Budget Director To Tell Federal Agencies To Plan For Major Cuts: Report

Well now if this don't just light up the candles on our cake.

weaselzippers

One of the main reasons they didn’t want Trump, they didn’t want to shake any of this up or start whacking agencies and expenses.
Via The Hill:

White House budget chief Mick Mulvaney will this week send a memo to federal agencies instructing them to prepare for future cuts to funding and staff, according to a new report.

The guidance letter, Axios reported on Sunday, was set forth by the executive order President Trump signed last month for “reorganizing the executive branch.”

The order calls to “improve the efficiency, effectiveness, and accountability of the executive branch by directing the Director of the Office of Management and Budget to propose a plan to reorganize governmental functions and eliminate unnecessary agencies, components of agencies and agency programs.”

Keep reading…

Thank You The Hill and Nick.

Geithner: Treasury Runs Out Of Cash Monday

And we Still have Hundreds of Billions, perhaps Trillions, to Pay people to convict Other people of committing Thought and Mood Crimes. 

Human Events has;
Geithner: Treasury Runs Out Of Cash On Monday
By: Neil W. McCabe  

The 75th man to hold the office of Treasury Secretary informed congressional leaders from both parties by a letter dated today that the U. S. Treasury would hit its debt limit Dec. 31.

As of Dec. 24, the national debt stood at $16,337,556,561,533.65.

The current debt ceiling is: $16,394 trillion.

“Under normal circumstances, that amount of headroom would last approximately two months.  However, given the significant uncertainty that now exists with regard to unresolved tax and spending policies for 2013, it is not possible to predict the effective duration of these measures,” wrote Timothy F. Geithner, who served as the president of the Federal Reserve Bank of New York prior to his current posting.

Geithner said the reason for the short notice and the short leeway is the confusion caused by the failure of President Barack Obama and the Congress to resolve tax and spending issues regarding what has become known as the “fiscal cliff,” the mandatory spending cuts and tax increases written into the Budget Control Act passed in August 2011.

“If left unresolved, the expiring tax provisions and automatic spending cuts, as well as the attendant delays in filing of tax returns, would have the effect of adding some additional time to the duration of the extraordinary measures,” Geithner said.

Speaker John A. Boehner (R.-Ohio) released a joint statement today, before the Geithner debt ceiling letter was released, with the other members of the GOP House leadership team: Rep. Eric I. Cantor (R.-Va), the House Majority Leader, Rep. Kevin O. McCarthy (R.-Calif.), the House Majority Whip and Rep. Catherine McMorris Rogers (R.-Wash.) stating his case for resolving the fiscal cliff.

The House Republicans have already acted to meet the crisis, he said.

“The House has acted on two bills which collectively would avert the entire fiscal cliff if enacted.  Those bills await action by the Senate,” he said.

“If the Senate will not approve and send them to the president to be signed into law in their current form, they must be amended and returned to the House,” he said.

The House will act, but the Senate, controlled by Democrats, must act first, the Speaker said.

Boehner said he and the House GOP will continue to communicate, but they are convinced the problem that the governement spends too much, not that the people are taxed too little.

Geithner sent his letter to all Capitol Hill leaders,  including Boehner, House Minoity Leader Nancy P. Pelosi (D.-Calif.), Senate Minority Leader A. Mitchell McConnell Jr. (R.-Ky.), Rep. Sander M. Levin (D.-Mich.), the ranking member on the House Ways and Means committee; Sen. Max S.Baucus (D.-Mont.), the chairman of the Senate Finance Committee and Sen. Orrin G. Hatch (R.-Utah), the ranking member on the Senate Finance Committee, recieved the same letter as well as individual members of the outgoing 112th Congress. The 112th Congress expires Jan. 3.

