Republicans' Latest Attack on Obamacare Involves IRS

(CNSNews.com) - The effort to derail Obamacare may run through the Internal Revenue Service, House Republican leaders say.

Majority Leader Eric Cantor (R-Va.) says, "Republicans are really gearing up for one big week next week," when they plan to introduce a bill -- one of 11 -- that would remove the IRS as the enforcer of Obamacare. 

"We know what's going on at the IRS," Cantor told Fox News's Greta Van Susteren Wednesday night. "We know there (is) a lot of evidence...to demonstrate there is a political witch hunt going on in the tax enforcement agency, and yet that agency now is going to be into your healthcare records and help implement Obamacare. That's not something we want."

The Treasury Department inspector general recently reported that the IRS gave inappropriate scrutiny to conservative groups filing applications for tax-exempt status, delaying many of those applications for months -- in some cases, beyond the 2012 presidential election.

Via: CNS News

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The 7-Eleven Presidency

In the wake of the Treasury Department’s newly released summary of federal spending for 2012, it’s now possible to detail just how profligate the Obama years have been.  Here’s the upshot:  Under Obama, for every $7 we’ve had, we’ve spent nearly $11 (or, to be more exact, $10.95).  That’s like a family that makes $70,000 a year — and is already knee-deep in debt — blowing nearly $110,000 a year.

To illustrate this a bit differently, for every Jackson ($20) we’ve had available to spend under Obama, we’ve also borrowed a Hamilton ($10) and a Washington ($1) and spent those too.  The only thing is that, under Obama, we’ve (literally) spent the equivalent of 342 billion Jacksons, 342 billion Hamiltons, and 342 billion Washingtons — borrowing all of the Hamiltons and Washingtons.

Let’s take a look at the scorecard, based on official government figures.  In fiscal year 2012 (which ended on September 30), the federal government acquired $2.449 trillion in tax revenue and other receipts.  It spent $3.538 trillion — 44 percent more than it had available to spend.  The resulting deficit was $1.089 trillion.

In fiscal year 2011 (see table S-1), the federal government acquired $2.303 trillion in tax revenues and other receipts.  It spent $3.603 trillion — 56 percent more than it had available to spend.  The resulting deficit was $1.3 trillion. 

Via: Weekly Standard

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Obama’s Thursday Night Secret About Jobs

When President Barack Obama takes the stage Thursday night at the Democratic convention, he’ll probably know a secret about the economy that you don’t: the contents of Friday’s employment report. But don’t expect easy clues in his big speech.

ZUMAPRESS.com

Friday’s jobs report, one of only three before the Nov. 6 election, could prove more influential in shaping perceptions about the economy than anything Mr. Obama says in Charlotte when he accepts his party’s nomination. Payroll numbers have been choppy throughout the year, and Friday’s data — released at 8:30 am Eastern time — might help clarify recent trends. (The report will also tell us whether the unemployment rate changed from July’s 8.3% and it could help the Federal Reserve determine whether to launch a new round of bond-buying next week.)

Mr. Obama doesn’t have to wait until the formal release to see the numbers. Under a decades-long practice, a select group of U.S. officials learns the contents of each month’s jobs report on the Thursday evening before its release. The Bureau of Labor Statistics delivers the information sometime Thursday afternoon to the White HouseCouncil of Economic Advisers, which analyzes the data and prepares a memo for the president. (The CEA chairman or director of the National Economic Council often informs the president in person.)

The routine is governed by a directive from the White House Office of Management and Budget. It allows top government officials — like those at the White House,Treasury Department and Fed — to know about an important report that could shake global markets. Employees of the executive branch aren’t supposed to comment publicly on the data until at least one hour after the official release on Friday morning. That’s why we don’t hear the White House’s spin on the report until 9:30 a.m., almost an hour after the opposing party has spit out its own statements. (The White House has gotten more careful in recent decades. Back in the 1960s, President Lyndon Johnson caused a stir more than once when he commented on favorable numbers before they were released.)
Via: Wall Street Journal

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Obama’s GM ‘Success Story’ Headed for Bankruptcy?

On the campaign trail, Barack Obama’s signature definition of “success” is the government bailout of General Motors. “I said I believe in American workers, I believe in this American industry, and now the American auto industry has come roaring back,” he told an audience in Pueblo, CO last week. “Now I want to do the same thing with manufacturing jobs, not just in the auto industry, but in every industry.” That pronouncement should send a shiver up the spine of every American, due to an inconvenient reality: according to Forbes Magazine, GM is likely headed for bankruptcy all over again.

The numbers are stark. The 500,000 shares of GM stock, comprising 26 percent of the company owned by the government–or more accurately the American taxpayer–sold for $20.21 on Tuesday. This left the government holding $10.1 billion worth of stock representing an unrealized loss of $16.4 billion. Even worse, in order to reach the break-even point, the stock would have to sell for around $53 per share.

The numbers remain in flux. As Investors Business Daily reveals, the Treasury Department continues “to revise upward the staggering losses inflicted on U.S. taxpayers.” They further note that the same day GM announced it was recalling 38,000 Impalas used by police in both America and Canada, due to a possible crash risk, a new Treasury report forecast that losses for GM were expected to reach $25 billion, which is $3.3 billion more than predicted earlier. Furthermore, since that report was based on GM’s stock price at the time of the report–15 percent higher than it is currently–those losses are likely understated.

Via: FrontPageMag.com

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