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Monday, May 16, 2011
U.S. TREASURY RAIDS PENSIONS TO HELP FUND GOVERNMENT
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The Obama administration will begin to tap federal retiree programs to help fund operations after the government lost its ability Monday to borrow more money from the public, adding urgency to efforts in Washington to fashion a compromise over the debt.
Treasury Secretary Timothy F. Geithner has warned for months that the government would soon hit the $14.3 trillion debt ceiling — a legal limit on how much it can borrow. With that limit reached Monday, Geithner is undertaking special measures in an effort to postpone the day when he will no longer have enough funds to pay all of the government’s bills.
Geithner, who has already suspended a program that helps state and local government manage their finances, will begin to borrow from retirement funds for federal workers. The measure won’t have an impact on retirees because the Treasury is legally required to reimburse the program.
The maneuver buys Geithner only a few months of time. If Congress does not vote by Aug. 2 to raise the debt limit, Geithner says the government is likely to default on some of its obligations, which he says would cause enormous economic harm and the suspension of government services, including the disbursal of Social Security funds.
Many congressional Republicans, however, have been skeptical that breaching the Aug. 2 deadline would be as catastrophic as Geithner suggests. What’s more, Republican leaders are insisting that Congress cut spending by as much as the Obama administration wants to raise the debt limit, without any new taxes. Obama is proposing spending cuts and tax increases to rein in the debt.
“Everything should be on the table, except raising taxes,” House Speaker John Boehner (R-Ohio) said on CBS’s “Face the Nation.” “Because raising taxes will hurt our economy and hurt our ability to create jobs in our country.”
The Obama administration has warned that it is dangerous to make a vote on raising the debt limit contingent on other proposals. But Boehner is demanding that Congress use the debt vote as a way to bring down government spending.
“I’m ready to cut the deal today,” Boehner said. “We don’t have to wait until the 11th hour. But I am not going to walk away from this moment. We have a moment, a window of opportunity to act, because if we don’t act, the markets are going to act for us.”
Geithner’s plan to tap federal retiree programs as a temporary means to avoid a government default comes as the Obama administration has shown growing interest in altering those programs to curb the debt in the long run.
Administration officials have expressed interest in raising the amount that federal employees contribute to their pensions, sources told The Washington Post.
The Republicans have suggested that the civilian workforce contribute more to its retirement in the future, effectively trimming 5 percent from salaries. The administration has not been willing to go that far in talks being led by Vice President Biden.
Treasury secretaries have tapped special programs to avoid default six times since 1985. The most protracted delay in raising the debt limit came in 1995 after congressional Republicans swept to power during the Clinton administration.
But today, the government needs far more money to cover its obligations than in the past, making the special measures less effective than they used to be. The government needs about $125 billion more a month than it takes in each month.
. . Click Here to Read More.
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Treasury to tap pensions to help fund government
By Zachary A. Goldfarb
May 16, 2011
www.washingtonpost.com___________________________________________________________________________________
The Obama administration will begin to tap federal retiree programs to help fund operations after the government lost its ability Monday to borrow more money from the public, adding urgency to efforts in Washington to fashion a compromise over the debt.
Treasury Secretary Timothy F. Geithner has warned for months that the government would soon hit the $14.3 trillion debt ceiling — a legal limit on how much it can borrow. With that limit reached Monday, Geithner is undertaking special measures in an effort to postpone the day when he will no longer have enough funds to pay all of the government’s bills.
Geithner, who has already suspended a program that helps state and local government manage their finances, will begin to borrow from retirement funds for federal workers. The measure won’t have an impact on retirees because the Treasury is legally required to reimburse the program.
The maneuver buys Geithner only a few months of time. If Congress does not vote by Aug. 2 to raise the debt limit, Geithner says the government is likely to default on some of its obligations, which he says would cause enormous economic harm and the suspension of government services, including the disbursal of Social Security funds.
Many congressional Republicans, however, have been skeptical that breaching the Aug. 2 deadline would be as catastrophic as Geithner suggests. What’s more, Republican leaders are insisting that Congress cut spending by as much as the Obama administration wants to raise the debt limit, without any new taxes. Obama is proposing spending cuts and tax increases to rein in the debt.
“Everything should be on the table, except raising taxes,” House Speaker John Boehner (R-Ohio) said on CBS’s “Face the Nation.” “Because raising taxes will hurt our economy and hurt our ability to create jobs in our country.”
The Obama administration has warned that it is dangerous to make a vote on raising the debt limit contingent on other proposals. But Boehner is demanding that Congress use the debt vote as a way to bring down government spending.