The text of the letter sent to Sen. Harry Reid (D.-Nev.), the senate majority leader is below:

December 26, 2012The Honorable Harry ReidMajority LeaderUnited States SenateWashington, DC 20510

Dear Mr. Leader:

I am writing to inform you that the statutory debt limit will be reached on December 31, 2012, and to notify you that the Treasury Department will shortly begin taking certain extraordinary measures authorized by law to temporarily postpone the date that the United States would otherwise default on its legal obligations.

These extraordinary measures, which are explained in detail in an appendix​ to this letter, can create approximately $200 billion in headroom under the debt limit. Under normal circumstances, that amount of headroom would last approximately two months. However, given the significant uncertainty that now exists with regard to unresolved tax and spending policies for 2013, it is not possible to predict the effective duration of these measures. At this time, the extent to which the upcoming tax filing season will be delayed as a result of these unresolved policy questions is also uncertain. If left unresolved, the expiring tax provisions and automatic spending cuts, as well as the attendant delays in filing of tax returns, would have the effect of adding some additional time to the duration of the extraordinary measures. Treasury will provide more guidance regarding the expected duration of these measures when the policy outlook becomes clearer.

Sincerely,

Timothy F. Geithner

Thank You Human Events and Mr McCabe

Future Generations Money & The House RINO

CNSnews has; 

Future Generations 
by Walter E. Williams December 4, 2012

Is there any reason for today's Americans to care about what happens to tomorrow's Americans? After all, what have tomorrow's Americans done for today's Americans?

Moreover, since tomorrow's Americans don't vote, we can dump on them with impunity. That's a vision that describes the actual behavior of today's Americans. It would be seen as selfish, callous and ruthless only if it were actually articulated. Let's look at it.

Businesses, as well as most nonprofit enterprises, by law are required to produce financial statements that include all of their present and expected future liabilities. On top of that, they are required to hold reserves against future liabilities such as employee retirement.

By contrast, the federal government gets by without having to provide transparent and honest financial statements. The U.S. Treasury's "balance sheet" does list liabilities such as public debt, but it does not include the massive unfunded liabilities of Social Security, Medicare and other federal future obligations. A conservative estimate of Washington's unfunded liabilities for the year ending in 2011 is $87 trillion. That's more than 500 percent of our 2011 GDP of $15 trillion.

Former Congressmen Chris Cox and Bill Archer have written an article — "Why $16 Trillion Only Hints at the True U.S. Debt," The Wall Street Journal (November 26, 2012) — pointing out our dire economic straits. They say, "When the accrued expenses of the government's entitlement programs are counted, it becomes clear that to collect enough tax revenue just to avoid going deeper into debt would require over $8 trillion in tax collections annually. That is the total of the average annual accrued liabilities of just the two largest entitlement programs, plus the annual cash deficit." Let's analyze that.

Washington would have to collect $8 trillion in tax revenue, not to pay off our national debt and have reserves against unfunded liabilities, but just to avoid accumulating more debt.

Recent IRS data show that individuals earning $66,000 and more a year have a total adjusted gross income of $5.1 trillion. In 2011, corporate profit came to $1.6 trillion. That means if Congress simply confiscated the entire earnings of taxpayers earning more than $66,000 and all corporate profits, it wouldn't be enough to cover the $8 trillion per year growth of U.S. liabilities.

Given this impossible picture, the message coming out of Washington, especially from our leftist politicians and the news media, is that we solve our budget problems by raising taxes on the rich. If Americans were more informed, such a message would be insulting to our intelligence. There are not enough rich people to satisfy Congress' appetite.

In 2011, Congress spent $3.7 trillion. That turns out to be about $10 billion per day. According to IRS statistics, roughly 2 percent of U.S. households have an income of $250,000 and above. By the way, $250,000 per year hardly qualifies as being rich. It can't even buy a Learjet.

Households earning $250,000 and above account for 25 percent, or $1.97 trillion, of the nearly $8 trillion of total household income. If Congress imposed a 100 percent tax, taking all earnings above $250,000 per year, it would bring in about $1.9 trillion. That would keep Washington running for 190 days, but there's a problem because there are 175 more days left in the year.

