Yesterday federal judge Steven Rhodes ruled Detroit was eligible file bankruptcy. What did the judge say, what does it mean and how did the city get into this mess?
Today, Federal Bankruptcy Judge Steven Rhodes ruled that the city of Detroit would receive chapter 9 bankruptcy protection. When Detroit filed for bankruptcy in July 2013, it had an estimated $18 billion in financial liabilities.
According to CNN and Reuters, President Obama has enlisted the help of several “A List” (and “B” and “C” list) stars to help him improve Americans’ perceptions about Obamacare.
The U.S. House voted yesterday to delay for one year the Affordable Care Act provision that requires individuals to have health insurance. (The provision will take effect on Jan. 1, 2014 if Congress doesn’t act.) The chamber also passed a bill that agreed with President Obama’s decision to delay for one year the Affordable Care Act requirement that employers with more than 50 employees provide health insurance.
Deficits are shrinking so our fiscal problems are solved, right? Wrong. As Washington settles into fiscal complacency after news of a monthly surplus in the federal budget and projections that the annual deficit is shrinking, long-term budget questions are ignored.
The national debt is approaching $17 trillion and with the CBO predicting deficits as far as the eye can see, the debt will only increase.
After months of advocating for a “balanced approach” to our debt and deficits, it seems like the administration is pulling a 180 on the debt ceiling.
While some economists see deficit emphasis as an impeding recovery, the Congressional Budget Office says the only thing worse for the economy would be no deficit emphasis.
Deficits as far as the eye can see? Washington’s proved they can do it, but why would they want to? Make no mistake, more deficits, large or small, mean our debt continues to grow. But after four years of promises that more spending will improve the economy with nothing but high unemployment, massive debt, and higher taxes to show for it, the last thing Americans are looking for are “deficits as far as the eye can see.”
A roundup of this morning’s must-read budget and economic stories.