“I’m ready to cut the deal today,” Boehner said. “We don’t have to wait until the 11th hour. But I am not going to walk away from this moment. We have a moment, a window of opportunity to act, because if we don’t act, the markets are going to act for us.”
Geithner’s plan to tap federal retiree programs as a temporary means to avoid a government default comes as the Obama administration has shown growing interest in altering those programs to curb the debt in the long run.
Administration officials have expressed interest in raising the amount that federal employees contribute to their pensions, sources told The Washington Post.
The Republicans have suggested that the civilian workforce contribute more to its retirement in the future, effectively trimming 5 percent from salaries. The administration has not been willing to go that far in talks being led by Vice President Biden.
Treasury secretaries have tapped special programs to avoid default six times since 1985. The most protracted delay in raising the debt limit came in 1995 after congressional Republicans swept to power during the Clinton administration.
But today, the government needs far more money to cover its obligations than in the past, making the special measures less effective than they used to be. The government needs about $125 billion more a month than it takes in each month.
. . Click Here to Read More.
___________________________________________ _____________________________________ . .
Donate To Keep This Site Alive
______________________________________________________ ___________________________ . . . . _____________________________________________________________________________
Researched/Posted by:
Poor Richard 2011
on
5/16/2011 04:29:00 PM
Labels:
Local Stories (Hermann),
Mid-Missouri Area News,
National News,
NWO,
Senior News,
Veteran News
Franklin County Moves to Abate Taxes to Attract Businesses
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May 14, 2011
www.emissourian.com
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Franklin County officials are moving ahead with plans to establish three adjacent enhanced enterprise zones around the cities of Sullivan, St. Clair and Pacific.
The county commission approved an order Thursday to go forward with the application process.
Each of the zones will require a separate application to the state’s Department of Economic Development, said John Griesheimer, Franklin County presiding commissioner.
The zones are designed to attract new businesses or encourage existing businesses to expand by offering real estate property tax abatements for 10 to 25 years.
The abatements can vary from at least 50 percent to 100 percent.
The abatements can be used by manufacturing, warehousing and other industries, so long as they create at least two jobs and there are investments of $100,000 or more.
Being able to grant abatements will be a “shot in the arm” for the communities, Griesheimer said.
For existing businesses, the abatements can only be used on expansions and new structures. The tax waivers can’t be applied to existing structures.
Griesheimer said the abatement amounts and lengths will have to be decided upon by the communities in each district.
He said county officials previously hoped to submit one application, but have been told by the state that each separate zone will require its own application.
Becoming enterprise zones would be somewhat bittersweet — the designation requires an area to be considered blighted and to have unemployment or median household income worse than the state’s average.
“There’s a lot to be learned with this and it is by no means a slam dunk,” Griesheimer said.
It will likely be at least six months before the zones are established because of a lengthy application process, Griesheimer said.
He also noted that once the zones are established, the boundaries are set in stone.
. Click Here to Read More.
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May 14, 2011
www.emissourian.com
___________________________________________________________________________________
Franklin County officials are moving ahead with plans to establish three adjacent enhanced enterprise zones around the cities of Sullivan, St. Clair and Pacific.
The county commission approved an order Thursday to go forward with the application process.
Each of the zones will require a separate application to the state’s Department of Economic Development, said John Griesheimer, Franklin County presiding commissioner.
The zones are designed to attract new businesses or encourage existing businesses to expand by offering real estate property tax abatements for 10 to 25 years.
The abatements can vary from at least 50 percent to 100 percent.
The abatements can be used by manufacturing, warehousing and other industries, so long as they create at least two jobs and there are investments of $100,000 or more.
Being able to grant abatements will be a “shot in the arm” for the communities, Griesheimer said.
For existing businesses, the abatements can only be used on expansions and new structures. The tax waivers can’t be applied to existing structures.
Griesheimer said the abatement amounts and lengths will have to be decided upon by the communities in each district.
He said county officials previously hoped to submit one application, but have been told by the state that each separate zone will require its own application.
Becoming enterprise zones would be somewhat bittersweet — the designation requires an area to be considered blighted and to have unemployment or median household income worse than the state’s average.
“There’s a lot to be learned with this and it is by no means a slam dunk,” Griesheimer said.
It will likely be at least six months before the zones are established because of a lengthy application process, Griesheimer said.
He also noted that once the zones are established, the boundaries are set in stone.
. Click Here to Read More.
