The Federal Government Now Borrowing 46 Cents Out of Every Dollar It Spends

/2 Comments/in , /by

photo credit: david gaines

After all of his seemingly endless campaign stops and harsh rhetoric about the rich not paying “their fair share,” it turns out that the president’s proposed tax hikes on “the rich” will only raise enough revenue to run the government for about eight days. But that doesn’t really matter, of course, because it’s all about “fairness.” In other words, if Washington lawmakers are serious about reducing the federal deficit — as they claim to be — the real solution is that they must stop borrowing and spending money we don’t have. We cannot carry on like this indefinitely:

The federal government borrowed 46 cents of every dollar it has spent so far in fiscal year 2013, which began Oct. 1, according to the latest data the Congressional Budget Office released Friday.

The government notched a $172 billion deficit in November, and is already nearly $300 billion in the hole through the first two months of fiscal year 2013, underscoring just how deep the government’s budget problems are as lawmakers try to negotiate a year-end deal to avoid a budgetary “fiscal cliff.”

Higher spending on mandatory items such as Social Security, Medicare and interest on the debt led the way in boosting spending compared with the previous year, which also highlights the trouble spots Congress and President Obama are struggling to grapple with.

Read more from this story HERE.

North Korea Extends Rocket Launch Period Over ‘Prospect of Dialogue’

/1 Comment/in , /by

SEOUL, South Korea (AP) — North Korea on Monday extended the launch period for a controversial long-range rocket by another week until Dec. 29, citing technical problems.

An unidentified spokesman for the North’s Korean Committee of Space Technology told state media that scientists found a “technical deficiency in the first-stage control engine module of the rocket.” The statement didn’t elaborate but said technicians were “pushing forward” with final preparations for the launch.

North Korea is making its second attempt of the year to launch a rocket that the United Nations, Washington, Seoul and others call a cover meant to test technology for missiles that could be used to strike the United States. They have warned North Korea to cancel the launch or face a new wave of sanctions.

The North Koreans call the launch a peaceful bid to advance their space program, and a last wish of late leader Kim Jong Il, who died a year ago, on Dec. 17. North Korea is also celebrating the centennial this year of the birth of national founder Kim Il Sung, current leader Kim Jong Un’s grandfather. An April launch broke apart seconds after liftoff.

The announcement of the planned rocket launch has sparked worry because of the timing: South Korea and Japan hold key elections this month, President Barack Obama begins his second term in January, and China has just formed a new leadership.

Read more from this story HERE.

Boehner Blasted Over GOP Purge

/8 Comments/in , /by

Given everything on his plate, you wouldn’t expect John Boehner to face an uproar over the likes of Justin Amash and Tim Huelskamp . . .

But many on the right are furious with the House speaker for purging them and two other conservative Republicans from key committee assignments. That may be inside baseball, but these folks are keeping score.

Boehner was retaliating—there’s no other word for it—against the lawmakers for repeatedly voting against the GOP leadership. He served notice at a closed-door meeting that rank-and-file votes are being “watched” by his team, according to The Hill . . .

Erick Erickson, the influential RedState blogger and CNN commentator, sounds supremely frustrated: “Conservatives are either going to hang together or separately. Right now they are getting played because Boehner, McConnell, and the like are sure the conservative movement has become a paper tiger. And, to be honest, conservatives have shown them this is true.”

What conservatives need to do, he says, is pump money and field challengers against establishment candidates: “Either start blowing stuff up or shut up.”

Read full story HERE.

US-Egyptian Christians Fear for Faith Under Morsi’s Islamist Agenda (+video)

/0 Comments/in , /by

photo credit: argenberg

It seems like every Sunday, there’s a new face sitting in the pews of the Church of Saint Verena and the Three Holy Youth in Orange, Calif. Most are young professionals or families with small children and some have been living in the United States for a just few weeks.

“The first waves of immigration,” said Bishop Serapion of the Coptic Diocese of Los Angeles, Southern California and Hawaii.

