Sunday, 24 March 2013

Senate gives pre-dawn OK to Democratic budget

(AP) ? An exhausted Senate gave pre-dawn approval Saturday to a Democratic $3.7 trillion budget for next year that embraces nearly $1 trillion in tax increases over the coming decade but shelters domestic programs targeted for cuts by House Republicans.

While their victory was by a razor-thin 50-49, the vote let Democrats tout their priorities. Yet it doesn't resolve the deep differences the two parties have over deficits and the size of government.

Joining all Republicans voting no were four Democrats who face re-election next year in potentially difficult races: Sens. Max Baucus of Montana, Mark Begich of Alaska, Kay Hagan of North Carolina and Mark Pryor of Arkansas. Sen. Frank Lautenberg, D-N.J., did not vote.

The vote came after lawmakers labored through the night on scores of symbolic amendments, ranging from voicing support for letting states collect taxes on Internet sales to expressing opposition to requiring photo ID's for voters.

The Senate's budget would shrink annual federal shortfalls over the next decade to nearly $400 billion, raise unspecified taxes by $975 billion and cull modest savings from domestic programs.

In contrast, a rival budget approved by the GOP-run House balances the budget within 10 years without boosting taxes.

That blueprint? by House Budget Committee Chairman Paul Ryan, R-Wis., his party's vice presidential candidate last year ? claims $4 trillion more in savings over the period than Senate Democrats by digging deeply into Medicaid, food stamps and other safety net programs for the needy. It would also transform the Medicare health care program for seniors into a voucher-like system for future recipients.

"We have presented very different visions for how our country should work and who it should work for," said Sen. Patty Murray, D-Wash., who chairs the Senate Budget Committee. "But I am hopeful that we can bridge this divide."

A day that stretched roughly 20 hours featured brittle debate at times. The loudest moment came toward the end, when senators rose as one to cheer a handful of Senate pages ? high school students ? who lawmakers said had worked in the chamber since the morning's opening gavel. Senators then left town for a two-week spring recess.

Congressional budgets are planning documents that leave actual changes in revenues and spending for later legislation, and this was the first the Democratic-run Senate has approved in four years. That lapse is testament to the political and mathematical contortions needed to write fiscal plans in an era of record-breaking deficits that until this year exceeded an eye-popping $1 trillion annually, and to the parties' profoundly conflicting views.

"I believe we're in denial about the financial condition of our country," Sen. Jeff Sessions of Alabama, top Republican on the Budget panel, said of Democratic efforts to boost spending on some programs. "Trust me, we've got to have some spending reductions."

Though budget shortfalls have shown signs of easing slightly and temporarily, there is no easy path for the two parties to find compromise ? which the first months of 2013 have amply illustrated.

Already this year, Congress has raised taxes on the rich after narrowly averting tax boosts on virtually everyone else, tolerated $85 billion in automatic spending cuts, temporarily sidestepped a federal default and prevented a potential government shutdown.

By sometime this summer, the government's borrowing limit will have to be extended again ? or a default will be at risk ? and it is unclear what Republicans may demand for providing needed votes. It is also uncertain how the two parties will resolve the differences between their two budgets, something many believe simply won't happen.

Both sides have expressed a desire to reduce federal deficits. But President Barack Obama is demanding a combination of tax increases and spending cuts to do so, while GOP leaders say they won't consider higher revenues but want serious reductions in Medicare and other benefit programs that have rocketed deficits skyward.

Obama plans to release his own 2014 budget next month, an unveiling that will be studied for whether it signals a willingness to engage Republicans in negotiations or play political hardball.

The amendments senators considered during their long day of debate were all non-binding, but some delivered potent political messages.

They voted in favor of giving states more powers to collect sales taxes on online purchases their citizens make from out-of-state Internet companies, and to endorse the proposed Keystone XL pipeline that is to pump oil from Canada to Texas refineries.

They also voted to voiced support for eliminating the $2,500 annual cap on flexible spending account contributions imposed by Obama's health care overhaul, and for charging regular postal rates for mailings by political parties, which currently qualify for the lower prices paid by non-profits.

