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	<title>Bankrupting America</title>
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		<title>Wednesday Waste: Really?</title>
		<link>http://www.bankruptingamerica.org/wednesday-waste-really/</link>
		<comments>http://www.bankruptingamerica.org/wednesday-waste-really/#comments</comments>
		<pubDate>Wed, 16 May 2012 19:18:02 +0000</pubDate>
		<dc:creator>BA_Admin</dc:creator>
				<category><![CDATA[Government Spending]]></category>
		<category><![CDATA[Series]]></category>
		<category><![CDATA[Wednesday Waste]]></category>
		<category><![CDATA[2009 stimulus funds]]></category>
		<category><![CDATA[federal grants]]></category>
		<category><![CDATA[research programs]]></category>

		<guid isPermaLink="false">http://www.bankruptingamerica.org/?p=30583</guid>
		<description><![CDATA[A total more than $1.5 million in stimulus was appropriated to create less than 3 jobs to study high-risk sexual behavior and erectile dysfunction since 2009, the NBC Investigative Unit is reporting. ]]></description>
			<content:encoded><![CDATA[<p>A total more than $1.5 million in stimulus was appropriated to create less than 3 jobs to study high-risk sexual behavior and erectile dysfunction since 2009, the <a href="http://www.nbcbayarea.com/investigations/Stimulus-Grants-Fund-Erectile-Dysfunction-And-Sexual-Habits-Studies-151195105.html">NBC Investigative Unit</a> is reporting.</p>
<p>The University of California, San Francisco was awarded a <a href="http://www.recovery.gov/Transparency/RecipientReportedData/Pages/RecipientProjectSummary508.aspx?AwardIDSUR=38718&amp;qtr=2011Q4">grant</a> for over $1.26 million to study and identify “ways to improve the accuracy of responses” regarding self-reporting high-risk sexual behavior, which has created a whopping 0.85 <a href="http://www.recovery.gov/FAQ/Pages/ForCitizens.aspx#jobscreatedsaved">jobs</a>. Through 200 video interviews (Yes, that is over $6000 per interview) UCSF researched conversational methodologies and techniques as they apply to the reporting of sexual behavior.</p>
<p>Another <a href="http://www.recovery.gov/Transparency/RecipientReportedData/Pages/RecipientProjectSummary508.aspx?AwardIDSUR=31959&amp;qtr=2011Q4">grant</a>, awarded to a hospital in Rhode Island went to studying erectile dysfunction. The hospital was awarded over $725k to determine “whether lifestyle intervention is effective” in middle-aged men with impotence and created 1.61 jobs while doing so.</p>
<p>Neither one of the studies has been completed yet, according to <a href="http://www.recovery.gov/Pages/default.aspx">Recovery.org</a>, but are the results really necessary? We have a national debt of over $15.6 trillion, and this is a use of $1.5 million that government could do without.<span class="thirty">BA</span></p>
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		<title>The Senate&#8217;s Budget Theater</title>
		<link>http://www.bankruptingamerica.org/the-senates-budget-theater-lenwood-brooks/</link>
		<comments>http://www.bankruptingamerica.org/the-senates-budget-theater-lenwood-brooks/#comments</comments>
		<pubDate>Wed, 16 May 2012 16:54:44 +0000</pubDate>
		<dc:creator>Lenwood Brooks</dc:creator>
				<category><![CDATA[Government Spending]]></category>
		<category><![CDATA[Topics]]></category>
		<category><![CDATA[annual budget]]></category>
		<category><![CDATA[Budget Control Act]]></category>
		<category><![CDATA[Budget proposals]]></category>
		<category><![CDATA[filibuster]]></category>
		<category><![CDATA[Lenwood Brooks]]></category>
		<category><![CDATA[Senate]]></category>
		<category><![CDATA[Senate Parliamentarian]]></category>
		<category><![CDATA[Senator Harry Reid]]></category>

		<guid isPermaLink="false">http://www.bankruptingamerica.org/?p=30571</guid>
		<description><![CDATA[It's been over three years since Congress has passed a budget.  The obstacle to getting a budget enacted:  the U.S. Senate.  Both President Obama and the House of Representatives have met their obligations, issuing budget proposals each year, while the Senate sits on its hands.]]></description>
			<content:encoded><![CDATA[<p>It&#8217;s been over three years since Congress has passed a budget.  The obstacle to getting a budget enacted:  the U.S. Senate.  Both President Obama and the House of Representatives have met their obligations, issuing budget proposals each year, while the Senate sits on its hands.  When news broke yesterday that the Senate will vote on several budget blueprints later this afternoon, some considered this news to be a heartening development.  Not so fast.  These budget votes are more an exercise in kabuki theater than actual policymaking because none of these budgets are expected to get the votes necessary to even begin the debate.  Did you get that? The Senate isn&#8217;t voting on whether or not to pass a budget today; they are voting on whether or not to actually begin the debate on a budget.</p>
