President Submits $3.7T Budget for FY 2012 | C-SPAN
senate votes it down, 97 to 0, may 25: President's budget sinks, 97-0 - TheHill.com
and republicans were rewarded with the most house seats since 1938, most state reps and assemblies in history, 10 gubs, 6 senators...Because republicans have taken to filibusterng virtually everything
poor president obama, he only had sixty senators for a year
the filibuster is in the "rule book"Because republicans have effectively torn up the rule book
so is senate reconciliation
Obama sets stage for using budget maneuver to pass health reform - TheHill.com
For those who are interested, the CBO score on the Boehner proposal (now being reworked) can be found at: http://www.cbo.gov/ftpdocs/123xx/doc...ControlAct.pdf
At present, there is no CBO score for the Reid proposal.
Its the people that keep the real score that counts...and every thing I read says the people are sick of the crap and want a balanced approach tax cuts and spending cuts and get this thing DONE...its the teaparty thats stonewalling
“I think if Thomas Jefferson were looking down, the author of the Bill of Rights, on what’s being proposed here, he’d agree with it. He would agree that the First Amendment cannot be absolute.” - Chuck Schumer (D). Yet, Madison and Mason wrote the Bill of Rights, according to Sheila Jackson Lee, 400 years ago. Yup, it's a fact.
Another day and the political gridlock continues. Even as Washington's political leaders are caught in a struggle, with intransigent elements all but tying their hands, the world is not failing to notice. Among those growing concerned about the political dysfunction in the U.S. is the nation's largest foreign creditor, China.
In a column today, Stephen S. Roach, Non-Executive Chairman of Morgan Stanley Asia reveals:
The Chinese have long admired America’s economic dynamism. But they have lost confidence in America’s government and its dysfunctional economic stewardship. That message came through loud and clear in my recent travels to Beijing, Shanghai, Chongqing, and Hong Kong.
Coming so shortly on the heels of the subprime crisis, the debate over the debt ceiling and the budget deficit is the last straw. Senior Chinese officials are appalled at how the United States allows politics to trump financial stability. One high-ranking policymaker noted in mid-July, “This is truly shocking… We understand politics, but your government’s continued recklessness is astonishing.”
Following resolution of the debt ceiling issue, the U.S. will likely see at least one ratings agency downgrade its credit rating (an appropriate move, IMO). At the same time, creditors awakened to U.S. political risk will likely have a diminished appetite for U.S. securities. That diminished appetite will probably extend to corporate securities in cases where there would be high exposure to a possible significant, long-term decline in the U.S. dollar. Hence, Washington's political maneuvers may well contribute to a somewhat slower long-term macroeconomic growth trajectory. Slower growth would translate into somewhat lower tax revenues and somewhat higher expenditures than would otherwise have been the case. Hence, the nation's long-term fiscal condition will have become more challenging.
I don't believe any credible ratings agency can or should ignore that development. As noted previously, I do not believe a AAA rating for the U.S. can be rationalized considering its elevated political risk profile. Given the political dysfunction that is draining the nation's democratic system of the capacity to make sound decisions and the nation of its strategic flexibility, one cannot have complete confidence that the U.S. would be able to recognize and respond to critical issues in an effective and timely basis. That means that even if the U.S. were to adopt a credible fiscal consolidation program, there would be genuine concerns that the U.S. would not be able to sustain the program through its duration.
Actions, not political rhetoric, matter most and the U.S. will have to demonstrate through actions that it deserves a AAA rating. That healing process would take time and credibility-restoring steps will likely have to be larger than they would otherwise have been.