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Economy

Rep. Cleaver has proposed a $48 billion earmark

When absurdity gives way to hilarity, you must be talking about politics.

In the midst of a colossal global concern for the economic stability of our great nation, Emanuel Cleaver, Missouri's 5th Congressional District representative, has one small earmark on his wish list that deserves some attention.

Cleaver has listed a new earmark -- one of several -- and he promises to "fight for every one." But this is a whopping $48 billion package that must go down as the grandaddy of all earmarks.  

Click here for the entire story....

November jobs report: Unemployment rate up
12/3/10

NEW YORK (CNNMoney.com) -- The government's monthly labor report threw a curve ball Friday morning as November's job growth came in far lower than expected and the unemployment rate rose to 9.8%.

U.S. employers added 39,000 jobs to their payrolls in November, the Labor Department reported. That marks a major slowdown from October, when the economy added an upwardly revised 172,000 jobs.

November's numbers also fell short of the 150,000 gain that economists surveyed by CNNMoney.com were expecting.  For the CNNMoney article, click here....




...And for the US Bureau of Labor Statistics website, click here. 

Lawmakers Build Case for Tax Cuts as Jobless Rate Rises

Published December 03, 2010

| FoxNews.com

House Minority Leader John Boehner speaks at a news conference on Capitol Hill Dec. 2. (AP Photo)

House Minority Leader John Boehner speaks at a news conference on Capitol Hill Dec. 2. (AP Photo)

The latest labor report showing unemployment rose to 9.8 percent in November swiftly became a political football Friday as lawmakers seized on the dismal data to make the case for everything from tax cuts to jobless benefits. 

The worse-than-expected report, reflecting the highest rate since April, comes in the middle of a tense debate on Capitol Hill over what to do about a host of expiring tax provisions. The lame-duck Congress is running out of time to act, but the new numbers only emboldened lawmakers -- as they claim to be reaching for middle ground -- to stand by their economic prescriptions.   More.....
Deficit Plan Fails to Win Panel Support

By COREY BOLES

WASHINGTON—The president's U.S. deficit commission received the backing of a majority of its 18-strong panel, but fell short of the 14 votes needed to possibly trigger congressional votes on its recommendations.

Despite falling short of the supermajority, the National Commission on Fiscal Responsibility and Reform received the backing of key, and somewhat surprising senators.

The National Committee on Fiscal Responsibility announced the commission's total vote. Members had a chance to explain their vote.

Sen. Richard Durbin (D., Ill.), one of the more liberal Senate Democrats, said he supported the plan, even though he had serious qualms about aspects of the report.

"When we borrow 40 cents of every dollar we spend, whether it's for the Pentagon or for food stamps, that's not sustainable," Mr. Durbin said.

Mr. Durbin as assistant majority leader of the Senate will be crucial to any attempt to implement the report's provisions into law next year.   Click here for the full WSJ story.
How to Cut $343 Billion from the Federal Budget

Abstract : Federal spending is on an unsustainable path that risks disaster for America. Runaway spending has increased annual federal budget deficits to unprecedented levels, adding $2.7 trillion to the national debt in the past two years alone. Each year’s huge federal deficit increases the mountain of national debt borrowed from future generations of Americans. Congress needs to cut federal spending sharply and quickly. This paper sets forth $343 billion in available spending cuts.

Click here for The Heritage Foundation's list of federal budget cuts.

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Something is not a RIGHT if the Government can take it away from you