What Else is New? - U.S. Now Discouraging Investment

Union Pacific Corp.’s chief executive officer said U.S. lawmakers (right) are discouraging needed investment even as federal transit authorities call for $77.7 billion in rail- and bus-system improvements. Congressional legislation now in committee would increase government oversight of mergers and allow shippers to challenge rates. The measures are making it hard for rail companies to plan, Chief Executive Officer Jim Young said yesterday in a telephone interview. Read more here:

$26 Trillion in Tax Hikes Coming?

WASHINGTON, July 22 /PRNewswire-USNewswire/ -- The Obama Debt Commission's Democrat Co-chairman Erskine Bowles and prominent GOP Senator Judd Gregg (R-N.H.) today called for a massive, $26.7 trillion tax increase on the American people. In an interview today with ABC News, Gregg said the following:  “Everything has to be on the table – there’s no question about that,” Sen. Judd Gregg, R-N.H., said on ABC/Washington Post’s “Top Line” today. “Erskine Bowles, one of the co-chairmen of the commission, has suggested a 75-25 split -- 75 percent of the savings being in spending, and 25 percent in revenues...“I think it's likely that there will have to be a revenue component, but it should be significantly, dramatically -- and a 3-1 ratio is pretty dramatic -- dramatically less than the initiatives in the spending side of the ledger.”  Read more here:

Kudlow - It's a Fiscal Problem, Not a Fed Problem

Ben Bernanke threw a curveball in his midterm report to Congress this week. The Fed view of the economy has been downgraded since it last reported in February. Although the official Fed forecast for 2010-11 is still 3 to 4 percent real growth, Bernanke sounded particularly gloomy when he characterized the economy as “unusually uncertain.” And he indicated that the majority view of the Fed Board of Governors and Reserve Bank presidents is that the risks to growth are “weighted to the downside.” Read more here:

Steve Pearce in Las Cruces

Former U.S. Congressman Steve Pearce (left) has been very busy in Las Cruces this weekend. He spoke at a function concerning Prosperity in America yesterday. Pearce is running against Harry Teague for his old seat in November. The podcast of our interview with Pearce on News New Mexico  Friday is available on the KSNM logo on the top left hand side of this site.
After appearing on News New Mexico Friday morning Pearce attended a big fundraiser event Friday night. At the event Pearce spoke in support of local physician Dr. Terry McMillan (right) who is running for the District 37 seat in the New Mexico House of Representatives against Jeff Steinborn. Dr. McMillan called for sweeping reform of government in Santa Fe after nearly eighty years of one party rule in New Mexico.
The fundraiser for Dr. McMillan was well attended by many prominent local citizens and a few elected officials. Those in attendance included City Councilor Dolores Connor (left) who also appeared on News New Mexico last Tuesday to explain her reasons for delaying the construction of North Sonoma Ranch Boulevard.