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Donate To Keep This Site Alive
______________________________________________________ ___________________________ . . . . _____________________________________________________________________________
Over-the-Counter Cold Pill Prescription Law Dies Before Senate Vote
Last Tuesday the so-called psuedoephedrine bill passed in the Missouri House of Representatives. The bill would have been up for vote in the Senate, but it never made it out of committee before the end of the legislative session on Friday, May 13th.
Sponored by local Missouri House Representative Dave Schatz of the 111th District, the bill would have eliminated the sale of tablet forms of psuedoephedrine, unless prescribed by a doctor.
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Legislature Not Likely To Pass Anti-Meth Bill
Some Senators Vow to Filibuster
May 9, 2011
By Jason Rosenbaum, Missourian Correspondent
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Although the Missouri House initially endorsed legislation requiring a prescription to procure some forms of pseudoephedrine, even some supporters in the Franklin County legislative delegation say getting it passed this session is a long shot.
Rep. Dave Schatz's legislation was debated on Monday and part of Tuesday. On Monday, lawmakers successfully attached amendments on the bill limiting the prescription requirement to dry tablets and placed a two-year time limit as a way of monitoring the law's effectiveness.
The bill initially passed on Tuesday by a vote of 80-71. The measure needs another vote in order to go to the Senate, which it did not receive before the House adjourned for the week.
The House ended up passing the bill on Monday by a vote of 86-64. It now goes to the Missouri Senate.
Schatz said the House may go back to the bill next week. He said his goal was to pass the bill in the House this year, though he conceded getting to Gov. Jay Nixon's desk before the end of session next week could be difficult.
"It's a long shot for that to happen," Schatz said when asked if the bill would pass before the end of the session. "But there's still days left in the session and anything's possible."
Rep. Scott Dieckhaus - a Washington Republican who supported Schatz's legislation - said the prescription requirement is unlikely to pass before May 13. Even if the bill gets through the House, it would still need to get passed in the Senate, where some lawmakers there - such as Sen. Rob Schaaf, R-St. Joseph - have promised a filibuster.
"I don't think it has much of a chance in the Senate now," Dieckhaus said. "It's got to make its way through the process there and I think we're running out of time for that."
Rep. Dave Hinson, R-St. Clair, echoed Dieckhaus about the bill's overall chances, saying it probably doesn't have enough time to get through the process. But both Hinson and Dieckhaus said the bill did pass some important tests, such as getting a significant amount of lawmakers to go on record in favor of the measure.
"What we were looking for - the folks who support the legislation - was to make significant progress, get some people on the record in support of this and basically show that the Legislature is trending with the rest of the state," Dieckhaus said, adding that a number of municipalities have adopted a prescription requirement. "So I think it has a pretty bright future ahead, maybe in the course of the next session or two."
The bill is backed by many law enforcement officials across the state, including Detective Sgt. Jason Grellner of the Franklin County Sheriff's Department who has spearheaded an effort that has led to more than 30 municipalities and counties adopting local prescription laws. It also has the backing of Gov. Jay Nixon and Attorney General Chris Koster.
But the legislation sparked opposition from members of both parties.
Some lawmakers argued the requirements would provide an expensive inconvenience to individuals who need cold remedies. Rep. Nick Marshall, R-Platte County, for instance, said it could prompt people to go to surrounding states without a prescription requirement to procure drugs containing pseudoephedrine.
Marshall also said the bill would provide an undue burden on personal freedom.
"I know that meth is a scourge in this state," Marshall said. "But we do have the duty to balance the people's freedom and their safety."
Opposed
The bill was also opposed by Rep. Paul Curtman, R-Pacific. In a statement posted on his Web site, Curtman said that, among other things, he does not believe "government should involve itself in the habits of its citizens.
"This bill would punish the law-abiding citizens who just want to buy cold and flu medicine for themselves and their families all for the crimes of the few and that is bad government policy," Curtman said in his statement. "I heard one person say that if taking the freedom away from the people to freely buy medicine would possibly curb the meth production in Missouri, then we should gladly tolerate the inconvenience. When I heard this, I thought of the wise words of Benjamin Franklin when he said: ‘People willing to trade their freedom for security deserve neither and will lose both.'
. . Click Here to Read More.
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Researched/Posted by:
Poor Richard 2011
on
5/16/2011 03:47:00 PM
Labels:
Local Stories (Hermann),
Mid-Missouri Area News,
NWO
Shelby Winkelman Selected Parade All-American Basketball Team
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Another accolade for Hermann Student/Athlete Shelby Winkelmann. It was announced over the weekend, Winkelmann has been named to the PARADE's 35th annual girls basketball team. Winkelmann will attended Nebraska to play volleyball. She is also a very good student, maintaining a 4.0-GPA throughout high school.