<p>Think about it.  It takes a simply majority vote in the Senate to begin the debate on the budget, a process so critical the Senate exempts the budget from its filibuster rule.  Why can&#8217;t they at least debate a budget?  Well, it’s an open secret in Washington that the Senate wants to avoid a budget debate because they fear it will lead to tough votes that can be used against them in upcoming elections. Budget debates open the amendment floodgates and force senators to take clear stands on a vast range of contentious fiscal and social issues by casting politically perilous votes. After all, no incumbent, Republican or Democrat, relishes the prospect of seeing his or her voting record used as a weapon in a challenger’s campaign ad. The instinct for self-preservation is understandable, but I wouldn’t exactly call it admirable.</p>
<p>Senator Harry Reid (D-Nev.), who leads the Democratic majority in that chamber, has claimed that the Budget Control Act (BCA) passed in August 2011 to resolve the debt-ceiling standoff, with its enforceable discretionary spending cap of $1.047 trillion, gives him the budget he needs for the upcoming fiscal year.  Sorry, but no. Both houses of Congress and the White House have a responsibility to produce detailed budget proposals, to work through the arduous process of reconciling competing plans and to deliver an annual budget document to guide government spending for the year. That’s not just my opinion. The Senate Parliamentarian, the referee on matters of legislative process, issued a <a href="http://www.politico.com/news/stories/0412/74801.html">procedural ruling</a> in March that undercuts the claim that the BCA is enough to suffice as a budget blueprint for this year. For Reid and other budget hold-outs, this ruling is a black eye.</p>
<p>A budget is one of the most rudimentary aspects of governing.  In fact, it&#8217;s even required by law.  Take a look for yourself:  the law requires Congress to pass a budget.  On <a href="http://www.gpo.gov/fdsys/pkg/HMAN-106/pdf/HMAN-106-pg923.pdf">page 926</a> of the Congressional Budget Act of 1974, it says that on or before April 15 of each year “Congress completes action on concurrent resolution on the budget.”  How can it be that Congress is able to disregard its own deadline?  Well, actually, since the law doesn’t contain any enforcement mechanisms, there are no consequences imposed on Congress if it fails to enact a budget by April 15.  Do you think you could ignore a law simply because it didn&#8217;t have any enforcement mechanisms?  Sorry, but no.</p>
<p>The Senate owes the American people a budget.  And the least they could do is allow the legislative body to begin debating one.<span class="thirty">BA</span></p>
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		<title>B.A. Spending Daily</title>
		<link>http://www.bankruptingamerica.org/b-a-spending-daily-275/</link>
		<comments>http://www.bankruptingamerica.org/b-a-spending-daily-275/#comments</comments>
		<pubDate>Wed, 16 May 2012 12:59:28 +0000</pubDate>
		<dc:creator>BA_Admin</dc:creator>
				<category><![CDATA[Government Spending]]></category>
		<category><![CDATA[News Roundup]]></category>
		<category><![CDATA[Series]]></category>
		<category><![CDATA[Topics]]></category>
		<category><![CDATA[budget deal]]></category>
		<category><![CDATA[budget outlines]]></category>
		<category><![CDATA[debt ceiling]]></category>
		<category><![CDATA[defense appropriations]]></category>
		<category><![CDATA[earmarks]]></category>
		<category><![CDATA[Fmr President Bill Clinton]]></category>
		<category><![CDATA[Gretchen Hamel]]></category>
		<category><![CDATA[House Speaker John Boehner]]></category>
		<category><![CDATA[spending cuts]]></category>
		<category><![CDATA[tax increases]]></category>
		<category><![CDATA[tax legislation]]></category>
		<category><![CDATA[U.S. debt]]></category>

		<guid isPermaLink="false">http://www.bankruptingamerica.org/?p=30568</guid>
		<description><![CDATA[A roundup of this morning's must-read budget and economic stories.]]></description>
			<content:encoded><![CDATA[<p>Here’s a roundup of this morning’s must-read budget and economic stories:</p>
<p style="padding-left: 30px;"><a href="http://www.washingtonpost.com/business/economy/foreign-holdings-of-us-debt-hit-record-high-china-ups-holds-for-third-time/2012/05/15/gIQAWi87QU_story.html"><em>The Associated Press</em></a><em> </em>reports foreign holdings of U.S. debt are at an all-time high.</p>
<p style="padding-left: 30px;">Despite a current ban on the practice, <a href="http://dyn.politico.com/printstory.cfm?uuid=9C21D12E-EF6D-497B-BA39-6FA6710AB155"><em>Politico</em></a><em> </em>reports lawmakers are still pushing for earmarks.</p>
