R&B Legendary Singer Teena Marie Dead at 54

Teena Marie
Behind the Groove: http://www.youtube.com/watch?v=38S1uaz3Pow

Square Biz: http://www.youtube.com/watch?v=o9wotiDai5U&feature=&p=807F88A674B31F8D&index=0&playnext=1

Portugese Love: http://www.youtube.com/watch?v=-7MJXRIqU7E

Fire and Desire (duet with Rick James): http://www.youtube.com/watch?v=Gm1ibHUyJjA

__________________________________________________________

story by TMZ
photos by AP (above) and News One (below)

Grammy nominated singer Teena Marie -- once known as Rick James' protégée -- died in her sleep last night at her home in Pasadena at the age of 54 ... TMZ has confirmed with Teena's rep Lynn Jeter.

Relatives found Teena's body Sunday morning at her home. Relatives tell TMZ Teena seemed fine yesterday, when she spent Christmas with her brother. Teena spoke at length yesterday with Lynn, who tells TMZ Teena seemed "fine."

Teena Marie and Rick James

So far it's unclear what caused the singer's death -- but the Pasadena Police Department tells TMZ they do not suspect foul play. They say it looks like Teena died of natural causes. The L.A. County Coroner's Office will perform an autopsy.

We're told Teena had a seizure a month ago, but it's unclear what triggered it.

Marie was nominated for a Grammy four times ... her first top ten hit was "I'm Just a Sucker for Your Love."

The late Miles Davis - Tutu -

We Remember Omar Hakim and Jaco Pastorius - Drum and Bass Solos -

Al Di Meola & Kazumi Watanabe

Ronnie Laws - 1. Fever 2. Always There 3. Night Breeze

We Remember Grover Washington Jr.

Top Stories of 2010

by Pew Research Center

Weather Report - Barbary Coast

Jean-Luc Ponty - Mirage

Rent is too damn high speech by Jimmy McMillan - BIG in 2010!!

Senate ratifies START - 3rd major lame-duck victory for President Obama

story by The Hill

written by Alexander Bolton

A large bipartisan group of senators gave President Obama his third major victory of the lame-duck session Wednesday afternoon by ratifying a long-stalled nuclear arms treaty with Russia.

The Senate approved the New START Treaty by a vote of 71-26, while Vice President Biden, who lobbied his former Republican colleagues intensely on the telephone in recent days, presided over the chamber. Thirteen Republican senators voted in favor.
Read more »

Cote D'Ivoire 'ready for talks'

story/video by Al Jazeera
report by Bernard Smith

Cote D'Ivoire's incumbent president Laurent Gbagbo is offering talks with his election rival, as the UN warns of a return to all out conflict. The international community has thrown its support behind his rival Alassane Ouattara, describing him as the rightful winner of November's vote.

Ban Ki-Moon, the UN Secretary General, said that were was the "real risk" of another civil war in Cote D'Ivoire. And the US has approved travel sanctions on Gbagbo and 30 of his allies as pressure mounts for him to step down. But in his first television address since November's disputed poll, Gbagbo reached out to his rival, and invited international observers to review the election results.

DON’T ASK, DON’T TELL REPEAL ACT OF 2010 signed -- REMARKS BY THE PRESIDENT AND THE VICE PRESIDENT

Department of Interior
Washington, D.C.

photo below by NBC
video above by the White House

THE VICE PRESIDENT: Hey, folks, how are you? (Applause.) It’s a good day. (Applause.) It’s a real good day. As some of my colleagues can tell you, this is a long time in coming. But I am happy it’s here.

Ladies and gentlemen, welcome. Please be seated.

It was a great five-star general and President, Dwight D. Eisenhower, who once said, “Though force can protect in emergency, only justice, fairness and consideration, and cooperation can finally lead men to the dawn of eternal peace.”

By repealing "Don't Ask, Don't Tell" today, we take a big step toward fostering justice, fairness and consideration, and that real cooperation President Eisenhower spoke of.

This fulfills an important campaign promise the President and I made, and many here on this stage made, and many of you have fought for, for a long time, in repealing a policy that actually weakens our national security, diminished our ability to have military readiness, and violates the fundamental American principle of fairness and equality -- that exact same set of principles that brave gay men and women will now be able to openly defend around the world. (Applause.)

It is both morally and militarily simply the right thing to do. And it’s particularly important that this result was fully supported by those within the military who are charged with implementing it. And I want to pay particular respect, just as a personal note -- as we used to say, I used to be allowed to say in the Senate, a point of personal privilege -- Admiral Mullen, you're a stand-up guy. (Applause.) I think they like you. (Applause.)

He already has enough power. Don't -- (laughter.)

And it couldn't have been done without these men and women leading our military. And certainly it could not have been done without the steady, dedicated and persistent leadership of the President of the United States. (Applause.)

Mr. President, by signing this bill, you will be linking military might with an abiding sense of justice. You’ll be projecting power by promoting fairness, and making the United States military as strong as they can be at a time we need it to be the strongest.

Ladies and gentlemen, the President of the United States of America, the Commander-in-Chief, Barack Obama. (Applause.)

AUDIENCE: Yes, we did! Yes, we did! Yes, we did!

THE PRESIDENT: Thank you! Yes, we did.

AUDIENCE MEMBER: Thank you, Mr. President!

THE PRESIDENT: You are welcome. (Applause.)

This is a good day.

AUDIENCE MEMBER: Yes, it is!

AUDIENCE MEMBER: (Inaudible.) (Laughter.)

AUDIENCE MEMBER: You rock, President Obama!

THE PRESIDENT: Thank you, thank you, thank you. (Laughter.)

You know, I am just overwhelmed. This is a very good day. (Applause.) And I want to thank all of you, especially the people on this stage, but each and every one of you who have been working so hard on this, members of my staff who worked so hard on this. I couldn’t be prouder.

Sixty-six years ago, in the dense, snow-covered forests of Western Europe, Allied Forces were beating back a massive assault in what would become known as the Battle of the Bulge. And in the final days of fighting, a regiment in the 80th Division of Patton’s Third Army came under fire. The men were traveling along a narrow trail. They were exposed and they were vulnerable. Hundreds of soldiers were cut down by the enemy.

And during the firefight, a private named Lloyd Corwin tumbled 40 feet down the deep side of a ravine. And dazed and trapped, he was as good as dead. But one soldier, a friend, turned back. And with shells landing around him, amid smoke and chaos and the screams of wounded men, this soldier, this friend, scaled down the icy slope, risking his own life to bring Private Corwin to safer ground.

For the rest of his years, Lloyd credited this soldier, this friend, named Andy Lee, with saving his life, knowing he would never have made it out alone. It was a full four decades after the war, when the two friends reunited in their golden years, that Lloyd learned that the man who saved his life, his friend Andy, was gay. He had no idea. And he didn’t much care. Lloyd knew what mattered. He knew what had kept him alive; what made it possible for him to come home and start a family and live the rest of his life. It was his friend.

