Senate Republicans Nickel and Diming Sandy Relief

By: Thursday December 20, 2012 7:01 am

While the nonsense continues on the fiscal slope, which increasingly looks like something the nation will have to weather, the Senate has been working on an appropriation for states suffering from the disaster caused by Hurricane Sandy. The parallel has to be understood: in one part of Washington, they’re trying to put in a deficit [...]

Hurricane Sandy Relief Appropriation Running Into Trouble

By: Thursday December 13, 2012 8:30 am

While waiting around for fiscal slope negotiations to conclude, Congress has bided its time with legislation seemingly timed for the holiday travel season. The House gave final approval to a bill that would give the TSA more leeway when screening checked baggage from international airports that is going on to a separate flight in the [...]

Administration Issues $60.4 Billion Sandy Relief Request

By: Monday December 10, 2012 7:01 am

Late on Friday, the Administration made a $60.4 billion supplemental appropriation requestfor dealing with the effects of Hurricane Sandy on the East Coast. The request went directly to House Speaker John Boehner. The total is actually a bit higher than estimated. This is a rough sketch of what the Administration plans to use the funds fo.

Obama to Request $50 Billion for Sandy Relief

By: Wednesday December 5, 2012 7:45 am

For a Congress spending every waking minute talking about deficits, they sure know how to spend gobs of money above and beyond requested budgets – as long as it goes to the hands of defense contractors. The Senate version of the defense authorization bill costs $631 billion. This is $17 billion more than the Pentagon asked for. It passed 98-0. It now goes to a conference with the bill passed by the GOP-led House, which costs $3 billion MORE. The White House threatened to veto the bill over the budget overages, which is just adorable.

Still Waiting for Sandy Relief

By: Friday November 30, 2012 10:10 am

You wouldn’t know this from the coverage, as the press has moved on to deficits and grand bargains. But we still have a public health disaster in the middle of the heavily populated Eastern seaboard as a result of Superstorm Sandy and its aftermath. The New York City Health Department is warning medical providers that [...]

Christie Ups Appropriation Request for Sandy Relief

By: Thursday November 29, 2012 9:15 am

Joining New York City Mayor Michael Bloomberg and New York Governor Andrew Cuomo, New Jersey Governor Chris Christie revised his estimate upward in asking for disaster relief funds to deal with the aftermath of Hurricane Sandy, seeking $36.8 billion. The additional money would be used to reengineer beaches, including additional sand dunes, to protect the [...]

US GDP Rises to 2.7%

By: Thursday November 29, 2012 6:59 am

The Commerce Department revised its estimate of GDP in the third quarter up to 2.7%, a substantial gain from the initial estimate and an indication that the economy grew at a solid clip in the months leading up to the Presidential election, putting wind at the back of President Obama. This represents the fastest economic [...]

As New York Officials Deliver Damage Estimates, Prospects for Supplemental Funding Remote

By: Tuesday November 27, 2012 9:15 am

It’s easy to forget, amid the non-stop talk about long-term deficits, that the East Coast remains fairly ruined from the effects of Superstorm Sandy. New Jersey Governor Chris Christie – who’s going to win re-election next year by saying he’s the only man in the state equipped to handle the reconstruction efforts – already released [...]

Economic Indicators Still Point to Weak 2013

By: Tuesday November 20, 2012 7:02 am

Morgan Stanley continues to predict a weak 1.4% growth for the US in 2013. I assume some of this pessimism has to do with the potential for a nasty fiscal slope. But this forecast mirrors their previous forecast in September, so nothing has changed in their analysis in the two months where policymakers crept closer [...]

Sandy-Induced Unemployment Spike Shows Need to Focus on Jobs, Not Austerity

By: Thursday November 15, 2012 7:02 am

First-time jobless claims spiked to 439,000 after nearly a year under 400,000. The reason for this sudden weakness in the US economy? Suprestorm Sandy. This sharp increase is due to Hurricane Sandy as claims increased significantly in the impacted areas. Note the spike in 2005 related to hurricane Katrina – we are seeing a similar [...]

Cuomo Seeks $30 Billion for Sandy Relief

By: Monday November 12, 2012 7:45 am

Chris Christie thought it a proud moment to claim, two weeks after Hurricane Sandy, that all power would be restored in the state of New Jersey. The public suffering most from the effects of the storm has not been amused by the boasts and exhortations of politicians. Meanwhile, residents in Long Island who have been [...]

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