Representative Paul Ryan’s budget proposal is, without question, an act of political courage. It contains more than a few provisions that are long overdue–like cuts in farm subsidies and the consolidation of job-training programs (many of which are outdated and useless). I would even be willing to consider a Medicare overhaul that creates a system, [...]
Economy
Mark Zandi, the chief economist at Moody’s Analytics, is out with a new report today suggesting that the economy could lose 700,000 jobs by the end of next year if Republicans push through $61 billion in cuts called for in their 2011 budget proposal. A former McCain adviser and stimulus booster whom John Boehner once [...]
Slashing $100 billion from the 2011 budget may have appeased the Tea Party caucus and the freshman class, but it’s turning out to be not so comfortable for some Republican moderates. On Monday New York Republicans Pete King and Michael Grimm sent Speaker Boehner a letter protesting cuts to transit security grants, the COPS program [...]
Fed Officials Forecast Economic Growth for 2011 …Fed officials say in an updated forecast that they think the economy will grow between 3.4 percent and 3.9 percent this year. That’s an upward revision from their November forecast, which predicted that gross domestic product will grow 3 percent to 3.6 percent. *Except Republicans who hope to [...]
The House GOP leadership has allowed a rare open amendment process to the FY2011 budget on the floor this week. Thus far 403 amendments totaling 459 pages have been filed with more to come. Most of the Democratic amendments will try and reinstate many of the $100 billion in cuts. Many of the Republican Study [...]
Senator Jeff Sessions, an Alabama Republican and ranking member on the Budget Committee, is an avowed free trader. Yet, Sessions is holding up the renewal of the Generalized System of Preferences, a trade agreement that has been around since the mid 1970’s. The GSP gives preference to 131 developing nations to sell certain goods in [...]
