Category : Office of the President

150 Years Ago today–The Gettysburg Address

Filmmaker Ken Burns, author David McCullough, actors Sam Waterston, Matthew Broderick, Stephen Lang, and Medal of Honor recipient Paul W. Bucha recite one of the most famous speeches in American history.

Musical Score by Academy Award-winning composer John Williams….

You may find the video here.

Listen to it all–still amazing, still so important; KSH (Hat tip: Jeff Miller).

Posted in * Christian Life / Church Life, * Culture-Watch, * Economics, Politics, * International News & Commentary, America/U.S.A., Death / Burial / Funerals, History, Military / Armed Forces, Office of the President, Parish Ministry, Politics in General

(LA Times) Erwin Chemerinsky –Why is the Obama administration bowing to religion?

Remarkably, the Obama administration has backtracked from the position taken by the Reagan administration. It now argues that even explicitly sectarian prayers are permissible. Congress and state legislatures have prayers, but they are supposed to be and usually are nondenominational, and they are delivered to legislators rather than a captive audience of the broader citizenry assembled to do business before the board.

Given the state of the law, the importance of religious inclusivity and the facts of this case, I assumed that if the Obama administration participated at all, it would side with the plaintiffs. But the administration did just the opposite. In fact, because this is a suit not involving the federal government, it did not need to participate at all. It’s hard to fathom how the administration arrived at its conclusion, and I hope the Supreme Court will reject it.

I hope the court will take to heart the words of Justice Sandra Day O’Connor, who shortly before she stepped down from the court wrote in a decision: “At a time when we see around the world the violent consequences of the assumption of religious authority by government, Americans may count themselves fortunate. … Why would we trade a system that has served us so well for one that has served others so poorly?”

Read it all.

Posted in * Christian Life / Church Life, * Culture-Watch, * Economics, Politics, Law & Legal Issues, Office of the President, Politics in General, President Barack Obama, Religion & Culture, Spirituality/Prayer

(WSJ) Nicholas Hahn: Is Tax Policy really the Purview of Preachers?

The bishops might have been promoting a strictly Democratic line, but U.S. Senate Chaplain Barry Black was more ecumenical. Amid the shutdown, Rev. Black offered a daily prayer in the Senate chamber asking God to “save us from the madness. We acknowledge our transgressions, our shortcomings, our smugness, our selfishness, and our pride.” Later he condemned the “hypocrisy of attempting to sound reasonable while being unreasonable.” His listeners in one party no doubt assumed he was talking about the other side.

It is one thing to spiritually shame politicians, as Rev. Black did. Trying to do their jobs is another. The bishops and other clergy in the Circle of Protection go well beyond their competencies when they make such policy prescriptions. Speaking about the moral issues of the day is certainly within their pastoral purview, but the bishops’ calls to raise revenues (aka taxes), for instance, or eliminate “unnecessary” military spending are not.

Bishops routinely assert their authority as “pastors and teachers,” as Bishops Blaire, Gomez and Pates did, but according to the tradition of their own church, they have no teaching authority when it comes to politics.

Read it all.

Posted in * Culture-Watch, * Economics, Politics, * International News & Commentary, America/U.S.A., Budget, Consumer/consumer spending, Corporations/Corporate Life, Credit Markets, Currency Markets, Economy, Ethics / Moral Theology, House of Representatives, Housing/Real Estate Market, Labor/Labor Unions/Labor Market, Medicaid, Medicare, Office of the President, Politics in General, President Barack Obama, Religion & Culture, Senate, Social Security, Taxes, The Banking System/Sector, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--, The National Deficit, The U.S. Government, Theology

(Pew Research) 5 facts about Social Security

2–At its root Social Security is, and always has been, an inter-generational transfer of wealth….

4–…since 2010 Social Security’s cash expenses have exceeded its cash receipts; negative cash flow last year was about $55 billion, according to the latest report from the system’s trustees. While credited interest is still more than enough to cover the deficit, that will only be true until 2020. After that, Social Security will begin redeeming its hoard of Treasuries for cash to continue paying benefits ”” as was the plan all along.

Read it all.

Posted in * Culture-Watch, * Economics, Politics, Budget, Economy, Ethics / Moral Theology, History, House of Representatives, Labor/Labor Unions/Labor Market, Office of the President, Politics in General, President Barack Obama, Senate, Social Security, The National Deficit, The U.S. Government, Theology

(Pew Research) Trust in Government Nears Record Low, But Most Federal Agencies Are Viewed Favorably

Public trust in the government, already quite low, has edged even lower in a survey conducted just before the Oct. 16 agreement to end the government shutdown and raise the debt ceiling.

