To say that the federal government has a spending problem is "almost a false argument," House Minority Leader Nancy Pelosi (D-Calif.) said on "Fox News Sunday."
Congressional Republicans frequently argue that the federal government does not have a revenue problem, but a spending problem.
In the interview, which was taped on Friday and aired Sunday, Chris Wallace played a clip of Speaker of the House John Boehner (R-Ohio) saying, "At some point, Washington has to deal with its spending problem. I watched them kick the can down though road for the 22 years I have been here and I have had enough of it. It's time to act." more >>
Dr. Benjamin Carson, Gifted Hands author and director of pediatric neurosurgery at Johns Hopkins Hospital in Baltimore, Md., brought an audience of dignitaries, including President Barack Obama and first lady Michelle, to their feet last Thursday after dishing a speech packed with parables, wit, biblical scriptures and punch at the National Prayer Breakfast in Washington, D.C. Now, it's resounding with everyday Americans, too.
The doctor's 25-minute speech displayed a "logical" and "common-sense" approach to issues like freedom of speech, education, taxation, the national debt and spirituality, and has already captured more than a million hits on YouTube and elicited headlines and calls like the Wall Street Journal's "Ben Carson for President."
"Smart man! Put him in the White House," agreed Mary Ledet on Monday in her comments posted on the video of Carson's speech, which was uploaded to YouTube on Thursday. more >>
The best way to deal with the automatic spending cuts, known as sequestration, that were put in place to deal with the nation's rising national debt, now at over $16.5 trillion, is to delay them from going into effect, said Pulitzer prize winning economist Paul Krugman. To do that, he advised President Barack Obama to offer future "vague spending cuts" and "real revenue sources." The belief, though, that liberals want to spend more money on government, is "imaginary," he added.
Unlike raising the nation's debt ceiling, Krugman explained Sunday on CNN's "Fareed Zakaria GPS," "the world won't end if we go a month into [sequestration], so, [Obama] can afford to wait. Where, I believe the Republicans will have to cave, eventually.
"... [Obama] he should look for some ... face-saving way for everybody to just kick this can down the road. We shouldn't do anything right now." more >>
The United States Postal Service has announced its plans to stop delivering mail on Saturdays in an attempt to stabilize its flailing budget, although it will continue to deliver packages six days a week.
Once the plan is fully implemented, beginning the week of Aug. 5, 2013, it is projected to save the government entity $2 billion annually.
"The Postal Service is advancing an important new approach to delivery that reflects the strong growth of our package business and responds to the financial realities resulting from America's changing mailing habits," Patrick R. Donahoe, Postmaster General and CEO, said in a statement on Wednesday. more >>
The House of Representatives approved Wednesday, 285-144, a three-month extension of the debt limit. Included in that bill was a "no budget, no pay" provision, which requires members of Congress to pass a budget, or they will not receive a salary. Some of the lawmakers who voted against the bill say that the "no budget, no pay" provision violates the 27th Amendment to the U.S. Constitution.
The 27th Amendment states: "No law, varying the compensation for the services of the Senators and Representatives, shall take effect, until an election of Representatives shall have intervened." This amendment essentially says that if Congress changes its salary, or any other parts of its compensation, those changes will not go into effect until after the next election.
Since the "no budget, no pay" law would change the compensation for lawmakers, by making it $0, it would violate this amendment, opponents claim. more >>
The idea to mint a $1 trillion coin as a way to avoid raising the debt limit should be given serious consideration, Nobel prize winning economist and liberal pundit Paul Krugman believes. He advised comedian Jon Stewart to take the idea more seriously or risk "ruining his brand."
Krugman, professor of economics and international affairs at Princeton University, has advocated, on his New York Times blog, "Conscience of a Liberal," the $1 trillion coin idea if Congress does not raise the debt limit.
In a Jan. 7 post, Krugman argued that minting the coin would not cause any economic harm and not increasing the debt limit would be "far more ridiculous" than the $1 trillion coin. more >>