Obama’s Watch: Credit Downgrade –Asian Conservatives
(The Hill) Moody’s Investor Service announced today the the compromise to avoid the fiscal cliff is not enough to protect the nations credit rating from a credit downgrade.
On the 05 August, 2011 I wrote here that Standard & Poors announced that they had downgraded the U.S. credit rating for the first time in its history.
In September, Zero Hedge reported federal spending was 102.4% of GDP
We are becoming Greece.
Federal Budget Process –Lana Wong
(Daily Caller) Way back in February of last year, Senate Majority Leader Harry Reid (D-NV) said that the Senate had no plans to propose a budget at all in 2012
Will the Senate do their job and pass a regular budget this year?
Related: Sen Harry Reid Too Long in Office–Sets Record 10,958 Days
(China Real Time Report/WSJ) If there is any question where China Regime first aircraft carrier Liaoning stands in the officialdom, China central bank has answered it with the issuance of gold and silver commemorative coins celebrating the recently christened Liaoning in September.
The coins range in face value from a modest 10 Yuan for silver, depicting the ships flight deck to a 2,000 Yuan gold keepsake featuring a fighter jet taking off.
Fiscal Cliff Deal–The Sad Truth –Judge Andrew Napolitano
(CNS News) Democrat-Socialist/Progressive controlled Senate voted 88-9 to approve the Fiscal Cliff boondoggle which they had all but three minutes to read, before paving the way to add $4 Trillion to our out of control federal budget deficit.
The GOP House of Representatives violated their pledge to voters to make the bill available to the public for three days before it would be voted on.
Republicans promise…that they will be principled (next time) and will keep their pledge to reign in spending when the debt ceiling showdown takes place next month.
Riiight…
Its Time to Step Down House Speaker John Boehner
(FOX News) At the end of the day, 85 RINO’s joined 172 Democrat/Socialists to pass the Senate Fiscal Cliff bill 257-167 which provides tax credits to such things as:
More here from Business Insider
Related: Congress Gives Hollywood Tax Incentive Extension –Breitbart
After Fiscal Win, Obama Warns Congress on Debt Fight –Reuters
(Market Watch) With the help of Senate RINO’s lawmakers passed a bill early this morning that raises taxes on job creators, increases capital gains taxes and delays any real spending cuts for two more months.
In 2011, Conservative political columnist Pat Buchanan writes in his column entitled An Establishment in Panic “…What school of economic thought–Keynesian, Supply-Side or Monetarist says raising taxes in a slumping economy is the recipe for a return to prosperity? There is no such school. Why, when the whole country is talking about the need to create jobs, would Congress raise taxes on a private productive sector that employs six in seven Americans and is the creator of real jobs.”
With $1 Trillion of New ObamaCare Taxes taking effect today (who knows what black hole will swallow up that money) how is it that raising even more taxes in an anemic economy is going to create even a single job and open the flood gates for new business development and economic expansion?