In a rebuke to one of the Senate's most conservative members, they overwhelmingly rejected a proposal by Sen. Rand Paul, R-Ky., to cut even deeper than the House GOP budget and eliminate deficits in just five years.

The Democratic budget's $975 billion in new taxes would be matched by an equal amount of spending reductions coming chiefly from health programs, defense and reduced interest payments as deficits get smaller than previously anticipated.

This year's projected deficit of nearly $900 billion would fall to around $700 billion next year and bottom out near $400 billion in 2016 before trending upward again.

Shoehorned into the package is $100 billion for public works projects and other programs aimed at creating jobs.

__

Associated Press reporter Andrew Taylor contributed to this report.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/3d281c11a96b4ad082fe88aa0db04305/Article_2013-03-23-US-Budget-Battle/id-0a2d0f626980495ba449672ca577046b

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Saturday, 23 March 2013

Stocks rise on Wall Street aided by earnings

Strong company earnings boosted stocks on Wall Street Friday. Investors also saw a chance to add to their holdings after declines earlier in the week.

Nike reported a surge in profit, sending its stock price to a record. Tiffany topped earnings predictions, boosted by demand from customers in Asia.

A strong run-up in stocks this year is encouraging investors to buy whenever the market dips, says Ron Florance, managing director of investment strategy at Wells Fargo Private Bank.

"We still have an astonishing amount of money sitting on the sidelines," says Florance.

The Dow Jones industrial average rose 90.54 points, or 0.6 percent, to 14,512.03 Friday. The Standard & Poor's 500 index rose 11.09 points, or 0.7 percent, to 1,556.89. The Nasdaq composite gained 22.40 points, or 0.7 percent, to 3,245.

Nike's stock hit an all-time high, rising 11 percent to $59.53 after the company reported a spike in quarterly profit. Tiffany's stock rose nearly 2 percent to $69.23 after it reported strong earnings.

Despite Friday's gains, the S&P 500 was down for the week, falling seven points, or 0.3 percent. The index was weighed down by another debt crisis in Europe and disappointing corporate news.

The Dow had its worst week in more than a month, shedding a fraction of a percentage point.

The markets got hit on several fronts.

The Mediterranean island nation of Cyprus, a banking haven, struggled to devise a plan to avoid financial collapse.

Oracle reported weak sales. FedEx, a bellwether for the economy, posted a drop in quarterly profit and cut its annual earnings forecast.

As a result, the S&P 500 logged only its second weekly decline of the year. The first came the week of Feb. 22, when investors were spooked by the minutes from a Federal Reserve policy meeting. The minutes revealed disagreement over how long to keep buying bonds in an effort to boost the economy.

A pause in the stock market run-up is due, says Terry Sandven, chief equity strategist at U.S. Bank Wealth Management. Gains this year overstate the improvement in the economy, he says.

The biggest risk to the market run-up will come when the Fed faces increasing pressure to end its stimulus program. That could happened if the economy continues to improve and stock markets rise, says Sandven.

The yield on the 10-year Treasury note rose to 1.93 percent from 1.92 percent.

Among other stocks making big moves Friday;

? Micron Technology rose 97 cents, or 10.7 percent, to $10.05 despite reporting a loss in its fiscal second-quarter later Thursday. The chipmaker said that revenue grew 3 percent, to $2.08 billion, better than analysts had expected.

? Anacor Pharmaceuticals Inc. climbed $1.24, or 25.6 percent, to $6.08 Friday, after the drug developer reported strong data from a mid-stage study of a potential chronic rash treatment.

? Marin Software, a marketing software company, rose $2.26, or 16.1 percent, to $16.26 on its market debut. The San Francisco-based company raised $105 million in its initial public offering.

? AK Steel Holding fell 16 cents, or 4.6 percent, to $3.31, after projecting a larger-than-expected first-quarter loss because a previously expected seasonal increase in demand for steel hasn't materialized.

