Friday, May 11, 2012

budget surplus?

NEW YORK (CNNMoney) -- For the first time in more than three years, Washington took in more money than it paid out last month.

The Treasury Department on Thursday recorded a $59 billion surplus. Tax receipts were higher and spending lower than they were last April.

The government has been bedeviled by budget deficits. The last time federal coffers were in the black for a month was September 2008, when Treasury reported a $46 billion surplus.

Of course, a lot has happened since then: a historic financial crisis, a deep recession and a slow recovery.

To counteract the negative effects on the economy, lawmakers have passed at least $2 trillion in tax cuts and spending increases since 2008.

Even though a surplus after so much time is welcome news, it's not likely to be the start of a trend. Including the April surplus, Treasury forecasts a $1.33 trillion deficit for fiscal year 2012, which ends Sept. 30.

Wednesday, May 09, 2012

Obama declares support for gay marriage

WASHINGTON >> Equivocal no longer, President Barack Obama declared his support for gay marriage on Wednesday in a historic announcement that instantly elevated a polarizing social issue to a more prominent role in the 2012 race for the White House.

The announcement was the first by a sitting president, and Obama's Republican rival, Mitt Romney, swiftly disagreed with it. "I believe that marriage is between a man and a woman," Romney said from Oklahoma.

Gay rights advocates cheered Obama's declaration, which they had long urged him to make. Joe Solomonese, president of the Human Rights Campaign, said it "extends that message of hope" to gays and lesbians.

Obama announced his shift — he had said for years that his views on gay marriage were "evolving" — in an interview with ABC in which he cited a blend of the personal and the presidential.

He said "it wouldn't dawn" on his daughters, Sasha and Malia, that some of their friends' parents would be treated differently than others, and added that he had thought of aides "who are in incredibly committed monogamous same-sex relationships who are raising kids together."

He added he had also thought about "those soldiers or airmen or Marines or sailors who are out there fighting on my behalf, and yet feel constrained even though now that 'don't ask, don't tell' is gone because they're not able to commit themselves in a marriage."

The president's decision to address the issue came on the heels of a pair of events that underscored the sensitivity of the issue.

Vice President Joe Biden said in an interview on Sunday that he is completely comfortable with gays marrying, a pronouncement that instantly raised the profile of the issue. White House aides insisted the vice president hadn't said anything particularly newsworthy, but gay rights groups cited Biden's comments in urging the president to announce his support.

On Tuesday, voters in North Carolina — a potential battleground in the fall election — approved an amendment to the state constitution affirming that marriage may only be a union of a man and a woman.
While the nation appears roughly divided on the issue, the political cross-currents are tricky.

Some top aides argued that gay marriage is toxic at the ballot box in competitive states like North Carolina and Virginia because, as Tuesday's vote demonstrated, the issue remains a reliable way to fire up rank-and-file Republicans. It also could open Obama up to Republican criticism that he is taking his eye off the economy, voters' No. 1 issue.

Other Democratic supporters claim Obama's decision could energize huge swaths of the party, including young people. He also could appeal to independent voters, many of whom back gay marriage, and he could create an area of clear contrast between himself and his Republican rival as he argues that he's delivered on the change he promised four years ago.