Tiger is Back, and Other Sports News

Yesterday gave us a reminder that the world is not all consumed with budgets and deficits and unemployment figures and politics. Yesterday was also about sports. In the world of golf, Tiger Woods made his season debut at the Accenture WGC Match Play Championship. Tiger has been out since his 91 hole victory over Rocco Mediate in the 2008 U.S. Open (considered by some – myself included – to be one of the greatest U.S. Opens since probably Bobby Jones played.) After the U.S. Open, Tiger announced that he needed season ending knee surgery, and that he played the Open, against doctor’s orders, while requiring anterior cruciate ligament (ACL) surgery on his left knee. Woods also revealed that he had been playing for at least 10 months with a torn ligament in his left knee, and sustained a double stress fracture in his left tibia while rehabbing after previous surgery. The fact that he was walking, let alone playing golf that week was incredible.

Tiger was not Tiger-like yesterday, but still easily dispatched Australian Brendan Jones 3 and 2. In other match play news, world number 2, Sergio Garcia lost 1dn to Charl Schwartzel, as Sergio completely blew 17 and 18. Anthony Kim easily dispatched Wen-Tang Lin 7 and 5 and my personal favorite, Boo Weekley, defeated Justin Rose 1up. As Boo approaches the weekend look for the crowds to get wild, as Arizona golf crowds are not known for their subdued nature (see, TPC Scottsdale, 16th hole)

In baseball news, the Mets and Yankees both played their first spring training games, with the Mets defeating the Orioles 9-3. Second Basemen Luis Castillo had 4 RBIs and Left Fielder Ryan Church drove in 3. The Yankees defeated Toronto 6-1, with Alex “Steroid” Rodriquez smacking a home run.

Lastly, the Knicks reached agreement with Coney Island native Stephon Marbury on a buyout of his contract. Marbury has not played for the Knicks since refusing to play a November game. It is rumored that Marbury will sign with the World Champion Celtics this week.

Now wasn’t that sports round-up a welcome break from the economy?

Pres. Obama Reveals $3.6 Trillion Budget Plan

WASHINGTON (AFP) – US President Barack Obama unveiled a 3.606 trillion dollar budget Thursday that outlines aggressive plans to boost the recession-stricken US economy and overhaul its health care system.

The fiscal 2010 spending plan encompasses Obama's efforts to pull the country out of its worst economic crisis since the Great Depression of the 1930s.

"The time has come to usher in a new era -- a new era of responsibility in which we act not only to save and create new jobs, but also to lay a new foundation of growth upon which we can renew the promise of America," Obama said in his budget message.

"This budget is a first step in that journey."

The spending would mark a decline from the 3.724 trillion dollars projected for the current fiscal year, which ends September 30.

In the current fiscal year, begun under former president George W. Bush, the new budget projects a deficit of 1.750 trillion dollars. That amounts to 12.3 percent of gross domestic product, the biggest since World War II.

In fiscal year 2010 which starts October 1, the budget forecasts a deficit declining to 1.171 trillion dollars.

The projected spending would include some 200 billion dollars to fight wars in Iraq and Afghanistan over the next 18 months, and a huge 634 billion dollar, 10-year fund to pay for health care reforms, a key plank of Obama's election campaign.

Overall, the president is seeking 663.7 billion dollars in defense spending for fiscal 2010 that includes the costs of wars in Iraq and Afghanistan, an increase of roughly 1.5 percent.

Obama has also asked for 250 billion dollars to be set aside if needed to bailout the US financial industry, on top of the 700 billion dollars already committed to the effort.

The Obama administration currently has no plans to use the extra bailout money, but wants the funds included as an "overly conservative" place-holder just in case, a senior administration official said.

The budget is due to set the stage for a fierce battle in Congress, with many Republicans angered by plans to raise taxes on the country's wealthiest, seen as one of the ways of increasing revenues.

Only three Republican senators rallied behind Obama's 787-billion-dollar stimulus plan to revitalize the ailing US economy.

The budget attempts to fulfill a campaign pledge to raise taxes on Americans earning more than 250,000 dollars a year from 35 percent to just under 40 percent, yielding some two trillion dollars in 10 years.

Major savings are expected by winding down US military efforts in Iraq, which currently soaks up some 170 billion dollars a year.

Obama's request includes 75.5 billion dollars for this year to send more US troops to Afghanistan, officials said.

The president also seeks 130 billion dollars for Iraq and Afghanistan for the 2010 budget and set operations in those countries at 50 billion dollars annually in the next several years.

An Obama administration official, speaking on condition of anonymity, said the massive health care fund would be financed by raising taxes on highest earning Americans and by savings from existing health care programs.

