BREAKING: Democrat-Held Senate Rejects Obama's Horrific Budget, 99-0
By Guy Benson 5/16/2012
For the second consecutive year, the Democrat-controlled United States Senate has unanimously rejected President Obama's 2013 budget. The final vote was 99-0, making the the running two-year tally 196-0. This move follows the House of Representatives' 414-0 rebuke of the same fiscal blueprint earlier this year. Astonishingly, not a single Senate Democrat has voted in favor of any budget for three years, even as they refuse to offer a plan of their own. Democrats have claimed that three fig leaves mitigate this embarrassing spectacle:
(1) "The Senate has already passed a budget!" False. The Senate has not passed a budget. It "deemed" itself a budget as part of a separate piece of legislation over the summer. That law did not address tax policy, entitlement programs, and a slew of other items that a real budget entails. Harry Reid's hand-picked Senate Parliamentarian has confirmed Republicans' contention that the Senate has not fulfilled its basic budgetary obligations. This is the 1,113th day in a row that this has been the case.
(2) "Republican obstructionism!" False. Budgets explicitly cannot be filibustered. If Democrats introduced a budget, whipped their members, and called a vote, it would pass. Simple as that. Republicans couldn't do a thing to stop it. But that would require Democrats to put their long-term plans on paper, which they've been avoiding like the plague for entirely political reasons.
(3) "This vote is a gimmick!" If Democrats want to label an up-or-down vote on a Democratic president's budget a "gimmick," they're welcome to do so. In some ways, it's an appropriate description, given the pitiful gimmicks upon which Obama's budget relies -- even to achieve the fraudulent "savings" it claims. Had it not been defeated by Congress 513-0, Obama's budget would have added $11 Trillion to the gross national debt. It would literally never balance.
The Senate will now move on to vote on four separate Republican-proposed budgets, including the House-passed version. They will all receive more votes than President Obama's brainchild, but none is expected to pass. Stay tuned for updates...
UPDATE - The Senate has defeated the House-passed Ryan budget, 41-58. I counted five Republicans joining Democrats in voting it down, at least one of whom voted no because it doesn't go far enough. Democrats voted in lockstep against this budget, as they have on every proposed budget for the last three years. Head-to-head tally: Paul Ryan 41 - Barack Obama 0
UPDATE II - The Senate has defeated Senator Pat Toomey's (R-PA) budget resolution, 42-57. This is the seventh consecutive proposed Senate budget that has failed to attract even one Democrat vote.
Publicado: 05-16-2012 05:19 PM
Despite a growing backlash from his fellow Democrats, President Obama has doubled down on his attacks on Mitt Romney’s tenure at Bain Capital. But the strategy could backfire in ways Obama did not anticipate. After all, if Romney’s record in private equity is fair game, then so is Obama’s record in public equity — and that record is not pretty.
Since taking office, Obama has invested billions of taxpayer dollars in private businesses, including as part of his stimulus spending bill. Many of those investments have turned out to be unmitigated disasters — leaving in their wake bankruptcies, layoffs, criminal investigations and taxpayers on the hook for billions. Consider just a few examples of Obama’s public equity failures:
● Raser Technologies. In 2010, the Obama administration gave Raser a $33 million taxpayer-funded grant to build a power plant in Beaver Creek, Utah. According to WSJ, after burning through our tax dollars, the company filed for bankruptcy protection in 2012. The plant now has fewer than 10 employees, and Raser owes $1.5 million in back taxes.
● ECOtality. The Obama administration gave ECOtality $126.2 million in taxpayer money in 2009 for, among other things, the installation of 14,000 electric car chargers in five states. Obama even hosted the company’s president, Don Karner, in the first lady's box during the 2010 State of the Union address as an example of a stimulus success story. According to ECOtality’s own SEC filings, the company has since incurred more than $45 million in losses and has told the federal government, “We may not achieve or sustain profitability on a quarterly or annual basis in the future.”
Worse, according to CBS News the company is “under investigation for insider trading,” and Karner has been subpoenaed “for any and all documentation surrounding the public announcement of the first Department of Energy grant to the company.”
● Nevada Geothermal Power (NGP). The Obama administration gave NGP a $98.s5 million taxpayer loan guarantee in 2010. NYT reported last October that the company is in “financial turmoil” and that “[a]fter a series of technical missteps that are draining Nevada Geothermal’s cash reserves, its own auditor concluded in a filing released last week that there was ‘significant doubt about the company’s ability to continue as a going concern.’ ”
● First Solar. The Obama administration provided First Solar with more than$3 billion in loan guarantees for power plants in Arizona and California. According to a Bloomberg Businessweek report last week, the company “fell to a record low in Nasdaq Stock Market trading May 4 after reporting $401 million in restructuring costs tied to firing 30 percent of its workforce.”
Publicado: 05-25-2012 04:18 PM
● Abound Solar, Inc. The Obama administration gave Abound Solar a $400 million loan guarantee to build photovoltaic panel factories. According to Forbes, in February the company halted production and laid off 180 employees.
● Beacon Power. The Obama administration gave Beacon — a green-energy storage company — a $43 million loan guarantee. According to CBS News, at the time of the loan, “Standard and Poor’s had confidentially given the project a dismal outlook of ‘CCC-plus.’ ” In the fall of 2011, Beacon received a delisting notice from Nasdaq and filed for bankruptcy.
This is just the tip of the iceberg. A company called SunPower got a $1.2 billion loan guarantee from the Obama administration, and as of January, the company owed more than it was worth. Brightsource got a $1.6 billion loan guarantee and posted a string of net losses totaling $177 million. And, of course, let’s not forget Solyndra — the solar panel manufacturer that received $535 million in taxpayer-funded loan guarantees and went bankrupt, leaving taxpayers on the hook.
Amazingly, Obama has declared that all the projects received funding “based solely on their merits.” But as Hoover Institution scholar Peter Schweizer reported in his book, “Throw Them All Out,” fully 71 percent of the Obama Energy Department’s grants and loans went to “individuals who were bundlers, members of Obama’s National Finance Committee, or large donors to the Democratic Party.” Collectively, these Obama cronies raised $457,834 for his campaign, and they were in turn approved for grants or loans of nearly $11.35 billion. Obama said this week it’s not the president’s job “to make a lot of money for investors.” Well, he sure seems to have made a lot of (taxpayer) money for investors in his political machine.
All that cronyism and corruption is catching up with the administration. According to Politico, “The Energy Department’s inspector general has launched more than 100 criminal investigations” related to the department’s green-energy programs.
Now the man who made Solyndra a household name says Mitt Romney’s record at Bain Capital “is what this campaign is going to be about.” Good luck with that, Mr. President. If Obama wants to attack Romney’s alleged private equity failures as chief executive of Bain, he’d better be ready to defend his own massive public equity failures as chief executive of the United States.
Publicado: 05-25-2012 04:19 PM