<p style="padding-left: 30px;"><a href="http://www.miamiherald.com/2012/05/15/2801040/white-house-threatens-veto-of.html%23storylink=cpy"><em>The Associated Press</em></a><em> </em>says the White House has threatened to veto the House FY 2013 defense appropriations bill since spending in it exceeds what was agreed to in last summer’s budget deal.</p>
<p style="padding-left: 30px;">House Speaker John Boehner said Republicans would block any debt ceiling increase that  is not accompanied by spending cuts. <a href="http://www.bloomberg.com/news/print/2012-05-15/boehner-demands-spending-cuts-for-any-debt-limit-increase.html"><em>Bloomberg</em></a><em>,</em><a href="http://thehill.com/homenews/house/227511-boehner-lays-out-fiscal-plan-knocks-obama-for-lack-of-courage"><em>The Hill</em></a><em>, </em><a href="http://www.nytimes.com/2012/05/16/us/politics/gop-pledges-new-standoff-on-debt-limit.html?nl=todaysheadlines&amp;emc=edit_th_20120516&amp;pagewanted=print"><em>The New York Times</em></a><em>, </em><a href="http://dyn.politico.com/printstory.cfm?uuid=F4A90B07-09B5-4DCC-BDE4-524E0DFB5764"><em>Politico</em></a><em>, </em><a href="http://www.reuters.com/article/2012/05/15/usa-congress-debt-idUSL1E8GF77820120515"><em>Reuters</em></a><em>,</em> <a href="http://www.washingtonpost.com/business/economy/boehner-threatens-another-debt-ceiling-fight/2012/05/15/gIQAJuCESU_print.html"><em>The Washington Post</em></a><em> </em>have the story.</p>
<p style="padding-left: 30px;">According to <a href="http://thehill.com/homenews/house/227649-republicans-plan-fast-track-for-broad-tax-overhaul"><em>The Hill</em></a>, Speaker Boehner is also pushing for quick action on tax legislation. Meanwhile, according to <a href="http://www.politico.com/news/stories/0512/76326.html"><em>Politico</em></a>, former President Bill Clinton is advising lawmakers raise taxes across the board.</p>
<p style="padding-left: 30px;"><a href="http://thehill.com/blogs/on-the-money/budget/227351-voting-on-budget-will-be-12-ammo"><em>The Hill</em></a><em> </em>and <a href="http://freebeacon.com/do-nothing-democrats/"><em>The Washington Free Beacon</em></a><em> </em>says the Senate is poised to reject several different budget outlines on Wednesday. According to <a href="http://politi.co/L96bNx"><em>Politico</em></a>, some moderates are frustrated with the Senate’s inability to pass a budget. <em> </em></p>
<p style="padding-left: 30px;"><em></em><a href="http://thehill.com/blogs/floor-action/senate/227563-import-export-bank-passes-senate-78-20"><em>The Hill</em></a><em>,</em> <a href="http://dyn.politico.com/printstory.cfm?uuid=F3C8750A-7AE5-443A-BE3A-70F4F874D17A"><em>Politico</em></a><em> </em>and <a href="http://www.washingtonpost.com/politics/export-import-bank-reauthorized-by-senate/2012/05/15/gIQA7w31RU_print.html"><em>The Washington Post</em></a><em> </em>report the Senate has passed a House-supported bill to reauthorize the Export-Import Bank.</p>
<p style="padding-left: 30px;">According to <a href="http://www.nytimes.com/2012/05/16/business/states-diverting-mortgage-settlement-money-to-other-uses.html?pagewanted=print"><em>The New York Times</em></a>, states are using funds from the housing settlement with banks to plug their budget gaps. Also on housing, <a href="http://www.bloomberg.com/news/print/2012-05-16/mortgage-principal-reductions-weighed-for-fannie-freddie.html"><em>Bloomberg</em></a><em> </em>says Fannie Mae and Freddie Mac may soon be allowed to forgive homeowners’ debts.</p>
<p><span class="thirty">BA</span></p>
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		<title>California&#8217;s Fiscal Cliff</title>
		<link>http://www.bankruptingamerica.org/californias-fiscal-cliff-2/</link>
		<comments>http://www.bankruptingamerica.org/californias-fiscal-cliff-2/#comments</comments>
		<pubDate>Tue, 15 May 2012 18:00:44 +0000</pubDate>
		<dc:creator>BA_Admin</dc:creator>
				<category><![CDATA[Economy]]></category>
		<category><![CDATA[Topics]]></category>
		<category><![CDATA[Uncategorized]]></category>
		<category><![CDATA[California]]></category>
		<category><![CDATA[california budget]]></category>
		<category><![CDATA[debt]]></category>
		<category><![CDATA[deficit]]></category>
		<category><![CDATA[increased revenue]]></category>
		<category><![CDATA[spending cuts]]></category>
		<category><![CDATA[tax increases]]></category>

		<guid isPermaLink="false">http://www.bankruptingamerica.org/?p=30561</guid>
		<description><![CDATA[As fiscal year 2012 continues, many states are reporting increased revenues that help to reduce deficits and debt accumulated during the recession, but not California.]]></description>
			<content:encoded><![CDATA[<p>As fiscal year 2012 continues, many states are reporting increased revenues that help to reduce deficits and debt accumulated during the recession, but not California. The Golden State saw a 20.2 percent decrease in revenue, about $2.44 billion, and spent more than $2.1 billion than originally estimated so far for fiscal year 2012. Needless to say, the lack of revenue and increase in spending ballooned the state’s deficits.</p>