And Lloyd’s son is with us today. And he knew that valor and sacrifice are no more limited by sexual orientation than they are by race or by gender or by religion or by creed; that what made it possible for him to survive the battlefields of Europe is the reason that we are here today. (Applause.) That's the reason we are here today. (Applause.)

So this morning, I am proud to sign a law that will bring an end to “Don’t Ask, Don’t Tell.” (Applause.) It is a law -- this law I’m about to sign will strengthen our national security and uphold the ideals that our fighting men and women risk their lives to defend.

No longer will our country be denied the service of thousands of patriotic Americans who were forced to leave the military -– regardless of their skills, no matter their bravery or their zeal, no matter their years of exemplary performance -– because they happen to be gay. No longer will tens of thousands of Americans in uniform be asked to live a lie, or look over their shoulder, in order to serve the country that they love. (Applause.)

As Admiral Mike Mullen has said, “Our people sacrifice a lot for their country, including their lives. None of them should have to sacrifice their integrity as well.” (Applause.)

That’s why I believe this is the right thing to do for our military. That’s why I believe it is the right thing to do, period.

Now, many fought long and hard to reach this day. I want to thank the Democrats and Republicans who put conviction ahead of politics to get this done together. (Applause. I want to recognize Nancy Pelosi -- (applause) -- Steny Hoyer -- (applause) -- and Harry Reid. (Applause.)

Today we’re marking an historic milestone, but also the culmination of two of the most productive years in the history of Congress, in no small part because of their leadership. And so we are very grateful to them. (Applause.)

I want to thank Joe Lieberman -- (applause) -- and Susan Collins. (Applause.) And I think Carl Levin is still working -- (laughter) -- but I want to add Carl Levin. (Applause.) They held their shoulders to the wheel in the Senate. I am so proud of Susan Davis, who’s on the stage. (Applause.) And a guy you might know -- Barney Frank. (Applause.) They kept up the fight in the House. And I’ve got to acknowledge Patrick Murphy, a veteran himself, who helped lead the way in Congress. (Applause.)

I also want to commend our military leadership. Ending “Don’t Ask, Don’t Tell” was a topic in my first meeting with Secretary Gates, Admiral Mullen, and the Joint Chiefs. (Applause.) We talked about how to end this policy. We talked about how success in both passing and implementing this change depended on working closely with the Pentagon. And that’s what we did.

And two years later, I’m confident that history will remember well the courage and the vision of Secretary Gates -- (applause) -- of Admiral Mike Mullen, who spoke from the heart and said what he believed was right -- (applause) -- of General James Cartwright, the Vice Chairman of the Joint Chiefs; and Deputy Secretary William Lynn, who is here. (Applause.) Also, the authors of the Pentagon’s review, Jeh Johnson and General Carter Ham, who did outstanding and meticulous work -- (applause) -- and all those who laid the groundwork for this transition.

And finally, I want to express my gratitude to the men and women in this room who have worn the uniform of the United States Armed Services. (Applause.) I want to thank all the patriots who are here today, all of them who were forced to hang up their uniforms as a result of “Don’t Ask, Don’t Tell” -- but who never stopped fighting for this country, and who rallied and who marched and fought for change. I want to thank everyone here who stood with them in that fight.

Because of these efforts, in the coming days we will begin the process laid out by this law. Now, the old policy remains in effect until Secretary Gates, Admiral Mullen and I certify the military’s readiness to implement the repeal. And it’s especially important for service members to remember that. But I have spoken to every one of the service chiefs and they are all committed to implementing this change swiftly and efficiently. We are not going to be dragging our feet to get this done. (Applause.)

Now, with any change, there’s some apprehension. That’s natural. But as Commander-in-Chief, I am certain that we can effect this transition in a way that only strengthens our military readiness; that people will look back on this moment and wonder why it was ever a source of controversy in the first place.

I have every confidence in the professionalism and patriotism of our service members. Just as they have adapted and grown stronger with each of the other changes, I know they will do so again. I know that Secretary Gates, Admiral Mullen, as well as the vast majority of service members themselves, share this view. And they share it based on their own experiences, including the experience of serving with dedicated, duty-bound service members who were also gay.

As one special operations warfighter said during the Pentagon’s review -- this was one of my favorites -- it echoes the experience of Lloyd Corwin decades earlier: “We have a gay guy in the unit. He’s big, he’s mean, he kills lots of bad guys.” (Laughter.) “No one cared that he was gay.” (Laughter.) And I think that sums up perfectly the situation. (Applause.)

Finally, I want to speak directly to the gay men and women currently serving in our military. For a long time your service has demanded a particular kind of sacrifice. You’ve been asked to carry the added burden of secrecy and isolation. And all the while, you’ve put your lives on the line for the freedoms and privileges of citizenship that are not fully granted to you.

You’re not the first to have carried this burden, for while today marks the end of a particular struggle that has lasted almost two decades, this is a moment more than two centuries in the making.

There will never be a full accounting of the heroism demonstrated by gay Americans in service to this country; their service has been obscured in history. It’s been lost to prejudices that have waned in our own lifetimes. But at every turn, every crossroads in our past, we know gay Americans fought just as hard, gave just as much to protect this nation and the ideals for which it stands.

There can be little doubt there were gay soldiers who fought for American independence, who consecrated the ground at Gettysburg, who manned the trenches along the Western Front, who stormed the beaches of Iwo Jima. Their names are etched into the walls of our memorials. Their headstones dot the grounds at Arlington.

And so, as the first generation to serve openly in our Armed Forces, you will stand for all those who came before you, and you will serve as role models to all who come after. And I know that you will fulfill this responsibility with integrity and honor, just as you have every other mission with which you’ve been charged.

And you need to look no further than the servicemen and women in this room -- distinguished officers like former Navy Commander Zoe Dunning. (Applause.) Marines like Eric Alva, one of the first Americans to be injured in Iraq. (Applause.) Leaders like Captain Jonathan Hopkins, who led a platoon into northern Iraq during the initial invasion, quelling an ethnic riot, earning a Bronze Star with valor. (Applause.) He was discharged, only to receive emails and letters from his soldiers saying they had known he was gay all along -- (laughter) -- and thought that he was the best commander they ever had. (Applause.)

There are a lot of stories like these -- stories that only underscore the importance of enlisting the service of all who are willing to fight for this country. That’s why I hope those soldiers, sailors, airmen, Marines and Coast Guardsmen who have been discharged under this discriminatory policy will seek to reenlist once the repeal is implemented. (Applause.)

That is why I say to all Americans, gay or straight, who want nothing more than to defend this country in uniform: Your country needs you, your country wants you, and we will be honored to welcome you into the ranks of the finest military the world has ever known. (Applause.)

Some of you remembered I visited Afghanistan just a few weeks ago. And while I was walking along the rope line -- it was a big crowd, about 3,000 -- a young woman in uniform was shaking my hand and other people were grabbing and taking pictures. And she pulled me into a hug and she whispered in my ear, “Get ‘Don't Ask, Don't Tell’ done.” (Laughter and applause.) And I said to her, “I promise you I will.” (Applause.)

