The Pronk Pops Show 209, February 12, 2014, Story 1: New Boehner Unconditional Surrender Rule — Dump Republican Leadership — Debt Ceiling Skyrocketing To Over $19 Trillion — Spending Addiction Disorder Results In Fiscal Insanity — Videos

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Pronk Pops Show 180: December 12, 2013

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Pronk Pops Show 171: November 20, 2013

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Pronk Pops Show 169: November 18, 2013

Pronk Pops Show 168: November 15, 2013

Pronk Pops Show 167: November 14, 2013

Pronk Pops Show 166: November 13, 2013

Pronk Pops Show 165: November 12, 2013

Pronk Pops Show 164: November 11, 2013

Pronk Pops Show 163: November 8, 2013

Pronk Pops Show 162: November 7, 2013

Pronk Pops Show 161: November 4, 2013

Pronk Pops Show 160: November 1, 2013

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Story 1: New Boehner Rule Unconditional Surrender — Dump Republican Leadership — Debt Ceiling Skyrocketing To Over $19 Trillion — Spending Addiction Disorder Results In Fiscal Insanity — Videos

U.S. National Debt Clock

http://www.usdebtclock.org/

BUDGET DEFICITS

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How_does_the_US_reach_fiscal_limit

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Cruz Filibuster Could Force GOP Votes To Raise Debt Limit

House Votes 221 201 To Raise National Debt Ceiling W/ No String Attached The Kelly File

Gohmert’s Fiery Exchange with Dobbs on The Debt Ceiling Increase

House passes extension of debt limit

House votes to raise debt ceiling

House To Vote On Debt Ceiling Bill Tonight Happening Now

News Wrap: U.S. House votes to raise debt ceiling

Background Articles and Videos

Judge Napolitano Debt Ceiling Debate New Updat Global Market Economic 2014

Sen. McConnell: GOP Will Attach Demands to Debt Ceiling Vote

Ryan on avoiding debt ceiling default

House Approves Higher Debt Limit Without Condition

By JONATHAN WEISMAN and ASHLEY PARKER

Ending three years of brinkmanship in which the threat of a devastating default on the nation’s debt was used to wring conservative concessions from President Obama, the House on Tuesday voted to raise the government’s borrowing limit until March 2015, without any conditions.

The vote — 221 to 201 — relied almost entirely on Democrats in the Republican-controlled House to carry the measure and represented the first debt ceiling increase since 2009 that was not attached to other legislation. Only 28 Republicans voted yes, and only two Democrats voted no.

Simply by holding the vote, Speaker John A. Boehner of Ohio effectively ended a three-year Tea Party-inspired era of budget showdowns that had raised the threat of default and government shutdowns, rattled economic confidence and brought serious scrutiny from other nations questioning Washington’s ability to govern. In the process, though, Mr. Boehner also set off a series of reprisals from fellow Republican congressmen and outside groups that showcased the party’s deep internal divisions.

“He gave the president exactly what he wanted, which is exactly what the Republican Party said we did not want,” said a Republican representative, Tim Huelskamp of Kansas, who last year unsuccessfully tried to rally enough support to derail Mr. Boehner’s re-election as speaker. “It’s going to really demoralize the base.”

The vote was a victory for President Obama, Democrats and those Senate Republicans who have argued that spending money for previously incurred obligations was essential for the financial standing of the federal government. “Tonight’s vote is a positive step in moving away from the political brinkmanship that’s a needless drag on our economy,” Jay Carney, the White House press secretary, said in a statement.

But outside Republican groups were sharply critical of the speaker. Both the Club for Growth and Heritage Action for America, for example, had put out a “key vote” alert urging members to vote against the measure.

“A clean debt ceiling is a complete capitulation on the speaker’s part and demonstrates that he has lost the ability to lead the House of Representatives, let alone his own party,” said Jenny Beth Martin, co-founder of the Tea Party Patriots. “It is time for him to go.”

Senator Harry Reid of Nevada, the majority leader, commended the speaker and promised to pass the bill as soon as possible. “We’re happy to see the House is legislating the way they should have legislated for a long time,” he said.

But Senator Ted Cruz, Republican of Texas, said Tuesday in a statement that he planned to object to any attempt to raise the debt ceiling with a minimum of 51 votes, instead of requiring 60 votes — meaning at least five Republicans would have to vote with the full Democratic caucus — to get to final passage.

“If Republicans stand together, we can demand meaningful spending restraint to help pull our nation back from the fiscal and economic cliff,” Mr. Cruz said.

Mr. Boehner stunned House Republicans on Tuesday morning when he dropped a package that would have tied the debt ceiling increase to a repeal of cuts to military retirement pensions that had been approved in December and announced he would put a “clean” debt ceiling increase up for a vote.