<p>Now $16 billion –instead of the $9 billion predicted in January—California’s deficit poses major problems for the state. While borrowing has yet to be impeded by a lack of confidence in the state’s ability to pay off its debt, the massive deficit means lawmakers must make more cuts than originally planned to control the growing debt. The problem is that California’s Governor Jerry Brown would rather increase taxes and cut less than needed to bring the deficit down.</p>
<p>In November a ballot initiative will determine if the state will raise sales taxes a quarter of a point, up to 7.5 percent, and raise the marginal income tax on the rich to 13.3 percent from the already-high 10 percent. Ranking dead last in The Chief Executive’s ranking of business-friendly states, it is unlikely that the new taxes in November will encourage more business to locate in California.</p>
<p>While the tax increases stand to raise $9 billion in the upcoming budget year, this still leaves the state $7 billion in debt. If it were not obvious before that California was not in aposition to tax its way out of this mess, the shortfall after raising taxesshould make it very apparent. The only real solution for California is the same solution for spending in Congress: cut spending and implement a plan for long-term deficit and debt reduction. Until a plan is put in place to keep deficits from reaching this size again, California can increase its taxes all it wants and still not find its way out of debt.<span class="thirty">BA</span></p>
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		<title>Public Pulse: What Shape is the Economy in Today?</title>
		<link>http://www.bankruptingamerica.org/public-pulse-what-shape-is-the-economy-in-today/</link>
		<comments>http://www.bankruptingamerica.org/public-pulse-what-shape-is-the-economy-in-today/#comments</comments>
		<pubDate>Tue, 15 May 2012 15:20:43 +0000</pubDate>
		<dc:creator>BA_Admin</dc:creator>
				<category><![CDATA[Economy]]></category>
		<category><![CDATA[Public Pulse]]></category>
		<category><![CDATA[Series]]></category>
		<category><![CDATA[Topics]]></category>
		<category><![CDATA[budget deficit]]></category>
		<category><![CDATA[deficit reduction]]></category>
		<category><![CDATA[economy]]></category>
		<category><![CDATA[fiscal crisis]]></category>
		<category><![CDATA[France]]></category>
		<category><![CDATA[government waste]]></category>
		<category><![CDATA[Greece]]></category>
		<category><![CDATA[increased revenue]]></category>
		<category><![CDATA[raise taxes]]></category>
		<category><![CDATA[tax system]]></category>

		<guid isPermaLink="false">http://www.bankruptingamerica.org/?p=30556</guid>
		<description><![CDATA[According to the Associated Press, 20% of adults say the economy is in good shape and 64% think it is in poor shape. What do you think?]]></description>
			<content:encoded><![CDATA[<p>According to the <a href="http://ap-gfkpoll.com/main/wp-content/uploads/2012/05/AP-GfK-Poll-May-2012-Topline-final_OBAMA.pdf">Associated Press</a>, 20% of adults say the economy is in good shape and 64% think it is in poor shape.</p>
<p><script type="text/javascript" charset="utf-8" src="http://static.polldaddy.com/p/6229713.js"></script><br />
<noscript><a href="http://polldaddy.com/poll/6229713/">Would you say the economy is in&#8230;</a></noscript></p>
<p>According to the <a href="http://cdn.yougov.com/cumulus_uploads/document/s0tv1r0a0f/econToplines.pdf?utm_source=Economist/YouGov+Poll+Results+Week+Of+May+5+2012+&amp;utm_campaign=Google+Analytics&amp;utm_medium=email">Economist</a>, 63% of adults favor doing something now to address the budget deficit; 8% oppose doing something now; and 29% neither favor nor oppose.</p>
<p><script type="text/javascript" charset="utf-8" src="http://static.polldaddy.com/p/6229715.js"></script><br />
<noscript><a href="http://polldaddy.com/poll/6229715/">The federal government should act to address the budget deficit&#8230;</a></noscript></p>
<p>According to <a href="http://s3.amazonaws.com/resurgentrepublic.com/resurgentrepublic/production/assets/473/original/rr_may_toplines.pdf">Resurgent Republic</a>, when asked how much of federal government spending is wasted, 4% of registered voters say less than 5%; 7% say between 6% and 10%; 16% say 11%-20%; 18% say between 21%-30%; 14% say between 31% and 40%; 11% say between 41% and 50%; and 22% say more than 50%.</p>
<p><script type="text/javascript" charset="utf-8" src="http://static.polldaddy.com/p/6229723.js"></script><br />
<noscript><a href="http://polldaddy.com/poll/6229723/">How much of the federal government is wasted?</a></noscript></p>
