In this busy world we need brief relevant facts that are not vague or muddled or politically slanted. This is my attempt to share some of the facts that caught my eye this week.
Congress has reduced its debt in the past through spending cuts and revenue increases. Though the president can’t obligate funds, he has to sign the debt ceiling. Here are the percentages under the following presidents:
- 1984 President Reagan 84% Revenues 16% Spending
- 1990 President Bush 38% Revenues 62% Spending
- 1993 President Clinton 62% Revenues 38% Spending
- 2011 President Obama 0% Revenues 100% Spending
Congress has failed to renew the funding for the Federal Aviation Administration, and has now recessed until September 6th. The funding will not be addressed until they return. These are the consequences of their decision.
- the government is losing $200,000,000 per week on revenues it usually collects on ticket sales
- all but one airline is still charging the same amount and pocketing the would-be tax money for themselves
- 4,000 government workers have been laid off and are now lining up for unemployment benefits
- 90,000 business contractors who do construction jobs and have other government contracts through FAA are not working; projects are stalled; construction workers are being laid off
As part of the healthcare overhaul of the Obama Administration, the Department of Health and Human Services this week has required insurance companies to begin covering all costs (no co-pays) starting August 2012 for the following:
- birth control pills
- screenings for gestational diabetes
- testing for papillomavirus in women over 30
- counseling for HIV and sexually transmitted infections
- lactation counseling
- screening for domestic violence
- yearly wellness visits
Gabrielle Giffords returned to the House today and cast her vote on the debt limit, her first vote since she was shot in January.
It appears that default has been avoided; however, no one likes the deal.
- No More Co-pay for Birth Control (women.webmd.com)
- Something the US debt limit doesn’t do: limit debt (seattletimes.nwsource.com)
- Jayne Lyn Stahl: The ‘Entitlements’ Folks (huffingtonpost.com)
- Doing Away With the Debt Ceiling (economix.blogs.nytimes.com)
- Obama Threatens Bush Tax Cuts As Part Of Debt Ceiling Deal (huffingtonpost.com)
- Obama’s Pyrrhic Defeat (andrewsullivan.thedailybeast.com)