By Miriam Raftery
November 23, 2011 (Washington D.C.) – The Congressional budtet “super committee” charged with reducing the deficit by $1.2 trillion over the next 10 years failed to reach a deal by Monday's deadline. This sets in motion triggers forcing automatic deep cuts starting January 2013 in Defense spending and social programs including Medicare, Social Security, veterans’ benefits and food stamps.
The six Republicans on the 12-member committee demanded spending cuts in domestic programs listed above and sought to extend Bush tax cuts. Democrats wanted to raise taxes on millionaires, minimize cuts to social programs and add stimulus spending aimed at creating jobs while off-setting costs with savings from ending the Iraq War.
Members seek deep cuts in Social Security and Medicare, refuse to consider new revenue options
By Jeremy Los
November 3, 2011 (Washington D.C.– Deep cuts to Medicare, Medicaid and Social Security are all on the table as the newly minted “budget super committee” in Congress works to slash trillions of dollars from the nation’s soaring debt.
Update August 1: The House has passed the compromise measure 269-161 late today. Rep. Hunter voted no. His explanation may be found here: http://www.eastcountymagazine.org/node/6852
August 1, 2011 (San Diego’s East County) –Congressman Duncan Hunter (R-El Cajon) has served in combat zones in Iraq and Afghanistan. But now he’s facing fire from both sides of the political aisle as tomorrow’s deadline draws near to approve a plan to raise the debt ceiling, or see the U.S. default on its debts.
Rep. Hunter has reportedly not yet made up his mind how he will vote on the high-stakes measure.
Cutting government spending doesn't create jobs--it increases unemployment and is bad for our economy
By Carol Guerrero, Spring Valley
July 26, 2011 (Spring Valley)--As the debate on the debt ceiling continues, I am distressed to hear the Republicans continue to use propaganda techniques to obscure clear economic analysis. Although there are many possible examples, I will use one from the House Speaker’s response to President Obama’s address to the nation last night. He repeated, as have his Republican colleagues over and over again, that lowering government spending will create jobs and help the economy.
As any macroeconomic class teaches, this statement is false in the short run and probably in the long run as well.
WITH 1 WEEK LEFT TO STOP DEBT DEFAULT, OBAMA TAKES CASE TO PEOPLE: URGES VOTERS TO ASK REPRESENTATIVES TO HAVE WEALTHY PAY THEIR “FAIR SHARE”
“Would you rather reduce deficits and interest rates by raising revenue from those who are not now paying their fair share, or would you rather accept larger budget deficits, higher interest rates, and higher unemployment? And I think I know your answer.” – Ronald Reagan
Protests planned nationwide at Congressional offices over deficit issue
View video and read full text of President Obama’s speech and full text of President Obama’s speech
View full text of Republican Speaker John Boehmer’s response
July 26, 2011 (Washington D.C.) – In a special address to the nation last night, President Barack Obama invoked the words of Ronald Reagan and urged the American people to let their representatives know if they support a balanced approach to resolving the deficit that would include a combination of deep spending cuts but also ask “millionaires and billionaires” to make some sacrifices to avoid cuts that would hurt senior citizens, students and working people.
Thus far, Republicans have insisted on a cuts-only plan as a condition of raising the debt ceiling to prevent the nation from defaulting for the first time in history on its debts. Republican Speaker John Boehmer insists Congress and the nation must "live within their means" as small businesses and families must do.
By Judith Seid, president, Blue Summit Wealth Management
“Your guide to socially responsible investing”
July 22, 2011 (La Mesa)--According to Financial Planning, on Friday TNS released a new study which revealed that 87% of Americans with $500,000 or more in investable assets feel that the size of the US government's deficit is a major concern for them.