Archives for February 2012

Looking ahead in the race for the GOP nomination

As had come to be expected in days prior, Mitt Romney took Florida easily last night over Newt Gingrich, who defiantly promised to press on for the forseeable future despite the struggling to win a state where he had a lead a week before the primary.

Here are the results of the Florida Republican primary:

  • Mitt Romney: 46%
  • Newt Gingrich: 32%
  • Rick Santorum: 13%
  • Ron Paul: 7%

Romney wins all of the state’s 50 delegates, which was cut by 50% per Republican National Committee rules due to the Florida GOP holding its primary before March 6th (Super Tuesday). Gingrich wins nothing and the momentum he had built after South Carolina has been squandered after a couple bad debate performances, particularly the one in Jacksonville last Thursday.

So where is the race as it stands now? It appears that Gingrich doesn’t have high hopes for the Nevada and Minnesota caucuses. You’d have to expect Ron Paul to be a factor in both of those states, where his campaign directed its focus instead of competing Florida. However, Super Tuesday, which will include his home state of Georgia, may offer more to Gingrich. We’ll get a clearer picture of what to expect next month in the coming days as polling firms will no doubt provide us with plenty of numbers.

CBO: Deficit to exceed $1 trillion in 2012

On the campaign trail and during the third presidential debate with Sen. John McCain (R-AZ) in 2008, then-candidate Barack Obama promised that Americans would see a “net-spending cut” during his presidency.

The claim was met with a boatload of skepticism given that Obama was proposing massive expansions in healthcare and non-defense discretionary spending; however, we all crossed our fingers that he would follow through, but we didn’t hold our breath.

The skepticism proved to be justified. Just a couple of months after coming into office, President Barack Obama told Americans that under his budget that there would be trillion dollar deficits as far as the eye can see.

He wasn’t kidding. The Congressional Budget Office released its budget report for this current fiscal year yesterday, predicting yet another trillion dollar budget deficit and unemployment hovering around 9%:

The Congressional Budget Office on Tuesday predicted the deficit will rise to $1.08 trillion in 2012.

The office also projected the jobless rate would rise to 8.9 percent by the end of 2012, and to 9.2 percent in 2013.

These are much dimmer forecasts than in CBO’s last report in August, when the office projected a $973 billion deficit. The report reflects weaker corporate tax revenue and the extension for two months of the payroll tax holiday.
If the CBO estimate is correct, it would mean that the United States recorded a deficit of more than $1 trillion for every year of Obama’s first term.

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