<p>According to <a href="http://www.rasmussenreports.com/public_content/business/general_business/may_2012/61_believe_europe_needs_to_cut_government_spending_to_save_economy">Rasmussen</a>, 61% of adults believe cuts in government spending would do more to improve the economic and financial situation in France and Greece than increases. 20% thought more government spending is the better way to go.</p>
<p><script type="text/javascript" charset="utf-8" src="http://static.polldaddy.com/p/6229730.js"></script><br />
<noscript><a href="http://polldaddy.com/poll/6229730/">What would help the economic and financial system in Greece and France more?</a></noscript></p>
<p>According to the <a href="http://www.pgpf.org/Issues/Fiscal-Outlook/2012/05/050912-Poll-Toplines.aspx">Peter G. Peterson Foundation</a>, 90% of registered voters agree the current tax system is unfair and too complex and needs to be reformed. 9% disagree.</p>
<p><script type="text/javascript" charset="utf-8" src="http://static.polldaddy.com/p/6229733.js"></script><br />
<noscript><a href="http://polldaddy.com/poll/6229733/">The current tax system is unfair and too complex. You&#8230;</a></noscript></p>
<p>According to <a href="http://s3.amazonaws.com/resurgentrepublic.com/resurgentrepublic/production/assets/473/original/rr_may_toplines.pdf">Resurgent Republic</a>, when given two choices, 64% of registered voters say if the federal government were to raise taxes the new revenue would go to increased spending. 28% think the revenues would go to reducing the budget deficit.</p>
<p><script type="text/javascript" charset="utf-8" src="http://static.polldaddy.com/p/6229736.js"></script><br />
<noscript><a href="http://polldaddy.com/poll/6229736/">If the federal government were to increase tax rates, the revenues would be more likely to go to&#8230;</a></noscript><span class="thirty">BA</span></p>
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		<title>B.A. Spending Daily</title>
		<link>http://www.bankruptingamerica.org/b-a-spending-daily-274/</link>
		<comments>http://www.bankruptingamerica.org/b-a-spending-daily-274/#comments</comments>
		<pubDate>Tue, 15 May 2012 13:41:00 +0000</pubDate>
		<dc:creator>BA_Admin</dc:creator>
				<category><![CDATA[Government Spending]]></category>
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		<category><![CDATA[underfunded]]></category>

		<guid isPermaLink="false">http://www.bankruptingamerica.org/?p=30550</guid>
		<description><![CDATA[A roundup of this morning's must-read budget and economic stories.]]></description>
			<content:encoded><![CDATA[<p>Here’s a roundup of this morning’s must-read budget and economic stories:</p>
<p style="padding-left: 30px;"><a href="http://www.washingtonpost.com/business/economy/taxmageddon-sparks-rising-anxiety/2012/05/14/gIQAUxAAQU_print.html"><em>The Washington Post</em></a><em> </em>says businesses are getting nervous about impending tax increases.</p>
<p style="padding-left: 30px;"><a href="http://freebeacon.com/stimulus-money-went-to-california-erectile-dysfunction-study/"><em>The Washington Free Beacon</em></a><em> </em>reports money from the 2009 stimulus went to study erectile dysfunction.</p>
<p style="padding-left: 30px;">According to <a href="http://thehill.com/blogs/floor-action/senate/227291-reid-agrees-to-gop-demands-to-move-ex-im-bank-reauthorization-forward"><em>The Hill</em></a>, <a href="http://dyn.politico.com/printstory.cfm?uuid=8F4E686E-8ADF-4736-804B-354E1DB97D46"><em>Politico</em></a> and <a href="http://www.rollcall.com/news/senate_set_to_reauthorize_export_import_bank-214490-1.html?pos=htmbtxt"><em>Roll Call</em></a>, the bill to reauthorize the Export-Import Bank is moving forward.</p>
<p style="padding-left: 30px;"><a href="http://www.nytimes.com/2012/05/15/world/europe/greek-turmoil-may-spur-new-bargaining-in-euro-zone.html?_r=1&amp;nl=todaysheadlines&amp;emc=edit_th_20120515&amp;pagewanted=print"><em>The New York Times</em></a><em> </em>and <a href="http://www.washingtonpost.com/business/economy/greek-deadlock-heightens-fears-of-full-euro-crisis/2012/05/14/gIQATggIPU_print.html"><em>The Washington Post</em></a><em> </em>looks at how the crisis in Greece is affecting the European and world economy.</p>
<p style="padding-left: 30px;">On the opinion pages: <a href="http://professional.wsj.com/article/SB10001424052702304203604577393941108053800.html?mod=WSJ_Opinion_AboveLEFTTop&amp;mg=reno64-wsj"><em>The Wall Street Journal</em></a><em> </em>looks at underfunded private pension systems.</p>
<p><span class="thirty">BA</span></p>
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		<title>Did You Get Your Money’s Worth From Congress Last Week?</title>
		<link>http://www.bankruptingamerica.org/did-you-get-your-moneys-worth-from-congress-last-week-46/</link>
		<comments>http://www.bankruptingamerica.org/did-you-get-your-moneys-worth-from-congress-last-week-46/#comments</comments>
		<pubDate>Mon, 14 May 2012 18:02:35 +0000</pubDate>
		<dc:creator>BA_Admin</dc:creator>
				<category><![CDATA[Government Spending]]></category>