Enough Republicans had balked at that package when it was presented Monday night to convince the speaker he had no choice but to turn to the Democratic minority.

For Mr. Boehner it was a potentially momentous decision. Conservative activists, including the Tea Party Patriots, FreedomWorks, L. Brent Bozell’s ForAmerica and commentators on the website RedState.com are all circulating petitions to end Mr. Boehner’s speakership.

And it was Mr. Boehner who raised such high expectations around the debt limit. In 2011, he established what has become known as the “Boehner Rule”: any debt ceiling increase was supposed to be offset by an equivalent spending cut.

“This is a lost opportunity,” the speaker conceded. “We could have sat down and worked together in a bipartisan manner to find cuts and reforms that are greater than increasing the debt limit. I am disappointed, to say the least.”

For those few Republicans who supported the speaker, however, there were few good lessons to draw from the vote. “I am disappointed we are not engaged in a more serious debate today,” said Representative Dave Camp of Michigan, the only Republican who spoke in favor of the debt limit bill. “But as disappointed as I am, I cannot in good conscience let the Democrats’ refusal to engage lead to a default” on the nation’s debt.

In a closed-door session Monday night, Representative Andy Harris, Republican of Maryland, accused the speaker of being in the pockets of the insurance industry, a charge that stirred outrage among many of his colleagues. Representative Tom Cotton, who is seeking a Senate seat in Arkansas, told Republican leaders they had put him into an impossible political position with his state’s conservative voters. He would lose support if he voted for a debt ceiling increase, but he would also lose support if he voted against the military pension restoration then attached to the debt bill.

The 28 Republicans who supported the bill were a coalition cobbled together from Republican leadership, moderates, and retiring members. Notably, however, not all of the top Republican leadership team voted for the measure. Representatives Cathy McMorris Rodgers of Washington, the No. 4 House Republican, and Paul D. Ryan of Wisconsin, the party’s 2012 vice-presidential nominee, both voted “no.”

That left allies of the speaker fuming that political considerations had left Republicans with no policy cover to accompany the debt ceiling increase.

Representative Ted Yoho, a freshman Republican from Florida who voted in his first days in office to depose Mr. Boehner, was in a forgiving mood. “With that many people and that many personalities in there, it’s hard to bring them all together on a common cause,” he said.

Most Republicans appeared content to move beyond the debt ceiling fight, focus on the 2014 campaign.

“Hopefully we can win the Senate, and we can have a completely different conversation,” said Representative James Lankford, an Oklahoma Republican running for the Senate.

http://www.nytimes.com/2014/02/12/us/politics/boehner-to-bring-debt-ceiling-to-vote-without-policy-attachments.html?hpw&rref=us&_r=0

 BUREAU OF THE FISCAL SERVICE
                                                  STAR - TREASURY FINANCIAL DATABASE
             TABLE 1.  SUMMARY OF RECEIPTS, OUTLAYS AND THE DEFICIT/SURPLUS BY MONTH OF THE U.S. GOVERNMENT (IN MILLIONS)

                                                        ACCOUNTING DATE:  01/14

   PERIOD                                                                     RECEIPTS                OUTLAYS    DEFICIT/SURPLUS (-)
+  ____________________________________________________________  _____________________  _____________________  _____________________
   PRIOR YEAR

     OCTOBER                                                                   184,316                304,311                119,995
     NOVEMBER                                                                  161,730                333,841                172,112
     DECEMBER                                                                  269,508                270,699                  1,191
     JANUARY                                                                   272,225                269,340                 -2,886
     FEBRUARY                                                                  122,815                326,354                203,539
     MARCH                                                                     186,018                292,548                106,530
     APRIL                                                                     406,723                293,834               -112,889
     MAY                                                                       197,182                335,914                138,732
     JUNE                                                                      286,627                170,126               -116,501
     JULY                                                                      200,030                297,627                 97,597
     AUGUST                                                                    185,370                333,293                147,923
     SEPTEMBER                                                                 301,469                226,355                -75,114

       YEAR-TO-DATE                                                          2,774,011              3,454,241                680,229

   CURRENT YEAR

     OCTOBER                                                                   198,927                290,520                 91,592
     NOVEMBER                                                                  182,453                317,679                135,226
     DECEMBER                                                                  283,221                230,001                -53,220
     JANUARY                                                                   295,997                306,418                 10,421

       YEAR-TO-DATE                                                            960,598              1,144,617                184,019

Joint Statement of Secretary Lew and OMB Director Burwell on Budget Results for Fiscal Year 2013

