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“That’s Not What The Law Says.”

Gregg blasts Orszag over TARP “piggy bank”

Orszag has to get Congress to amend the law in order to use that TARP money for other purposes, but even the Democrats in Congress should be wary of allowing the executive branch that kind of slush fund — which is exactly what this is. The Constitution makes clear that the legislative branch controls appropriations, and for good reason. That is almost the only way Congress can hold the executive branch accountable for its spending and actions. Allowing any President to control tens of billions of dollars in blank-check funds strips the people’s branch of an important check on executive power.

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BHO Budget

Obama's Destructive Budget 

IBD:
$1.6 Tril 2010 Deficit

BI: Reuters Yanks "Backdoor Taxes To Hit Middle Class"

"We're gonna get to the point here where it will not be possible to fund our debt,
even with worldwide investors buying it.  There's going to be that much of it."

Is Obama Tone Deaf or Intent on Tearing Down American Capitalism?
It's not a mistake. This is what he's been taught: Capitalism is inherently unfair.
 
Rep. James E. Clyburn (D-SC): "We've Got to Spend Our Way Out of This Recession"
Spending money we don't have by taking it from the private sector and citizens is crazy.

"The choice is between the death of America and America's survival. That's what
we face with Barack Obama. Decline and collapse or growth and success."

 


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SOTU News

Despite President Obama's supposed spending freeze, the federal government expects to add more government jobs.

According to not one, but two, New York Times Supreme Court analysts, Supreme Court Justice Samuel Alito was correct when he mouthed "not true" after President ObamaSupreme Court's recent campaign finance law decision. mischaracterized the

Explaining that it "would be great if the federal government could find a site that didn't cost a billion dollars," New York Mayor Michael Bloomberg said Wednesday he did not want Khalid Sheikh Mohammed's trial in Manhattan.

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Cooldown

Great news: Noted deficit hawk to announce three-year freeze in discretionary spending; Update: Dems reject?

We’re not talking actual budget cuts here, just a promise not to make the budget bigger. Or rather, part of the budget. A smallish part. For three years.

Update: Alex Conant says it’s kabuki.

It only applies to “non-security” discretionary spending, so the Pentagon is safe for the time being. But to put that $250 billion over 10 years in context, remember: We’re now running monthly deficits of upwards of $200 billion.

WH fumbling jobs, ObamaCare messages

Video: Obama on spending freezes during the campaign

But as Ed Whelan notes:

Only the reader who makes it to the carryover page will learn that the freeze would not apply to “entitlement programs such as Social Security, Medicare and Medicaid,” “would not restrain funding for the $787 billion economic stimulus package Obama pushed through Congress early last year,” would not “apply to a new bill aimed at creating jobs,” and would be “unlikely to affect the approximately $900 billion health-care bill.”

The problem has gone far beyond a freeze. One look at the base number frozen will inform anyone familiar with the budget that this is nothing but window dressing. Obama proposes to freeze around $450 billion of the federal budget — a budget that is over $3.6 trillion for fiscal year 2010. He’s freezing less than 13% of federal spending.

Let’s also have a little history lesson.  When George W. Bush and a Republican Congress issued their final budget, FY2007, the federal government spent $2.72 trillion.  Democrats took control of Congress and issued their own budget for FY2008 and negotiated it with Bush for his signature, spending $2.98 trillion.  Democrats didn’t bother to negotiate the FY09 budget with Bush, instead issuing continuing resolutions for spending and delivering a final budget of over $3.1 trillion.


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Coup Coup

Ron Paul: The CIA conducted a coup in the US

. . . Isn’t Paul a member of Congress? Has he introduced any legislation to stop CIA funding, or demanded any hearings? After all, those are actions that Congress can take short of annihilation. I think the military would laugh at the notion that they take orders from the CIA. They take orders from the President and are accountable to Congress. We know this, because we’re rational adults and not conspiracy theorists.

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To Bad

Reid was right
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“It Was All Just Another Lie Told To Get Elected.”

Video: Cafferty blows stack at Obama, Pelosi over ObamaCare secrecy

A CNN commentator cheerleading Republican victory in the midterms? Jack Cafferty calling Barack Obama a liar on national TV? Are cats and dogs raining from the sky today?

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Populist Pap

Obama to banks: Show “gratitude” by losing money on loans

After the debacles of the overall housing bubble and the Ginnie Mae rerun last week, one might think that government might reconsider the notion of demanding that banks make marginal loans on a large scale.  Last night’s interview with Barack Obama on CBS shows that populists have a particular problem in learning from experience.  Obama blasted banks for showing ingratitude for resisting further government intrusion into their industry and refusing to increase loans to marginal borrowers

In fact, the entire instability of the financial system came from government pressure and incentives to do what Obama is demanding now.  The government first used a beefed-up CRA to cajole bankers into making marginal loans, then had Fannie Mae and Freddie Mac buy up paper from these subprime loans and convert them into mortgage-backed securities.  Fannie and Freddie sold these bonds to banks and other investors, who assumed (wrongly) that the government backing meant that they were safe investments.  Meanwhile, the explosion of cheap and unqualified lending drove housing prices up artificially, and buyers bet that the Ponzi scheme would go on forever.  When the housing bubble collapsed, so did the MBS market, neither of which would have happened if government hadn’t interfered in the first place.

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