Wednesday, December 26, 2012

Cliff looms: Kicking the Can, Washington-style

WASHINGTON (AP) ? When it comes to the nation's budget challenges, congressional leaders are fond of saying dismissively they don't want to kick the can down the road.

But now, a deadline hard ahead, even derided half-measures are uncertain as President Barack Obama and lawmakers struggle to avert across-the-board tax increases and spending cuts that comprise an economy-threatening fiscal cliff.

Congressional officials said Wednesday they knew of no significant strides toward a compromise over a long Christmas weekend, and no negotiations have been set.

After conferring on a conference call, the House Republican leadership said they remain ready for talks, but gave no hint they intend to call lawmakers back into session unless the Senate first passes legislation.

"The lines of communication remain open, and we will continue to work with our colleagues to avert the largest tax hike in American history, and to address the underlying problem, which is spending," the leadership said in a statement.

The Senate is due in session Thursday, although the immediate agenda includes legislation setting the rules for government surveillance of suspected spies and terrorists abroad, including Americans, as well as a measure providing $60 billion for victims of Superstorm Sandy.

Obama decided to cut short his Hawaii vacation for an overnight flight expected to get him back to the White House on Thursday.

Apart from the cliff, other financial challenges loom for divided government, where political brinkmanship has become the norm. The Treasury disclosed during the day it would take accounting measures to avoid reaching the government's borrowing limit of $16.4 trillion by year's end. The changes will provide about two months of additional leeway.

Separately, spending authority for much of the government will expire on March 27, 2013.

After weeks of negotiations, the president urged lawmakers late last week to scale back their ambitions for avoiding the fiscal cliff and send him legislation preventing tax cuts on all but the highest-earning Americans and extending unemployment benefits for the long-term jobless. Longer, term, he said he still supports deficit cuts that were key to the earlier talks.

"Everybody's got to give a little bit in a sensible way," he said at the White House.

The House has no plans to convene, following last week's rebellion in which conservatives torpedoed Speaker John Boehner's legislation to prevent scheduled tax increases on most, while letting them take effect on million-dollar wage earners.

"How we get there, God only knows," the Ohio Republican said of efforts to protect the economy ? and taxpayers ? from the tax increases and spending cuts.

"Now is the time to show leadership, not kick the can down the road," Senate Majority Leader Harry Reid, D-Nev., said a little over a week ago after Boehner announced he would shift his own focus from bipartisan talks to the approach that eventually was torpedoed by his own rank and file.

It's a phrase that political leaders use when they want to suggest others want to avoid tackling major problems, and one that Boehner, House Majority Leader Eric Cantor of Virginia and even Obama as well as Reid have used.

"We have a spending problem. We have to address it, And we're not going to address it by kicking the can down the road," the speaker said at a news conference late last week when he was asked about setting a vote on a plan that Democrats find acceptable.

Cantor recently used the same approach in challenging Obama to agree to savings from Medicare and other benefit programs. "This has to be a part of this agreement or else we just continue to dig the hole deeper, asking folks to allow us to kick the can down the road further and that we don't want to do," he said on Nov. 28.

In fact, it's a phrase that has been in use for over a year as Obama and Republicans jockey for position on pocketbook issues.

In July 2011, when he was struggling with Republicans over the threat of a first-ever government default, Obama said he had "heard reports that there may be some in Congress who want to do just enough to make sure that America avoids defaulting on our debt in the short term. But then wants to kick the can down the road when it comes to solving the larger problem, our deficit."

A few months later, an extension of a payroll tax cut was the issue, and Boehner was insisting on a year-long renewal rather than the temporary plan that passed the Senate with votes from lawmakers in both parties.

"How can you do tax policy for two months?" he asked on Dec. 18, 2011. "I believe that two months is just kicking the can down the road.

"The American people are tired of that."

At issue now is series of tax increases and spending cuts scheduled to kick in with the new year that economists caution could send the economy into a recession.

___

AP Economics Writer Christopher S. Rugaber contributed to this report.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/3d281c11a96b4ad082fe88aa0db04305/Article_2012-12-26-Fiscal%20Cliff/id-c0a93696572a4182a547ffee207cb535

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Tips on How to Use Student Loan Funds | Finance & Mortgage

While using amount of people here we are at college right now, there are numerous choices for getting help with the particular cost of college tuition along with books. With all the federal student loans that are offered can assist you to finance the cost when you?re discovering that the free grants or loans as well as scholarships do not cover your cost. There are particular needs that can have to be satisfied just for this program.