The profits of the Fortune 500 richest companies come to $400 billion. That would keep the government running for another 40 days, to mid-July.

America has 400 billionaires with a combined net worth of $1.3 trillion. If Congress fleeced them of their assets, stocks, bonds, yachts, airplanes, mansions and jewelry, it would get us to at least late fall.

The fact of the matter is there are not enough rich people to come anywhere close to satisfying Congress' voracious spending appetite. The true tragedy for our future is that there are millions of uninformed Americans who will buy the political demagoguery and treachery that our problems can be solved by taxing the rich.

Thank You Professor Williams

And So, with a better idea of What kind of Financial Ruin we're plummeting into, let's look at the Republican Response in the US House.


RedAlert Politics has;
Conservatives Removed From Financial Committees By GOP House Leadership
By Francesca Chambers /// December 3, 2012

The fissure between the GOP establishment and Tea Party members in Congress blew wide open Monday evening when conservative members of Congress were suddenly removed from House financial committees.

RedState’s Erick Erickson was the first reliable source to share that conservatives were reportedly being removed from the House’s finance related committees by Speaker of the House John Boehner (R-Ohio). 

Shortly after, Roll Call reported that Rep. David Schweikert of Arizona had been removed from from the Financial Services Committee “for bucking the party line too often.”

“This morning Congressman Schweikert learned there was a price to be paid for voting based on principle. That price was the removal from the House Financial Services Committee,” Rachel Semmel, Schweikert’s spokesman, told POLITICO. “We are obviously disappointed that Leadership chose to take this course, but Rep. Schweikert remains committed to fighting for the conservative principles that brought him here.”

Curiously, conservative Rep. Mick Mulvaney of South Carolina was selected to replace Schwikert on the committee, potentially undercutting conservative’s complaints that Schweikert was removed for political reasons. Likewise, sources with knowledge of the situation indicated to both POLITICO and Roll Call that committee changes were made at the request of committee chairs. Meaning incoming Financial Services Committee chairman Rep. Jeb Hensarling of Texas, who is currently the GOP Conference chair, not Boehner, could be responsible for snubbing Schweikert.

Roll Call later added that Walter Jones of North Carolina had also been removed from that committee. Additionally, Reps. Justin Amash of Michigan and Tim Huelkamp of Kansas were removed from the House Budget Committee, which Rep. Paul Ryan of Wisconsin is currently chair and will continue to chair in the next Congress.

A press release issued by Huelskamp’s spokeswoman Karen Steward says that the freshman Rep. “was given limited explanation for his removal but clearly his consistent, principled, and conservative votes have riled the GOP Establishment.”

“It is little wonder why Congress has a 16 percent approval rating: Americans send principled representatives to change Washington and get punished in return,” Huelskamp said in a statement. “The GOP leadership might think they have silenced conservatives, but removing me and others from key committees only confirms our conservative convictions. This is clearly a vindictive move, and a sure sign that the GOP Establishment cannot handle disagreement.”

After news broke conservatives, were immediately outraged. Tea Party organization FreedomWorks even called for a ‘hostile takeover’ of the party by Tea Party activists, and began a lobbying effort to get Schweikert, Huelskamp and Amash back on their respective committee.

The split between Republican Party leadership and the Tea Party was a longtime coming and is not particularly shocking. However, by removing Amash, a young, up and coming libertarian who is often cited as retiring Rep. Ron Paul’s successor as the leader of the ever growing liberty movement within, and outside of, the Republican Party, the GOP establishment may have stirred the hornets nest one too many times today.

Thank You Red Alert and Ms Chambers

Now, is anyone unclear about What Needs to be cut Out of the budget, . . . rather than dump it on those Future Generations, . . . just scrub it clean off the CMS reimbursement schedules, and kick it Out of the Government Moocher's Preserve?

Psychiatry's Raid On America's SSI & SSDI