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Cops: Man Demolishes Neighbor's Home Over $80 Debt
By David Moye - AOL NewsA Colorado man accused of causing $250,000 worth of damage to his neighbor's property over an $80 debt may now have to pay a debt to society. Jack Herbst, 63, was arrested Wednesday on suspicion of felony criminal mischief and booked into the El Paso County Jail on $10,000 bond after allegedly going on a rampage through his neighbor's property while driving a front-end loader. The Gazette reports that the front-end loader carved a path of destruction through Ron Morphis' property, doing an estimated $250,000 of damages. ...
Opinion: Houston, We Have a Spending Problem
By John Merline - AOL NewsIn his State of the Union speech on Tuesday, President Barack Obama said that a key to "winning the future" is to "make sure we aren't buried under a mountain of debt." "Mountain" doesn't really do justice to how much debt the country has piled up. Right now the federal debt tops $14 trillion. To get a sense of how huge that number is, consider this: If you were to make a stack of 14 trillion $1 bills, it would make two round trips to the moon. The day after the speech, the Congressional Budget Office made it clear in a new report why this mountain exists. In a word: spending. As the chart ...
Reactions to the State of the Union: Cut Spending by Eliminating Tax Breaks?
By Mark Vansetti - AOL NewsOnly a few commentators have picked up on an interesting characterization in President Barack Obama's State of the Union speech. Discussing the deficit, President Obama referred to a bipartisan fiscal commission, which was created by the president to address the country's fiscal problems. In doing so, the president indicated that excessive spending must be cut in as many areas as possible. The areas of excessive spending President Obama chose to include in the speech were "domestic spending, defense spending, health care spending, and spending through tax breaks and loopholes." No one would ...
Opinion: Washington's Mythical Debt Problem
By Michael Cohen - AOL NewsCongressman Mike Kelly is one of the new crop of Republican members of the 112th Congress, and like many of his conservative brethren, he is mad as hell at Washington's profligate and "irresponsible" spending ways and the federal debt. It's precisely Kelly's sort of populist anger that has fueled the Republicans' return to power. But in a recent appearance on CBS' "Face the Nation," Kelly offered some insight into just how disconnected the debate in Washington about government debt is from reality. Kelly was asked if he would approve of raising the nation's debt ceiling, which has become ...
Sperling Tapped to Be Obama's Economic Adviser -- and Negotiator
By Joseph Schuman - AOL NewsPresident Barack Obama has apparently chosen to replace his departing chief economic adviser, a veteran financial policymaker from the Clinton administration, with ... a veteran financial policymaker from the Clinton administration. But there are big differences between Lawrence Summers, who steps down this month as director of the National Economic Council, and Gene Sperling, the man expected to be officially tapped for that job Friday. The White House said Obama will announce economic personnel moves when he discusses the December employment report set to be released that day. Sperling, a ...
Opinion: 5 Big Challenges Facing the New Congress
By not in system - AOL NewsMembers of the 112th Congress take their seats today, bringing a new Republican majority to the House and a reduced Democratic majority to the Senate. The legislators, new and old, face a daunting set of political and policy problems, from working with each other to addressing the troubled economy. Here are five of the biggest challenges that journalists and pundits have picked out for the new Congress. From the Atlantic Wire 1) Education Reform: "No Child Left Behind is due to be reauthorized this year," The Washington Post's Shailagh Murray writes, "and presents the type ...
John Boehner's House Party -- and the Limits of a Speaker's Power
By Walter Shapiro - Politics DailyIt is the rarest event in modern American democracy -- the peaceful transfer of power from one party to another in the House of Representatives. When Republican John Boehner claims the gavel from Democrat Nancy Pelosi at noon Wednesday to become the 61st speaker of the House, it will mark only the third party shift since 1955 in the congressional body supposedly most responsive to the voters. Everything else in the capital changes (control of the Senate has ping-ponged eight times since 1955, counting three turnovers in 2001 alone), but the House endures as Washington's answer to the Rock of ...
Opinion: Want to Balance the Budget? Get Out the Chainsaw
By not in system - AOL News(Dec. 10) -- In late November, President Barack Obama proposed a two-year wage freeze for federal workers as part of an effort to cut spending and rein in deficits. A week later, he announced a tax deal with Republicans that would, among other things, extend unemployment benefits, adding $56 billion in spending. And then in short order, the Senate announced that it would forgo planned payment cuts to Medicare doctors, adding more than $19 billion in projected federal spending. Anyone wonder why it's so hard to get federal spending under control? The deficit commission appointed by Obama ...
Both Parties' Campaign Committees End Election Year in Debt
By Christopher Weber - Politics DailyThe GOP won big in the midterm election, but both parties are running about even when it comes to the amount of debt their campaign committees racked up this year. Both the Republican National Committee and the Democratic National Committee filed reports this week that showed they are each about $15 million in the red. The RNC is worse off financially because it only has about $1.9 million in the bank to pay its bills. The committee has informed vendors that they would not be paid on time, The New York Times reported Friday. The DNC reported having $9.7 million cash on hand. The Times ...
Debate: A Credible Way Out of Our Fiscal Swamp
By not in system - AOL News
(Dec. 3) -- Many skeptics thought President Barack Obama's fiscal commission was a pointless exercise, doomed to failure on its assignment to develop a plan to rein in the massive federal deficits that are projected for the next decade and beyond. But today a bipartisan majority of that panel proved the skeptics wrong, and the nation owes these commission members a debt of gratitude. The Deficit Commission:Good Idea or Bad? Pro: It's a credible roadmap out of our fiscal swamp, says Robert L. Bixby of the Concord Coalition. Con: It's a needless distraction from our current economic crisis, ...
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