The choices you will likely have will assist you to finance the actual cost but it will be important to remember that you?ll eventually must repay the particular money that you simply acquire. While using current changes in the financial aid for this sort of financing the particular government today monitors the use of the particular money as well as the distribution.

Whilst there are numerous alterations in your processing with this form of aid, the choices remain the same. If you want to gain access to in order to finance your own education, you should plan keeping that in mind so that you don?t use greater than you?ll want to. You will have a new limit that may be requested for every term of schooling regarding course. Yet it?s common in which for anyone borrowing the full amount offered that there will likely be funds disbanded for many years.

There are lots of methods for a person to finance their own education. As an example you can find scholarships and also scholarships that you should required before away any loan. However, when you?re unable to risk-free enough with your choices you might consider educational loan choices to assist you to stay away from getting out-of-pocket expenses to finish your own degree.

Whenever obtaining this type of financial aid, you may be required to be able to signal the promissory take note with all the lender. While the course of action itself is handled via a variety of government organizations, the funding is still highly processed by way of a banking company. If you sign this note you might be tallying to pay back the actual funds inside the future. The loan repayment period begins when you?re no longer signed up while at very least a half occasion student.

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Source: http://www.americanmortgagefs.com/tips-on-how-to-use-student-loan-funds/

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THG Celebrity of the Year Finalist #4: Kate Middleton!

Source: http://www.thehollywoodgossip.com/2012/12/thg-celebrity-of-the-year-finalist-number-4-kate-middleton/

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Other business or advertising design contest | Create the next ...

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Source: http://99designs.com/other-business-advertising/contests/create-next-business-advertising-vetstrategy-184743

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Tuesday, December 25, 2012

TapMyBiz ? The evolution of the business card

You probably have a few business cards in your wallet that you hand out when the opportunity presents itself. Plain old printed cards may get the job done, but if you want to impress people, check out the latest in business card technology from TapMyBiz. These cards have an embedded Mifare 1K Classic NFC (Near [...]

Source: http://the-gadgeteer.com/2012/12/24/tapmybiz-the-evolution-of-the-business-card/

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Yes, we can fix Social Security (but it won't be pretty)

By Allison Linn, TODAY

The fiscal cliff negotiations are reviving the debate about that other financial elephant in the room: Social Security.

Under current government estimates, Social Security could face funding shortfalls in about two decades if nothing changes. That?s because the U.S. population is aging -- and generally living longer.

That sounds like a disheartening scenario for workers who are currently paying into Social Security and worry that they won?t get as much out of it once they retire. ?About half of the Americans polled by Pew Research Center earlier this year believe it?s not likely there will be enough money in Social Security and Medicare to maintain current benefit levels into the future.

But experts say there are ways to fix Social Security. Politicians just may not like trying to sell those changes to the American people.

It has happened before, though. In the mid-1980s, none other than President Ronald Reagan, working with Democrats in Congress, oversaw a major overhaul of the nation?s retirement safety net.

That?s something many say seems less likely these days.

?There are politicians ? and especially in the Senate but also in the House as well ? who could work together and come to an agreement,? said Alan Auerbach, a professor of law and economics at the University of California, Berkeley. ?But they?re not the majority of Congress.?

Experts say there are two ways to fix Social Security, and neither of them are pretty: reduce benefits or increase revenue.

Reduce benefits
One of the few parts of the fiscal cliff negotiations that President Barack Obama and House Speaker John Boehner seem willing to compromise on involves a change in the way Social Security increases are calculated going forward.?

The proposed switch to calculating cost of living increases using the chained Consumer Price Index instead of the current method would result in smaller annual Social Security raises. That?s because that method assumes that people change their spending habits when prices go up.

Proponents say the switch could save billions and is a more realistic method of how Americans really adjust to rising prices.

But opponents say the chained Consumer Price Index isn?t a good way to measure the needs of older and disabled Americans, because their expenditures are disproportionately focused on things like health care. A family of four may choose to eat more chicken if beef prices go up, but an elderly person can?t easily choose to spend less on heart medicine, they argue.

