Congressional budget analysts on Tuesday issued a new warning about the long-term U.S. budget outlook, just as lawmakers and the White House are staring at a pair of fiscal confrontations. The nonpartisan Congressional Budget Office said that the U.S. national debt is now 73% of gross domestic product, the highest in history except for a period around World War II. The figure is twice the percentage it was at the end of 2007. Read the CBO report. Modestly lower spending, an improving economy and increased collection of income, payroll and corporate taxes have helped narrow the governments deficit this fiscal year. If current laws remain in place, CBO said, the debt will decline slightly relative to GDP over the next several years. But CBO cautioned that long-term challenges remain. It warned that growing future deficits will push the debt to 100% of GDP 25 years from now. And under another scenario that envisions changes being made to some laws including removing the so-called automatic budget cuts known as the sequester the debt would be even higher, at nearly 190%, by 2038. While sequestration and Americans record-high tax revenue has had a mitigating impact in the near term news on which the White House has been quick to seize the entitlement implosion is still stubbornly looming in the future (particularly the incoming strain on Medicare and Social Security) while we accomplish approximately zero in addressing it. Whats more, as James Pethokoukis points out at AEI, the debt itself is hardly the long and short of it. The CBO notes that the above forecast didnt factor in the harm that growing debt would cause to the economy, and, well And when you take into account stuff like howdeficits might crowd out investment in factories and computersand how people might respond to changes in after-tax wages, you find the debt is much, much larger, closer to 200% of GDP. The CBO: Projected budgetary outcomes under the extended alternative fiscal scenario are worsened by the economic changes that result from its policies.
United States Steel: Insiders vs. Shorts
However, the story is more complex than that. More and more economies are moving at different speeds. We also know that the fruits of growth are far from being shared widelythis is true for the U.S. and for many other countries. Certainly, the advanced economies are in a better place than they were six months ago. We see that with growth picking up here in the United Statesa point I will come back to a bit later. For the first time in a long time, the Euro Area is also beginning to grow, although there is still much to be done. And while Japans reform efforts are ongoing, it is also doing better thanks to aggressive policy support. Emerging market countries are the other side of the story. In large part, they helped keep the global economy afloat during the crisis. Now, while still dynamic, their momentum is slowing. For some, this may be a shift toward more balanced and sustainable growth. For others, it reflects the need to address imbalances that have made them more vulnerable to the recent market turbulence. We all talk about global interconnections and spillovers.
These disparate strikes can be done by one brother or a few of the brothers.” At the same time, Muslims should seize any opportunity to land “a large strike” on the United States, even if this took years of patience. The Sept 11, 2001 attacks, in which hijacked airliners were flown into New York’s World Trade Center, the Pentagon in Washington and a Pennsylvania field, triggered a global fight against al Qaeda extremists and their affiliates. Almost 3,000 people were killed in the attacks. In his audio speech, Zawahri said Muslims should refuse to buy goods from America and its allies, as such spending only helped to fund U.S. military action in Muslim lands. He added that Muslims should abandon the U.S. dollar and replace it with the currency of nations that did not attack Muslims. Zawahri spoke approvingly of one of the worst attacks on U.S. soil since September 11, 2001, the bombing of the Boston Marathon in April, which U.S. authorities say was carried out by two ethnic Chechen Muslim brothers. The attack killed three people and injured 264. Members of the Muslim Brotherhood and supporters of ousted Egyptian president Mohamed Mursi shout sl Zawahri sought to paint the bombing as part of al Qaeda’s violent transnational campaign of jihad or holy war against U.S. interests, even if it was relatively small-scale. “The Boston incident confirms to the Americans … that they are not facing individuals, organizations or groups, but they are facing an uprising Ummah (Muslim community), that rose in jihad to defend its soul, dignity and capabilities.” “What the American regime refuses to admit is that al Qaeda is a message before it was an organization,” he said.
Al Qaeda calls for attacks inside United States
Shorts Follow Comments Following Comments Unfollow Comments The most recent short interest data was recently released by the NASDAQ for the 08/15/2013 settlement date, and United States Steel Corp. ( NYSE: X ) is the #98 most shorted of the S&P 500 components, based on 6.25 days to cover. There are a number of ways to look at short data, but one metric that we find particularly useful is the days to cover because it considers both the total shares short and the average daily volume of shares typically traded. The number of shares short is then divided by the average daily volume, to express the total number of trading days it would take to close out all of the open short positions if every share traded represented a short position being closed. Click here to find out Ten Bargains You Can Buy Cheaper Than The Insiders Did In the case of United States Steel Corp. ( NYSE: X ), the total short interest at the 08/15/2013 settlement date was 41,165,628 shares, which compares to the average daily trading volume of just 6,581,355 shares, for a days to cover ratio of 6.25. When short sellers eventually cover their positions, by definition there must be buying activity because a share that is currently sold short must be purchased to be covered. At the present levels of short interest, if from this point forward every single X share traded represented a short position being closed, then at the average daily volume of 6,581,355 shares it would only be during the 7th trading day that every short position would be closed. So it would stand to reason that should some unexpectedly good news come out, and short sellers did not have 7 days of patience but instead wanted to cover their short positions very suddenly, that situation could result in sending the stock higher until the higher price produces enough sellers to generate the necessary volume to close out those positions quickly. United States Steel Corp. ( NYSE: X ) has something relatively rare for a stock with this much short interest, that being insiders taking the other side of the trade. Looking back over the trailing six month period, X has seen 2 different instances of insider buying, as summarized by the table below: Purchased