Research

This morning, former U.S. Comptroller David Walker criticized Obama for his lack of leadership on the budget, and willingness to play politics rather than embrace real solutions. Obama’s two budgets have been unanimously rejected by both the House and the Senate, a show of bipartisanship which the White House can’t spin its way out of.

CNBC’s Joe Kernan: “David is this a record for how long it's been without a budget or has this happened before in periods of U.S. history?”

Former Comptroller David Walker: “Over three years without a budget.”

Kernan:  “Has it ever happened before?”

Walker: “Not to my knowledge we’ve been this long without a budget.”

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Kernan:  “Let's get back to what happened then. We understand this is -- there's an election coming and it's a divisive time. What did the President propose that allowed him to get zero votes? What was the -- what was the mechanism of what he was doing? What was the Obama administration thinking? Why did it get zero and then we'll ... more

Today, Obama travels to Florida where he will speak about the Buffett Rule. But Buffett, one of Obama’s favorite names to drop, has been vocal in his opposition to several of Obama’s policies. Perhaps, Obama should check Warren Buffett’s stances on these issues first.

Buffett: “What Happened With Simpson-Bowles Was An Absolute Tragedy”

Buffett: “I Think What Happened With Simpson-Bowles Was An Absolute Tragedy.” BUFFETT: “Well it – you go back to what, you know, Kemp-Roth and all that that too that they were working on that. I think what happened with Simpson-Bowles was an absolute tragedy. I mean here are two extremely high-grade people. They have somewhat different ideas about government but they're smart. They're decent. They’ve got good senses of humor, too. They're good at working with people. They work like a devil for ten months or something like that. They compromise. They bring in people as far apart as Durbin and Coburn to get them to sign on and then they're totally ... more

“The House On Wednesday Night Unanimously Rejected An Alternative Budget Proposal Based On President Obama's 2013 Budget Plan, Dispatching It In A 0-414 Rout.” (Pete Kasperowicz, “0-414 Vote: House Clobbers Budget Proposal Based On Obama’s 2013 Plan,” The Hill, 3/28/12)

• In An Attempt To Downplay “An Ugly-Looking Vote” The White Hosue Called The Vote On Their Budget A “Gimmick.” “The vote came just hours after the White House cast the pending vote as a political ‘gimmick,’ an apparent attempt to downplay what many expected to be an ugly-looking vote for the White House.” (Pete Kasperowicz, “0-414 Vote: House Clobbers Budget Proposal Based On Obama’s 2013 Plan,” The Hill, 3/28/12)

0-97: Last Year, Obama’s FY2012 Budget Was Unanimously Defeated In The Senate

Last Year, Obama’s FY2012 Budget Was Voted Down In The Senate 0-97. “Obama's budget plans have a poor track record in Congress over the last year. In May 2011, 97 senators voted against a motion to take up his 2012 budget plan ... more

Fed Chairman Ben Bernanke expressed concern that the job market is still weak, calling it “far from normal.”  

“The Fed Is Concerned That The Recovery Could Falter Again …” “The Fed is concerned that the recovery could falter again as it did last year. Americans aren't seeing big pay increases, gas prices are rising, and Europe's debt crisis could weigh on the U.S. economy.” (Martin Crutsigner, “Bernanke Says US Job Market Weak Despite Gains,” The Associated Press, 3/26/12)

• Bernanke: “We Cannot Yet Be Sure That The Recent Pace Of Improvement In The Labor Market Will Be Sustained.” “Still, conditions remain far from normal, as shown, for example, by the high level of long-term unemployment and the fact that jobs and hours worked remain well below pre-crisis peaks, even without adjusting for growth in the labor force.  Moreover, we cannot yet be sure that the recent pace of improvement in the labor market will be sustained.” (Ben Bernanke, Prepared Remarks For Delivery Before The ... more
  
  

Six Years Ago Today Obama Opposed Raising The Debt Ceiling Saying It Was A “Sign Of Leadership Failure”

Obama Opposed Raising The Debt Limit In 2006, Saying “America Has A Debt Problem And A Failure Of Leadership. Americans Deserve Better.” OBAMA: “The fact that we are here today to debate raising America's debt limit is a sign of leadership failure. …Increasing America's debt weakens us domestically and internationally. Leadership means that ‘the buck stops here.’ Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.  I therefore intend to oppose the effort to increase America's debt limit.” (Sen. Barack Obama, Congressional Record, 3/16/06, p. 2237- 2238)

As President He Called That Vote “Politically Motivated” And Then Asked For The Largest Debt Ceiling Increase In History To Pay For His Binge Spending

Obama Has Recently Said That Vote Was ... more

Obama heads to Northern Virginia Community College today to discuss his budget and to announce a “new” program to link community college students with jobs after they graduate. This “new” program sounds an awful lot like programs the White House has announced before, even one they announced at the same community college. If Obama wants to get serious about reining in his $1.3 trillion budget deficit, he could start by cutting duplicative programs that are more useful for photo opportunities than job opportunities.