Trust in Government Again Near All-Time LowJust 19% say that they trust the government in Washington to do what is right just about always or most of the time, down seven points since January. The current measure matches the level reached in August 2011, following the last battle over the debt ceiling. Explore a Pew Research interactive on Public Trust in Government: 1958-2013.

The share of the public saying they are angry at the federal government, which equaled an all-time high in late September (26%), has ticked up to 30%. Another 55% say they are frustrated with the government. Just 12% say they are basically content with the federal government.

Read it all.

Posted in * Culture-Watch, * Economics, Politics, * International News & Commentary, America/U.S.A., Economy, Ethics / Moral Theology, History, House of Representatives, Office of the President, Politics in General, President Barack Obama, President George Bush, Psychology, Senate, The U.S. Government, Theology

(WSJ) Stanley Druckenmiller: How Washington Really Redistributes Income, robbing future generations

Stan Druckenmiller makes an unlikely class warrior. He’s a member of the 1%””make that the 0.001%””one of the most successful money managers of all time, and 60 years old to boot. But lately he has been touring college campuses promoting a message of income redistribution you don’t hear out of Washington. It’s how federal entitlements like Medicare and Social Security are letting Mr. Druckenmiller’s generation rip off all those doting Barack Obama voters in Generation X, Y and Z.

“I have been shocked at the reception. I had planned to only visit Bowdoin, ” his alma mater in Maine, he says. But he has since been invited to multiple campuses, and even the kids at Stanford and Berkeley have welcomed his theme of generational theft. Harlem Children’s Zone President Geoffrey Canada and former Federal Reserve Governor Kevin Warsh have joined him at stops along the tour.

Mr. Druckenmiller describes the reaction of students: “The biggest question I got was, ‘How do we start a movement?’ And my answer was ‘I’m a 60-year-old washed-up money manager. I don’t know how to start a movement. That’s your job. But we did it in Vietnam without Twitter and without Facebook and without any social media. That’s your job.’ But the enthusiasm””they get it.”

Read it all.

Posted in * Culture-Watch, * Economics, Politics, Aging / the Elderly, Budget, Economy, Ethics / Moral Theology, House of Representatives, Medicare, Middle Age, Office of the President, Politics in General, President Barack Obama, Senate, Social Security, The National Deficit, The U.S. Government, Theology, Young Adults

(FT) Analysts see US crisis deferred not solved

Standard & Poor’s is only raising half a cheer at the deal:

“We believe that to date, the shutdown has shaved at least 0.6 per cent off of annualised fourth-quarter 2013 GDP growth, or taken $24bn out of the economy.

“The short turnround for politicians to negotiate some sort of lasting deal will probably weigh on consumer confidence, especially among government workers that were furloughed. If people are afraid that the government policy brinkmanship will resurface again, and with it the risk of another shutdown or worse, they’ll remain afraid to open up their cheque books. That points to another Humbug holiday season.”

Read it all (if necessary another link is there).

Posted in * Culture-Watch, * Economics, Politics, Aging / the Elderly, Budget, Economy, Health & Medicine, House of Representatives, Medicaid, Medicare, Office of the President, Politics in General, President Barack Obama, Senate, Social Security, Taxes, The National Deficit, The U.S. Government, The United States Currency (Dollar etc)

(CSM) US debt showdown: In the eyes of the world, the damage is already done

Is the US dollar’s position as the reserve currency of the world imperiled as a result of the debt limit showdown in Washington?

Read it all.

Posted in * Culture-Watch, * Economics, Politics, Budget, Consumer/consumer spending, Corporations/Corporate Life, Currency Markets, Economy, Ethics / Moral Theology, Foreign Relations, Globalization, House of Representatives, Office of the President, Politics in General, Senate, The National Deficit, The U.S. Government, Theology

Notable and Quotable–Senator Lindsey Graham on the most recent Washington Drama and Debacle

“We took some bread crumbs and left an entire meal on the table,” said Senator Lindsey Graham, Republican of South Carolina. “This has been a really bad two weeks for the Republican Party”–From the online version of last night’s New York Times

I will take comments on this submitted by email only to KSHarmon[at]mindspring[dot]com.