Source: http://news.yahoo.com/stocks-rise-wall-street-aided-earnings-140542959--finance.html

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FCC chairman to resign

NEW YORK (AP) ? The chairman of the Federal Communications Commission, Julius Genachowski, on Friday announced that he's stepping down in the "coming weeks," after a four-year tenure that's garnered mixed reviews for him and tangible progress in the industries he oversees.

The country's top telecommunications regulator told a staff meeting of his decision Friday morning. His impending departure was reported Thursday by several news outlets.

Genachowski, 50, was appointed in 2009 and has hewed a middle line between the desires of public-interest groups and the telecom industry, which hasn't enamored him to either side.

His tenure has seen continued adoption of broadband and ever higher Internet connection speeds, especially on the wireless side, but consumer groups saw the approval of Comcast's acquisition of NBC as a mistake, while AT&T Inc. suffered a severe blow when its acquisition of T-Mobile USA was blocked.

"For those of us who represent the public, Chairman Genachowski's term can best be described as one of missed opportunities," said public-interest group Public Knowledge. Genachowski should have done more to assert the FCC's authority over broadband, which is lightly regulated compared to the telephone, and to prevent consolidation in the industry, it said.

In an interview, Genachowski defended the FCC's 2010 order that prohibits wired Internet service providers from blocking access to websites and services.

"We put in place the first rules to protect Internet freedom and openness, and the rules are working. We're seeing increased innovation and investment in Internet applications and services and also in Internet networks and infrastructure," Genachowski said. "I believe we've established an open Internet as a business and social norm in the U.S."

President Barack Obama, who worked with Genachowski at the Harvard Law Review, said he brought to the FCC a "clear focus on spurring innovation, helping our businesses compete in a global economy and helping our country attract the industries and jobs of tomorrow."

Rob Atkinson, president of the Information Technology and Innovation Foundation, a non-partisan think tank, commended Genachowski's FCC for its National Broadband Plan ? the first comprehensive federal plan to stimulate the availability and adoption of high-speed Internet access ? and for its efforts to put more radio spectrum to use wireless broadband.

"America's broadband economy is thriving, with record-setting private investment, unparalleled innovation in networks, device and apps, and renewed U.S. leadership around the world," Genachowski said Friday as he thanked the FCC's staff.

Genachowski's departure will follow that of Republican Robert McDowell, which leaves the five-member commission with a 2-1 Democratic majority until Obama appoints a new chairman and commissioner.

Stifel Nicolaus analysts Christopher King and David Kaut said they believe the front-running candidate for next chairman is Tom Wheeler, a venture capitalist and former president of two major trade groups, for the cable and wireless industries.

Source: http://news.yahoo.com/fcc-chairman-genachowski-step-down-141103205--finance.html

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Friday, 22 March 2013

PSA: BlackBerry Z10 (finally) arrives on AT&T today

The American BlackBerry faithful have been waiting and while those with business (and T-Mobile) intentions got there a little early, the Z10 is now available to the more typical pay-monthly masses from AT&T. Priced up at $200 on a two-year contract, you can pick it up from Ma' Bell's for-real stores and online today, just click on that source link for all those carrier details.

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Source: AT&T

Source: http://www.engadget.com/2013/03/22/psa-blackberry-z10-att/

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Stripe Partners With Parse To Integrate Mobile Payments For App Developers

screen-shot-2012-07-09-at-5-10-22-pm-1Payments startup Stripe is announcing a new partnership with Parse, a mobile app development platform. The company is also revealing that its payments platform is being used by Lyft, Exec, SideCar, OrderAhead, Sesame and Postmates to enable payments in their mobile applications.

Source: http://feedproxy.google.com/~r/Techcrunch/~3/fMj6KyntUkE/

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Chicago announces mass closing of elementary schools

By James B. Kelleher and Mary Wisniewski

CHICAGO (Reuters) - Chicago will close 54 schools and 61 school buildings by the beginning of the next academic year in the country's third-largest public school district, a move that union leaders called the largest mass closing in the nation.

The district will shutter 53 elementary schools and one high school by August, primarily in Hispanic and African-American neighborhoods. The district, which has a $1 billion annual deficit, has said it needs to close underutilized schools to save money.