10/30/2013

WASHINGTON – U.S. Treasury Secretary Jacob J. Lew and Office of Management and Budget (OMB) Director Sylvia Mathews Burwell today released details of the fiscal year (FY) 2013 final budget results, which show continued and significant progress in reducing the deficit. The deficit in FY 2013 fell to $680 billion, $409 billion less than the FY 2012 deficit and $293 billion less than forecast in President Obama’s April Budget. As a percent of Gross Domestic Product (GDP), the deficit fell to 4.1 percent, representing a reduction of more than half from the deficit that the Administration inherited when the President took office in 2009. [1]

In his FY 2014 Budget, the President presented a plan that would make critical investments to strengthen the middle class, create jobs, and grow the economy while continuing to cut the deficit in a balanced way. Building on the $2.5 trillion in deficit reduction already locked in, the President’s plan would replace the economically damaging sequester while achieving additional deficit reduction to put Federal debt on a downward path as a share of the economy. And unlike sequestration, which includes no long-term deficit reduction, the President’s plan includes structural reforms that would generate growing savings in the second decade and beyond. Looking forward, the Administration remains committed to working with Congress to enact proposals that will both strengthen the economy and middle class by making needed investments in education, infrastructure, research and development, and national security, while putting debt as a share of the economy on a downward path.

“Under President Obama, the nation’s deficit has fallen for the past four years, the fastest pace of decline over a sustained period since World War II. It is now less than half of what it was when the President took office,” said Treasury Secretary Lew. “Congress must build on this progress by crafting a pro-jobs and pro-growth budget agreement that strengthens the economy while maintaining fiscal discipline.”

“We must remain focused on measures that will support the middle class, strengthen the economic recovery, promote the nation’s long-term competitiveness, strengthen national security, and protect the least fortunate among us,” said OMB Director Burwell. “The President’s Budget showed how we can do this while at the same time improving our long-term fiscal outlook.”

Summary of Fiscal Year 2013 Budget Results

Year-end data from the September 2013 Monthly Treasury Statement of Receipts and Outlays of the United States Government show that the deficit for FY 2013 was $680 billion. This represents a decrease of $409 billion, or 38 percent, from last year. As a percentage of GDP, the deficit fell to 4.1 percent, down from 6.8 percent in FY 2012.

The FY 2013 deficit of $680 billion was $293 billion or 30 percent less than the estimate in the FY 2014 Budget, and $79 billion or 10 percent less than estimated in the FY 2014 Mid-Session Review (MSR).

Table 1. Total Receipts, Outlays, and Deficit (in billions of dollars)

Receipts

Outlays

Deficit

FY 2012 Actual

2,449

3,538

-1,089

    Percentage of GDP

15.2%

22.0%

6.8%

FY 2013 Estimates:
    2014 Budget

2,712

3,685

-973

    2014 Mid-Session Review

2,777

3,536

-759

FY 2013 Actual

2,774

3,454

-680

    Percentage of GDP

16.7%

20.8%

4.1%

The significant decrease in the deficit from last year was due to a combination of higher receipts and lower outlays in FY 2013.  Higher receipts accounted for 79 percent of the decline. Government receipts totaled $2,774 billion in FY 2013. This was $325 billion higher than in FY 2012, an increase of 13 percent.  As a percentage of GDP, receipts equaled 16.7 percent, 1.5 percentage points higher than in FY 2012.  FY 2013 receipts were $62 billion higher than estimated in the FY 2014 Budget and $3 billion lower than the estimate in the FY 2014 MSR.  The increase in receipts from FY 2012 can be attributed to a stronger economy and the expiration of certain tax provisions. Higher wages and salaries made collections of individual and payroll taxes strong throughout the year. The expiration of the temporary cut in payroll taxes and the increase in tax rates on income above certain thresholds enacted in the American Taxpayer Relief Act added to collections. Corporation income tax collections were another contributor to the increase in FY 2013. Additionally, collections increased for all other major sources of receipts except for Federal Reserve deposits of earnings.

Outlays for FY 2013 were $3,454 billion, $84 billion below those in FY 2012, a 2 percent decrease. As a percentage of GDP, outlays were 20.8 percent, 1.2 percentage points down from last year’s 22.0 percent. The reduction in outlays can be attributed to lower defense spending from the troop drawdown in Afghanistan, lower spending on unemployment compensation due to lower unemployment rates, higher dividend income from Fannie Mae and Freddie Mac, and spending cuts from sequestration across numerous agencies. These decreases were partially offset by increases in spending by the Departments of Agriculture and Health and Human Services (Medicare and Medicaid), and the Social Security Administration.

