Budget Deficits | timiacono.com - Part 4

President Obama is “Exasperated”

In a CNBC interview earlier today, President Obama laments the nation’s budget woes, noting “I am exasperated with the idea that unless I say to 20 million people you can’t have health insurance, these folks will not reopen the government. That is irresponsible.”

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In this accompanying story, not once is the debt ceiling mentioned.

You’d think that everyone, including the President, would be focusing in on that issue, given that the end of the world is potentially only two weeks away.

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Stockman: “The Party Has to Take a Stand”

Here’s David Stockman, former Office of Management and Budget director under President Reagan, with some thoughts on what’s now going on in Washington during the government shutdown and why he supports the Republican position.

Anyone wanting to hear more from Stockman need only go to this Bloomberg search result where you’ll learn that reaching the debt ceiling is a “red herring” and that, Janet Yellen, the favorite to succeed Ben Bernanke as Fed Chair, has “no clue” about free markets.

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The Tea Party and the Shutdown

From Reuters, Stan Collender, Director of Financial Communications for Qorvis Communications discusses how the Tea Party is (surprise!) likely to be the big loser in the latest Washington budget debacle as the government shutdown will probably cause moderate Republicans to join forces with Democrats to make a deal.

Of course, the deal that they’ll make won’t be for getting the government running, but for raising the debt ceiling. This is, by far, the more dangerous deadline and, starting tomorrow, attention will be focused on doing so before October 17th when, if the debt ceiling is not raised, the world basically comes to an end.

Though the process will be sad to watch, it should make for some great political theater.

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The Lighter Side of the Shutdown

Bloomberg put together a couple clips from The Daily Show with Jon Stewart and the Late Show with David Letterman on the nation’s latest government shutdown.

Now that the shutdown is officially underway and the clock is ticking in advance of the October 17th debt ceiling deadline, the U.S. dollar is moving sharply lower, but U.S. equity markets are rising and the gold price is tumbling. That’s pretty surprising…

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Surprising Poll: Obamacare and Gov’t Funding

This particular data set probably doesn’t warrant a pie chart, but, then again, the results were surprising enough (at least to me) that it seemed somebody should do something.

Here’s what the latest polling data from Reuters/Ipsos says Americans think about the relationship between the Affordable Care Act and funding the government.

What wasn’t surprising was that Republicans would get more blame for a government shutdown than either President Obama or Democrats in Congress.

But, what did come as a shock (at least to me) was that nearly 44 percent of Americans blame both sides versus only 25 percent of the blame for Republicans, 14 percent for Obama, and just 5 percent for Democrats.

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