News release: “An analysis released today by the Bipartisan Policy Center (BPC) confirms that at some point in early August, unless the debt ceiling is raised, the federal government will be unable to meet all of its spending obligations. BPCs analysis also shows that, after that date, federal spending would be reduced by as much as 44% for the remainder of August, as the Treasury prioritizes payments to remain under the debt limit…Under a system of prioritization, to pick one illustration, Treasury could exhaust all inflows for the month of August by paying only six major items: interest on our existing debt, Medicare, Medicaid, Social Security, unemployment insurance and defense contracts. Without cutting from these items, there would be no money to fund entire U.S. departments, such as Justice, Labor, and Commerce. There would also not be funds to pay for veterans benefits, IRS refunds, military active duty pay, federal salaries and benefits, special education programs, Pell Grants for college students or food and rent payments for the poor…Moreover, BPCs research shows that the day-to-day outlook would be even more harrowing. For example, if the cash shortage begins on August 3, as projected by Treasury, the government could find itself unable to make a $23 billion Social Security payment that has to go out that day.”
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Daily Archives: July 27, 2011
TRAC Report – Immigration Court Decision Times Lengthen
Via Jeff Lamicela: “During the first six months of FY 2011, decision times continued to climb in cases disposed of by the Immigration Courts, according to timely government enforcement data obtained by the Transactional Records Access Clearinghouse (TRAC). The increasingly long average wait reached 302 days — up 7.5 percent in the last six months,… Continue Reading
Report – Congress needs to Overhaul U.S. Secrecy Laws and Increase Oversight of the Secret Security Establishment
ACLU news release: “Today, were releasing a report, Drastic Measures Required: Congress needs to Overhaul U.S. Secrecy Laws and Increase Oversight of the Secret Security Establishment…we lay out the scope of the problem and analyze its unfortunate consequences for the operation of our government, for our national security, and for our democracy at large. The… Continue Reading
House Bill – No Money for GPO's Federal Digital System, Sharply Cuts Other Information Resources
Library Journal: “On July 22, the House of Representatives passed H.R. 2551, the Legislative Branch Appropriations Act, 2012 by a vote of 252 – 159. Unless the Senate acts, the bill would reduce GPO’s budget for FY12 by 20 percent to $108.1 million. Within the GPO budget is the appropriation for the Office of Superintendent… Continue Reading
SEC Staff Issues Summary Report of Sweep Examination of Structured Products Sold to Retail Investors
News release: “The Securities and Exchange Commission staff today issued a report identifying common weaknesses seen in sales of structured securities products and describing measures by broker-dealers to better protect retail investors from fraud and abusive sales practices. The report summarizes the results of a sweep examination of the retail structured securities products business of… Continue Reading
Federal Reserve Beige Book, July 27, 2011
Full Report – Beige Book, July 27, 2011 and Links to the Districts: “Reports from the twelve Federal Reserve Districts indicated that economic activity continued to grow; however, the pace has moderated in many Districts. The six Districts nearest the Atlantic seaboard reported a slowdown in activity since the previous Beige Book report; activity was… Continue Reading
Mortgage Applications Decrease in Latest MBA Weekly Survey
News release: “Mortgage applications decreased 5.0 percent from one week earlier, according to data from the Mortgage Bankers Associations Weekly Mortgage Applications Survey for the week ending July 22, 2011. The Market Composite Index, a measure of mortgage loan application volume, decreased 5.0 percent on a seasonally adjusted basis from one week earlier. On an… Continue Reading
New GAO Reports: Disability Insurance, Financial Education and Counseling, DOD Financial Management, Economic Development, Traffic and Vehicle Safety
Department of Veterans Affairs: Issues Related to Real Property Realignment and Future Health Care Costs, by Lorelei St. James, director, physical infrastructure issues, before the Senate Committee on Veterans Affairs. GAO-11-877T, July 27, 2011 Disability Insurance: SSA Can Improve Efforts to Detect, Prevent, and Recover Overpayments. GAO-11-724, July 27, 2011 Financial Education and Counseling Pilot… Continue Reading
European Parliament – Responsible Lending Barriers to Competition Study
Responsible Lending – Barriers to Competition, European Parliament’s Committee on Economic and Monetary Affairs, July 2011 “This study analyses the main barriers to effective competition in the provision of mortgage credit. The study considers and discusses barriers affecting both the supply (distance, information sharing, cross-selling practices, linkages between mortgage lenders and other market players) and… Continue Reading
USA.gov Links to Your Elected Officials
Roll Call reported late in the evening on July 26, 2011 that Congressional websites and phone systems crashed after President Obama’s speech on the debt ceiling. So via USA.gov, the following links to help you communicate with your elected officials, contact your U.S. Senator contact your Representative in the U.S. House contact the President contact… Continue Reading