Total Federal borrowing from the public increased by $702 billion during FY 2013 to $11,982 billion, or 72.1 percent of GDP. The increase in borrowing included $680 billion in borrowing to finance the deficit, and $22 billion in borrowing related to other transactions that affected the Government’s financing requirements, such as disbursements for direct student loans and other Federal credit programs. Total borrowing from the public net of financial assets and liabilities increased by $680 billion during FY 2013 to $11,070 billion, or 66.6 percent of GDP. (This measure of net borrowing, as reported in the Monthly Treasury Statement, excludes the Federal Government’s holdings of Fannie Mae and Freddie Mac preferred stock. If those stock holdings were included, net borrowing as a percentage of GDP would be reduced by roughly one percentage point.)

Below are explanations of the differences between estimates in the MSR and the year-end actual amounts for receipts and agency outlays.

 

Fiscal Year 2013 Receipts

Total receipts for FY 2013 were $2,774.0 billion, $2.6 billion lower than the MSR estimate of $2,776.6 billion. This net decrease in receipts was attributable to higher-than-estimated collections of individual income taxes and estate and gift taxes, which were more than offset by lower-than-estimated collections of other sources of receipts. Table 2 displays actual receipts and estimates from the Budget and the MSR by source.

  • Individual income taxes were $1,316.4 billion, $6.7 billion higher than the MSR estimate. Withheld and nonwithheld payments of individual income tax liability were $3.8 billion and $4.2 billion higher than the MSR estimate, respectively. These increases were partially offset by higher-than-expected refunds of $1.3 billion.
  • Corporation income taxes were $273.5 billion, $5.2 billion lower than the MSR estimate. This difference reflected lower-than-expected payments of 2013 corporation income tax liability of $5.1 billion.
  • Social insurance and retirement receipts were $947.8 billion, $3.5 billion lower than the MSR estimate. This reduction was primarily attributable to lower-than-estimated deposits by States to the unemployment insurance trust fund of $1.7 billion.  Reductions in other sources of social insurance and retirement receipts—primarily Social Security and Medicare payroll taxes—accounted for the remaining reduction in this source of receipts relative to the MSR estimate.            
  • Excise taxes were $84.0 billion, $1.3 billion below the MSR estimate.
  • Estate and gift taxes were $18.9 billion, $1.2 billion greater than the MSR estimate.
  • Customs duties were $31.8 billion, $0.3 billion below the MSR estimate.
  • Miscellaneous receipts were $101.5 billion, $0.2 billion below the MSR estimate.  Lower-than-expected deposits of earnings by the Federal Reserve System of $2.2 billion were offset by higher-than-anticipated collections of other miscellaneous receipts.

Fiscal Year 2013 Outlays

Total outlays were $3,454.3 billion for FY 2013, $81.6 billion below the MSR estimate. Table 3 displays actual outlays by agency and major program as well as estimates from the Budget and the MSR. The largest changes in outlays from the MSR were in the following areas:

