Possibly the most important showdown was the debt-ceiling fight of August 2011. It “threatened the country's ability to meet its financial obligations and resulted in an unprecedented downgrade in the U.S. credit rating by Standard and Poor's. The subsequent failure of the bipartisan super-committee to reach a deal on $1.2 trillion in targeted budget savings over ten years unleashed automatic spending cuts for both defense and non-defense spending”
Gov. Chet Culver has ordered a 1.5 percent across-the-board cut to trim spending by $90 million for the current fiscal year. The article states that do to the recession, the Iowa Supreme Court is closing state courts for a day. The closing will help them save some money in theses tough times. Nearly 2,000 employees will be unpaid, saving them nearly $350,000.
October 9, 2013 With managements recent restructuring and cost-cutting measures, Pharma Co. is experiencing problems accounting for the restructuring costs of terminating Plant A as of December 31, 2011. The termination of Plant A will bring several significant costs we will need to account for. One of the first costs we will encounter is the cost of terminating the lease with a fee of $1.3 million. On January 31, 2012 we are planning to vacate the facility and at the same time sign the lease termination agreement. Under ASC 420-10-25-12, a liability for costs to terminate a contract should be recognized when the entity terminates the contract in accordance with the contract terms.
Known also as Black Tuesday, October 29th left stockholders shattered with recorded losses reaching $40 billion dollars (Kelly, n.d.). Many banks and financial institutions began collapsing which led to irretrievable, uninsured deposits and savings. Fearing further loss, people began spending less which led to a decrease in production and an increase in unemployment. As companies began to fail, the government devised the Smoot-Hawley Tariff in order to protect American businesses. The Tariff placed high taxes on imports leading to a decline in international trade.
Conflict Theory and the Government Shutdown Eugene Peter Lewis, Jr. SOCI 200- D01 LUO Mrs. Susan Deneen November 24, 2013 One of the biggest news stories of 2013 as we near its close is the shutdown of the United States government. The legislative branch of the government has a task enumerated by the Constitution- agree on spending so that the government may be funded. When this does not happen, most of the rudimentary processes of the government fail to function. The Republican members of the House of Representatives desired to fund the government with the obvious exemption of the Affordable Care Act, commonly known as Obamacare. The Democrats in the United States Senate insisted on funding the entire federal government, including
When the president disagrees with a particular bill, he has specific steps to follow. As long as Congress remains in session the president can keep a bill for ten days. This type of disapproval is passive; however, the unsigned bill will still become law. The president can veto a bill which means he sends it back without signing it. Before this bill can pass it will have to earn 2/3 majority vote from both houses of Congress.
Professor …, You asked me to research whether Jettison Manufacturing can reclassify the short-term debt into long-term debt before preparing year 2’s financial statements. Given my understanding of Jettison Manufacturing financial situation, I assume that the National Bank let the company not to repay the debt within six months. As the company has been able to correct the debt agreement violation and restore the current ratio to 2:2:1, which is acceptable to National, it can not to repay the debt yearly. The company has already reclassified the long-term debt into a short one, and now it wants to reclassify the debt again from the current liability to a long-term one. The key words of the search are “liabilities” and “debt”.
In recent news, The United States government had reportedly shutdown due to a disagreement in which both sides of Congress were unable to follow up on agreement in whether specific government agencies should be funded or not. The last government shutdown had occurred over a decade ago about 17 years ago, a government shutdown is when Congress declines to consent a spending bill on funds certain government bills or agencies. Although it is stated the government is “shutdown” well that isn’t really the case, many government services are still active and running such as the United State Postal Services, Military Personnel, Social security, and Air traffic control. What services that are actually affected and are inactive are regional offices,
CHILLING EFFECTS Friday, November 22, 2013 BOB GARFIELD: Pan-American Center, a writer’s organization, released a report last week titled, “Chilling Effects: NSA Surveillance Drives US Writers to Self-Censor.” Of the 500-plus members surveyed, 28 percent said they've curtailed or avoided social media activities; 24 percent have deliberately avoided certain topics in phone or email conversations; 13 percent have taken extra steps to disguise or cover their digital footprints. The gathering sense of nervousness is nerve-racking in itself. What does freedom of expression really mean if our thinkers are constantly looking over their shoulders? But at least one commentator draws a different lesson from the report. LA Times book critic David
Houses Divided: Lincoln, Douglas, and the Political Landscape of 1858 Allen C. Guelzo For suggestions on how to use this article in the U.S. history classroom, see Teaching íAí JAH, http://vvww.indiana.edu/^jah/teaching/. The year 1858 began witb Illinois in the trough of a deep economic recession. The previous August the Ohio Life Insurance and Trust Company of Cincinnati bad abruptly closed its doors and declared bankruptcy. That triggered a year of deflated land values, brought railroad construction to a halt on the Illinois Central and Michigan Central railroads, and reduced the supply of bank notes in circulation from $215 million to $155 million. Torrential rains flooded the Midwest in the early summer, sending the Ohio River up to