Uncle Sam’s Monthly Treasury Statement for October, typically a very slow month for collections, shows that the government took in $146 billion during the month, up 8% from $135.2 billion in October 2009.
That’s nice, but to get to the Congressional Budget Office’s projected $2.648 trillion in receipts (go to Page 3 at link) by the time the fiscal year ends on September 30, 2011, collections will have to increase by 22.5% over fiscal 2009′s $2.162 trillion.
In other words, they’re already running way behind (by
about $18 billion — no, make that almost $20 billion) where they need to be to keep the coming year’s deficit from being higher than the projected $1.066 trillion.
You have to wonder if this is what rank and file UAW workers expected when their leadership ran to the loving arms of the Obama administration for $50 billion to bail out bankrupt General Motors last year:
General Motors Co is in the final stage of talks to sell equity to long-time Chinese partner SAIC Motor Corp in conjunction with its landmark initial public offering, two people familiar with the matter said.
The two government-funded automakers are currently finalizing how much of a stake SAIC would buy in the top U.S. automaker after discussions involving technology sharing and SAIC’s ambitions to move beyond the China market, the sources said.
You also have to wonder, given that both governments are involved, if there isn’t an implied Chinese threat to stop buying U.S. bonds lurking in the background of these discussions — or even a specifically stated up-front threat.
At Pajamas Media, Zombie has the definitive pair of posts on gerrymandering:
The second post also has a number of runners-up.
They are must reads. They are not necessarily enjoyable. In fact, they are infuriating.
From the “You Can’t Make This Stuff Up” Dept.:
Obama panel probes stimulus waste — at Ritz Carlton
Members of a key panel created by the American Recovery and Reinvestment Act, better known as the stimulus bill, have scheduled a meeting on November 22 to consider ways to prevent “fraud, waste, and abuse of Recovery Act funds.” The meeting will be held at the super-luxe Ritz Carlton Hotel in Phoenix, Arizona.
The group is the Recovery Independent Advisory Panel, a sub-committee of the larger Recovery Accountability and Transparency board (sometimes known as the RAT board). The stimulus bill set up the Recovery Independent Advisory Panel, or RIAP, to make recommendations to identify and prevent waste of the bill’s $814 billion in stimulus spending.
Okay, the choice of venue is obviously offensive.
But isn’t it far more offensive that they’re finally coming up with “recommendations to identify and prevent waste” 21 months after the stimulus bill became law? It’s a little late for the “prevent” part.