Word: fiscal
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President Obama may have left jaws hanging with his proposed $3.8 trillion budget for the fiscal year 2011 - which forecasts a stunning $1.6 trillion deficit - but he's hardly the only member of the "spend now, pay later" club. Across Europe, governments have gotten so used to embracing debt during economically tight times such as these that some experts are starting to wonder if they will get back to viable deficit levels - much less balanced budgets - anytime soon...
...part of a 10-year plan aimed at reducing the U.S. budget shortfall from its current level to a still hefty annual average of 3.6% if everything goes well. The deficit amounts may be less dizzying in Europe, but they're still a major cause of concern for fiscal purists who fear that some governments may end up drowning in red ink. Twenty of the European Union's 27 members are running deficits to ease their way through the global recession, with the average pegged at 7.5% this year. Three years ago, the E.U.'s deficit average was just...
...waiting a while, though, at least when it comes to a hard carbon cap. Although Obama called for comprehensive climate and energy legislation in his recent State of the Union address, there was one term he did not use: carbon cap. And in its proposed budget for fiscal year 2011, released on Monday, the White House did not name a specific dollar figure for revenue it expects from cap and trade. Last year's budget projected $79 billion in revenue from the auction of carbon credits...
...party of no; House Republican Conference chairman Mike Pence claimed last Friday that Obama's visit to talk to the GOP caucus had validated their contention that they have legitimate policy ideas of their own. But there is no doubt that the obstructionist strategy helped bolster the beleaguered fiscal-conservative arm of the Republican Party. After eight years of growing the government under the Bush Administration, creating new entitlements and funding bridges to nowhere, their reputation was in shreds. "It was a very dangerous strategy because, if the stimulus worked, the Republicans would have been very vulnerable," says John Feehery...
...bumper sticker, "Defend Liberty, Defeat Tyranny." But she is not a drive-by supporter. Marques, 34, is the president of the Scottsdale group and has been a devout conservative since discovering Rush Limbaugh while growing up on the Hawaiian island of Maui. She says, "We want limited government, fiscal responsibility, free-market principles and transparency. We are tired of government taking over our freedom." Marques, who attended the huge September 2009 Tea Party rally in Washington, believes that Obama's oratory and agenda will push the nation closer to socialism. A physician's assistant, she says...