		<category><![CDATA[Money's Worth]]></category>
		<category><![CDATA[Series]]></category>
		<category><![CDATA[Topics]]></category>
		<category><![CDATA[Export Import Bank]]></category>
		<category><![CDATA[health care bill]]></category>
		<category><![CDATA[interest rates on student loans]]></category>
		<category><![CDATA[salaries of Members of Congress]]></category>
		<category><![CDATA[spending bill]]></category>
		<category><![CDATA[student loans]]></category>
		<category><![CDATA[tax increases]]></category>
		<category><![CDATA[veto]]></category>

		<guid isPermaLink="false">http://www.bankruptingamerica.org/?p=30537</guid>
		<description><![CDATA[Last week taxpayers spent roughly $100 million on Congress. Did you get your money’s worth?]]></description>
			<content:encoded><![CDATA[<p>The House and Senate were both in session last week.</p>
<p>The House <a href="http://clerk.house.gov/evs/2012/roll224.xml">voted to reauthorize</a> the Export-Import Bank. The legislation “would raise the bank’s lending limit to $120 billion immediately, $130 billion in 2013 and $140 billion by the end of the 2014 fiscal year.” See our fact sheet on the Bank, <a href="http://www.bankruptingamerica.org/fact-sheet/capitol-cronyism-the-export-importex-im-bank/">here</a>. The House also passed the Fiscal Year 2013 Commerce-Justice-Science spending bill, which lays out <a href="http://thehill.com/blogs/on-the-money/appropriations/225853-white-house-threatens-veto-on-commerce-justice-spending-bill">$51.1 billion </a>in funding for those programs over the next year. The White House has threatened to veto the legislation since it cuts funding more than was agreed to in last summer’s debt limit deal.</p>
<p>The Senate <a href="http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=112&amp;session=2&amp;vote=00089">rejected cloture</a> on a bill that would have prevented <a href="http://abcnews.go.com/blogs/politics/2012/05/the-student-loan-showdown-in-the-senate/">interest rates on student loans </a>from doubling from 3.4 percent to 6.8 percent. Republicans and Democrats disagree on how to pay for the measure, with Democrats favoring tax increases and Republicans offering a plan to repeal a program set up in the 2010 health care bill.</p>
<p>Check below for more on last week’s House and Senate action.</p>
<p><strong>What you paid</strong></p>
<p style="padding-left: 30px;">Last week taxpayers spent roughly $100 million on Congress.</p>
<p style="padding-left: 30px;"><a href="http://clerk.house.gov/member_info/memberfaq.html">Salaries of Members of Congress</a> and their allowances/week:</p>
<p style="padding-left: 60px;">Speaker of the House: $223,500/52 = $4,299</p>
<p style="padding-left: 60px;">House and Senate Majority and Minority Leaders: ($193,400/52) x 4 = $14,877</p>
<p style="padding-left: 60px;">Other Representatives and Senators: ($174,000/52) x 530 = $1,773,462</p>
<p style="padding-left: 30px;"><a href="http://www.senate.gov/CRSReports/crs-publish.cfm?pid='0E,*PL%5B=%23P%20%20%0A">Average weekly budget for all House offices</a>: ($1,446,009/52) x 435 = $2,096,421</p>
<p style="padding-left: 30px;"><a href="http://www.senate.gov/CRSReports/crs-publish.cfm?pid='0E,*PL%5B=%23P%20%20%0A">Average weekly budget for all Senate offices</a>: ($3,409,093/52) x 100 = $6,555,958</p>
<p style="padding-left: 30px;">Non-salary money allocated for Congress: $4.656 billion/52 = $89,538,462</p>
<p><strong>What you got</strong></p>
<p>In addition to the legislation noted above, <a href="http://clerk.house.gov/evs/2012/index.asp">the House</a> voted to approve four bills and resolutions that will have not any cost.</p>
<ul>
<li>H.R. 4133, To express the sense of Congress regarding the United States-Israel strategic relationship, to direct the President to submit to Congress reports on United States actions to enhance this relationship and to assist in the defense of Israel. COST: $0</li>
<li>H. Con. Res. 118, Authorizing the use of the Capitol Grounds for the District of Columbia Special Olympics Law Enforcement Torch Run. COST: $0</li>
<li>H. Con. Res. 117, Authorizing the use of the Capitol Grounds for the National Peace Officers Memorial Service. COST: $0</li>
<li>H. Con. Res. 105, Authorizing the use of Emancipation Hall in the Capitol Visitor Center for an event to celebrate the birthday of King Kamehameha. COST: $0</li>
</ul>
<p>In addition to the cloture vote mentioned above, <a href="http://www.senate.gov/legislative/LIS/roll_call_lists/vote_menu_112_2.htm">the Senate</a> confirmed Jacqueline H. Nguyen, of California, to be U.S. Circuit Judge for the Ninth Circuit.</p>
<p><script type="text/javascript" charset="utf-8" src="http://static.polldaddy.com/p/6227080.js"></script><br />
<noscript><a href="http://polldaddy.com/poll/6227080/">Did you get your Money’s Worth from Congress last week?</a></noscript><span class="thirty">BA</span></p>