So, gone are the Bush tax cuts. In are increased taxes and more government spending. As stated in the NY Times:

In a document summarizing its proposals, the White House said it would finance coverage for the uninsured in part by “rebalancing the tax code so that the wealthiest pay more.”

To narrow the deficits, the president proposed $636.7 billion in tax increases on the wealthy over the next 10 years, largely by reversing tax cuts passed by President George W. Bush on taxpayers who make $200,000 or more, or $250,000 for married couples. The top income tax bracket would go back up to 39.6 percent from 36 percent and capital gains and dividends for those over the income limits would be taxed at 20 percent.

The White House also proposed tax provisions that would raise $353.5 billion on over 10 years by repealing credits and reductions for oil and gas companies, toughening tax collections and other changes in tax law.

On the other side of the ledger, Mr. Obama would cut taxes for lower and middle class Americans by $770.1 billion over 10 years and for businesses by $149.4 billion.

So, for a couple making $250,000 a year, Obama's plan raises their taxes by $9,000 a year. In one of the toughest economic times, Obama is going to raises taxes a MINIMUM OF $9,000 PER YEAR FOR A MARRIED COUPLE MAKING $250,000. In a city like New York, $250,000 a year is not a lot of money for a couple, when the average 1 bedroom apartment goes for close to $1,000,000.00 (and no, I didn't add a few extra zeroes.) Also look for Obama to cut the mortgage interest tax deduction, as many liberals feel this is highly regressive.

Pres. Obama to Address the Nation on Budget Issues

Barreling ahead on a mammoth agenda, Barack Obama is ready to offer a detailed sketch of the first year of his presidency, casting the nation's bleeding economy as a tangle of tough, neglected problems.

In a prime-time speech from the House of Representatives, Obama will make his case Tuesday that much more has to be done to turn around the economy — a message he knows he must explain.

White House spokesman Robert Gibbs said Tuesday that Obama will provide more details about his financial stability plan and measures to help the economy while delivering "a sober assessment about where we are and the challenges we face."

"He'll say we're on the right path to meeting these challenges, and there are better days ahead," Gibbs said.

Already, the nation is nearly dizzy keeping up with what's emerged from Washington during Obama's first weeks as president, from a staggering $787 billion stimulus plan to a revamped bailout for the financial sector to a rescue plan for struggling homeowners.

The president has also said reforming health care, including burgeoning entitlement programs, is a huge priority.

Although Obama is too new in office to be delivering a State of the Union address, his speech will have all the same trappings. It comes two days before he delivers a budget blueprint to Congress. Unlike that detail-driven document, his address will be broad, spelling out what he wants and how he will do it.

The economy, in its worst tailspin in decades, will dominate. Obama will touch on foreign policy, but that will largely be left for other upcoming speeches. This will not be a rollout of one policy initiative after another.

Obama will make clear that the trillion-dollar-plus deficit is one he "inherited." In other words, he wants to remind people that President George W. Bush and the previous Congress left him a big hole, forcing him to pursue the costly stimulus package.

The president will push for movement on ensuring health coverage for all Americans. He will seek to expand educational opportunities, and diversify the country's energy sources, and contain sacred entitlements like Social Security, and halve the soaring budget deficit in four years.

Interesting that only a Democrat would feel that if you inherit a trillion dollar deficit that the way to get out of it is to spend almost a trillion dollars more -- a trillion dollars that will actually cost taxpayers more than 1.5 trillion, and which the non-partisan congressional budget office says will NOT stimulate the economy and WILL hurt the economy in the long run.

So what is in Pres. Obama's new plan?

A $410 billion spending bill unveiled yesterday will fund the US government for the rest of the fiscal year - and kick in $2.2 million for the Center for Grape Genetics in upstate New York.

The measure comes just days after the $787 billion economic-stimulus package was signed; it'll be voted on by the House later this week.

But it's not all nuts and bolts - there's plenty of pork, like the millions for the grape center in Geneva, NY, thanks to Sen. Chuck Schumer, and Reps. Maurice Hinchey and Michael Arcuri.

Other New York earmarks include: $143,000 for Manhattan's American Ballet Theatre "for educational activities"; $214,000 for Stony Brook University "to teach scientists how to effectively communicate with the public and the press"; and $950,000 for a Poughkeepsie pedestrian bridge.

The measure also includes $500,000 for a Senate "pilot program" to defray the cost of mass-mail postcards notifying constituents of town-hall meetings.

Its a shame. The democrats cannot help themselves in loading up on pet projects and pork. There is no fiscal responsibility in Washington. While the President held a "fiscal responsibility summit" yesterday, Michelle Malkinpoints out, the President has been anything but:

President Obama just finished up his opening remarks at a “fiscal responsibility” summit to address skyrocketing budget deficits.

