How Would Rand Paul Pay For His "Spend What You Have" Plan?

House budget chief wants concessions over debt (Reuters)
WASHINGTON (Reuters) – The incoming Republican Budget chief in the U.S. House of Representatives said he will demand spending concessions from the Obama Administration in exchange for any rise in the National Debt ceiling. Paul Ryan, who takes over as chairman of the House Budget Committee as the new Congress convenes on Wednesday, said Republicans could seek to impose caps and other spending limits to control the impact of any rise in the government's $14.3 Trillion borrowing li...

Republicans Vow to Cut Spending
(FOXNews.com) - As a new and politically divided Congress prepares to convene Wednesday, the newly muscular Republicans and the White House seem to be on a collision course over whether to raise the federal Debt ceiling. Some Republican lawmakers have vowed not to vote to raise the Debt Limit unless there is a plan in place for dealing with long-term obligations, including Social Security, and for returning to 2008 spending levels. But the White House says that refusing to raise the limit would ...

New Tea Party Reps Tell Diane Sawyer Pain Should Be Shared By Everyone
As the new Congress settles in, ABC World News‘ Diane Sawyer spoke with eight new representatives and two senators-elect about what they have planned. Among the topics discussed: raising the National Debt limit as The Continuing Resolution and the vote to raise the Debt ceiling loom over Washington. The “new kids” in Congress shared with Sawyer that they are willing to support a higher limit for our national debt, just as long as it is accompanied by an agreement to achieve a b...

Barack Obama Is Against Raising The Debt Ceiling
"The fact that we are here today to debate raising America’s Debt Limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. … Increasing America’s Debt weakens us domestically and internationally. Leadership means that “the buck stops here.” Instead, Washington is shifti...

Dont raise the debt ceiling
Daniel Foster at NRO Corner thinks Republicans will get a great bargain in exchange for raising the ceiling on the National Debt — which just hit $14 Trillion. That’s the on-the-books figure, by the way. From Daniel Foster: “Unlikely as it may seem at the moment, I’m becoming more and more convinced that congressional Republicans can get a lot — in terms of Spending Cuts, entitlement reforms, and the like — in exchange for agreeing to raise the federal Debt ceiling at s

Republicans Push Obama, Dems on Spending Cuts
Republicans became the majority party in the U.S. House of Representatives on Wednesday, and they said they're ready to do what voters screamed for on Election Day -- and that's to stop the spending. This effort may lead to some brutal battles between President Barack Obama, Democrats on Capitol Hill and the newly-empowered Republicans. Politicians always make promises to cut spending, but the new Republican majority, backed by Tea Party power, may have the fervor and numbers to really do it....

Tea Party Activists Take Hard Line On GOP Agenda
Republicans preparing to take control of the U.S. House when the 112th Congress convenes Wednesday have been scrambling in recent days to salute the Tea Party Activists who helped drive Democrats from power last November. They've ordered a reading of the Constitution on opening day and required that all new Legislation cite a constitutional provision permitting the proposed action. They've pledged to cut 2.6 percent of the House operations Budget and teed up a largely symbolic vote on repealing ...

RYAN: WILL RAISE DEBT CEILING IN RETURN FOR SPENDING CUTS
NYTIMES: The incoming Budget chief in the House of Representatives on Wednesday said he will demand spending concessions from the Obama Administration in exchange for any increase in the national Debt ceiling. Representative Paul Ryan of Wisconsin, who is about to take over the House Budget Committee as its new Republican chairman, also said in television interviews that the Republicans' $100 billion target for Spending Cuts this year has been "compromised" by federal spending already under w...

