Bowles-Simpson to Be Reconsidered

On Tuesday, the House will consider the “Require a PLAN Act” (H.R. 444) to force President Barack Obama to submit a proposed date and plan to balance the budget.  

On Wednesday, the House will take up amendments to the bill, including one that would urge President Barack Obama to use the Simpson-Bowles plan as a means to cut the budget deficit. 

"These recommendations enjoy wide bipartisan support and should be considered the basis for meeting the requirements of this Act," says the language from Reps. Kurt Schrader (D-OR), Jim Cooper (D-TN), Chris Gibson (R-NY) and Frank Wolf (R-VA).

On Monday, Obama missed the legally-required February 4th budget deadline for the fourth time during his presidency; only once has Obama turned in his budget on time.

Whether renewed support exists in the House for the Bowles-Simpson plan to reduce the deficit remains unclear.  Last March, Democrats and Republicans overwhelmingly rejected the plan 38-382 when it was proposed as an alternative House budget resolution.


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The past several months have seen the price of gold slump even as the Fed and other central banks have accelerated their massive expansion of paper money. Gold is off about 20% so far this year with silver down almost 30%. The old adage--“don’t fight the Fed”--particularly comes to mind now because the US equity markets have been setting new highs during this same period. All of these gains are nominal, you understand, but for terrified American policy makers and investors, nominal is just fine.

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