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Budget Blowout! Deficit 4X Higher than last year
Reuters | | The United States posted an $82.69 billion deficit in April, nearly four times the $20.91 billion shortfall registered in April 2009 and the largest on record for that month, the Treasury Department said on Wednesday. It was more than twice the $40-billion deficit that Wall Street economists surveyed by Reuters had forecast and was striking since April marks the filing deadline for individual income taxes that are the main source of government revenue. Department officials said that in prior years, there was a surplus during April in 43 out of the past 56 years. The government has now posted 19 consecutive monthly budget deficits, the longest string of shortfalls on record. For the first seven months of fiscal 2010, which ends September 30, the cumulative budget deficit totals $799.68 billion, down slightly from $802.3 billion in the comparable period of fiscal 2009. Outlays during April rose to $327.96 billion from $218.75 billion in March and were up from $287.11 billion in April 2009. It was a record level of outlays for an April. | | Read More and Comment: |
 | -Mike Lester, The Rome News-Tribune |
Who Will Bail Out America?
By Peter Ferrara, American Spectator | | Social Security, Medicare and the retirement of the baby boom generation wasn't enough of a burden for the American taxpayer. We will now be paying as well for the generous pensions of Greek bureaucrats retiring in the warm Mediterranean sun at age 55, thanks to the foresighted leadership of our very own international statesman, Barack Obama. Just last year President Obama proposed, and his overwhelmingly Democrat Congress approved, an additional $100 billion line of credit from the USA to the International Monetary Fund (IMF). On Sunday, the IMF approved a contribution of $40 billion to the Greek bailout, with America voting yes for yet another raid on its own taxpayers. But this is only the beginning. What the trillion dollar Euro bailout fund has done is to create the perverse incentives of Too Big to Fail for fiscally irresponsible Eurostates. Do those literally murderous Greek rioters look ready to accede to austerity budgets with massive tax increases and massive benefit cuts? Political leaders in the Mediterranean states in particular, faced with short-term financial and political pressures, will be too tempted to put off the pain a little longer, hoping that EU bailouts will save them in the end. Indeed, voters in Spain, Italy, Portugal, and elsewhere may well think they should get their share of those bailout funds too, voting out leaders who try to be responsible, and voting in the worst demagogues trying to take advantage of the situation to gain political power. Imagine if each of the American states could run deficits with a federal bailout fund to back them up. Could we count on the voters of California, New York, New Jersey, Michigan, and Illinois to support candidates promising crippling austerity budgets, with draconian benefit cuts and skyrocketing taxes, so they can do the responsible thing? This is the system the EU has just adopted. What that means is get ready for still more IMF bailouts financed by American taxpayers. | | Read More and Comment: | 9 indicted on charges of accessing Obama records
AP | | Nine people were indicted Wednesday on federal charges of accessing President Barack Obama's student loan records while they were employed for a Department of Education contractor in Iowa. The U.S. attorney's office said a grand jury returned the indictments in U.S. District Court in Davenport. All nine are charged with exceeding authorized computer access. They are accused of gaining access to a computer at a Coralville office where they worked between July 2007 and March 2009, and accessing Obama's student loan records while he was either a candidate for president, president-elect or president. U.S. attorney spokesman Mike Bladel referred questions to online copies of the indictments. Each of eight indictments posted by Wednesday night were brief, saying the charged individual "intentionally exceeded authorized access to a computer and thereby obtained information from a department and agency of the United States" and "intentionally accessed student loan records" of Obama without authorization. Those charged are Andrew J. Lage, 54, Patrick E. Roan, 51, Sandra Teague, 54 and Mercedes Costoyas, 53, all of Iowa City; Gary N. Grenell, 58, and Lisa Torney, 49, of Coralville; Anna C. Rhodes, 32, of Ainsworth; Julie L. Kline, 38, of West Branch; and John P. Phommivong, 29, for whom no hometown was listed. Lage told The Associated Press on Wednesday evening he did not know about the indictment and declined comment. | | Read More and Comment: | Obama the Polarizer
By Jay Cost, RCP | | In January, 2007 Barack Obama declared his candidacy for the presidency with these words: It's not the magnitude of our problems that concerns me the most. It's the smallness of our politics. America's faced big problems before. But today, our leaders in Washington seem incapable of working together in a practical, common sense way. Politics has become so bitter and partisan, so gummed up by money and influence, that we can't tackle the big problems that demand solutions. And that's what we have to change first. We have to change our politics, and come together around our common interests and concerns as Americans. Today, Gallup reports: (Obama's) first-year ratings were the most polarized for a president in Gallup history, with an average 65-point gap between Republicans and Democrats. Obama's approval ratings have become slightly