These worshippers are Egyptian Christians, better known as Copts. Their church is Coptic Orthodox, the largest Christian church in Egypt and the Middle East with services similar to other Christian faiths. They perform sacraments like the Catholics and recite prayers many faithful Americans would recognize, including “Our Father” and “Hail Mary.” Mass is spoken in a mix of English, Arabic and the ancient Coptic language.

“We are Christians,” said Bishop Serapion. “We believe in the Holy Bible as the word of God.”

While small, the Coptic Christian population in the United States has been growing since the 1950s, particularly in Southern California, New York and New Jersey. But since the Arab Spring began in early 2011, Department of Homeland Security figures show the number of Egyptians seeking asylum has doubled. Unofficial estimates are that 100,000 Egyptians have so far sought refuge in the U.S. Many of them are believed to be Copts but there are no official statistics on their numbers.

Read more from this story HERE.

Chinese Investors Take 80% Stake in AIG Aircraft Leasing Unit

/1 Comment/in , /by

American International Group agreed Monday to sell an 80.1% stake in its giant aircraft leasing business to a group of Chinese investors.

The investor group, which includes New China Trust, China Aviation Industrial Fund and P3 Investments, will pay $4.23 billion to acquire the stake in AIG’s International Lease Finance Corporation. The deal includes an option for the investors to purchase an additional 9.9% stake.

The acquisition is part of AIG’s (AIG, Fortune 500) drive to sell non-core assets, a strategy designed to help the insurance company emerge from the financial crisis, during which it required a government bailout, as a leaner business.

If the option to expand the purchase to 90% of ILFC is exercised, the investor group will grow to include New China Life Insurance and an investment arm of ICBC International.

ICBC International is a Hong Kong-based subsidiary of the Industrial and Commercial Bank of China — a state-owned enterprise and one of the largest banks in the world.

Read more from this story HERE.

Marriage and Self-Government

/2 Comments/in , /by

On Friday afternoon, the Supreme Court announced that it will hear arguments in two cases that are at the center of the same-sex-marriage controversy. One concerns the power of people in the states to govern themselves on the question, the other the complementary power of Congress to define “marriage” for purposes of federal law.

At issue in both cases is whether courts should even be hearing them, because there are knotty questions of standing (and also of what should happen to lower-court rulings if the Court rules that parties did not have standing). If the Court does reach the merits in these cases, it should find its way toward a defense of the right of republican self-government.

In Hollingsworth v. Perry, the justices will consider the constitutionality of Proposition 8, an amendment to the California constitution affirming that marriage is the union of a man and a woman. The people of the state passed it by referendum in 2008, shortly after the state supreme court ruled that the state constitution, unbeknownst to anyone until then, required official recognition of same-sex marriage. In the federal lawsuit that followed, Judge Vaughn Walker of the U.S. district court in San Francisco conducted a sort of show trial, ignoring all relevant precedents in holding that the protection of conjugal marriage rests on irrational bigotry.

This decision went too far even for a Ninth Circuit panel led by the oft-reversed Judge Stephen Reinhardt. The appeals court affirmed Judge Walker’s decision but did not imitate his reasoning, holding instead that, having recognized same-sex marriage, California could have had no rational basis for changing its mind.

The Supreme Court should reverse these lower-court rulings, and straightforwardly affirm the right of the people in any state to act, constitutionally or legislatively, to adopt the traditional view of marriage as a relationship oriented toward procreation. The justices need not themselves hold that view — they may consider it outmoded or rationally inferior to a conception of marriage that treats it first and foremost as an emotional union of adults — to see that the Constitution erects no barrier to it, and that states therefore have the freedom to act on it.

Read more from this story HERE.

Obama’s Money Plans Backed by Communists

/4 Comments/in , /by

The Communist Party USA is backing Barack Obama’s position on the coming fiscal cliff, and claims its economic program “will unfold in the coming year” with the reelection of Obama and continued Democrat control of the U.S. Senate.

