There is a fund separate from the defence budget called "the reserve" which could be raided.
We've also set aside in our budget a health care reserve fund to finance comprehensive reform.
President Herbert Hoover believed in a balanced budget, and our Federal Reserve Board sat on its hands while investors bought stock on 10% margin.
According to "reserve language" in the budget resolution, more spending could follow, so long as more revenue becomes available--from somewhere--to put in the Highway Trust Fund.
With the budget deficit in double digits and the Federal Reserve's balance-sheet swollen, dollar bears are once again forecasting that the slide could become a rout and spell the end of America's status as the world's reserve currency.
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Federal Reserve Chairman Ben Bernanke told the Senate Budget Committee the economic recovery is likely to be "moderately stronger" in 2011 than it was in 2010, but still insufficient to reduce the rate of unemployment significantly.
In testimony before the House Budget Committee Feb. 9, 2011, Federal Reserve Chairman Ben Bernanke blew the whistle on these projections when he endorsed large spending reductions and fessed up that unless Congress cuts spending dramatically there is no way to grow our way out of a looming fiscal crisis of the welfare state.
It is not subject to any Congressional authority, because it is statutorily empowered to set its own budget, and raise its own funds through the Federal Reserve Board.
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As the Federal Reserve continues to monetize half of our annual budget deficit, the dollar will continue to decline in value and the risk of rapidly rising interest rates will increase.
Catalysts for such an increase would not only include expectations for some type of agreement out of Washington on the budget and taxes, but also actions by the Federal Reserve and the European Central Bank (ECB).
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These factors include: the European sovereign-debt markets in chaos threatening the viability of the euro, the budget deadlock in the U.S. Congress, Federal Reserve Chairman Ben Bernanke implying yet more monetary ease, rating agencies threatening a downgrade on U.S. debt and Middle East turmoil.
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Its opinion on U.S. debt may be telling, even as Chairman of the Federal Reserve Ben Bernanke warned in a remark to the Congressional budget committee Wednesday that failing to reduce the deficit significantly could have catastrophic consequences for the U.S. in the near term.
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America would resist, because losing its reserve-currency status would raise the cost of financing its budget and current-account deficits.
And on Wednesday, Federal Reserve Chairman Ben Bernanke warned a congressional committee that the sequester budget cuts would hurt the US economy.
But in 1969, as the strains between America's budget deficit and the dollar's gold peg emerged, an artificial reserve asset was created: the Special Drawing Right (SDR), run by the IMF.
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Studies by the Congressional Budget Office (CBO), Oxford University, U.S. Treasury, Federal Reserve Bank of Kansas City, National Bureau of Economic Research, American Enterprise Institute, and several others have all concluded at different times that lower hourly wages account for a substantial portion of corporate income tax payments.
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While most of the Lenovo attention of late has centered around the mysterious Reserve Edition and Olympic-trained lappies, the firm hasn't forgot about the budget set in the meantime.
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The Ministry of Defence said the cost of repatriating equipment from Afghanistan would be met by the Treasury's Special Reserve - traditionally used to pay for in-theatre operations - rather than the defence budget.
Federal Reserve Chairman Ben Bernanke faced off with Republican Representative Paul Ryan, who now heads the House Budget Committee, on Wednesday.
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