For we are not a nation that says, “don’t ask, don’t tell.” We are a nation that says, “Out of many, we are one.” (Applause.) We are a nation that welcomes the service of every patriot. We are a nation that believes that all men and women are created equal. (Applause.) Those are the ideals that generations have fought for. Those are the ideals that we uphold today. And now, it is my honor to sign this bill into law. (Applause.)

AUDIENCE MEMBER: Thank you, Mr. President!

THE PRESIDENT: Thank you!

AUDIENCE MEMBER: We're here, Mr. President. Enlist us now. (Laughter.)

(The bill is signed.)

THE PRESIDENT: This is done. (Applause.)

Census data offers Republicans the chance to solidify hold on House

story by the Hill
by Shane D'Aprile

New data released Tuesday by the Census Bureau shows sizable shifts in population from Democratic-leaning states in the Industrial Midwest to Republican-leaning states in the Sun Belt.

That translates to fresh political opportunity for Republicans who, after netting 63 House seats in the 2010 election, stand to solidify their majority in Congress during the upcoming round of redistricting.

In all, 12 House seats shifted.

The biggest gain, as expected, was in the state of Texas, which will have four new House seats. The only other state netting more than one additional seat is Florida, which was awarded two new seats Tuesday.

The biggest losers this round are Ohio, a presidential battleground state, and heavily Democratic New York — both states will lose two seats.

Another eight states will lose one seat — Illinois, New Jersey, Iowa, Michigan, Pennsylvania, Louisiana, Missouri and Massachusetts.

Six states are gaining just a single seat — Arizona, Nevada, Georgia, South Carolina, Utah and Washington state.

Minnesota barely missed losing a House seat. It received the 435th seat that was appropriated, which North Carolina missed out on by about 15,700 people.

The five most populous states, according to the 2010 population count are California, Texas, New York, Florida and Illinois.

Also announced was the total U.S. population: 308,745,538. That's a 9.7 percent increase from the 2000 population count.

The population growth varies significantly by region, with the South seeing 14.3 percent growth over the last 10 years and the West seeing 13.8 percent growth. That compares to 3.2 percent growth in the Northeast and 3.9 percent growth in the Midwest.

The state that saw the largest percentage of population increase was Nevada, which grew by 35.1 percent. Michigan is the only state to see a negative rate of growth, percentage-wise, declining by just under one percent.

The five states with the slowest rate of population growth over the past decade were Michigan, Rhode Island, Louisiana, Ohio and New York.

Commerce Secretary Gary Locke touted an efficient and successful Census process that far exceeded the "pessimistic predictions" surrounding its conduct.

The 2010 Census came in $1.87 billion under budget, according to Locke — 25 percent of the total amount allocated by Congress. And 74 percent of the nation mailed back their Census forms, according to the bureau.

The release of the apportionment numbers marks the start of the more contentious stage of the decennial process — the carving up and mapping out of the nation's 435 House districts.

That a number of Republican-heavy states would gain House seats and several heavily-Democratic states would lose seats in the apportionment process was a certainty — the suspense was over just how many seats a handful of states stood to gain or lose.

On top of the population shifts, Republicans saw massive gains on the state legislative and gubernatorial levels in 2010, leaving them largely in control of the redistricting process in key states like Texas and Pennsylvania.

The new chairman of the Democratic Congressional Campaign Committee said the release of Census data is far from a disaster for Democrats.

"Today's release of U.S. Census data pours cold water on Republican's hype that redistricting is a disaster for Democrats," Rep. Steve Israel (D-N.Y.) said in a statement Tuesday. “Democratic communities and constituencies have grown in size in states like Arizona, Florida, Nevada, and Washington. In states that will lose a seat, the number of Republicans who will be competing with each other creates opportunities for House Democrats.”

Tuesday's announcement doesn't provide a full picture of the redistricting process. It won't be until early next spring, when the Census Bureau releases its detailed state-by-state population data, that it will be clear where the population gains or losses have occurred within states and districts, which could make it harder to gerrymander some maps.

"This doesn't look favorable to Democrats, certainly," said professor Michael McDonald, a redistricting expert at George Mason University. "But when we look deeper into the numbers, it's probably not going to be as bad as you might think."

McDonald said that even though Republicans will largely control the redistricting process in key states like Ohio and Pennsylvania, which are set to lose House seats, protecting all of the party's incumbents will prove difficult.

Large gains by the Republicans on the congressional level in both states will likely make for some nervous GOP freshmen, whose districts may be carved up or eliminated.

"There's a clear shift in representation from the old Rust Belt to the Sun Belt, and broadly speaking that helps Republicans," said McDonald. "But I just caution that we have to get the real population data within these states and really look under the hood before we can know much more."

Both McDonald and Kimball Brace of Election Data Services predict the impact will be felt hardest in Texas, where growth in the Hispanic population is expected to account for the additional seats in the GOP-leaning state.

"We really can't start talking about what these districts could look like until the real detailed data comes out," Brace said. "Republicans will have an opportunity in Texas, but depending on how much of that population growth comes from the Hispanic population, that makes a big difference."

The full data will come out between February and March, with the Census Bureau prioritizing the release of the information for New Jersey and Virginia, both of which face a shorter window to redistrict thanks to state legislative elections looming in 2011.

Happy Holidays! Help Us Rebuild America in 2011

December 20, 2010

Dear Friend,

I bring you good tidings of great joy in this Season of the Savior. As the year 2010 comes to an end, it's time to reflect on the challenges facing our nation. Many families have lost homes, are in foreclosure, or are feeling the overwhelming weight of escalating costs and depreciating home value. Unemployment continues and people are burdened with unprecedented levels of student loan and credit card debt.

Over 40 years ago, Dr. King appointed me the national director of Operation Breadbasket here in Chicago to focus on jobs, fair housing, workers' rights, and economic inequality. Rainbow PUSH remains a progressive civil rights organization true to the course of fighting for justice, economic equality, and comprehensive public policy and legislative solutions to our most pressing social needs.

This holiday season is a time to renew our mission to: feed the hungry, heal the sick, house the poor, and bring comfort to the broken hearted. Renew our mission to "speak out for those who cannot speak, for the rights of all the destitute...defend the rights of the poor and needy." (Proverbs 31:8-9 NRSV)

So much more work must be done. While Congress is extending tax cuts to the rich, jobs are not being created. Fifty-nine million Americans are without health insurance, 49 million Americans are living in poverty and 41 million are on food stamps. In 2011, we must focus on alleviating poverty, creating jobs and economic recovery. That's our focus everyday at Rainbow PUSH and we need your support.

Millions of families are at risk of losing their homes. Foreclosures continue to outstrip loan modifications. One in four homes are "under water," and now churches are facing foreclosures too. Our families and communities are in great need and we must galvanize our energies to serve our people through this crisis. Much more work must be done.