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		<title>Pessimism in the Economy</title>
		<link>http://www.bankruptingamerica.org/pessimism-in-the-economy/</link>
		<comments>http://www.bankruptingamerica.org/pessimism-in-the-economy/#comments</comments>
		<pubDate>Mon, 14 May 2012 16:00:06 +0000</pubDate>
		<dc:creator>BA_Admin</dc:creator>
				<category><![CDATA[Economy]]></category>
		<category><![CDATA[Topics]]></category>
		<category><![CDATA[budget proposal]]></category>
		<category><![CDATA[debt]]></category>
		<category><![CDATA[deficit]]></category>
		<category><![CDATA[deficit reduction plans]]></category>
		<category><![CDATA[economy]]></category>
		<category><![CDATA[national debt]]></category>
		<category><![CDATA[Sen. Kent Conrad]]></category>
		<category><![CDATA[tax cuts]]></category>
		<category><![CDATA[the Senate]]></category>
		<category><![CDATA[unemployment rate]]></category>

		<guid isPermaLink="false">http://www.bankruptingamerica.org/?p=30533</guid>
		<description><![CDATA[The latest Associated Press – GfK poll measuring Americans’ opinion on the economy revealed a negative outlook.  Less than 1 in 3 Americans believe that their household’s finances will improve this year, and thirty-five percent believe that the unemployment rate will begin to rise in the coming months.]]></description>
			<content:encoded><![CDATA[<p>The latest <a href="http://dyn.politico.com/printstory.cfm?uuid=0E3CC4DE-F1EA-42DC-8A65-C425C46D2CB5">Associated Press – GfK poll</a> measuring Americans’ opinion on the economy revealed a negative outlook.  Less than 1 in 3 Americans believe that their household’s finances will improve this year, and <a href="http://www.businessweek.com/ap/2012-05/D9UMG4A00.htm">thirty-five percent</a> believe that the unemployment rate will begin to rise in the coming months.</p>
<p>The unemployment rate, remaining steady at 8.1 percent (around 12.5 million Americans), has actually slowly dropped due to a large portion of those <a href="http://www.bankruptingamerica.org/the-latest-jobs-report/">looking for work giving up</a>. Meanwhile 18 percent of Americans foresee a worsening of their household’s finances, and only 20 percent of the public called the economy “good.” Realizing that Washington—Congress specifically—would need to act in order to improve the situation, many top business executives and CEOs have begun <a href="http://professional.wsj.com/article/SB10001424052702304543904577394012351628898.html?mg=reno64-sec-wsj">courting lawmakers</a>.</p>
<p>The relationship between the two groups has always been important since many of the top executives are responsible for the private sector’s expansion. Now, with the economy and country headed south though, many from the private sector have elected to join the discussion and <a href="http://professional.wsj.com/article/SB10001424052702304543904577394012351628898.html?mg=reno64-sec-wsj">push Congress</a> to pass meaningful deficit reduction plans, maintain tax cuts, and put in place a long term plan for the national debt. The display conveys the need for real action on spending in Washington, or as Committee for a Responsible Federal Budget’s President Maya MacGuineas said it: “an acknowledgement of the political reality that to get something done everyone is going to have to come together and get out of their boxes.”</p>
<p>While the above poll and involvement from the private sector highlight the need for action on the deficit and debt, Senate Budget Committee Chairman Kent Conrad has already stated that <a href="http://thehill.com/homenews/senate/222083-conrad-backs-off-plan-to-vote-on-budget">no budget will be passed</a> from his committee this year, making it now three years since the Senate has fulfilled their Constitutional duty to pass a budget. While the Senate does nothing, expiring tax cuts edge closer, the debt and deficit rise, and 8.1 percent of America is without work – and politics is the only reason.<span class="thirty">BA</span></p>
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		<title>B.A. Spending Daily</title>
		<link>http://www.bankruptingamerica.org/b-a-spending-daily-273/</link>
		<comments>http://www.bankruptingamerica.org/b-a-spending-daily-273/#comments</comments>
		<pubDate>Mon, 14 May 2012 14:08:26 +0000</pubDate>
		<dc:creator>BA_Admin</dc:creator>
				<category><![CDATA[Government Spending]]></category>
		<category><![CDATA[News Roundup]]></category>
		<category><![CDATA[Series]]></category>
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		<category><![CDATA[California budget deficit]]></category>
		<category><![CDATA[California Debt]]></category>
		<category><![CDATA[farm subsidies]]></category>
		<category><![CDATA[federal transportation funding]]></category>
		<category><![CDATA[high speed rail]]></category>
		<category><![CDATA[subdued economic growth]]></category>