Today, Obama Goes Back To Northern Virginia Community College To Announce A “New” Community College Career Fund To “Forge New Partnerships Between Community Colleges And Businesses To Train Two Million Workers.” “‘A Blueprint to Train Two Million Workers for High-Demand Industries through a Community College to Career Fund’: At 11 a.m., ‘President Obama will host an event at Northern Virginia Community College in Annandale … to announce a new $8 billion Community College ... more

On Friday, the administration previewed the Obama budget to be released this morning. Below, please find some of the key takeaways from this weekend’s coverage. From officially failing to keep his promise to cut the deficit in half to marking the fourth straight year of trillion dollar deficits, the Obama budget demonstrates that the president simply doesn’t care to address the debt crisis in America:

• “Will Show Mr. Obama Has Failed To Meet His Pledge To Cut The Deficit In Half By The End Of His First Term”: But the document’s numbers will show Mr. Obama has failed to meet his pledge to cut the deficit in half by the end of his term, and for Republicans, that will be the bottom line. (NYT, 2/11/12)
• “Early Documents Admit To Larger-Than-Expected Deficits”: Monday is also the formal release of the budget, but early documents admit to larger-than-expected deficits on the horizon — $1.33 trillion in 2012 and $901 billion in 2013. (Politico, 2/10/12)
• “The Deficits In Both Years Was ... more
  
  

In the wake of the Solyndra scandal, another green energy program Obama invested in has announced more layoffs.

Obama: “Some Technologies Don’t Pan Out; Some Companies Fail.  But I Will Not Walk Away From The Promise Of Clean Energy.” (President Barack Obama, Remarks In The State Of The Union Address, 1/24/12)

Fisker, Which Received More Than A Half Billion In Loan Guarantees, Announced It Is Laying Off Staff After Failing To Meet Early Manufacturing And Efficiency Goals

Fisker Automotive Has Announced It Is Laying Off Staff To Try To Reserve Enough Capital In Order To Qualify For More Taxpayer Funds From The DOE. “In another setback for President Obama's clean energy loan programs, the recipient of more than a half-billion dollars in federal loans is laying off workers at their Delaware and California operations. Delaware’s News Journal reports that Fisker Automotive, a California-based electric car start-up company, is laying off an undisclosed number of staff to try to reserve ... more

Today, President Obama’s FY2013 is officially late, again, as the White House shirks its legal obligation to submit a budget by the first Monday in February. Last night, The Wall Street Journal reported that we won’t be missing much as the president intends to repackage his failed deficit proposal from last fall as his FY2013 budget. That proposal included a $1.5 trillion tax hike that many Democrats rejected and failed to outline a plan for containing the nation’s budget-busting entitlement programs.

Obama Plans To Re-Release His Lackluster Joint Deficit Reduction Committee Proposal As His FY2013

NOW, AGAIN: Obama’s FY2013 Is Essentially The Same Framework He Proposed In September Which Included $1.5 Trillion In New Taxes. “President Barack Obama will release his budget plan next week, calling for $3 trillion in deficit reductions over 10 years, including $1.5 trillion in tax increases to fall mostly on the wealthiest Americans. If that sounds familiar, it's because the president ... more

“The Pace Of Recovery In Output And Employment Has Been Slow Since The Recession Ended In June 2009, And The Economy Remains In A Severe Slump.” (“The Budget And Economic Outlook: Fiscal Years 2012-2022,” Congressional Budget Office, 1/31/12)

The Congressional Budget Office Downgrades Obamanomics In Its 2012 Budget And Economic Outlook

CBO: “The Economy Will Continue To Grow At A Sluggish Pace Over The Next Two Years.” “The pace of the economic recovery has been slow since the recession ended in June 2009, and the Congressional Budget Office (CBO) expects that, under current laws governing taxes and spending, the economy will continue to grow at a sluggish pace over the next two years. That pace of growth partly reflects the dampening effect on economic activity from the higher tax rates and curbs on spending scheduled to occur this year and especially next.” (“The Budget And Economic Outlook: Fiscal Years 2012-2022,” Congressional Budget Office, 1/31/12)

• CBO: “Considerable Slack ... more