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Posts Tagged ‘Government Bureaucracy

Fed stands by to boost US growth

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Ben Bernanke said on Friday that the Federal Reserve stood ready to boost the flagging US economy and had the tools to do so, including increasing holdings of long-term assets such as Treasury bonds and other securities.

via FT.com / Global Economy – Fed stands by to boost US growth.

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August 28, 2010 at 5:04 pm

White House Predicts Record $1.47 Trillion Deficit

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New estimates from the White House on Friday predict the budget deficit will reach a record $1.47 trillion this year. The government is borrowing 41 cents of every dollar it spends.

via White House Predicts Record $1.47 Trillion Deficit – NYTimes.com.

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July 23, 2010 at 5:51 pm

Report: Pentagon Officials, Defense Contractors Tied to Child Pornography

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Several Pentagon officials and defense contractors, including some with high-level security clearance, are under investigation for possessing child pornography, The Boston Globe reported today.

Employees of the National Security Agency and the Defense Advanced Research Projects Agency, better known as DARPA, are among the alleged offenders, according to the Globe, and in a number of instances, government computers were used to obtain the material.

via Report: Pentagon Officials, Defense Contractors Tied to Child Pornography.

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July 23, 2010 at 3:16 pm

Gov’t watchdogs: mortgage program is not working

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Government watchdogs told a Senate panel Wednesday that the Obama administration’s effort to help homeowners avoid foreclosure isn’t working and that the Treasury Department has failed to fix the program.

Special inspector general for the financial bailouts Neil Barofsky said the program has not “put an appreciable dent in foreclosure filings,” during a Senate Finance Committee hearing on the $700 billion bank bailout. He also said the Treasury Department has ignored earlier demands that it set clearer goals for the program.

Elizabeth Warren, who chairs a separate Congressional Oversight Panel on the bailouts, said Treasury’s failure to act more quickly could be hurting the recovery.

More foreclosures could force down the price of homes and further hurt the already-ailing housing industry.

The homeownership program aims to reduce mortgage payments for millions of homeowners who can’t afford their monthly bills. Recent data suggest it has helped about 400,000 households avoid foreclosure. About 530,000 have fallen out of the program.

via Gov’t watchdogs: mortgage program is not working – Yahoo! Finance.

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July 21, 2010 at 6:30 pm

Changing Tune, Administration Defends Insurance Mandate as a Tax

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When Congress required most Americans to obtain health insurance or pay a penalty, Democrats denied that they were creating a new tax. But in court, the Obama administration and its allies now defend the requirement as an exercise of the government’s “power to lay and collect taxes.”

And that power, they say, is even more sweeping than the federal power to regulate interstate commerce.

Administration officials say the tax argument is a linchpin of their legal case in defense of the health care overhaul and its individual mandate, now being challenged in court by more than 20 states and several private organizations.

via Changing Tune, Administration Defends Insurance Mandate as a Tax – NYTimes.com.

Financial Regulation Bill: Federal Reserve Wins Greater Role in Overhaul

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After fending off most challenges to its independence and winning new powers to oversee big financial firms, the Federal Reserve has emerged from a bruising debate on the overhaul of U.S. financial rules as perhaps the pre-eminent regulator in the sector. But that could only bring it added blame if things go wrong again.

via Financial Regulation Bill: Federal Reserve Wins Greater Role in Overhaul – WSJ.com.

Unemployment Pay: Labor Department Estimates $7 Billion Overpayments – ABC News

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Preliminary estimates released by the U.S. Department of Labor find that, in 2009, states made more than $7.1 billion in overpayments in unemployment insurance, up from $4.2 billion the year before. The total amount of unemployment benefits paid in 2009 was $76.8 billion, compared to $41.6 billion in 2008.

via Unemployment Pay: Labor Department Estimates $7 Billion Overpayments – ABC News.

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July 11, 2010 at 11:09 am