Enrollment in Chicago Public Schools has fallen 20 percent in the last decade, mainly because of population declines in poor neighborhoods. The district said it can accommodate 511,000 students, but only about 403,000 are enrolled. It said that nearly 140 of its schools are more than half empty.

The controversial decision to close dozens of schools follows a bitter strike by Chicago teachers last September, fought partly over the Chicago Teachers Union's accusation that Mayor Rahm Emanuel was undermining community schools in poor areas of the city.

The school board must approve the closings and will vote on the matter May 22.

The 61 closings account for about 10 percent of elementary school facilities, according to the school district.

"Consolidating schools is the best way to make sure all of our city's students get the resources they need to succeed in the classroom," said Emanuel in a statement.

The union objects to school closings, saying they destabilize minority neighborhoods.

"They keep saying that closing schools is going to save money," said Chicago Teachers Union President Karen Lewis. "This will not save money. It's going to cost money and it's going to leave abandoned buildings, which is another recipe for disaster."

During a news conference at Mahalia Jackson Elementary School, which is marked for closing, Lewis accused Emanuel of being on a ski trip when the announcement was made.

"Mayor Rahm Emanuel should be ashamed of himself. Shanda!" Lewis said, using the Yiddish word for shame or scandal. Both Lewis and Emanuel are Jewish.

The staff of the mayor, whose children attend private school, were not immediately available to comment on his whereabouts.

Several parents don't want to see the schools closed.

"It took three schools to find the right place for my grandchild," said Menjiwei Latham, a grandparent and guardian of a student at the Mahalia Jackson Elementary School, which serves special-needs students.

Chicago Public School CEO Barbara Byrd-Bennett said that as a former teacher and principal, she knows school closings aren't easy, "but I also know that in the end this will benefit our children."

DECLINING ENROLLMENT IN URBAN SCHOOLS

Urban school districts around the country have been grappling with the issue of declining enrollment.

Over the past decade, 70 large or mid-sized cities have closed schools, averaging 11 per district, according to the National Education Association, a labor union for school teachers. This includes Washington, D.C., which closed 23 schools in 2008 and plans to close 15 more over the next two years. Philadelphia announced earlier this month that it would close 23 schools.

At the heart of the dispute over school closings in Chicago is the expansion of charter schools, which are publicly funded, but mostly non-unionized. The number of charter schools has risen even as neighborhood public schools are closed.

The union said 88 percent of students affected by Chicago school closings or other actions in the past decade were African-American and most closed schools have been in poor neighborhoods. The union said 86 Chicago public schools have closed in the past decade. The district has not provided its own number.

Chicago has promised a five-year moratorium on school closings, following this year.

Parents and school activists have complained that closing neighborhood schools endanger students because they are exposed to greater gang violence if they cross neighborhood boundaries. Chicago recorded 506 murders largely due to gang violence in 2012.

Many of the schools being closed are in the same neighborhoods that have seen frequent gun violence.

"The greatest impact is on the city's most wounded neighborhoods, places already traumatized by violence," Mark Naison, director of the Urban Studies Program at Fordham University wrote on his blog. "Make no mistake about this, this is both a local and a national tragedy."

(Reporting by Mary Wisniewski and James Kelleher in Chicago and Stephanie Simon in Boston; Editing by Greg McCune and Lisa Shumaker)

Source: http://news.yahoo.com/chicago-announces-mass-closing-elementary-schools-002746379.html

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Thursday, 21 March 2013

Visualized: Microsoft's homegrown 120-inch 4K television

Visualized Microsoft's 120inch homegrown television

Samsung's $40k work of art has nothing on Redmond's non-existent TV division: Microsoft has built a 120-inch 4K display. Don't start pinching pennies, though -- this TV was created strictly for demo purposes, and won't be coming coming to stores any time soon. Check out Pocket-lint for all the details.

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Source: Pocket-lint

Source: http://feeds.engadget.com/~r/weblogsinc/engadget/~3/4SLEH1F_PvI/

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