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Monday March 16, 2015

// March 16th, 2015 // Comments Off on Monday March 16, 2015 // Daily News

GOP to offer budget blueprint, with Medicare, food stamp cuts

Republicans now in charge of Congress offer their budget blueprint this week with the pledge to balance the nation’s budget within a decade and rein in major programs such as food stamps and Medicare.
More pressing for many Republicans, however, is easing automatic budget cuts set to slam the military.
The chairmen of the House and Senate Budget panels plan to release their budget plans this week—the House on Tuesday and the Senate on Wednesday. The nonbinding measure called a budget resolution sets broad parameters on taxes and spending; it requires follow-up legislation later this year to implement its balanced-budget goals, and Republicans are unlikely to take on that task as long as President Barack Obama occupies the Oval Office.
House Budget Committee Chairman Tom Price, R-Ga., and Senate Budget Committee Chairman Mike Enzi, R-Wyo., plan to produce blueprints that would balance the budget within 10 years—without raising taxes.
Instead, they will propose major spending cuts to programs such as Medicare, health care subsidies, food stamps and the Medicaid program for the poor and elderly to produce a budget that’s balanced. Such cuts, if actually implemented later, would likely slash spending by $5 trillion or so over the coming decade from budgets that are presently on track to spend almost $50 trillion over that timeframe.
To the dismay of defense hawks, however, they can’t really use Congress’ arcane budget process to repeal automatic Pentagon cuts that will strip $54 billion from core Pentagon programs based on limits set under a hard-fought 2011 budget deal. Nor can they match Obama’s proposal to add $38 billion to the Pentagon’s budget next year without exposing the entire budget to a parliamentary challenge by Democrats.
That has deficit and defense hawks like Senate Armed Services Committee Chairman John McCain, R-Ariz., fuming.
“If we’re going to have a lower (defense) number than the president of the United States is proposing, we have no credibility on saying that we are committed to defending this nation – not when every service chief, every witness before our committee says it will devastate … our ability to defend the nation,” McCain said. “You can’t do that and claim that you care about national defense.”
In the House, 70 Republicans have signed a letter by Rep. Mike Turner, R-Ohio, pledging their “unwavering support” for Obama’s $561 billion defense request instead of the $523 billion amount mandated under the 2011 budget deal. That law requires automatic spending cuts for years because of the failure of Congress to produce follow-up deficit cuts.

Today’s Inspiration

Focus on God’s Promises

by Joyce Meyer – posted March 16, 2015

For I the Lord your God hold your right hand; I am the Lord, Who says to you, Fear not; I will help you!
—Isaiah 41:13

The Lord says to you this morning the same thing He told Jacob in a dream: “I am with you and will keep (watch over you with care, take notice of) you wherever you may go, and I will bring you back to this land; for I will not leave you until I have done all of which I have told you.” (Genesis 28:15). Keep your mind on this promise in spite of any news you may hear that tempts you to be afraid today.

God promises to be with you, watch over you with care, take notice of you wherever you may go, and bring you back again. He says He will not leave you, and He will complete all the promises He has made to you. This means that no weapon formed against you will prosper (See Isaiah 54:17).

Wednesday March 11, 2015

// March 11th, 2015 // Comments Off on Wednesday March 11, 2015 // Daily News

Expect 5-10% market correction, expert says

The stock market could see 5-10 percent correction before it heads higher, strategist Steve Auth told CNBC on Tuesday.
That’s because the near-term news for the United States has not been great, the equities chief investment officer at Federated Investors said in an interview with “Power Lunch.”
“Oil, we think, is heading lower. We think the dollar is heading much higher against the euro. That’ll be taken as bad news. A lot of focus [is] on the Fed’s next hike, which we think will be June,” he said.
Plus, economic numbers hit a bit of a “soft patch,” he added, and earnings for the first quarter probably won’t be exciting.
Still, Auth said, the market will end the year higher, with the S&P 500 hitting 2,350.
“We think this is one of these years in the U.S. that is going to be pretty back-half loaded,” he said.
Jeff Hussey, global chief investment officer at Russell Investments, also wouldn’t be surprised by a pullback of more than 5 percent.
He said because of the strong dollar, record-high profit margins and oil prices, which he thinks will start to drag on the corporate sector, Russell Investments has been underweight U.S. equities within its global portfolio since December.
He’s emphasizing Europe.
“The sentiment there is pretty bad, the valuations are cheaper and the ECB continues to stimulate. I think you don’t want to fight the central bankers anymore,” Hussey said.

Today’s Inspiration

Childlike Faith

by Joyce Meyer – posted March 11, 2015

Whoever will humble himself therefore and become like this little child [trusting, lowly, loving, forgiving] is greatest in the kingdom of heaven.
– Matthew 18:4

A child’s faith is simple. A child doesn’t try to figure everything out and make a detailed blueprint of exactly how he will get what he needs. He simply believes because his parents said they would take care of him.

Thankfully, the same can be true for us. As believers, our joy and peace are not based in doing and achieving— trying to figure everything out and fix it ourselves. They come with believing.

Joy and peace come as a result of building our relationship with the Lord. Psalm 16:11 tells us in His presence is fullness of joy. If we have received Jesus as our Savior and Lord, He, the Prince of Peace, lives inside us (see 1 John 4:12– 15; John 14:23). We experience peace in the Lord’s presence, receiving from Him and acting in response to His direction. Joy and peace come from knowing and believing— trusting in the Lord with a simple, childlike faith.

Prayer of Thanks
I am thankful that my joy and peace are not based on my abilities. Father, it is in You that I find everything I need. Today, I come to You with a childlike faith, trusting that You will take care of any problem in my life. Thank You, Father, that You are in control of my life, and my joy and peace are found in You.