Headlines

President Obama signed a debt deal at 12:30 a.m. averting a catastrophic debt default in the nick of time.

In a city of manufactured crisis it is sometimes hard to distinguish real issues from fake ones, but the debt ceiling deadline is a serious issue. Since Congress failed to pass a budget, the Treasury Department ran out of authority to borrow months ago. October 17, 2013 was the day that the Treasury Department said it would be unable to juggle the accounts to pay the nation's obligations.

The consequences of a default to the economy would be catastrophic, stocks and pension funds would crash as interest rates would jump. Just the two-week government shutdown and the threat of default took a $24 billion dollar bite out of the economy, says the S&P.

The Campaign to Fix the Debt, the $40 million dollar astroturf “supergroup” that CMD exposed on the cover of the Nation magazine, has shifted into high gear in an effort to leverage the debt ceiling crisis into cuts to Social Security and Medicare.

The 2010 Citizens United decision was premised on the dubious notion that expenditures made "independently" of candidates by groups like Super PACs are less likely to have a corruptive influence than direct contributions to candidates and parties. In Tuesday's oral arguments in McCutcheon v. FEC, the latest case to challenge campaign finance limits, at least some justices acknowledged the folly of their reasoning in Citizens United, but nonetheless appear likely to further restrict Congress' ability to limit money in politics.

-- by Bob Sloan, Guest Contributor

"The taxpayers have been left holding the bag.... As a result of this I think there is going to be a lot more oversight."

Those were statements made by Nevada Assemblyman James Ohrenschall in an interview on Vegas Inc. September 21. Mr. Ohrenschall is the former chairman of the Legislature's Interim Finance Committee on Industrial Programs. At the time of that interview, the IFC Committee was meeting to investigate facts that prompted his concerns.