  • Department of Agriculture — Outlays for the Department of Agriculture were $155.9 billion, $3.7 billion lower than the MSR estimate.
  • Supplemental Nutrition Assistance Program (SNAP) outlays were $1.6 billion lower than estimated in the MSR as a result of slightly lower September participation than expected, lower-than-expected per person benefits, and lower-than-expected needs for disaster assistance.  Similarly, outlays in the Child Nutrition National School Lunch Program were $1.2 billion lower than estimated due to lower meal service participation, particularly in the “Paid” or full-price meal category.
  • Outlays for the Pigford discriminations claims settlement were $1.1 billion greater than anticipated, because the MSR anticipated claims would be paid in October 2013 (FY 2014), but the claims were paid in September 2013 (FY 2013).
  • Net outlays for the Risk Management Agency’s Federal Crop Insurance Fund were $0.8 billion lower than the MSR estimate. The 2008 Farm Bill changed the due date for farmers’ premium payments from October to September, effective as of September 2013. The MSR overestimated the number of farmers who would pay late on the first year of the change, causing offsetting collections to be understated.
  • Net outlays for the Rural Utilities Service were $0.8 billion higher than the MSR estimate. The difference was due almost entirely to changes in the cushion of credit and the difficulty in predicting the rates at which borrowers elect to repay their loans using cushion of credit funds.
  • Outlays for the Commodity Credit Corporation were $0.3 billion less than anticipated, because commodity prices were slightly higher than anticipated.  Higher commodity prices also reduced outlays for Funds for Strengthening Markets, Income, and Supply (section 32) by $0.2 billion by reducing the need for Government purchases.
  • Department of Defense — Outlays for the Department of Defense were $607.8 billion, $2.5 billion lower than the MSR estimate. Most of this difference was due to lower-than-expected outlays in operation and maintenance accounts over the second half of the fiscal year, as actions the Department took to accommodate sequestration reductions generated outlay savings more quickly than projected. These lower-than-expected outlays were partially offset by higher-than-expected outlays for procurement and for research, development, test, and evaluation programs.
  • Department of Education — Outlays for the Department of Education were $40.9 billion, $3.5 billion lower than the MSR estimate. The difference was primarily driven by the collection of $2.3 billion more in negative subsidies in the Federal Direct Student Loan Program than estimated in the MSR, the result of changes to student loan interest rates enacted in the Bipartisan Student Loan Certainty Act of 2013, which the President signed into law on August 9.  Inaction on the Administration’s proposal to provide funding for teacher jobs reduced outlays by a further $0.4 billion relative to the MSR.
  • Department of Health and Human Services — Outlays for the Department of Health and Human Services were $886.3 billion, $17.7 billion lower than the MSR estimate. Outlays for Medicaid were $8.7 billion lower than the MSR estimate, accounting for about half the difference in the agency as a whole. The difference was primarily the result of lower-than-anticipated benefits spending during the second half of the year. Additionally, refunds to the Medicare program were $5.7 billion (55.4 percent) higher than the MSR estimate, contributing to lower net outlays.  This was partially offset by lower Medicare Part B premium receipts of $1.0 billion (1.6 percent), which increased net outlays relative to the MSR estimate.
  • Department of Labor — Outlays for the Department of Labor were $80.3 billion, $5.9 billion lower than the MSR estimate.  The largest single factor in the reduction in outlays relative to the MSR was Unemployment Insurance (UI) benefits. Most of the difference was due to lower spending in the regular UI and Emergency Unemployment Compensation programs as the number of weeks claimed declined below forecasted levels. In addition, the MSR estimate reflected outlays for several legislative proposals that were not enacted, including $0.8 billion in outlays for two of the Administration’s jobs proposals (the Pathways Back to Work Fund and Reemployment NOW) and $0.6 billion for a proposal to strengthen UI solvency. Lastly, the MSR overestimated net outlays for the Federal Employees’ Compensation Act program by $0.5 billion.