Posted in * Culture-Watch, * Economics, Politics, * South Carolina, --The 2009 American Health Care Reform Debate, Budget, Economy, Ethics / Moral Theology, Health & Medicine, House of Representatives, Office of the President, Politics in General, President Barack Obama, Senate, The National Deficit, The U.S. Government, Theology

(Pew Research) As Debt Limit Deadline Nears, Concern Ticks Up But Skepticism Persists

With just two days to go before an Oct. 17 deadline to raise the nation’s debt limit, 51% of the public views a rise in the nation’s debt limit as “absolutely essential” in order to avoid an Half View Debt Limit Increase as Essential, More than a Third Say it is Noteconomic crisis, while 36% think the country can go past the deadline without major problems.

Public concern over breaching the debt limit deadline has risen only slightly from a week ago, when 47% said a rise in the debt limit was essential and 39% said it was not.

Those who see no dire economic consequences resulting from going past Thursday’s deadline are not only skeptical about the timing ”“ most say there is no need to raise the debt limit at all. Nearly a quarter of all Americans (23%) ”“ including 37% of Republicans and 52% of Tea Party Republicans ”“ believe the debt limit does not need to be raised at all.

Read it all.

Posted in * Culture-Watch, * Economics, Politics, * International News & Commentary, America/U.S.A., Budget, Consumer/consumer spending, Corporations/Corporate Life, Credit Markets, Currency Markets, Economy, Ethics / Moral Theology, Globalization, House of Representatives, Housing/Real Estate Market, Labor/Labor Unions/Labor Market, Office of the President, Personal Finance, Politics in General, Senate, Stock Market, The National Deficit, The U.S. Government, Theology

Senate leaders could Soon announce deal to raise debt limit and reopen the govt

Looks like it will go through Jan 15, and there will be a panel create to work on deficit reduction.

One of many tweets:

”@j_strong
“It’s all over. We’ll take Senate deal” … “People are thinking about primaries, they really are”

Posted in * Economics, Politics, Budget, Economy, House of Representatives, Office of the President, Politics in General, President Barack Obama, Senate, The National Deficit, The U.S. Government

(WSJ) Senate Leaders Are in Striking Distance of a Deal

Top Senate leaders on Monday said they were within striking distance of a deal to sidestep a looming debt crisis and reopen the federal government two weeks after a partisan deadlock forced it to close.

Fourteen days after a partial government shutdown began, senators signaled a bipartisan resolution could come soon.

“I’m very optimistic we will reach an agreement that’s reasonable in nature this week to reopen the government, pay the nation’s bills and begin long-term negotiations to put our country on sound fiscal footing,” Senate Majority Leader Harry Reid (D., Nev.) said on the Senate floor.

Read it all.

Posted in * Culture-Watch, * Economics, Politics, Budget, Consumer/consumer spending, Corporations/Corporate Life, Credit Markets, Currency Markets, Economy, Ethics / Moral Theology, Globalization, House of Representatives, Medicaid, Medicare, Office of the President, Politics in General, President Barack Obama, Senate, Social Security, The Banking System/Sector, The National Deficit, The U.S. Government, Theology

(Wash. Post) Senate leaders’ talks on shutdown, debt limit stall as sides await Mkt reaction

What started as a mad dash to strike a deal to lift the federal debt limit slowed to a crawl over the weekend as stalemated Senate leaders waited nervously to see whether financial markets would plunge Monday morning and drive the other side toward compromise.

Republicans seemed to think they had more to lose. After talks broke down between President Obama and House leaders, GOP senators quickly cobbled together a plan to end the government shutdown ”” now entering its third week ”” and raise the $16.7 trillion debt limit. Senate Minority Leader Mitch McConnell (R-Ky.) then asked Majority Leader Harry M. Reid (D-Nev.) to elevate negotiations to the highest level.

On Sunday ”” with the Treasury Department due to exhaust its borrowing power in just four days ”” Reid was wielding that leverage to maximum advantage. Rather than making concessions that would undermine Obama’s signature health-care initiative, as Republicans first demanded, Democrats are now on the offensive and seeking to undo what has become a cherished prize for the GOP: deep agency spending cuts known as the sequester.

Read it all.

