RepStreet » congress

Lawmakers looking to extend deadline

MoneyElement — Tue, 08 Dec 2009 15:29:40 +0000

Last month we saw a record long extension of federally paid benefits. Both the House and Senate are looking to push this same deadline to 2011, or we would see 1Million jobless people loose their benefits beginning January and another 3Milion as reported by the National Employment Law Project will stop receiving checks by March. Just to summarize current situation 9 Million Americans are currently depending on their jobless benefits.

Worst October Deficit Ever

MoneyElement — Fri, 13 Nov 2009 20:37:00 +0000

Fed deficit hit $176.4 billion, which was way higher than the expected $150. Grand total of America’s total deficit for 2009 is $1.42 trillion. If we were to break it down this number will equal $4,671 per person. This record-high number worries many economist who foresee and increase of interest rates which in tern will slow down even more the frail economic improvement.

Read more on the federal budget deficit here.

From cash in the bank to IOUs

MoneyElement — Wed, 11 Nov 2009 21:51:50 +0000

”Congress is not willing to take short-term pain for long-term pain,” Sen. George Voinovich, R-Ohio, told a Senate Budget Committee.

The country’s long-term debt load is climbing. Just the interest on it alone may total $4.8 Trillion between 2010 and 2019. This is what two wars, a decade of tax cuts, and all of the financed borrowing has led to. Congress might be looking to raise the ceiling of $12.2 Trillion. One of the main concerns is the securitization of the US reputation in the eyes of foreign creditors.