The statement came from Joelle Fishman, chairwoman of the Connecticut Communist Party, during a recent conference call on the upcoming fiscal cliff.

The conference call titled, “Don’t Bargain with People’s Lives” featured an economic report by CPUSA national vice-chair Jarvis Tanner, who said Obama’s demands in the fiscal cliff debate are exactly what the country needs.

Republicans have said any revenue increases must be accompanied by spending cuts. However, Obama has countered by saying he wants Congress to raise taxes more, extend unemployment benefits beyond the current 99 week limit, pass an additional $50 billion in stimulus spending, and grant him authority to raise the debt limit whenever he wants.

Tanner says the president’s position shows that unlike the Republicans, he is making a “serious proposal” and he is backing Obama’s proposals.

Read more from this story HERE.

Chinese Buyers Lead Foreign Investment in US Housing Market (+video)

/1 Comment/in , /by

As the U.S. housing market slowly starts to recover, foreign investment is helping it along.

According to the National Association of Realtors, non-American buyers accounted for $82 billion in home sales last year. More than $7 billion of that is by the Chinese, who are now the second largest foreign home purchasers after Canadians. They’re buying high-end, multimillion-dollar homes from California to New York and paying cash.

“They’re probably the top 1 percent of the Mandarin speakers that are coming from China,” said Brent Chang, a Coldwell Banker realtor in Southern California. “They’re really the people who have their own businesses or maybe were part of the government.”

Some of these homes are specifically catered to Chinese buyers. Fox News visited a home listed at $8 million in Pasadena, Calif., that had two kitchens, the smaller one had ventilation for the cooking for aromatic or “stinky” foods like fish. It also has a lower level in-law suite and even a koi pond.

“People from China do a lot more business in their homes so they want their homes to really scream that they’ve made it and they’re successful, ” said Chang.

Read more from this story HERE.

Israeli Ambassador: Syria Transfer of WMD to Militants Would Be ‘Game Changer’

/0 Comments/in , /by

photo credit: upyernoz

Israel’s ambassador to the U.S. said that if Syria were to transfer chemical weapons to Hezbollah or other militant groups, it would be a “game changer.”

Ambassador Michael Oren, appearing on Fox News Sunday, said he could not confirm reports that Syrian President Bashar al-Assad’s forces had prepared sarin gas for use. But he said Israel was worried that Syria could transfer the weapons to Hezbollah, the Lebanese militant group and political party that receives support from Syria and Iran.

“We are watching the situation very carefully,” Mr. Oren said. “Syria has a very varied, deep chemical weapons program. It is geographically dispersed as well. Were those weapons to pass in to the wrong hands, Hezbollah’s hands, for example, that would be a game changer for us.”

Read more from this story HERE.

Obamacare Driving Up Your Pet’s Healthcare Costs, Too

/0 Comments/in , /by

American health care consumers aren’t the only ones who will be hit by slated Obamacare tax hikes. Medical bills for their pets may go up as well.

According to a rule published Friday by the Internal Revenue Service, some medical devices used in veterinary practices will be hit by Obamacare’s 2.3 percent device tax. Many of their manufacturers are expected to hike prices, meaning higher veterinary costs for the nation’s pet owners.

The tax will not hit devices that are used exclusively for veterinary purposes. But a host of such devices are manufactured for use in both human health care and veterinary practices. Those devices’ manufacturers will have to pay the tax.

The IRS rule states: “Section 4191 [of the Internal Revenue Code] limits the definition of a taxable medical device to devices described in section 201(h) of the [Federal Food, Drug, and Cosmetic Act] that are intended for humans, but does not provide that the device must be intended exclusively for humans. Under existing [Food and Drug Administration] regulations, a device intended for use exclusively in veterinary medicine is not required to be listed as a device with the FDA, whereas a device intended for use in human medicine is required to be listed as a device with the FDA even if the device may also be used in veterinary medicine.”

According to the FDA, common “dual use” medical devices are “examination gloves, sterile catheters, infusion pumps, etc.”

Read more from this story HERE.