CBO: DoD 2013 budget will exceed 2006 after BCA

All the hand wringing over the BCA (Budget Control Act of 2011) and the effect the cuts will have on the DoD have turned out to be over dramatized. Analysts such as Gordon Adams and Todd Harrison have examined the effects as reported at Bloomberg. Winslow Wheeler of the Straus Military Reform Project had this comment.

“the comments from many -- but not all-- Republicans, most defense manufacturers and the secretary of defense that they regard a budget well above Cold War averages to be a catastrophe is consciously constructed, misinforming hysteria”

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The Economist via Yves Smith: U.S. Cities May Seek $40 Bln Damages Due to Banks’ LIBOR Fraud

With all the noise being generated throughout the business press about LIBOR-gate (the fraudulent manipulation by many of the world’s largest banks of the London Interbank Offered Rate and the LIBOR-OIS spread), it’s nice to see folks finally getting down to brass tacks and discussing just how much money in damages will be sought out by those adversely affected by the scandal on this side of the pond.

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Alright People, the President Needs Our Help!

I’ve received two emails over the past 24 hours that have tugged at my heart strings. Perhaps you’ve received them too. The first was from the Democratic National Committee:

We've got a problem.

This week, we learned that Mitt Romney and the Republican Party outraised us for the second month in a row. This time, it was by more than $35 million.

Now, we don't need to win the fundraising race to beat Mitt Romney. But the gap is growing at an alarming rate, and if we don't start closing that gap right now, it will be too late.

It's up to you.

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Your Tired, Your Poor, Your Jobless Masses: They Don’t Want to Talk About You in This Campaign

Cross Posted in orange

That’s right; the tired huddled masses yearning for a living wage need not apply for real representation in 2012. Many do not want to talk about it during campaign season. However, it’s not going away, and there’s a reason; unlike what neoclassical/neoliberal economic garbage stipulates, high unemployment can continue on indefinitely.

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CBO: Federal debt to exceed 70 percent of economic output

McClatchy Newspapers has reported on a "nonpartisan" CBO report concerning the United States budget deficit and the national debt. This is what we're going to be dealing with later this year and into next year, the deficit and the debt. Again.

http://www.mcclatchydc.com/2012/06/05/151255/cbo-federal-debt-to-exceed-...

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We are One

The AFL-CIO has taken a stand and filed a "friend of the court" brief in the Ninth Circuit Court of Appeals asking the court to uphold a lower courts ruling that DOMA is unconstitutional. In the brief filed in conjunction with Change to Win and the National Education Association a statement was released that stated...

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