Posted in * Culture-Watch, * Economics, Politics, Budget, Consumer/consumer spending, Corporations/Corporate Life, Credit Markets, Currency Markets, Economy, Federal Reserve, Globalization, House of Representatives, Office of the President, Politics in General, President Barack Obama, Senate, Stock Market, The Banking System/Sector, The National Deficit, The U.S. Government

(USA Today) Senate takes control of budget talks

The Senate’s top two leaders have asserted control over budget negotiations with the White House for a deal to reopen the federal government and avoid a default on the nation’s debt.

Senate Majority Leader Harry Reid, D-Nev., and Senate Minority Leader Mitch McConnell, R-Ky., met Saturday morning with Sen. Lamar Alexander, R-Tenn., and Sen. Charles Schumer, D-N.Y., to begin preliminary discussions.

“I hope that our talking is some solace to the American people and to the world,” Reid said. “This should be seen as something very positive, even though we don’t have anything done yet.”

Read it all.

Posted in * Economics, Politics, Budget, Economy, Ethics / Moral Theology, House of Representatives, Office of the President, Politics in General, President Barack Obama, Senate, The National Deficit, The U.S. Government, Theology

Maine Senator Susan Collins is floating a fiscal deal proposal that MAY help find a way out

A proposal from Sen. Susan Collins is emerging as one potential way to dig lawmakers out of a government shutdown and possibly also avoid a potentially catastrophic debt default.

The moderate Maine Republican, whose vote will be essential to any fiscal deal, is circulating a rough plan to reopen the government, repeal the medical device tax and provide agencies with greater flexibility in implementing the sequester. The initial reception has been positive and may be the beginnings of a bipartisan solution to end the intractable impasse between House Republicans and Senate Democrats.

Collins said Sens. Kelly Ayotte (R-N.H.) and Lisa Murkowski (R-Alaska), who are also being watched as potential GOP votes to end the fiscal standoff, have signed onto the proposal. And Collins said she has spoken to “several Democrats” about her plan, which she hopes “at least provides concepts that could be the basis for us reopening government.”

Read it all.

Posted in * Culture-Watch, * Economics, Politics, Budget, Corporations/Corporate Life, Economy, Ethics / Moral Theology, Health & Medicine, House of Representatives, Office of the President, Politics in General, President Barack Obama, Senate, Taxes, The National Deficit, The U.S. Government, Theology

(RNS) Religious groups feel the pinch of government shutdown

As the government shutdown enters its second week, some religious groups are starting to feel the pinch, and they’re also finding ways to reach out.

More than 90 Catholic, evangelical and Protestant leaders have signed a statement rebuking “pro-life” lawmakers for the shutdown, saying they are “appalled that elected officials are pursuing an extreme ideological agenda at the expense of the working poor and vulnerable families” who won’t receive government benefits.

Starting Wednesday, evangelical, Catholic and mainline Protestant leaders will hold a daily “Faithful Filibuster” on Capitol Hill with Bible verses on the poor “to remind Congress that its dysfunction hurts struggling families and low-income people.”

Read it all.

Posted in * Culture-Watch, * Economics, Politics, Budget, Economy, Ethics / Moral Theology, House of Representatives, Office of the President, Politics in General, President Barack Obama, Religion & Culture, Senate, The National Deficit, The U.S. Government, Theology

(BBC) China tells US to avoid debt crisis for sake of global economy

A senior Chinese official has warned that the “clock is ticking” to avoid a US default that could hurt China’s interests and the global economy.

China, the US’s largest creditor, is “naturally concerned about developments in the US fiscal cliff”, vice finance minister Zhu Guangyao said.

Washington must agree a deal to raise its borrowing limit by 17 October, or risk being unable to pay its bills.

Read it all.

Posted in * Culture-Watch, * Economics, Politics, * International News & Commentary, Asia, Budget, China, Consumer/consumer spending, Corporations/Corporate Life, Credit Markets, Currency Markets, Economy, Euro, European Central Bank, Foreign Relations, G20, Globalization, House of Representatives, Office of the President, Politics in General, President Barack Obama, Senate, Stock Market, The National Deficit, The U.S. Government

(NPR) Morale Plummets For Federal Workers Facing Unending Furlough

The work that Shaun O’Connell does is required by law, yet now he’s sidelined by the government shutdown.

O’Connell reviews disability claims for the Social Security Administration in New York, checking that no one’s gaming the system, while ensuring people with legitimate medical problems are compensated properly.

Billions of dollars are at stake with this kind of work, yet O’Connell is considered a nonessential employee for purposes of the partial government shutdown.

