CBO warns of US falling off ‘fiscal cliff’
[Townhall.com]
APNews, Tuesday, May 22, 2012
A new government study released Tuesday says that allowing Bush-era tax cuts to expire and a scheduled round of automatic spending cuts to take effect would probably throw the economy into a recession.
The Congressional Budget Office report says that the economy would shrink by 1.3 percent in the first half of next year if the government is allowed to fall off this so-called “fiscal cliff” on Jan. 1 _ and that the higher tax rates and more than $100 billion in automatic cuts to the Pentagon and domestic agencies are kept in place.
There’s common agreement that lawmakers will act either late this year or early next year to head off the dramatic shift in the government’s financial situation. But if they were left in place, CBO says it would wring hundreds of billions of dollars from the budget deficit that would “represent an additional drag on the weak economic expansion.”
CBO projected that the economy would contract by 1.3 percent in the first half of 2013, which would meet the traditional definition of a recession, which is when the economy shrinks for two consecutive quarters. “Such a contraction in output in the first half of 2013 would probably be judged to be a recession,” CBO said.
‘I Don’t See Any Difference Between’ Obama and ‘Henry VIII’–For Greater Glory Star
[CNSNews.com]
Eduardo Verastegui as Blessed Anacleto Gonzalez Flores in For Greater Glory.
(CNSNews.com) – Eduardo Verastegui, who plays the Catholic martyr Anacleto Gonzalez Flores in the soon to be released film For Greater Glory, says that Mexican President Plutarco Calles, whose government was responsible for Flores’s martyrdom in 1927, and President Barack Obama, who is moving forward in 2012 with a health-insurance regulation that will force Catholics in the United States to act against their faith, are both like Henry VIII, who martyred St. Thomas More in 1535 when More refused to act against his faith and take an oath affirming that Henry was the supreme authority over the church in England.
In January, Health and Human Services Secretary Kathleen Sebelius finalized an Obamacare regulation that will require virtually all health-care plans in the United States to cover sterilizations and artificial contraceptives, including those that cause abortions. The regulation says that health-care plans must provide these benefits without any fees or co-pay.
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