??It?s the biggest hit on the people that couldn?t take it,? said Dean Baker, an economist with the liberal-leaning Center for Economic and Policy Research who is opposed to the measure.

One of the longer-term options for reducing benefits is to simply tell people they have to wait longer to get their full benefits. By extending the age at which you can get full benefits, proponents argue that Social Security would be keeping up with trends toward longer life expectancies.

But opponents, including CEPR?s Dean Baker, say that a closer look at the data shows that the bulk of improvements in life expectancies have come from wealthier Americans. They say a broad-based increase in the age at which people can get benefits would punish less wealthy Americans, who haven?t seen such big life expectancy gains.

Andrew Biggs, resident scholar with the conservative-leaning American Enterprise Institute, argues that another option would be to dial down benefits for middle- and high-income people while maintaining the current system for the poorest Americans.

Biggs argues that if wealthy people are told to expect less Social Security, they have more leeway to prepare for it than poor people.

?If you cut my Social Security benefits I?m going to react by saving money and working longer,? he said. ?That?s good for the economy.?

Another option would be to reduce the Social Security benefits available to spouses. Some critics argue that?s growing outdated now that more women work and earn their own Social Security payments.

?It?s kind of a relic from a different era,? Baker said.

Increase revenue
Under the current rules, the maximum taxable earnings for Social Security in 2012 is about $110,000. Some argue that an easy fix would be to simply raise the cap on Social Security taxes to include higher wages.?

Baker, of CEPR, proposes raising the cap to around $190,000, reflecting the growing wealth at the top of the income scale. Raise it higher than that, he said, and wealthy earners will just start finding ways to dodge it.

But others say that it?s unlikely politicians will propose raising taxes on high earners?now, when many expect those taxpayers to already see increases as part of the fiscal cliff negotiations.

?The timing of it just seems kind of awkward,? Auerbach said.

Another option would be to add an across-the-board increase in payroll taxes that go toward Social Security. Although that would help solve the system?s future funding woes, experts say it?s also likely to be a hard sell in these tough times.

For one thing, Americans may?already be facing higher payroll taxes?in 2012. For the past two years, Americans have enjoyed a payroll tax holiday that reduced the amount of money they paid toward Social Security, but that could end in the coming year.

?I suspect that?s going to be a not very attractive option right now,? Auerbach said.

Politicians may be nervous about proposing any reform to Social Security that costs more or results in fewer benefits, but Americans seem to accept that some changes are needed.

About 66 percent of those polled by Pew Research Center said they would support raising payroll taxes on high-income earners, while 55 percent said they would support reducing benefits for high-income seniors.

Just 38 percent said they?d support raising the eligibility age.

How confident are you that you'll get Social Security benefits when you retire?

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Source: http://lifeinc.today.com/_news/2012/12/24/16049496-yes-we-can-fix-social-security-but-it-wont-be-pretty?lite

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Monday, December 24, 2012

Researcher Says the Hawaiian Islands Are Dissolving

SternisheFan writes with a snippet from Science Recorder: "Reporting in the journal Geochimica et Cosmochimica Acta, researchers at Brigham Young University say that the Hawaiian Islands are slowly dissolving. Eventually, Oahu's Koolau and Waianae mountains will dwindle to little more than a flat, low-lying island like Midway. While erosion is certainly a guilty party, researchers contend that the mountains of Oahu are, in fact, dissolving from within. Researchers spent several months collecting samples of groundwater and stream water to determine which source removed more mineral material. They also put to use surface water estimates from the U.S. Geological Survey to calculate the quantity of mass that vanished from the island each year. Researchers point out that Oahu is actually rising in elevation at a slow but steady rate due to plate tectonics. [BYU geologist Steve Nelson] and colleagues believe that Oahu will continue to grow for as long as 1.5 million years. Beyond that, the force of groundwater will eventually win and Oahu will begin its transformation to a flat, low-lying island like Midway." (If you have journal access, or don't mind forking over $40, you can read the original paper.)

Source: http://rss.slashdot.org/~r/Slashdot/slashdotScience/~3/MAt7Svo_1Q4/story01.htm

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