How about paying your own damn bills first, Mr. President?

There’s yet another new report of Obama campaign/DNC unpaid bills — this one from Springfield, Illinois. Obama owes the city at least $65,000 for overtime and other costs.

That’s in addition to the nearly $2 million Obama still owes the city of Chicago.

And the $24,000 Obama owes the city of Philadelphia.

Deadbeatonomics for He, but not for thee.

Change -- all that is left in my pockets after an Obama Administration -- that you can believe in.

Atlantic City Casinos Face Bankruptcy and Even Foreclosure

ATLANTIC CITY — Uncertainty has always been a way of life for casinos who make their money on games of chance. But now, Atlantic City casinos are looking at their own futures with uncertainty.

Donald Trump quit as chairman of the casino company he once ran, and wants his name off the three casinos that have been synonymous with Atlantic City for decades, now that they're in bankruptcy for the third time.

The Tropicana Casino and Resort will file for bankruptcy next month, and Resorts Atlantic City — the first casino in New Jersey — could also become the first to be foreclosed on.

Since gambling was legalized here nearly 31 years ago, never has the country's
second-largest casino market gone through this turbulent a time.

In addition to the economic slump, which leaves people with less money to gamble, Atlantic City's 11 casinos are being battered by fierce competition from slots parlors in Pennsylvania and New York. Those gambling halls are attracting people who recently had no choice but to come here unless they wanted to get on a plane to Las Vegas, or drive to faraway casinos in other states.

"We've never seen it like this," said Linda Kassekert, chairwoman of the New Jersey Casino Control Commission. "This is a global recession, and the impact on discretionary income, you just see it immediately."

Last year, gambling revenue at Atlantic City's casinos fell 7.6 percent. The year before that, it was down 5.7 percent.

This really comes as no shock. The economy sheds 500,000+ jobs a month and retires loose half their retirement savings, they are not going to take there money to Atlantic City to gamble with. Similar downturns have been seen in Las Vegas and the Connecticut casinos (which are also direct competitors for Atlantic City.)

Also, I have been saying for years that Atlantic City has a poor business model. The casinos never invested the kind of money into the surrounding community to make it family friendly. AC is not a vacation destination the way Las Vegas is, but it could be. There is no reason why the surrounding area of AC could not be filled with shopping, amusement parks, restaurants, theaters, etc. Only recently has New Jersey started direct train service from Manhattan to AC. An outlet shopping center recently opened, but more needs to be done.

Another problem is AC hotels themselves. I have always complained that AC hotels try to make their money off of the hotel rooms themselves. AC hotels out price their market for hotel rooms. They never learned that if you save me money on the hotel room I can stay there longer and actually gamble more and spend more money in your restaurants and gift shops. More comps bring back the players quicker and that means more money to the casinos. That leads into my last AC casino gripe, the tables themselves. AC casinos rather have a $25 craps table empty on a Saturday night than lower it to $5 or $10 and have it packed. There are more low-rollers than high-rollers. And recognizing that fact is sure way to raise more money.

The problem is that New Jersey is heavily dependent on the revenues generated by Atlantic City. AC provides jobs, tax revenue, some tourism and is a huge revenue generating stream for the state. If AC fails, NJ tax stream will decrease, thus further hurting the little guy.

Police to Issue Warrant In Chandra Levy Murder

And no, its not for Gary Condit.

Police investigating the 2001 "cold case" murder of Washington intern Chandra Levy plan to seek a warrant for the arrest of a convicted felon, currently serving jail time, who has emerged as the primary suspect in the Levy case.

The suspect, Ingmar Guandique, has been in jail since approximately July 2001 for two nonfatal attacks on women in the city's Rock Creek Park in Washington, D.C., where Levy's body was discovered in 2002.

Police hope to serve the warrant before Guandique is paroled.

Officially police are not commenting on the case, but a source inside the D.C. police department told ABC News that Police Chief Cathy L. Lanier had contacted the Levy family to update them on developments.

"The Metropolitan Police Department has no information available for release in this ongoing investigation. This case generated numerous bits of information, which we continue to follow up on," police said in a statement.

This serves as a reminder that we should not all jump to conclusions in criminal cases just because the media pins the crime on one person. Condit may not have been the greatest person, he was having an affair with the 24 year old, but he and his family did not deserve to have to deal with being accused of murder for all these years. This again shows the need for media restraint. Condit was all but convicted in the eyes of the public because of the media zealousness to over report the story with a bias slant. Look for the real killer's attorney to use the media reports on Condit when trying to show reasonable doubt.