  • Department of State — Outlays for the Department of State were $25.9 billion, $3.6 billion lower than the MSR estimate. Outlays were lower than expected for Department of State foreign assistance programs including International Narcotics Control and Law Enforcement, Migration and Refugee Assistance, and Global Health Programs. Outlays for these accounts were $2.0 billion in total below the MSR estimate. The late enactment of appropriations and delays in the allocation and execution process for foreign assistance funding, including Congressional notification requirements, contributed to slower-than-expected outlays for these programs. Lower-than-expected outlays for capital intensive programs such as new overseas facility construction and delayed payments for contributions to international organizations and peacekeeping were primarily responsible for the remaining outlay difference of $1.6 billion.
  • Department of Transportation — Outlays for the Department of Transportation were $76.3 billion, $2.2 billion lower than the MSR estimate. The lower actual 2013 outlays were due to several factors. Obligations and outlays for the Federal Transit Administration were lower than anticipated in the MSR, as grantees adjusted to revised regulations and other guidance promulgated following enactment of a new surface transportation authorization bill,Moving Ahead for Progress in the 21st Century (MAP-21) in July 2012, just three months before the start of fiscal year 2013. The delayed enactment of 2013 appropriations also slowed outlay rates for transit capital programs relative to MSR estimates as some grantees were cautious with capital spending under a continuing resolution. Within the Federal Aviation Administration, Airport Improvement Program grants were obligated (and outlayed) more slowly than anticipated due to the later enactment of the 2013 full-year appropriation.
  • Department of the Treasury — Outlays for the Department of the Treasury were $399.1 billion, $4.9 billion lower than the MSR estimate.
  • Net outlays for intragovernmental interest transactions with credit financing accounts were $7.5 billion higher than projected, including $3.6 billion lower-than-projected interest paid to credit financing accounts and $11.1 billion lower-than-anticipated receipts of interest from credit financing accounts. (Interest received from credit financing accounts is reported in Treasury’s aggregate offsetting receipts.)
  • Outlays for the Troubled Asset Relief Program (TARP) were $2.5 billion below the MSR estimate, due almost entirely to lower outlays under TARP housing programs, including TARP support for FHA programs.
  • Outlays for Treasury’s Grants in Lieu of Tax Credits for Specified Energy Property program were $1.0 billion less than expected.  This program makes payments when renewable energy facilities are certified as being operational (i.e., placed in service and producing energy). The timing of placed in service dates is highly uncertain and actual completion of these investment projects was slower than assumed in the MSR.
  • Office of Personnel Management — Outlays for the Office of Personnel Management were $83.9 billion, $5.6 billion lower than the MSR estimate. This difference was primarily attributable to Congressional inaction on the legislative proposal to reform the United States Postal Service (USPS). $2.6 billion of the $5.6 billion difference was due to the reform’s proposed payment from the Civil Service Retirement and Disability Fund to refund excess Federal Employees Retirement System contributions to USPS. The proposal also contained a provision requiring the Postal Service Retiree Health Benefit Fund to outlay the government share of annuitant health insurance premiums to former postal employees. These outlays would have totaled $2.9 billion.
  • Federal Deposit Insurance Corporation — Outlays for the Federal Deposit Insurance Corporation were $1.1 billion, $8.0 billion lower than the MSR estimate. The difference was primarily attributable to lower-than-expected payments related to FDIC’s resolution of failed insured depository institutions through its Deposit Insurance Fund, which was partially a result of improved capital positions in the banking sector.
  • Undistributed Offsetting Receipts — Undistributed offsetting receipts were $249.5 billion, $2.1 billion higher than the MSR estimate. Receipts for employer share, employee retirement were $81.3 billion, $4.3 billion higher than MSR estimates. This difference was largely due to Congressional inaction on the MSR proposal for Postal reform, which provided for a $3.3 billion receipt in FY 2013 into the employer share accounts.
  • Allowances — The MSR included $14.3 billion in outlays for allowances, virtually all of which represented the effects of the Administration’s proposal to reverse the 2013 sequestration imposed due to the failure of the Joint Select Committee on Deficit Reduction.  Inaction on the proposal to reverse sequestration reduced outlays by $14.0 billion relative to the MSR estimates.