So I ask you to join our crusade to "Rebuild America with Jobs, Justice and Peace"; to heed the Word of Jesus the Christ, not Santa the Claus, and remain true to our faith and mission. Character is measured by how we treat the least of these, and we are called upon to act, to serve, to lift the boats stuck at the bottom. Indeed, much more work must be done. Please consider making a contribution to our crusade.

Thank you and have a wonderful holiday season.


Keep Hope Alive!



Reverend Jesse L. Jackson, Sr.

President and Founder

Rainbow PUSH Coalition

Princess Diana's daughter Zara Phillips, granddaughter of Queen Elizabeth, to marry England rugby player Mike Tindall

story by Reuters Life
photo by AP
written by Michael Holton

LONDON – Zara Phillips, the granddaughter of Queen Elizabeth, is to marry England rugby player Mike Tindall, the royal family said Tuesday.

No date was given for the wedding of 29-year-old Phillips, daughter of Princess Anne and her first husband Mark Phillips.

The announcement comes a month after Prince William, the elder son of heir-to-the-throne Prince Charles, said he would marry his long-term girlfriend Kate Middleton in April.

Phillips was considered something of a "royal rebel" when she was younger, having her tongue pierced as a teen-ager.

However she went on to follow in her mother's footsteps enjoying a successful horse riding career. In 2006, she won an individual gold on her horse Toytown at the World Equestrian Games in Germany, helped Britain win a team silver and was voted BBC sports personality of the year.

"I was really shocked when Mike proposed but I am very happy," she said in a statement.

Tindall is also a well-known sportsman. The 32-year-old has played more than 60 times for England and was part of the England team which beat Australia to win rugby union's World Cup in 2003.

"I am delighted that Zara has agreed to marry me. We are both very excited about the next stage of our lives together," he said.

Princess Anne rode in the 1976 Olympics and was European Champion in 1971, while Mark Phillips won an Olympic team gold in eventing in 1972. They divorced in 1992.

Pipeline explosion wipes out part of Mexican city

story by AljazeeraEnglish
reported by Sebastian Walker

A massive pipeline explosion has destroyed parts of San Martin Texmelucan, a city in central Mexico.

The explosion was apparently caused by thieves trying to steal oil, but the extent of the damage has surprised Mexican officials.

Twenty-seven people were been killed and hundreds left homeless.

Craziest News Story Of 2010: Seattle Police Punch Teenage Girl In The Face -- June 14th, 2010 --

story by Komonews - June 14, 2010

SEATTLE -- Seattle police are investigating what they call an assault of an officer in South Seattle.

However, a police officer is seen punching a 17-year-old girl in the face during the incident captured by a video camera on Monday.
Read more »

Downsize Your Mortgage?

story by Yahoo finance
written by by Seth Fiegerman

Sometimes it makes sense to add cash or shorten the term when you refinance.

Before the housing bust, homeowners often saw soaring real estate values as an opportunity to get cash out of their home by refinancing or taking out a home-equity loan. But now that home prices have headed in the other direction, homeowners are seeing the wisdom of the cash-in refi.

Many refinancers who want to lock in historically low rates (recently an average of 4.3% for a 30-year fixed-rate mortgage) are bringing extra funds -- beyond closing costs -- to the settlement table. They may be underwater on their mortgage and need to pony up cash in order to refinance. They may want to boost the equity in their home to avoid paying for private mortgage insurance. Or they may want a smaller monthly payment and lower interest payments over the life of the loan. Freddie Mac, which buys mortgages from lenders, says that 22% of households that refinanced in the second quarter of 2010 put extra cash into their homes.

At the same time, shorter-term mortgages -- of 15 or 20 years -- are in vogue. They are especially popular with people nearing retirement who want to finish paying off the mortgage and trim interest costs as well. For example, if you refinance a $200,000 mortgage at 4.3% for 30 years, your monthly principal-and-interest payments will be $990, and you'll pay $156,307 in interest over the life of the loan. If you choose a 15-year loan at the going rate of 3.7%, your payments will be $1,449 a month -- but you'll pay only $60,908 in interest.

Some homeowners also see accelerated mortgage payments as an investment, earning the equivalent of the rate you pay on the loan. In that sense, paying down your mortgage beats money-market funds and CDs. And unlike an investment in the stock market, the returns are guaranteed. "Realizing that your money works harder paying down the mortgage than it does in savings is a powerful incentive," says Guy Cecala, publisher of the newsletter Inside Mortgage Finance.

Making the decision. Of course, higher monthly payments on your mortgage would decrease your cash flow. "You need to look at whether that money could be better spent elsewhere," says Keith Gumbinger, of HSH Associates. "Maybe it could be used to pay down credit-card debt or go toward your retirement plan."

Some financial planners think younger homeowners should not pay down their mortgage early. "Anyone under 40 should be funding a retirement plan, and anyone over 50 should be concentrating on paying off the house," says Rick Kahler, of the Kahler Financial Group, in Rapid City, S.D. However, if you're close to retirement and paying off the mortgage would mean raiding too much of your savings, it may not be a good idea.

Whenever you consider a refi, make sure it will really save you money. Although rules of thumb abound -- some say that refinancing makes sense when rates are one point lower than you're currently paying, others say two points -- you have to crunch the numbers to see when the lower payments will make up for your closing costs. You should also consider your tax situation -- remember that mortgage interest is deductible -- and how long you plan to stay in your home. (For help, use the calculator at http://zwicke.nber.org/refinance. It will estimate how far interest rates need to fall before you should refinance your fixed-rate mortgage with a new fixed-rate loan, and it takes your tax bracket into consideration.)

If committing to higher monthly payments concerns you, or you're worried about whether you will qualify for a new mortgage, you always have the option of making extra payments on your current loan. Doing so can potentially turn your existing loan into a 15-year mortgage, says Cecala, "although you must be pretty disciplined to do that."

DeSean Jackson's 65-yard punt return caps the Philadelphia Eagles' 21-point comeback over the New York Giants

story by ESPN

Michael Vick engineered it. DeSean Jackson capped it. And the Philadelphia Eagles have control of the NFC East firmly in their hands because of it.

Jackson scored on a 65-yard punt return on the final play of the game and the Eagles scored 28 points in the final 7:28 to stun the New York Giants 38-31 and take over first place in the NFC East.

Emphasizing his candidacy for the MVP award, Vick threw for two touchdowns and ran for another in the incredible late rally that all but clinched the division for the Eagles (10-4) and left Giants coach Tom Coughlin so angry he threw his notes as Jackson backed into the end zone.

Philadelphia has swept the season series with New York (9-5) and only needs to win one of its final two games or have New York lose one of its two.

Atlanta clinched a playoff spot with the Giants' loss.

Jackson's winning return came as the game seemed headed for overtime. Matt Dodge lined up to punt with 14 seconds to play and the rookie got off a line drive kick that Jackson bobbled at his 35. Once he regained control, Jackson broke threw the initial line of coverage and sped down the right sideline. It was apparent he was about to score, but instead of simply going into the end zone, he danced along the goal line before going in with zeros showing on the clock.

