the rich may seem extreme in the U.S., but around the world rates are far more aggressive.A report by KPMG highlights 2010 individual income tax for countries around the world. We ranked the countries based on the income tax rate on $300,000 of gross […]
[credit provider=”USMMS via flickr” url=”http://www.flickr.com/photos/[email protected]
/2475580517/sizes/z/in/photostream/”] The city of Medina, OH is strapped, and its public school students have to pony up cash to participate in band, cross-country, take tests and even enroll in classes.The Wall Street Journal documents a Medina family’s trek through their local school system. The Dombi’s have […]
[credit provider=”wiki commons” url=”http://en.wikipedia.org/wiki/File:182223678_ce63558dfc_o.jpg”] Nevada faces up to a $3 billion budget deficit.Meanwhile the state collects no tax from $7.3 billion in prostitution sales — worth $146 million in state revenue, according to brothel lobbyists.
[credit provider=”wiki commons” url=”http://en.wikipedia.org/wiki/File:Downtown_Davis1_2008.JPG”] A report from a visit to Davis, California…The university seems to be in good shape despite all of the talk of dire budget problems. The lawns are trimmed and the students seem happy and purposeful. Due to the tuition of $13,000 per year (source; compare to […]
[credit provider=” stuartpilbrowviaFlickr” url=”http://www.flickr.com/photos/stuartpilbrow/2942333106/”] The average American family has a lot riding on the current debate in Washington over whether “tax expenditures” should be placed on the budget chopping block as part of an effort to reduce the federal deficit.It has been 25 years since major tax breaks were seriously […]
[credit provider=”Wikimedia Commons”] Republicans have a problem. The American people are concerned about the budget deficit and know enough basic arithmetic to understand that it can result from higher spending or lower revenues.Republicans, however, insist that taxes must not be increased by a single penny; indeed, they argue that the […]