White House officials are hyping a major address President Obama plans to give next month on employment and the state of the economy. “The president’s plan,” the Associated Press reported Tuesday, “is likely to contain tax cuts, jobs-boosting infrastructure ideas and steps that would specifically help the long-term unemployed.” There has also been talk of the creation of a new federal agency – potentially called the “Department of Jobs” – which could absorb the Commerce Department, the Office of the US Trade Representative, and some other economic offices at the …
Consider it a warning from the highest levels of the U.S. government. Yesterday, Secretary of State Hillary Clinton and Secretary of Defense Leon Panetta held a joint press event in Washington in which they cautioned that U.S. debt is jeopardizing America’s ability to ensure national security and preserve its interests abroad. Under the Budget Control Act of 2011—the debt ceiling agreement enacted earlier this month—$350 billion in cuts to defense spending must be made over 10 years. But if Congress doesn’t reach an agreement on $1.5 trillion in deficit savings, $1.2 trillion in automatic cuts would …
During a joint press event today in Washington, the Secretaries of Defense and State agreed that politicians must tackle the elephant in the room to reduce America’s crushing debt: mandatory spending on Social Security, Medicare, and Medicaid, which account for more than 60 percent of the entire federal budget. As the Secretaries correctly suggest, America cannot afford to allow these programs to consume ever larger portions of the federal budget and the nation’s income, and delaying reforms would inevitably add to the pressure to shortchange national security funding. This threat …
The newly formed Joint Select Committee on Deficit Reduction has its 12 members, but beyond that there’s little known about how exactly it will operate. Congressional leaders have promised transparency of its deliberations. And as of now, though, only the first meeting and final report are required to be publicly accessible. Two weeks ago a handful of Republican senators proposed legislation to make the so-called super committee’s work more transparent. The Sunlight Foundation offered a list of five recommendations. And today at Heritage, former Speaker Newt Gingrich outlined why putting …
The Washington Post reports that President Obama wants the federal government to continue to have a major role in housing finance, perhaps by creating a new version of Fannie Mae and Freddie Mac. Despite an almost immediate denial of the story by Deputy Treasury Secretary Neal Wollin, the Post’s account is so detailed that it is likely to be true. The story is given extra credence by the fact that it tracks with the Obama Administration’s February comments about the future of housing finance: “As Fannie Mae and Freddie Mac …
Secretary of State Hillary Clinton is famous for approaching her various jobs with discipline, and discipline was the message she repeatedly conveyed at the National Defense University Tuesday morning in her “conversation” with Secretary of Defense (and former chief of staff to her husband) Leon Panetta: The world needs U.S. leadership, even in tough budgetary times. Many of Clinton’s remarks were directed at the congressional “Super Committee” looking at budget cuts. She urged Congress not to let the deficit get in the way of U.S. global engagement, and not to …
The Arctic is becoming the “wild west” of the 21st century, and the Russians have been quick to claim a good part of it as their birthright. The Russian state is after 380,000 square miles of this final frontier, which may store an estimated one-quarter of the world’s untapped hydrocarbon reserves. Moscow is expected to submit its claim to the United Nations for arbitration under the Law of the Sea Treaty (LOST) within the next couple of months. Russia’s scramble for the Arctic’s minerals was on display for all to …
Catching you up on clips, commentary and news of the day. Sign up for the daily email update from Scribe. And check out the new e-newsletter from Ben Domenech, a research fellow for The Heartland Institute. It’s called The Transom and you can subscribe here. A malfunctioning ‘reset’ – Ed Feulner, Washington Times The Super-Rich Can Always Choose Not to Be Coddled – Michael G. Franc, National Review Online Government dollars fuel wealth – Annie Gowen, Washington Post Regulation Business, Jobs Booming Under Obama – John Merline, Investor’s Business Daily Compromise, …
Former Speaker of the House Newt Gingrich on Tuesday outlined what he believes are the major problems with the congressional “Super Committee” that will devise a deal to cut the federal budget in the coming months. Gingrich, speaking at the Heritage Foundation, broke the problems down into three categories: constitutional, intellectual, and legislative issues. The committee, which was created by the debt limit deal struck by congressional leaders early this month, must submit a proposal that cuts at least $1.2 trillion from the budget by November 23. “Constitutionally,” Gingrich said, …
Iraq’s fragile peace was shattered on Monday by a coordinated campaign of terrorist attacks in 17 cities that targeted Iraqi security forces and civilians, killing more than 70 people. The attacks occurred almost simultaneously in Baghdad, Karbala, Kut, Kirkuk, Najaf, and other locations and involved suicide bombers, car bombs, and armed attacks on government facilities, police, and Iraqi army posts. Although no group claimed responsibility, early signs point to al-Qaeda in Iraq, which has mounted many similar attacks in the past. An Iraqi military official cited the attacks as “evidence …