Coughlin fired his notes on the field and the Eagles jumped on each other in a celebration they never could have expected. They were victimized by Eli Manning's four touchdown passes, including an 8-yarder to Kevin Boss with 8:17 to play for a 31-10 lead.

For Giants fans it brought back memories of "The Fumble" by Joe Pisarcik, the giveaway that allowed another group of Eagles to steal a late win when all New York had to do was take a knee.

This loss could cripple the Giants' playoff hopes. They need to win at Green Bay and Washington to clinch a postseason berth and the Packers game will be crucial, especially because the final playoff spot might come down to head to head with New York and Green Bay.

Vick started the comeback with a 65-yard scoring pass to tight end Brent Celek on which the Eagles caught defensive end Justin Tuck in coverage.

New York fell asleep on the ensuing kickoff and Riley Cooper recovered David Akers' onside kick, a play on which the kicker may have been offside. A 13-yard pass to Jackson and a 35-yard run by Vick set up the quarterback's 4-yard TD run with 5:28 to go, cutting the lead to 31-24.

New York had a chance to run out the clock, getting to a second-and-6 at the Eagles 36. However a procedure penalty forced a punt and the Eagles tied the game with an eight-play, 88-yard drive that featured scrambles of 33 and 22 yards by Vick. He eventually capped the series with a 13-yard pass to Jeremy Maclin with 1:16 to go.

Maclin also caught an 8-yard touchdown pass in the third quarter.

The Giants dominated the opening half, outgaining the Eagles' top-ranked offense 222-74. Vick was under constant pressure, sacked twice, hit about a half-dozen other times and limited to six completions for 33 yards and only his fifth interception of the season.

Manning was given time by his line and made the most of it, leading New York on touchdown drives of 71, 73 and 8 yards, the last coming when Maclin lost a fumble late in the half and safety Kenny Phillips returned the ball to the Philadelphia 8 with :09 to go.

Manning found Nicks in the right corner 4 seconds later for a 24-3 halftime lead.

Manningham, limited all week in practice because of a hip flexor, showed up big-time on game day, catching touchdown passes of 35 and 33 yards to open a 14-3 lead.

Philadelphia's defense set up its first three points. Darryl Tapp tipped a pass and Quintin Mikell intercepted at the Giants 45. An 11-yard scramble by Vick and a personal foul gave the Eagles a first down at the 19. They got a 34-yard field goal by Akers.

Manning made up for the mistake on the next series, capping a 73-yard drive with the 33-yard pass to Manningham, who motored the final 20 yards after Dimitri Patterson slipped.

Melo-drama

Will Amare Stoudemire and Carmelo Anthony share a shade of blue after the Feb. 24 trade deadline?

story by ESPN.com
written by Marc Stein
photo by US Presswire

The NBA's Melodrama has reached the point that even Nuggets coach George Karl calls it Melodrama on first reference.

It has reached the point that Nuggets general manager Masai Ujiri publicly acknowledged to the Denver Post's Woody Paige, of Around The Horn fame, that he's for the first time "listening aggressively" to other teams' offers for Carmelo Anthony, which is the strongest public signal to date that Anthony will be dealt before the Feb. 24 trading deadline.

It has reached the point, after the Melo-chasing New Jersey Nets made a bold trade this week to try to increase their odds of winning the Melo Sweepstakes, that we need to answer another where-are-we-now round of questions about Anthony's future.

Hopefully eight will be enough to get you through the weekend:

Are the Nets realistically any closer to acquiring Melo after the three-team trade they swung earlier this week with the Rockets and Lakers to pick up two extra first-round picks?

Realistically? Without question.

For all the understandable pessimism surrounding Anthony's willingness to sign an extension in New Jersey -- since even the Nets privately concede that Melo's overwhelming preference is to wind up with the Knicks -- there's likewise no dispute that no team out there has assembled more pieces that interest the Nuggets than New Jersey.

The Nets now possess four first-round picks they can include in a trade, highlighted by their own 2011 pick and Golden State's 1-to-7 protected 2012 first-rounder, along with prized rookie power forward Derrick Favors and Troy Murphy's expiring contract. With Devin Harris and the two additional firsts that the Nets landed in this week's deal, they also still have the assets to recruit other teams to help facilitate a deal similar to the four-teamer with Charlotte and Utah that collapsed just before the start of training camp.

So ...

When the Nuggets finally concede that they have to trade Anthony -- and Ujiri basically announced that they have to Paige on Thursday night when Ujiri said he's "listening aggressively" to Melo offers -- New Jersey will rightfully be the team commanding much of Denver's attention. The Nets' bigger challenge was, is and will always be selling Melo on the deal.
Read more »

Fastest automobiles available in North America right now.

2011 Bugatti Veyron 16.4 Super Sport - 268 mph

You can do a lot of things with $10,075. But if you want to own the $2.7 million Bugatti Veyron 16.4 Super Sport, currently the fastest car in the world, that's about the price you'll pay for every mile-per-hour the car is capable of. The Veyron's astounding price tag is matched only by its outrageous top speed, a fully-documented and verified 268 mph. The 1,200-hp French-built Bugatti set the new standard in supercar bragging rights last summer, at the sprawling Ehra-Lessien test facility owned by the firm's parent company, Volkswagen. The Veyron Super Sport features larger turbochargers and intercoolers fitted to the quad-turbo W-16 engine. Additional bracing, extra cooling ducts and special aerodynamics are fitted to the Super Sport, so that safety and stability are not sacrificed for top speed.
Read more »

Family Of 7-Year-Old Killed By Detroit Police Sues A&E For “First 48″ Coverage

story by AP
photo by Aiyana's family

DETROIT - The family of 7-year-old Aiyana Stanley-Jones, who was killed in a Detroit police raid to find a murder suspect, has sued A&E Television Networks for encouraging police aggression by videotaping the raid.

The lawsuit filed in U.S. District Court in Detroit Tuesday claims the network and production crew filming for the cable television reality series “The First 48″ were responsible for the May 16 death of the young girl, according to the Detroit Free Press.

The girl was shot in the head during the raid.

According to Assistant Chief Ralph Godbee, police barged into the Jones family’s home with their guns drawn searching for a homicide suspect. Police said the girl was shot in the neck when an officer struggled with, or was jostled by, her grandmother inside the home, but Geoffrey Fieger, a lawyer for Jones’ family, has claimed police fired into the home from outside after tossing a flash-bang grenade.

“The entire incident has been a cover up,” Fieger told reporters in June at his Southfield offices north of Detroit. “The rest of the truth will come out.”

The lawsuit, which seeks in excess of $75,000, claims that A&E and the production company encouraged Detroit police “to conduct an illegal, overly aggressive, and unnecessary raid” on the home, reports the Free Press.

“The defendants knew or should have known that by acting in concert with the Detroit Police and filming live…it would lead to tragedies such as the one in this case,” the suit states, according to the Free Press.

The Associated Press left an e-mail message for A&E seeking comment Tuesday.

One week after Aiyana was fatally shot Detroit Mayor Dave Bing banned reality TV crews from tagging along with police.