Walking on the supply side with Obama
Larry Kudlow likes what he see so far: The point is, if Team Obama is moving towards an entrepreneurial incentive model of growth, and away from the false consumption model of big-government spending, it’s very good news. Already we have seen a new free-trade initiative. And there’s even talk of broad-based, personal-income tax-rate flattening that could be part of a big-bang tax-reform package. And the congressional momentum is decidedly toward lower spending. Without question there’s go

Time to grab the third rail, Madame Governor
Soon, Governor Martinez sends the 2011 Legislature her Budget for fiscal 2012. At last count, she is looking to plug a $400 million gap. She campaigned on the promise that she would not make Spending Cuts to education or Medicaid. Read my lips: ‘Where are you going to find $400 million to plug the gap, Madame Governor?’ The “Third Rail” of politics refers to extremely Controversial issues in which it is observed that, when acting unilaterally, “touch it, and you die...

Glenn Beck And Judge Napolitano: Raising Debt Ceiling Is Beginning Of The End Of The Republicans
Glenn Beck appeared on Judge Napolitano ’s show Freedom Watch and they agreed that if the Debt ceiling is raised then no lessons have been learned by the big spending Congress. Despite the warning of Austan Goolsbee , chairman of the White House Council of Economic Advisers, that not raising the ceiling would be “catastrophic” and “insanity,” both Beck and Napolitano seemed willing to accept such an “insane catastrophe” presumably because that’s th...

Proposed GOP Budget Cut Figures Were Just Hypothetical
That $100 billion in cuts Republicans promised? What they really meant was more like $50 billion. Many people knowledgeable about the federal Budget said House Republicans could not keep their campaign promise to cut $100 billion from Domestic Spending in a single year. Now it appears that Republicans agree. As they prepare to take power on Wednesday, Republican leaders are scaling back that number by as much as half, aides say, because the current Fiscal Year, which began Oct. 1, will be near...

Boehner: The Peoples House
Republican John Boehner (pronounced bay-nor) will take the House gavel from Democrat Nancy Pelosi on Wednesday in Washington, D.C. - becoming the 61st Speaker of the U.S. House of Representatives. Ironically, it was Boehner who handed the gavel to Pelosi four years (and four Trillion dollars in Deficit spending) ago. So … how much more Deficit spending will Boehner’s party add to the pile? You know … beyond the fiscal excesses that future generations of Taxpayers have bee...

Ron Paul, son Rand sharing D.C. condo, many views
WASHINGTON — For much of his 21 years in Congress, Rep. Ron Paul has been a party of one. The Lake Jackson Republican's Libertarian sensibilities make him a cult figure to some and a painful thorn in the side to others, including members of his own party. In retaliation for prizing ideology over party, he often was passed over by the GOP hierarchy for plum posts. Next year, however, looks different for the Paul family. Rand Paul, one of five Children of Ron and Carol Paul, will share hi...

U.S. National Debt Tops $14 Trillion Dollars
Yesterday, the U.S. Nation Debt clock rolled over and topped the $14 Trillion dollar mark! A great way to start the new year as the 112th Congress prepares to be sworn in today and face many serious economic decisions. Not the least of which is further increasing the Debt Ceiling which currently stands at $14.3 Trillion dollars. While some analysts believe the nation’s ‘Credit Card’ will cover the country’s Deficit spending until April, others, including myself, warn tha...

Pelosi: Hey, we were all about deficit reduction!
When a leader leaves an organization, or at least leadership of it, one expects a rather rosy take on the leader’s stewardship of it. But come on: Deficit reduction has been a high priority for us. It is our mantra, pay-as-you-go. Fox makes sure everyone understands the context: When the Pelosi Democrats took control of Congress on January 4, 2007, the National Debt stood at $8,670,596,242,973.04. The last day of the 111th Congress and Pelosi’s Speakership on December 22, 2010 the ...

European Bond Spreads Leak Wider Following Portuguese Bill Auction
: The German Federal Government topped up its 2.50%-coupon, January 2021 Bund by E3.916 billion at a minimum price of 96.79 the Bundesbank announced Wednesday. The average yield on the top-up of the 10-year Bund was 2.87%, up from 2.59% at the bond's initial auction November 24. The weighted average price came to 96.81, and the government accepted 100% of bids at the minimum price. There were a total of E6.290 billion in bids for today's sale, resulting in a bid/cover ratio (excluding Bundesbank...