more polarized thus far in his second year in office, with an average 69-point gap between Democrats (83%) and Republicans (14%) since late January. This is a big deal. The first quote is the principal reason Barack Obama ran for President. At a minimum, it was his first public argument for why he thought the country should elect him, as opposed to the dozen or so other candidates who would enter the race. It remained a critically important idea throughout his candidacy. Remember, the Obama campaign was an "audacious" act of line-jumping within the Democratic Party. His justification was that the country couldn't afford to keep playing the same old political games. The hook of his candidacy was: America, do you really want to do Bush-Clinton-Bush-Clinton? Yet here we are, breaking records for polarization. How did that happen? Why has Obama failed to do what he promised? | | Read More and Comment: | Russia warns U.S. against unilateral Iran sanctions
Reuters | | Russian Foreign Minister Sergei Lavrov warned the United States and other Western nations on Thursday against imposing unilateral sanctions on Iran over its nuclear program, Interfax news agency reported. The European Union has said it may impose unilateral sanctions if a U.N. Security Council resolution fails. U.S. President Barack Obama's administration has been lobbying Western companies not to do business with Iran, but has not imposed sanctions against them. Countries facing Security Council sanctions "cannot under any circumstances be the subject of one-sided sanctions imposed by one or other government bypassing the Security Council", Lavrov was quoted as saying by Interfax. "The position of the United States today does not display understanding of this absolutely clear truth." Russia is in talks with the United States and other U.N. Security Council members on a fourth round of sanctions. Moscow has indicated it could support broader sanctions but has stressed they must not harm the Iranian people. Washington has not publicly warned of unilateral sanctions but has made clear it wants tougher measures than veto-wielding Security Council member Russia is likely to accept. | | Read More and Comment: | BACK IN PRINT AFTER 128 YEARS!
Lives of the Presidents of the United States
An Illustrated Biography of the first 20 American Presidents | "If you are disappointed in a President who bows to foreign leaders, refuses to pray on the National Day of Prayer, opens our borders to terrorists and illegal aliens, punishes hard-working Americans with more taxes, and takes our liberty in exchange for so-called 'security' then Lives of the Presidents is for you." — Gary DeMar, President of American Vision  There are few persons who can read this record of the lives of the first 20 Presidents of the United States without the conviction that there is no other nation which can present a consecutive series of twenty rulers of equal excellence of character and administrative ability. Probably the least worthy of all our Presidents would rank among the best of the kings whom the accident of birth has placed upon hereditary thrones; and not an individual has popular suffrage elevated to the presidential chair, whom one would think of ranking with those many royal monsters who have in turn disgraced all the courts of Europe. This record settles the question that the choice of rulers is a far safer reliance than hereditary descent. PRE-ORDER ONLINE! With us, the freedom of the press is so unlimited and political partisanship so intense, that few persons have been able to take really an impartial view of the characters of those who have been by one party so inordinately lauded, and by the other so intemperately assailed. But as we now dispassionately review the past, most readers will probably find many old prejudices dispelled. The writers have not thought that impartiality requires that they should refrain from a frank expression of their own views. It is an essential part of biography, that faults as well as virtues should be honestly detailed. No man is perfect. There have certainly been errors and wrong-doings in the past administration of this government. It is not the duty of the impartial historical biographer to ignore such, or to gloss them over. This should be distinctly brought to light as instruction for the future. The materials from which the writers have drawn these biographical sketches are very abundant. Whatever of merit they possess must consist mainly in the skill which may be exhibited in selecting from the great mass those incidents which will give one the most vivid conception of the individual. The writers have attempted with much labor, to present a miniature likeness of each character which shall be faithful and striking. They have not deemed it expedient to incumber these pages with foot-notes, as most of the important facts here stated are unquestioned; and all will be found substantiated in the memoirs and works of our Chief Magistrates, contained in most of our large libraries. — From the preface, by co-author Russell H. Conwell—Founder of Temple University HARDBACK, 668 PAGES • RETAIL $39.95 • PRE-ORDER FOR $34.95 • PRE-ORDER ONLINE! • In Stock & Shipping June 15, 2010. About the Authors: John S. C. Abbott (1805-1877) was a renowned American writer, best known for his popular historical works. History of the Civil War in America (1863-66), History of Napoleon Bonaparte (1855) and History of Frederick the Great (1871). Russell H. Conwell (1843-1925) was an American Baptist minister, orator and writer, and founded Temple University in Philadelphia. | | © 2010 Flag And Freedom™
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