The investigation is ongoing.

Radio One Founder Cathy Hughes To Chair SBA Council On Underserved Communities

WASHINGTON – With small business owners and entrepreneurs in traditionally underserved communities continuing to face challenges accessing capital, the U.S. Small Business Administration today announced two new initiatives aimed at increasing SBA-backed loans to small businesses in these markets.

SBA Administrator Karen Mills also today named Catherine L. Hughes (photo right), chairperson and founder of Radio One, Inc., and a former SBA borrower, to chair the agency’s new Advisory Council on Underserved Communities.

SBA and U.S. Department of Commerce studies have shown the importance of lower-dollar loans to small business formation and growth in underserved communities. With that in mind, the two new loan initiatives – Small Loan Advantage and Community Advantage – are aimed at increasing the number of lower-dollar SBA 7(a) loans going to small businesses and entrepreneurs in underserved communities. The agency’s most popular loan product, 7(a) government-guaranteed loans can be used for variety of general business purposes, including working capital and purchases of equipment and real estate.

In conjunction with the implementation of these two new Advantage loan initiatives by March 15, the agency will end its existing Community Express pilot loan program on April 30.

“Over the last two years, we’ve seen lending to all small businesses tighten up, and that tightening has been even greater in traditionally underserved communities, including among minorities, women and in rural areas,” SBA Administrator Karen Mills said. “These new Advantage initiatives are aimed directly at getting more loans into these markets so these small business owners can get the capital they need to start or grow their business and create good paying jobs in local communities across the country.”

Built on what the agency refers to as its “Advantage” platform, both Small Loan Advantage and Community Advantage will offer a streamlined application process for SBA-guaranteed 7(a) loans up to $250,000. These loans will come with the regular 7(a) government guarantee, 85 percent for loans up to $150,000 and 75 percent for those greater than $150,000.

Small Loan Advantage will be available to the 630 financial institutions across the country in the agency’s Preferred Lender Program (PLP). Under PLP, which includes most of the agency’s highest volume lenders, SBA delegates the final credit decisions to lenders.

With Community Advantage, the agency will expand the points of access small business owners have for getting loans by opening SBA’s 7(a) loan program to “mission-focused” financial institutions, including Community Development Financial Institutions, Certified Development Companies and non-profit microlending intermediaries. Community Advantage will leverage the experience these institutions already have in lending to minority, women-owned and start-up companies in economically challenged markets, along with their management and technical assistance expertise, to help make their borrowers successful.

“These two new loan initiatives tackle a couple of factors we know exist when it comes to the challenges small business owners face,” Mills said. “First, to add more incentive for lower-dollar loans in these communities, we are providing a streamlined process for lenders along with the regular 7(a) government guarantee. Second, we are taking steps that will increase the number of places small business owners in underserved communities can go to get loans. And also, with Community Advantage, we are making sure that the additional assistance some borrowers may need through counseling and technical assistance will be available.”

Mills added that the new loan initiatives are in line with the agency’s core mission of supporting small business growth and job creation, and goals of the new Advisory Council on Underserved Communities, announced today. The Council will provide input, advice and recommendations on how SBA through its programs can help strengthen competiveness and sustainability for small businesses in underserved communities.

“Many entrepreneurs and small business owners across the country have enormous potential to drive economic growth and create good-paying jobs in their local communities, but too often they face barriers in fulfilling that potential,” said Hughes, who will chair the council. “I’m excited to be a part of this effort to strengthen the link between these entrepreneurs and the SBA’s wide variety of resources. SBA assistance played a critical role in my success, and I’m eager to do all I can to help make sure others have access to these same opportunities.”

The agency’s new Advisory Council on Underserved Communities will consist of 20 members from across the country. Over the next few weeks, the SBA will accept nominations for members to serve on the CUC. Members will provide a critical link between SBA and small businesses in traditionally underserved communities. It is anticipated that members will reflect a variety of key sectors, including business owners, banking and finance, community development, nonprofit and academia. Member nominations can be emailed to underservedcouncil@sba.gov .

A Nebraska native, Hughes began a career in radio in 1969 at KOWH, a small black-owned radio station in Omaha. She came to Washington, D.C., as a lecturer at Howard University’s School of Communications, and worked at several local radio stations before she and then her husband purchased a small D.C. station WOL-AM 1450, and later re-named the broadcast company Radio One. Later, Hughes bought out her husband and became sole owner, at one point moving into the station to make ends meet. Today, Radio One owns 52 radio stations in major markets across the country, making the company the largest black-owned radio chain in the nation. In January of 2004, Hughes launched TV One, a cable television channel targeted at the African American community.

Senate votes 65-31 to repeal ban on gays serving openly in the military

story by the Hill
written by Alexander Bolton and Roxana Tiron
photo by Greg Nash

The Clinton-era policy banning gays from serving openly in the military will soon be history after the Senate voted Saturday afternoon to repeal it.

Eight Republican senators joined almost the entire Senate Democratic conference to approve by a vote of 65 to 31 a measure repealing the military’s “Don’t ask, don’t tell” policy.

GOP Sens. Scott Brown (Mass.), Susan Collins (Maine), Lisa Murkowski (Alaska) and Olympia Snowe (Maine) were expected to vote yes. Sens. Richard Burr (N.C.), John Ensign (Nev.), Mark Kirk (R-Ill.) and George Voinovich (Ohio) were late surprises.

West Virginia Sen. Joe Manchin (D) was absent.

The vote hands President Obama his second major victory of the lame-duck session of Congress after lawmakers approved an $858 billion package of tax relief and unemployment benefits.

“Today, the Senate has taken an historic step toward ending a policy that undermines our national security while violating the very ideals that our brave men and women in uniform risk their lives to defend,” the President said in a statement.

“By ending “Don’t Ask, Don’t Tell,” no longer will our nation be denied the service of thousands of patriotic Americans forced to leave the military, despite years of exemplary performance, because they happen to be gay,” President Obama said. “And no longer will many thousands more be asked to live a lie in order to serve the country they love.”

The Senate voted 63 to 33 earlier in the day to end a Republican filibuster of the bill. Burr and Ensign supported the filibuster but later defected to vote yes for final passage.
Read more »

CLYBURN STATEMENT ON SENATE PASSAGE OF ‘DON’T ASK, DON’T TELL’ REPEAL

WASHINGTON, DC – House Majority Whip James E. Clyburn today released the following statement after the Senate passed legislation to repeal the discriminatory policy ‘Don’t Ask, Don’t Tell.’ The bill now goes to the President for approval.

“I applaud today's Senate action to repeal ‘Don’t Ask, Don’t Tell.” With the Senate's strong bipartisan vote, we can now finally end a discriminatory policy that prevents talented and dedicated Americans from serving in the military or forces them to be less than honest about who they are. I am confident the military can implement this change in policy without disrupting readiness, effectiveness or unit cohesion. It’s one more step towards making America a more perfect union.”

