“I was floored by what we discovered,” declared Sen. Jeff Sessions (R-Ala.). Sessions, Ranking Member of the Senate Budget Committee, had asked his staff to compute the long-term costs of the Patient Protection and Affordable Care Act (ObamaCare). After three months of combing through the hundreds of pages of the law and comparing their expected costs to the United States’ fiscal outlook for the next 75 years — just as the government currently does for other programs such as Social Security and Medicare — Sessions’ staff estimated that ObamaCare has created a $17 trillion unfunded liability for the U.S. government.
The budget plan of Wisconsin GOP Rep. Paul Ryan passed the House on Thursday 228 to 191, mostly along party lines. In fact, not a single Democrat voted for it, signaling that it won’t see the light of day in the Democrat-controlled Senate as predicted here. The previous day, the House overwhelmingly rejected 382-38 the Simpson-Bowles deficit reduction proposal, which incudes tax increases as well as spending cuts. Last week, the administration-supported budget bill was also voted down, 414-0, which leaves the legislative branch of the U.S. government in limbo.
The statist rulers of the so-called “BRICS” countries — Brazil, Russia, India, China, and South Africa — have been subtly calling for an end to the U.S. dollar’s status as the world reserve currency for years. Now, they are making more moves to turn that rhetoric into reality, proposing a jointly controlled “development” bank and working to sideline America’s already-troubled Federal Reserve Notes in trade by relying more heavily on their own fiat currencies.
In a 51-47 vote, the U.S. Senate nixed a Democratic proposal to confiscate billions of dollars in tax breaks from some of the largest oil companies. Sixty votes were needed to push through Sen. Robert Menendez’s (D-N.J.) bill, which would have stripped billions in tax deductions from the "big five" oil companies, which includes BP, Exxon, Shell, Chevron, and ConocoPhilips.
In his attempt to explode the myth that there is unlimited demand for U.S. government debt, former Treasury official Lawrence Goodman explained that there is high perceived demand because the Federal Reserve is doing most of the buying.
Remember $1.83 per gallon gasoline? Seems like a very distant memory? That was the national average price we paid for the precious liquid when President Obama took over the White House in January 2009.
The Obama administration is surging forward with a first-of-its-kind EPA rule for new power plants, in what Republicans and industry groups say will inflate electricity prices and possibly kill off coal, the preeminent U.S. energy source. The EPA announced the rule Tuesday, with a goal to curb carbon dioxide emissions by imposing strict regulations on new coal-fired plants, including a limit that caps plant emissions to not more than 1,000 tons of carbon dioxide per megawatt-hour of energy generated.
Friday’s announcement by President Obama that his nominee for president of the World Bank would be Dartmouth College’s President Jim Yong Kim was a surprise, for a number of reasons.
When a 1942 Supreme Court decision that most people never heard of makes the front page of the New York Times in 2012, you know that something unusual is going on.
In the context of last year’s final flight of NASA’s space shuttle, critics and supporters of the federal agency speculated about the future of human space flight — and the role of government in such endeavors. Private industry and several entrepreneurs have sought for many years to create a role for non-governmental space flight. Now one of the leaders in the aerospace industry is projecting a future for human exploration of the solar system with a far less astronomical price tag than those that have accompanied governmental space programs.