		<category><![CDATA[tax increases]]></category>
		<category><![CDATA[tax rates]]></category>

		<guid isPermaLink="false">http://www.bankruptingamerica.org/?p=30529</guid>
		<description><![CDATA[A roundup of this morning's must-read budget and economic stories.]]></description>
			<content:encoded><![CDATA[<p>Here’s a roundup of this morning’s must-read budget and economic stories:</p>
<p style="padding-left: 30px;">California’s budget deficit now tops $16 billion. The <a href="http://latimesblogs.latimes.com/california-politics/2012/05/california-budget-jerry-brown.html"><em>Los Angeles Times</em></a><em> </em>and <a href="http://www.nytimes.com/2012/05/13/us/huge-new-shortfall-predicted-in-california-budget.html?nl=todaysheadlines&amp;emc=edit_th_20120513&amp;pagewanted=print"><em>The New York Times</em></a><em> </em>have the story.</p>
<p style="padding-left: 30px;"><a href="http://dyn.politico.com/printstory.cfm?uuid=5EA1122A-BB64-4FE2-A8FD-02493A98FE9B"><em>Politico</em></a><em> </em>reports federal transportation authorities have told California they must use their high-speed rail funds, or risk losing them.</p>
<p style="padding-left: 30px;">According to <a href="http://professional.wsj.com/article/SB10001424052702304070304577398320464077152.html?mod=WSJ_WSJ_US_News_5&amp;mg=reno64-wsj"><em>The Wall Street Journal</em></a>, economists predict “subdued” economic growth this year.</p>
<p style="padding-left: 30px;"><a href="http://www.telegraph.co.uk/finance/financialcrisis/9262068/Greece-will-run-out-of-money-soon-warns-deputy-prime-minister.html"><em>The Telegraph</em></a><em> </em>says Greece “will soon run out of money.”</p>
<p style="padding-left: 30px;">On the opinion pages: <a href="http://professional.wsj.com/article/SB10001424052702304743704577382371561326132.html?mod=WSJ_Opinion_LEADTop&amp;mg=reno64-wsj">John Snow</a> looks at how scheduled tax increases will affect the economy; <a href="http://professional.wsj.com/article/SB10001424052702304070304577398560693030608.html?mod=WSJ_Opinion_AboveLEFTTop&amp;mg=reno64-wsj"><em>The Wall Street Journal</em></a><em> </em>says high tax rates aren’t helping the state of California; and <a href="http://www.washingtonpost.com/opinions/the-boom-on-the-farm/2012/05/13/gIQAPxQMNU_print.html">Robert Samuelson</a> argues against farm subsidies.</p>
<p><span class="thirty">BA</span></p>
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		<title>Friday Funnies: 5 Jokes About The Economy!</title>
		<link>http://www.bankruptingamerica.org/friday-funnies-8/</link>
		<comments>http://www.bankruptingamerica.org/friday-funnies-8/#comments</comments>
		<pubDate>Fri, 11 May 2012 14:33:23 +0000</pubDate>
		<dc:creator>BA_Admin</dc:creator>
				<category><![CDATA[Friday Funnies]]></category>
		<category><![CDATA[Topics]]></category>
		<category><![CDATA[Washington]]></category>
		<category><![CDATA[budget]]></category>
		<category><![CDATA[debt]]></category>
		<category><![CDATA[deficit]]></category>
		<category><![CDATA[economy]]></category>
		<category><![CDATA[Jay Leno]]></category>
		<category><![CDATA[Jimmy Fallon]]></category>
		<category><![CDATA[Jimmy Kimmel]]></category>
		<category><![CDATA[jokes]]></category>

		<guid isPermaLink="false">http://www.bankruptingamerica.org/?p=30508</guid>
		<description><![CDATA["New predictions out today claim 42 percent of Americans will be obese by the year 2030. They say the only way to stop that is for the government to step in. Oh yeah, when it comes to trimming the fat and tightening your belt, what better way than the U.S. government?" –Jay Leno]]></description>
			<content:encoded><![CDATA[<p>5. &#8220;Hillary Clinton is making headlines now for nonpolitical reasons. She attended a number of public events without makeup on. Is that a big deal? I&#8217;m pretty sure Colin Powell went without makeup a lot.&#8221; –Jimmy Kimmel</p>
<p>4. <a href="http://media.caglecartoons.com/media/cartoons/50/2012/05/10/111545_600.jpg" rel="colorbox" class="cboxElement">Political Cartoon: EU Growth</a></p>
<p>3. &#8220;After just one term in office, French President Nicolas Sarkozy lost his re-election bid because he was unable to fix his nation&#8217;s economy. Or as Obama put it, &#8216;Uh-oh.&#8217;&#8221; –Jimmy Fallon</p>
<p>2. &#8221;Michele Bachamnn has announced she is now also a citizen of Switzerland. What better way to protest a president you think is socialist than become a citizen of a country with a socialist philosophy and a mandated health care plan.&#8221; –Jay Leno</p>
<p>1. &#8220;New predictions out today claim 42 percent of Americans will be obese by the year 2030. They say the only way to stop that is for the government to step in. Oh yeah, when it comes to trimming the fat and tightening your belt, what better way than the U.S. government?&#8221; –Jay Leno<span class="thirty">BA</span></p>
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