President Obama's Weekly Address 12-18-10: National Security Over Politics on START

President Obama urges the Senate to heed the calls from Presidents George H.W. Bush and Bill Clinton, every living Republican Secretary of State, our NATO allies, and the leadership of the military: ratify the New START Treaty with Russia.

DREAM Act -- Statement by the President on the Senate Vote

In an incredibly disappointing vote today, a minority of Senators prevented the Senate from doing what most Americans understand is best for the country. As I said last week, when the House passed the DREAM Act, it is not only the right thing to do for talented young people who seek to serve a country they know as their own, it is the right thing for the United States of America. Our nation is enriched by their talents and would benefit from the success of their efforts. The DREAM Act is important to our economic competitiveness, military readiness, and law enforcement efforts. And as the non-partisan Congressional Budget Office reported, the DREAM Act would cut the deficit by $2.2 billion over the next 10 years. There was simply no reason not to pass this important legislation.
It is disappointing that common sense did not prevail today. But my administration will not give up on the DREAM Act, or on the important business of fixing our broken immigration system. The American people deserve a serious debate on immigration, and it’s time to take the polarizing rhetoric off our national stage.

I thank Senators Durbin, Reid, and Menendez for their tireless efforts. Moving forward, my administration will continue to do everything we can to fix our nation’s broken immigration system so that we can provide lasting and dedicated resources for our border security while at the same time restoring responsibility and accountability to the system at every level.

Don't Ask, Don't Tell Repeal Act of 2010 -- Statement by the President

Today, the Senate has taken an historic step toward ending a policy that undermines our national security while violating the very ideals that our brave men and women in uniform risk their lives to defend. By ending “Don’t Ask, Don’t Tell,” no longer will our nation be denied the service of thousands of patriotic Americans forced to leave the military, despite years of exemplary performance, because they happen to be gay. And no longer will many thousands more be asked to live a lie in order to serve the country they love.
As Commander-in-Chief, I am also absolutely convinced that making this change will only underscore the professionalism of our troops as the best led and best trained fighting force the world has ever known. And I join the Secretary of Defense and the Chairman of the Joint Chiefs of Staff, as well as the overwhelming majority of service members asked by the Pentagon, in knowing that we can responsibly transition to a new policy while ensuring our military strength and readiness.

I want to thank Majority Leader Reid, Senators Lieberman and Collins and the countless others who have worked so hard to get this done. It is time to close this chapter in our history. It is time to recognize that sacrifice, valor and integrity are no more defined by sexual orientation than they are by race or gender, religion or creed. It is time to allow gay and lesbian Americans to serve their country openly. I urge the Senate to send this bill to my desk so that I can sign it into law.

The President Signs the Tax Cut & Unemployment Insurance Compromise: "Some Good News for the American People this Holiday Season"

The White House

Office of the Press Secretary

December 17, 2010

Remarks by the President and the Vice President Before Signing the Middle-Class Tax Cuts Bill

South Court Auditorium

4:00 P.M. EST

THE VICE PRESIDENT: Thank you all very, very much. Please be seated.

Ladies and gentlemen, this is a -- I wasn’t going say, a big deal, but an important deal. (Laughter.) I can no longer say “big deal.” (Laughter.) Thank god, my mother wasn’t around.

The famed 18th century British statesman, Edmund Burke, once said, “All government, indeed every human benefit and enjoyment, every virtue, and every prudent act, is founded on compromise and barter.” Today, we have a crystal clear example of what he meant.

This package -- this package is a result of leaders from both sides coming together to act on behalf of the American people at a time they need it most. I want to begin by applauding Senator Mitch McConnell, and the other Republican leaders, who like their Democratic counterparts who are here today, were willing to take issue with some of their own party and to do what was, in their view, necessary in order to move the country forward.

That’s what the American people expect of all of us, especially in these times. And that’s what we’ve done here. It means accepting some things we don’t like in order to get the job done for Americans as needs to be done.

We were put in office amid the deepest recession this country has seen since the Great Depression. We were put here to protect and -- protect and rebuild the middle class. And throughout the process, we’re working with two principles in mind -- grow the economy and support working-class families. And that’s what we fought hard to do.

And I stand here today to say, in my view, our fight has paid off. Most economists, many of whom are in this room, will tell you this plan will grow our economy in the next year. And it’s going to help millions of families keep their jobs, if they have one, and keep their unemployment benefits if they don’t, and keep their tax relief, and keep their kids in school as well.

All while keeping our economic recovery moving in the right direction, providing immediate -- an immediate economic jolt, and giving more than 150 million Americans help where they need it most, in their paychecks, in their wallets. I believe it was the right thing to do.

This is an example of what can happen when you have a President who knows what needs to be done and acts tenaciously to make sure it happens. The President, wholeheartedly -- wholeheartedly committed to serving the middle class. And that’s what happens when you have a President who knows in his gut that the middle class is the backbone of the American people, and that a full economic recovery will only happen if we have -- if they, the middle class, have the support they need in order to succeed.

Ladies and gentlemen, the President of the United States, Barack Obama. (Applause.)

THE PRESIDENT: Thank you, everybody. Thank you. Thank you so much. (Applause.) Thank you very much. Thank you everybody. Please have a seat.

Good afternoon, everybody. Before I get started, I just want to acknowledge some of the extraordinary people who did some extraordinary work in a very short period of time. And I’m going to start with somebody who has been a champion for the middle class, but has also been just an extraordinary partner on every important initiative in this administration -- my friend, Joe Biden, the Vice President. (Applause.)

I want to acknowledge and thank Senator Mitch McConnell and the rest of the Republican leadership in the Senate; Dave Camp, Republican over in the House, for their willingness, as Joe indicated, to do what was right for the country, even though it caused occasional political discomfort. I especially want to thank the folks who are here -- Dick Durbin, Max Baucus, Danny Davis, Allyson Schwartz, Rob Andrews -- part of a broader team that worked very diligently both in the House and the Senate on the Democratic side to make this happen.

And we’ve got a bunch of other members of Congress who are here, as well as activists and economists and business leaders and people who generally recognize that at this critical juncture, we’ve got to think about what’s best to grow the economy and what’s best to put people back to work.

We are here with some good news for the American people this holiday season. By a wide bipartisan margin, both Houses of Congress have now passed a package of tax relief that will protect the middle class, that will grow our economy, and will create jobs for the American people. Not only do I want to thank all the leaders here today, but I want to thank mayors and governors from across the country who couldn’t be here today, and all who worked together to get this done.

First and foremost, the legislation I’m about to sign is a substantial victory for middle-class families across the country. They’re the ones hit hardest by the recession we’ve endured. They’re the ones who need relief right now. And that’s what is at the heart of this bill.

This bipartisan effort was prompted by the fact that tax rates for every American were poised to automatically increase on January 1st. If that had come to pass, the average middle-class family would have had to pay an extra $3,000 in taxes next year. That wouldn’t have just been a blow to them -- it would have been a blow to our economy just as we’re climbing out of a devastating recession.