“If you stick with the semantics of essential and nonessential, you could easily be offended,” says O’Connell, who has worked for Social Security for 20 years.

Read or listen to it all.

Posted in * Economics, Politics, Anthropology, Budget, Economy, Ethics / Moral Theology, House of Representatives, Labor/Labor Unions/Labor Market, Office of the President, Politics in General, President Barack Obama, Senate, The National Deficit, The U.S. Government, Theology

(Wash. Post) Michael Gerson gets it on the Affordable Care act–it has a poor, unsustainable design

Obamacare is not primarily an entitlement program. The entitlement component ”” the exchange subsidies ”” will involve about 2 percent of Americans during the first year. (Others will be added to Medicaid, which has been around since 1965.) About 20 million Americans will eventually get subsidized insurance ”” a check that goes not to the individual but to insurance companies. The remaining 170 million Americans will not experience Obama­care as a sugary treat but as a series of complex regulatory changes that may make their existing insurance more costly, less generous and less secure.

The main problem with Obamacare is not its addictive generosity; it is its poor, unsustainable design. Its finances depend on forcing large numbers of young and healthy people to buy insurance ”” yet it makes their insurance more costly and securing coverage less urgent. (Because you can get coverage during each year’s enrollment period at the same price whether you’re healthy or sick, the incentive to buy coverage when healthy is much diminished.)

Heavy insurance regulations will lead some employers to restructure their plans, dump employees into the public exchanges or make greater use of part-time workers. In order to meet a few worthy goals ”” helping the poor buy insurance and covering preexisting conditions ”” Obamacare seems destined to destabilize much of our current health system.

Read it all.

Posted in * Culture-Watch, * Economics, Politics, --The 2009 American Health Care Reform Debate, Consumer/consumer spending, Corporations/Corporate Life, Economy, Ethics / Moral Theology, Health & Medicine, House of Representatives, Office of the President, Personal Finance, Politics in General, President Barack Obama, Senate, The U.S. Government, Theology

Wash. Episcopal bishop offers Natl. Cathedral garden for weddings postponed due to gov’t shutdown

The Episcopal bishop of Washington is inviting any couples who had to cancel their weddings on federal property due to the government shutdown to have their ceremonies in a garden at Washington National Cathedral.

Bishop Mariann Edgar Budde said Thursday that the Bishop’s Garden at the cathedral would be offered free of charge to any couples who wanted to hold wedding ceremonies outdoors.

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Posted in * Anglican - Episcopal, * Culture-Watch, * Economics, Politics, Budget, Economy, Episcopal Church (TEC), Ethics / Moral Theology, House of Representatives, Marriage & Family, Office of the President, Pastoral Theology, Politics in General, President Barack Obama, Religion & Culture, Senate, TEC Bishops, The National Deficit, The U.S. Government, Theology

Faith Leaders (Including TEC P.B.) Denounce Brinkmanship As Budget, Debt Ceiling Deadlines Loom

On the eve of a possible shutdown of the U.S. government, religious leaders denounced the political brinkmanship prevailing in Congress today.

“Shutting down the government will do real damage,” said Rev. David Beckmann, president of Bread for the World, speaking at a press conference today. “Risking our nation’s creditworthiness will do even more damage. Most clearly, the disruption and uncertainty will put the brakes on our economy.”

Unless our nation’s leaders come to an agreement on appropriations for the coming months, the U.S. government will close on Oct. 1, the start of the 2014 fiscal year. If no agreement is reached by Oct. 17 on increasing the debt limit, the country’s creditworthiness will be compromised.

Read it all and follow the link at the bottom to the letter to see the actual signatories.

Posted in * Anglican - Episcopal, * Culture-Watch, * Economics, Politics, * Religion News & Commentary, Budget, Economy, Episcopal Church (TEC), Ethics / Moral Theology, House of Representatives, Office of the President, Other Churches, Politics in General, President Barack Obama, Presiding Bishop, Religion & Culture, Senate, The National Deficit, The U.S. Government, Theology

(Local Paper) Lowcountry South Carolina starting to reel from federal shutdown

Biologist Louis Burnett had to move his lab students to a conference room across the parking lot at Fort Johnson. His federal lab, animals and cell cultures are under lock and key.

Burnett’s dilemma is a case example of the ripple effect of the ongoing federal shutdown. As the shutdown enters its third day, the clock keeps ticking insistently for any number of people who don’t work for the federal government but find themselves on the outs because of the political standoff.

