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Bush Unveils $3.1 Trillion Spending Plan

Bush Unveils $3.1 Trillion Spending Plan

AP
February 4, 2008

http://www.youtube.com/watch?v=H5HYIAQn4Lg

President Bush unveiled a $3.1 trillion budget on Monday that supports sizable increases in military spending to fight the war on terrorism and protects his signature tax cuts.

The spending proposal, which shows the government spending $3 trillion in a 12-month period for the first time in history, squeezes most of government outside of national security, and also seeks $196 billion in savings over the next five years in the government’s giant health care programs _ Medicare for the elderly and Medicaid for the poor.

Even with those savings, Bush projects that the deficits, which had been declining, will soar to near-record levels, hitting $410 billion this year and $407 billion in 2009. The all-time high deficit in dollar terms was $413 billion in 2004.

Democrats attacked Bush’s final spending plan as a continuation of this administration’s failed policies which wiped out a projected 10-year surplus of $5.6 trillion and replaced it with a record buildup in debt.

“Today’s budget bears all the hallmarks of the Bush legacy _ it leads to more deficits, more debt, more tax cuts, more cutbacks in critical services,” said House Budget Committee Chairman John Spratt, D-S.C.

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Platinum stable near record as gold solid above $900

Reuters
February 7, 2008

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Cash platinum was hemmed in a tight band near its record high on Friday as another record high price in Japanese futures prices provided solid support due to concerns over supply problems in South Africa.

Spot gold was solid above $900 an ounce as the metal was supported despite the dollar jumping more than 1 percent against the euro on Thursday.

“There is no ceiling for platinum now as long as supply worries in South Africa remain,” said Tatsuo Kageyama, an analyst at Kanetsu Asset Management in Tokyo.

“You just can’t sell platinum considering that the country which supplies 80 percent of the world’s supply is facing trouble,” Kageyama said.

Cash platinum was trading at $1,840/1,850 an ounce as of 9:43 p.m. ET, from $1,841/1,846 late in New York on Thursday when it hit a record high of $1,850 an ounce the previous day.

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Peter Schiff On Fox Business News – (2/4/2008)

http://www.youtube.com/watch?v=JKCNZFJWiRc

Signs of Decline: New York Shoppers Can Now Pay in Euros
http://www.reuters.com/arti..RSS&feedName=domesticNews

Dozens of U.S. banks will fail by 2010: analyst
http://www.canada.com/ottawa..2-f8fbb851a367&k=53982

ICBC Deposes Citigroup as Chinese Banks Rule in New World Order
http://www.bloomberg.com/apps/ne..BhYtHt.s3gM&pid=20601103

Greenback Has Lost 30% in Past 7 Years, Becomes “Bernanke Peso”
http://www.dailyreckoning.com.au/greenback/2008/02/04/

IMF Calls For Revamping Global Government
http://www.imf.org/external/pubs/ft/fandd/2007/12/boughton.htmauthor

China’s Inflation Hits American Price Tags
http://www.nytimes.com/2..7600&en=51da850cefb4bbf5&ei=5087

UAE Likely To Revalue Dollar Pegged Currency
http://www.middle-east-online.com/english/business/?id=24186

U.S. recession could be worse than recent downturns
http://www.reuters.com/article/newsOne/idUSN0563297420080205

U.S. loses jobs for first time in 4-1/2 years
http://www.reuters.com/article/ousiv/idUSN3134479520080201

Zimbabwe Inflation At Over 26,000%
http://news.scotsman.com/world/Mugabe-in-poll-setback-as.3734498.jp

U.S. Loses Its Status As World Economic Power
http://www.newsday.com/news/o..n31,0,2812464,print.story

FDIC Gears Up For Large Bank Failure
http://www.marketwatch.com/news/story..yhoof&print=true&dist=printTop

 


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