Meet the 2011 All-America High School Girls Basketball Team:
http://www.parade.com/news/all-america/2011/high-school-girls-basketball-team.html
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Winkelmann Receives National Praise
May 15, 2011Another accolade for Hermann Student/Athlete Shelby Winkelmann. It was announced over the weekend, Winkelmann has been named to the PARADE's 35th annual girls basketball team. Winkelmann will attended Nebraska to play volleyball. She is also a very good student, maintaining a 4.0-GPA throughout high school.
Meet the 2011 All-America High School Girls Basketball Team:
Name, Position, Ht. | High School | College* |
Promise Amukamara, G, 5'8" | Apollo (Ariz.) | Arizona State |
Kaneisha Atwater, G, 5'7" | Westwood (Fla.) | Old Dominion |
Rachel Banham, G, 5'10" | Lakeville North (Minn.) | Minnesota |
Taylor Brown, G, 5'7" | Bishop McNamara (Md.) | Georgetown |
Cierra Burdick, G/F, 6'2" | Butler (N.C.) | Tennessee |
Mariah Byard, G, 5'10" | North Marion (W. Va.) | Ohio University |
Madison Cable, G, 6'0" | Mt. Lebanon (Pa.) | Notre Dame |
Briyona Canty, G, 5'9" | Trenton Catholic Academy (N.J.) | Rutgers |
Krista Donald, G, 5'11" | Lake (Miss.) | Georgia |
Lexi Eaton, G, 5'11" | Springville (Utah) | BYU |
Keiahnna Engel, G, 5'8" | Dimond (Alaska) | Boise State |
Temi Fagbenle, F, 6'4" | Blair Academy (N.J.) | Harvard |
Krystal Forthan, F, 6'4" | Georgetown (Tex.) | LSU |
Bria Goss, G, 5'11" | Ben Davis (Ind.) | Kentucky |
Reshanda Gray, F/C, 6'3" | Washington Prep (Calif.) | UC Berkeley |
Sara Hammond, F, 6'2" | Rockcastle County (Ky.) | Louisville |
Amber Henson, F/C, 6'4" | Sickles (Fla.) | Duke |
Jasmine Hines, F/C, 6'3" | Central Lake (Mich.) | Michigan State |
Kayla Hoohuli, G, 5'10" | St. Marys (Pa.) | Canisius |
Sarah Imovbioh, F/C, 6'2" | St. Anne's-Belfield (Va.) | Virginia |
Brandi Jeffrey, G, 5'8" | St. James (La.) | Nebraska |
Erika Johnson, G/F, 6'1" | Holy Names Academy (Wash.) | UC Berkeley |
Jamie Katuna, G, 5'7" | Longmont (Colo.) | San Francisco |
Jordan Kelley, G, 5'10" | Campbell County (Wyo.) | Washington State |
Betnijah Laney, G, 6'0" | Smyrna (Del.) | Rutgers |
Samantha Logic, G/F, 5'10" | Case (Wis.) | Iowa |
Cartaesha Macklin, G, 5'7" | Lafayette (Fla.) | Southern Illinois |
Ally Malott, G/F, 6'3" | Madison (Ohio) | Dayton |
Ariel Massengale, G, 5'6" | Bolingbrook (Ill.) | Tennessee |
Kaleena Mosqueda-Lewis, G, 6'0" | Mater Dei (Calif.) | UConn |
Jenzel Nash, G/F, 5'8" | Worthing (Tex.) | UTEP |
Amber Orrange, G, 5'7" | Westbury Christian (Tex.) | Stanford |
Cassie Peoples, G, 5'6" | Cy-Fair (Tex.) | Texas |
Jen Reese, F, 6'2" | Clackamas (Ore.) | Colorado |
Kiah Stokes, C, 6'3" | Linn-Mar (Iowa) | UConn |
Alexyz Vaioletama, F, 6'1" | Mater Dei (Calif.) | USC |
Maiki Viela, G, 5'7" | Lahainaluna (Hawaii) | Gonzaga |
Danielle Walczak, C, 6'1" | Oyster River (N.H.) | Maine |
Elizabeth Williams, C, 6'3" | Princess Anne (Va.) | Duke |
Shelby Winkelmann, G, 5'9" | Hermann (Mo.) | Nebraska |
http://www.parade.com/news/all-america/2011/high-school-girls-basketball-team.html
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Researched/Posted by:
Poor Richard 2011
on
5/16/2011 03:40:00 PM
Labels:
Hermann MO Student News,
Local Stories (Hermann),
Mid-Missouri Area News,
Sports (STL KC Mizzou)
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