Congress...why no budget?

[boedicca]

This likely explains there reluctance: Tax withholding receipts are falling; 2010 so far is below 2009. That's not a recovery - Obamanomics is not working. Without economic growth, the real answer is to cut spending - but Congress doesn't want to face that reality.

Below is an update of the most recent US Treasury tax withholding picture. As one can very plainly see it is getting worse, on both a week over week, a YTD cumulative basis, and, probably most relevantly to some readers, on a 4 week running bucket cumulative basis. In the week ended April 16, the US Treasury collected $29.3 billion, 10% less than the comparable week in the prior year when $32.5 billion was withheld. Cumulatively, the difference is now at an almost 2010 low, dropping to a $16.7 billion difference between the YTD period and the comparable period in 2009.

The WoW chart below is self-explanatory.

Week 15 US Tax Withholdings Drop, YoY Cumulative Divergence Now At Second Highest For 2010 | zero hedge

 

[PatekPhilippe]

Not only that but Social Security is officially in the red. The Government has begun cashing the bonds aquired over the years. You know what this means? Congress just lost a HUGE funding source for their budget!!!!! Right now they are going crazy!!!!!

 

[boedicca]

And the Chinese are requiring hiring interest payments for Treasuries.

 

[PatekPhilippe]

Indeed...the third step....Chinese divesting themselves of U.S. debt....

The funny thing is this...Congress thinks if they don't discuss it or make it known to the public that they've lost a huge funding source for their budget that America will think everything is just fine.

Guess what Obama and Congress....America sees that everything you guys touch...you break.

 

[saveliberty]

Very likely with the lack of a budget and 0bama care passing, that voters will reject over 100 Democrats in November. No way do the jobs numbers look better by then either. Interest rates have to increase. The pressure to do so is huge. Higher interest will keep employers from hiring. The irony is Democrats are going to be victims of their own legislation.

 

[PatekPhilippe]

Very likely with the lack of a budget and 0bama care passing, that voters will reject over 100 Democrats in November. No way do the jobs numbers look better by then either. Interest rates have to increase. The pressure to do so is huge. Higher interest will keep employers from hiring. The irony is Democrats are going to be victims of their own legislation.

and they wonder why the Tea Party is gaining momentum....it's seeing the damage done and the potential for further damage as new laws are passed by the Obama regime. The funny thing is...all Obama had to do was worry about the economy first...and then worry about getting the country 3 trillion dollars in debt in his first year in office.

 

[Samson]

And the Chinese are requiring hiring interest payments for Treasuries.

Racist!!