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The Pronk Pops Show 202, January 31, 2014, Story 3: Bernanke Leaves Fed With $4.1 Trillion Balance Bought To Finance Deficit Spending of U.S. Government — Videos

Posted on January 31, 2014. Filed under: American History, Blogroll, Budgetary Policy, Communications, Computers, Constitutional Law, Employment, Federal Government, Fiscal Policy, Government, Government Spending, History, Labor Economics, Law, Media, Monetary Policy, Philosophy, Photos, Politics, Private Sector Unions, Public Sector Unions, Regulation, Tax Policy, Taxes, Technology, Unemployment, Unions, Videos, War, Wealth, Wisdom | Tags: , , , , , , , , |

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The Pronk Pops Show Podcasts

Pronk Pops Show 202: January 31, 2014 

Pronk Pops Show 201: January 30, 2014 

Pronk Pops Show 200: January 29, 2014

Pronk Pops Show 199: January 28, 2014

Pronk Pops Show 198: January 27, 2014

Pronk Pops Show 197: January 24, 2014

Pronk Pops Show 196: January 22, 2014

Pronk Pops Show 195: January 21, 2014

Pronk Pops Show 194: January 17, 2014

Pronk Pops Show 193: January 16, 2014

Pronk Pops Show 192: January 14, 2014

Pronk Pops Show 191: January 13, 2014

Pronk Pops Show 190: January 10, 2014

Pronk Pops Show 189: January 9, 2014

Pronk Pops Show 188: January 8, 2014

Pronk Pops Show 187: January 7, 2014

Pronk Pops Show 186: January 6, 2014

Pronk Pops Show 185: January 3, 2014

Pronk Pops Show 184: December 19, 2013

Pronk Pops Show 183: December 17, 2013

Pronk Pops Show 182: December 16, 2013

Pronk Pops Show 181: December 13, 2013

Pronk Pops Show 180: December 12, 2013

Pronk Pops Show 179: December 11, 2013

Pronk Pops Show 178: December 5, 2013

Pronk Pops Show 177: December 2, 2013

Pronk Pops Show 176: November 27, 2013

Pronk Pops Show 175: November 26, 2013

Pronk Pops Show 174: November 25, 2013

Pronk Pops Show 173: November 22, 2013

Pronk Pops Show 172: November 21, 2013

Pronk Pops Show 171: November 20, 2013

Pronk Pops Show 170: November 19, 2013

Pronk Pops Show 169: November 18, 2013

Pronk Pops Show 168: November 15, 2013

Pronk Pops Show 167: November 14, 2013

Pronk Pops Show 166: November 13, 2013

Pronk Pops Show 165: November 12, 2013

Pronk Pops Show 164: November 11, 2013

Pronk Pops Show 163: November 8, 2013

Pronk Pops Show 162: November 7, 2013

Pronk Pops Show 161: November 4, 2013

Pronk Pops Show 160: November 1, 2013

Pronk Pops Show 159: October 31, 2013

Pronk Pops Show 158: October 30, 2013

Pronk Pops Show 157: October 28, 2013

Pronk Pops Show 156: October 25, 2013

Pronk Pops Show 155: October 24, 2013

Pronk Pops Show 154: October 23, 2013

Pronk Pops Show 153: October 21, 2013

Pronk Pops Show 152: October 18, 2013

Pronk Pops Show 151: October 17, 2013

Pronk Pops Show 150: October 16, 2013

Pronk Pops Show 149: October 14, 2013

Pronk Pops Show 148: October 11, 2013

Pronk Pops Show 147: October 10, 2013

Pronk Pops Show 146: October 9, 2013

Pronk Pops Show 145: October 8, 2013

Pronk Pops Show 144: October 7, 2013

Pronk Pops Show 143: October 4 2013

Pronk Pops Show 142: October 3, 2013

Pronk Pops Show 141: October 2, 2013

The Pronk Pops Show Podcasts Portfolio

Listen To Pronk Pops Podcast or Download Show 202

Listen To Pronk Pops Podcast or Download Show 194-201

Listen To Pronk Pops Podcast or Download Show 184-193

Listen To Pronk Pops Podcast or Download Show 174-183

Listen To Pronk Pops Podcast or Download Show 165-173

Listen To Pronk Pops Podcast or Download Show 158-164

Listen To Pronk Pops Podcast or Download Show 151-157

Listen To Pronk Pops Podcast or Download Show 143-150

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Listen To Pronk Pops Podcast or Download Show 124-130

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Listen To Pronk Pops Podcast or Download Shows 01-09

Story 3: Bernanke Leaves Fed With $4.1 Trillion Balance Bought To Finance Deficit Spending of U.S. Government — Videos

Assessing the Ben Bernanke Legacy

Grading Ben Bernanke’s time at the Fed

Fed chair nominee Janet Yellin grilled on QE

Janet Yellen ‘Will Be a Disaster for the Economy’ – US Financial Calamity! – Rand Paul

Fed keeps cutting stimulus at Bernanke’s last meeting – economy

MUST WATCH: Bernanke’s True Legacy “Helicopter Ben” – Elaine Diane Taylor

ECONOMIC COLLAPSE 2013 – Ben Bernanke Federal Reserve

Gold Silver Manipulation, Bitcoin – Economic Crisis 2013 – New World –

Bernanke Leaves Fed with Record Balance Sheet of $4,102,138,000,000

FED ASSETS-chart

Retiring Federal Reserve Chairman Ben Bernanke, who was replaced by Janet Yellen as of today, is leaving the Federal Reserve with an unprecedented $4,102,138,000,000 in total assets on its balance sheet, up 391 percent from the $834,663,000,000 in total assets the Fed showed on its balance sheet when Bernanke took over as chairman in February 2006.

Much of the increase in the Fed’s assets has come in the form of U.S. Treasury securities and Freddie Mac and Fannie Mae mortgage-backed securities that the Fed purchased over the last five years in its attempts to stimulate the economy.

As of Feb. 1, 2006, when Bernanke took over as chairman, the Fed’s balance sheet indicated it owned  $748,840,000,000 in U.S. Treasury securities. At that time, the balance sheet listed no mortgage-backed securities. As of Jan. 29, 2013, the balance sheet indicated the Fed owned $2,243,176,000,000 in U.S. Treasury securities and $1,532,224,000,000 in mortgage-backed securities

The Fed announced its first round of quantitative easing on March 18, 2009. “The Fed judged that the economy, which remained in a recession at that point, still needed this stimulus,” said a report—“Federal Reserve:Unconventional Monetary Policy Options”—published by the Congressional Research Service in 2013

“On March 18, 2009, the Fed announced a commitment to purchase $300 billion of Treasury securities, $200 billion of agency debt, and $1.25 trillion of agency mortgage-backed securities in 2009,” said CRS. “In September 2009, the Fed announced that it would complete those purchases by the first quarter of 2010. In November 2009, it announced that it would purchase only $175 billion of agency debt due to the limited availability of those securities.”

“Dissatisfied with the slow pace of the economic expansion, the Fed announced on November 3, 2010, that it would further increase the size of its balance sheet by purchasing an additional $600 billion of Treasury securities at a pace of about $75 billion per month, a process which was completed by the end of June 2011,” said CRS. “This announcement was popularly referred to as QEII. During and after QEII, the Fed announced it would continue the practice of replacing maturing securities with Treasury security purchases.”