Burnett is a research professor at the College of Charleston. But like others in a cadre of college and state researchers, he collaborates on studies, shares office space and makes use of the equipment at the Hollings Marine Lab and the Center for Coastal Environmental Health and Biomolecular Research.

Read it all.

Posted in * Culture-Watch, * Economics, Politics, * South Carolina, Budget, Consumer/consumer spending, Economy, Education, House of Representatives, Labor/Labor Unions/Labor Market, Office of the President, Politics in General, President Barack Obama, Science & Technology, Senate, The National Deficit, The U.S. Government

Antonia Maioni–The Affordable Care Act versus the Canadian System: Five key differences

Even though its most virulent critics raise the spectre of “Canadian-style” health care, “Obamacare” does little to change the enduring differences between the two health care system. What, exactly, does “Obamacare” look like compared to Canada?…

Not cost containment: The sharpest critics of Obamacare argue it does little to address the fundamental challenge of cost control. The new law includes a review of Medicare reimbursement and the expansion of Accountable Care Organizations to reward cost-effective care. But it doesn’t grapple in a systematic fashion with the overall inefficiencies in health care delivery and financing, the administrative burden of multiple payers, providers and plans, and the cost pressures of defensive medicine. Governments in Canada know that health care is a searing financial responsibility, but they have at their disposal cost containment measures ”“ monopoly fee negotiations with providers, global budgets for hospitals ”“ that remain unfathomable in the American context.

Read it all.

Posted in * Culture-Watch, * Economics, Politics, * International News & Commentary, --The 2009 American Health Care Reform Debate, America/U.S.A., Canada, Consumer/consumer spending, Corporations/Corporate Life, Economy, Ethics / Moral Theology, Health & Medicine, House of Representatives, Office of the President, Politics in General, Senate, The U.S. Government, Theology

(FT Long Short Blog) Why the U.S. government shutdown (probably) matters little

1. The shutdown is unlikely to last long. In the past government shutdowns typically lasted a few days, with the most being 21 when the Republican Congress, led by Newt Gingrich, took on Bill Clinton in 1995.

This stance defies logic. If the reform law is so flawed, why not try to make it better? Why not wait till the law takes full effect and its failure becomes obvious, at which point it could be repealed through less destructive means””without endangering the entire economy?

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Posted in * Culture-Watch, * Economics, Politics, Consumer/consumer spending, Corporations/Corporate Life, Economy, Globalization, House of Representatives, Housing/Real Estate Market, Labor/Labor Unions/Labor Market, Office of the President, Politics in General, President Barack Obama, Senate, The Banking System/Sector, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--, The U.S. Government

Barry Ritholtz with some Historical Perspective on U.S. Government Shutdowns

The good news is that so far, all we have is political posturing. History suggest that nothing happens until at least 12 hours after our September 30th midnight deadline. No one gets serious about any sort of deal before noon on October 1. At that point, political pressure on the House Republicans ”” from constituents, from Business leaders, and from elder statesmen ”” will start in earnest. A few days later, it can become more intense. We see the same sort of patterns with the debt ceiling limit as well (that’s schedule to hit at midnight October 17).

As NBC’s Pete Williams have reported, we have had 17 prior government shutdowns over the past 40 years, including 21 days in 1995 (table below). So while this feels like its new and unusual, it is actually more commonplace than most of us believe.

Read it all.

Posted in * Culture-Watch, * Economics, Politics, Budget, Consumer/consumer spending, Corporations/Corporate Life, Economy, Ethics / Moral Theology, History, House of Representatives, Office of the President, Politics in General, President Barack Obama, Senate, The U.S. Government, Theology

In Washington, Shutdown Nears as Impasse Shows No Sign of Breaking

The federal government moved closer to a partial shutdown Sunday as Republican and Democratic lawmakers showed no signs of negotiating through a standoff over the implementation of President Barack Obama’s health law.

The standoff left little prospect that Congress could reach agreement on terms for funding the government by midnight Monday, when the current fiscal year expires. A shutdown would leave essential services operating but prompt federal agencies to suspend many functions and furlough hundreds of thousands of workers.

Early Sunday morning, after a late night of votes, the House passed a bill delaying the health law by one year and attached it to a plan to fund the government through Dec. 15. It also includes a provision repealing a tax on medical devices that is intended to help finance the health law. That legislation now goes back to the Senate.