What's on the Mind of the Freshman Class of the 112th Congress?
This is a rush transcript from "On the Record," January 4, 2011. This copy may not be in its final form and may be updated. GRETA VAN SUSTEREN, Fox News HOST: Well, a whole bunch of new faces just descended upon Washington. Are they ready to change things on Capitol Hill? Griff Jenkins has the inside story on the freshman class of the 112th Congress. He found two Democrats, two Republicans, and he asked each of them, What is your top priority? GRIFF JENKINS, Fox News CORRESPONDENT: Greta, the bi...

What might 5% cut in House budget mean?
NEW YORK (CNNMoney) -- The Republicans about to take over the House have big plans to try to cut federal spending. First on the chopping block: Congressional travel, postage, staff salaries and other office expenses. Of course, that won't make a dent in the nation's Deficit. But for 435 lawmakers, who last year were allotted about $1.5 million each, the cut will mean trimming their Budgets by $75,000 -- the equivalent of about 1.5 full-time Staffers. There are some obvious places for lawmakers ...

House Republicans already reneging on promised spending cuts
Boy, I'll bet you didn't see this one coming: When House Republican leaders unveiled their Pledge to America in September, it included a pretty striking promise to voters -- if elected, the GOP majority would "roll back Government Spending" by "at least $100 billion in the first year alone." [...] Monday, Republicans started slowly backing away from their $100 billion commitment. Yesterday, the pledge was effectively thrown out the window. Many people knowledgeable about the federal Budget said...

Nasty Fight Over Debt Ceiling Brewing
Lawmakers and prognosticators are bracing for some of the biggest fights on Capitol Hill to revolve around the National Debt, which the Federal Government recently announced reached $14 Trillion and climbing as of yesterday.  There is a growing amount of concern from both Democrats and Republicans who fear debates over the Budget could be pushed to the brink, with an initial brawl over the official Debt ceiling limit which stands at $14.3 trillion. Republicans, with a new majority in the Ho...

DeMint: We Have to Draw the Line, Fight Increase in Debt Ceiling
Sen. Jim DeMint (R., S.C.) emphasized today that Republicans need to fight any attempt to increase the Debt ceiling, saying that Republicans are being “blackmailed” by the Democrats’ threat of a government shutdown. “We have to stop this [increasing the Debt Limit], and so I think this is a time where we insist on the Balanced Budget amendment. We should not be frightened by the fact that oh, we’re going to shut the government down,” DeMint said in an intervie...

The coming debt ceiling showdown (Part One)
Once the Republican Congress is officially sworn in, they will be faced with an immediate dilemma that will be a true test as to how they will govern. There will be a vote to raise the $14.3 Trillion National Debt ceiling in the coming months and time is already short. The National Debt officially hit $14 Trillion last weekend and may reach the $14.3 Trillion mark by March.   Refusing to raise the Debt Limit would either force the Federal Government to stop spending or create a default.
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Fed Saw Economy Needing Bond-Buying Program
Federal Reserve officials stuck with the pace of their $600 billion Treasury Bond-buying program last month because The Economy wasn't improving fast enough to make a noticeable dent in Unemployment. Spending by consumers and businesses had improved heading into the final month of 2010, and Congress was on the verge of enacting a tax-cut package that would bolster the economy, Fed officials said. That made them more confident the economic recovery would gain momentum, according to minutes of the...

Tea party hopes to put spine in GOP lawmakers
WASHINGTON — The Grassroots Tea Party movement is eager to pressure lawmakers in the new 112th Congress to adopt its conservative views, but the Democratic-controlled Senate is poised to stop them. The Tea Party movement animated November's Elections and helped give Republicans their biggest majority in the House of Representatives since the first Truman administration in the late 1940s. About 50 Republicans were elected to the House with the backing of Tea Party groups. Still, they ...