“On September 13, 2012, the Fed announced concern that ‘without further policy accommodation, economic growth might not be strong enough to generate sustained improvement in labor market conditions….. (and) inflation over the medium term likely would run at or below its 2 percent objective,’” said CRS. “For those reasons, it announced that it would restart large-scale asset purchases, pledging to purchase $40 billion of agency MBS per month (popularly referred to as ‘QEIII’). Unlike the previous two rounds of asset purchases, the Fed specified no planned end date to its purchases, instead pledging to continue purchases until labor markets improved substantially, in a context of price stability.”

“On December 12, 2012, the Fed announced that as a result of the termination of the Maturity Extension Program, it would continue to buy $45 billion of long-term Treasury securities per month, the same rate as was purchased under the Maturity Extension Program,” said CRS. “Unlike that program, the Fed would no longer finance the purchase of those securities through the sale of short-term securities. Instead, purchases would be financed by expanding the balance sheet, meaning that these purchases can now be considered ‘quantitative easing.’ Combined with the $40 billion of MBS purchases, these monthly purchases ($85 billion) were modestly larger than QEII.”

In December 2013, the Fed announced that in January it would scale back its net purchases of securities, buying $35 billion in mortgage-backed securities instead of $40 billion and $40 billion in Treasury securities instead of $45 billion. This week, the Fed announced it was scaling back further and that in February it would purchase $30 billion mortgage-backed securities and $35 billion Treasury securities.

That combined $65 billion will be added to the Fed’s balance sheet in the first month of Chairman Yellen’s term.

– See more at: http://www.cnsnews.com/news/article/ali-meyer/bernanke-leaves-fed-record-balance-sheet-4102138000000#sthash.VcyrxiWG.dpuf

– See more at: http://www.cnsnews.com/news/article/ali-meyer/bernanke-leaves-fed-record-balance-sheet-4102138000000#sthash.VcyrxiWG.dpuf

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Pronk Pops Show 63, February 22, 2012: Segment 3: Obama’s U. S Federal Government Fiscal Year 2013 Budget–Dead On Arrival–Total Fiscal Irresponsibility–Videos

Posted on February 22, 2012. Filed under: Budgetary Policy, Business, Economics, Education, Employment, Fiscal Policy, Foreign Policy, Government, Government Spending, Health Care, History, Illegal Immigration, Immigration, Labor Economics, Monetary Policy, Philosophy, Politics, Pro Life, Radio, Social Science, Tax Policy, Unions, Videos, War, Wisdom | Tags: , , , , , , , , |

Pronk Pops Show 63: February 22, 2012 

Pronk Pops Show 62: February 15, 2012

Pronk Pops Show 61: February 8, 2012

Pronk Pops Show 60:February 1, 2011

Pronk Pops Show 59:January 25, 2011

Pronk Pops Show 58:January 18, 2011

Listen To Pronk Pops Podcast or Download Shows 62-63

Listen To Pronk Pops Podcast or Download Shows 58-61

Listen To Pronk Pops Podcast or Download Shows 55-57

Listen To Pronk Pops Podcast or Download Shows 52-54

Listen To Pronk Pops Podcast or Download Shows 49-51

Listen To Pronk Pops Podcast or Download Shows 45-48

Listen To Pronk Pops Podcast or Download Shows 41-44

Listen To Pronk Pops Podcast or Download Shows 38-40

Listen To Pronk Pops Podcast or Download Shows 34-37

Listen To Pronk Pops Podcast or Download Shows 30-33

Listen To Pronk Pops Podcast or Download Shows 27-29

Listen To Pronk Pops Podcast or Download Shows 22 (Part 2)-26

Listen To Pronk Pops Podcast or Download Shows 16-22 (Part 1)

Listen To Pronk Pops Podcast or Download Shows 10-15

Listen To Pronk Pops Podcast or Download Shows 1-9

Segment 3: Obama’s U. S Federal Government Fiscal Year 2013 Budget–Dead On Arrival–Total Fiscal Irresponsibility–Videos

Fiscal Year 2013 Historical Tables Budget of the U.S.  Government

http://www.whitehouse.gov/sites/default/files/omb/budget/fy2013/assets/hist.pdf

U.S. Debt Clock

http://www.usdebtclock.org/

US Debt Now Equals GDP

The President’s Budget in 62 Seconds

Ryan – Obama ignoring debt crisis will lead to Greek like austerity

Paul Ryan: President’s Budget Doesn’t Even Pretend To Fix Our Debt Crisis

President Obama’s FY 2013 Budget – By The Numbers

Sessions To Obama Budget Chief: Will You Resign If Your Statement Is Proven False?

Briefing on President Obama’s FY 2013 Budget

Monday Hangover: Obama’s Budget ‘Fictitious Dream’

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