Read it all.

Posted in * Economics, Politics, Budget, Economy, Ethics / Moral Theology, House of Representatives, Medicaid, Medicare, Office of the President, Politics in General, President Barack Obama, Senate, Social Security, The National Deficit, The U.S. Government, Theology

(NPR Its All Politics Blog) CBO Report Warns Of Long-Term Debt Problems

There’s plenty of fodder for deficit hawks in a new report from the nonpartisan Congressional Budget Office. In short, the future looks grim….

First, the good news: The CBO projects the deficit will shrink to $378 billion in 2015, or 2.1 percent of the size of the overall U.S. economy. Compared with just a few years ago when the budget gap ballooned as a result of the recession, this marks a nearly unprecedented improvement in the deficit picture. It’s a rapid decline in budget shortfalls not seen since the end of World War II. The national debt will bottom out in 2018, at 68 percent of GDP.

The bad news: From there, the picture gets decidedly less rosy. Budget deficits gradually rise, “mainly because of increasing interest costs and growing spending for Social Security and the government’s major health care programs (Medicare, Medicaid, the Children’s Health Insurance Program, and subsidies to be provided through the health insurance exchanges),” says the report. By 2038, the national debt will reach 100 percent of GDP….

Read it all and follow the link to the actual report.

Posted in * Culture-Watch, * Economics, Politics, Aging / the Elderly, Budget, Economy, Ethics / Moral Theology, House of Representatives, Medicaid, Medicare, Middle Age, Office of the President, Politics in General, Senate, Social Security, Taxes, The National Deficit, The U.S. Government, Theology, Young Adults

Barry Ritholtz–Translated into Truth: On Larry Summers Withdrawing from Fed Chair Consideration

Earlier today, I spoke with Larry Summers and accepted his decision to withdraw his name from consideration for Chairman of the Federal Reserve.

Larry was a critical contributor to the radical deregulation that was one of many causes of the worst economic crisis since the Great Depression. It was in no small part because of his lack of expertise, false wisdom, and inept leadership that the economy crashed and burned and even today is still failing to be to back to its full growth potential.

Read it all.

Posted in * Culture-Watch, * Economics, Politics, Credit Markets, Currency Markets, Economy, Ethics / Moral Theology, Federal Reserve, History, Office of the President, Politics in General, President Barack Obama, Stock Market, The Banking System/Sector, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--, The U.S. Government, Theology

(Washington Post) President Obama calls chemical arms proposal a potential ”˜breakthrough’

President Obama on Monday called a Russian proposal for Syria to turn over control of its chemical weapons to international monitors in order to avoid a military strike a “potentially positive development,” that could represent a “significant breakthrough,” but he said he remains skeptical the Syrian government would follow through on its obligations based on its recent track record.

“Between the statements that we saw from the Russians ”” the statement today from the Syrians ”” this represents a potentially positive development,” Obama said in an interview with NBC News, according to a transcript provided by the network. “We are going to run this to ground. [Secretary of State] John Kerry will be talking to his Russian counterpart. We’re going to make sure that we see how serious these proposals are.”

Read it all.

Posted in * Culture-Watch, * Economics, Politics, * International News & Commentary, Defense, National Security, Military, House of Representatives, Middle East, Office of the President, Politics in General, President Barack Obama, Science & Technology, Senate, Syria

(Catholic Herald) Cardinal Theodore McCarrick–let’s not repeat the mistakes of Iraq

Cardinal Theodore McCarrick, retired Archbishop of Washington, has said he opposes US military intervention in Syria, saying that he is “not in favour of going to war to make peace”.

“We made the mistake in Iraq. I hope we don’t make the mistake again in Syria,” he told Catholic News Service on Thursday after visiting some of the nearly half-million refugees who had fled to Jordan, Syria’s southern neighbour.

When asked what was worse, either allow Syria to use chemical weapons and do nothing or go in with limited military strikes, he quickly responded: “Neither is the proper answer.”

Read it all.

Posted in * Culture-Watch, * Economics, Politics, * International News & Commentary, * Religion News & Commentary, America/U.S.A., Defense, National Security, Military, Ethics / Moral Theology, House of Representatives, Iraq War, Middle East, Office of the President, Other Churches, Politics in General, President Barack Obama, Religion & Culture, Roman Catholic, Senate, Syria, Theology, Violence