I refused to let that happen. And because we acted, it’s not going to. In fact, not only will middle-class Americans avoid a tax increase, but tens of millions of Americans will start the New Year off right by opening their first paycheck to see that it’s actually larger than the one they get right now. Over the course of 2011, 155 million workers will receive tax relief from the new payroll tax cut included in this bill -– about $1,000 for the average family.

This is real money that’s going to make a real difference in people’s lives. And I would not have signed this bill if it didn’t include other extensions of relief that were also set to expire -– relief that’s going to help families cover the bills, parents raise their children, students pay for college, and business owners to take the reins of the recovery and propel this economy forward.

As soon as I sign this legislation, 2 million Americans looking for work who lost their jobs through no fault of their own can know with certainty that they won’t lose their emergency unemployment insurance at the end of this month. Over the past few weeks, 600,000 Americans have been cut off from that lifeline. But with my signature, states can move quickly to reinstate their benefits –- and we expect that in almost all states, they’ll get them in time for Christmas.

Eight million college students who otherwise would have faced a tuition hike as soon as next semester will instead continue to have access to a $2,500 tax credit to afford their studies.

Twelve million families with 24 million children will benefit from extensions of the Earned Income Tax Credit and the Child Tax Credit. And when combined with the payroll tax cut, 2 million American families who otherwise would have lived in poverty next year will instead be lifted out of it. (Applause.)

And millions of entrepreneurs who have been waiting to invest in their businesses will receive new tax incentives to help them expand, buy new equipment, or make upgrades -- freeing up other money to hire new workers.

Putting more money in the pockets of families most likely to spend it, helping businesses invest and grow -- that’s how we’re going to spark demand, spur hiring, and strengthen our economy in the New Year.

Now, candidly speaking, there are some elements of this legislation that I don’t like. There are some elements that members of my party don’t like. There are some elements that Republicans here today don’t like. That’s the nature of compromise -– yielding on something each of us cares about to move forward on what all of us care about. And right now, what all of us care about is growing the American economy and creating jobs for the American people. Taken as a whole, that’s what this package of tax relief is going to do. It’s a good deal for the American people. This is progress. And that’s what they sent us here to achieve.

There will be moments, I am certain, over the next couple of years, in which the holiday spirit won’t be as abundant as it is today. (Laughter.) Moreover, we’ve got to make some difficult choices ahead when it comes to tackling the deficit. In some ways, this was easier than some of the tougher choices we’re going to have to make next year. There will be times when we won’t agree, and we’ll have to work through those times together. But the fact is I don’t believe that either party has cornered the market on good ideas. And I want to draw on the best thinking from both sides.

So wherever we can, whenever we can, it makes sense for our country’s success and our children’s future to work with people in both parties who are willing to come to the table for the hard work of moving our economy and our country forward. What happened with this economic package was a good example of that. A bipartisan group made up of Senators Baucus and Kyl and Representatives Van Hollen and Camp sat down with -- Secretary Geithner is here today and Director Jack Lew of the Office of Management and Budget to begin negotiations in good faith. Leaders like Nancy Pelosi, John Boehner, Harry Reid, and Mitch, other members who are here together worked to bring this bill across the finish line.

And the final product proves when we can put aside the partisanship and the political games, when we can put aside what’s good for some of us in favor of what’s good for all of us, we can get a lot done. And if we can keep doing it, if we can keep that spirit, I’m hopeful that we won’t just reinvigorate this economy and restore the American Dream for all who work for it. I’m also hopeful that we might refresh the American people’s faith in the capability of their leaders to govern in challenging times, belief in the capacity of their institutions in this town to deliver in a rapidly changing world, and, most of all, confidence that our best days as a nation are still ahead of us.

So to all of you who worked so diligently on this issue, thank you very much. To those on my staff who were working night and day, and on the Senate and House staffs in both parties who were working so hard, we’re very grateful to you. And with that, let me sign this bill to make sure that people are seeing a bigger paycheck come January. (Applause.)

END

4:17 P.M. EST

President Obama signs tax deal into law

President Obama today signed an $858 billion tax deal into law. The bill extends the Bush tax cuts and jobless benefits.

story by CNN

President Barack Obama signed an $858 billion tax bill into law Friday, saying, "this is progress, and that's what (the American people) sent us here to achieve."

"We are here with good news for the American people this holiday season," he said. "By a wide margin, both houses of Congress passed a package of tax relief that will protect the middle class, that will grow our economy and will create jobs for the American people."

The President was flanked on stage by both Democrats and Republicans, including Senate Minority Leader Mitch McConnell, who was instrumental in getting the bipartisan legislation passed. Incoming House Speaker John Boehner, however, did not attend the signing.

"Candidly speaking, there are some elements in this legislation that I don't like. There are some elements that members of my party don't like. There are some elements that Republicans here today don't like. That's the nature of compromise."

With President Obama's signature, states can begin to reinstate unemployment benefits, so that people "will get them in time for Christmas," he said.

"Not only will middle class Americans avoid a tax increase, but tens of millions of Americans will start the New Year off right by opening their first paycheck to see that it's actually larger than the one they get right now.

"This is real money that's going to make a real difference in peoples' lives. I would not have signed this bill if it didn't include other extensions of relief that were set to expire."

The House of Representatives gave final approval late Thursday night to the deal, negotiated by the White House and top Senate Republicans. The final vote of 277-148 had almost equal numbers of Democrats and Republicans in support.

The package includes a two-year extension of the Bush-era tax cuts, which are set to expire December 31. It also would extend unemployment benefits for 13 months, cut the payroll tax by 2 percentage points for a year, restore the estate tax at a lower level and continue a series of other tax breaks.

The bill, which cleared the Senate 81-19 on Wednesday, passed despite objections from both the left and the right. However, the pending expiration of the lower tax rates dating to 2001 created a deadline that forced both sides to accept provisions they had long opposed.
Read more »

Congress Sends $801 Billion Tax Cut Bill to Obama

story by New York Times
written by David M. Herszenhorn

WASHINGTON — Congress at midnight Thursday approved an $801 billion package of tax cuts and $57 billion for extended unemployment insurance. The vote sealed the first major deal between President Obama and Congressional Republicans as Democrats put aside their objections and bowed to the realignment of power brought about by their crushing election losses.

The bipartisan support for the tax deal also underscored the urgency felt by the administration and by lawmakers in both parties to prop up the still-struggling economy and to prevent an across-the-board tax increase that was set to occur if the rates enacted under President George W. Bush had expired, as scheduled, at the end of the month.

Administration officials said Mr. Obama would sign the package into law on Friday.

The final vote in the House was 277 to 148 after liberal Democrats failed in one last bid to change an estate-tax provision in the bill that they said was too generous to the wealthiest Americans and that the administration agreed to in a concession to Republicans. The amendment failed, 233 to 194.

Supporting the overall measure were 139 Democrats and 138 Republicans; opposed were 112 Democrats and 36 Republicans.

The bill extends for two years all of the Bush-era tax rates and provides a one-year payroll tax cut for most American workers, delivering what economists predict will be a needed lift. The Senate approved the package on Wednesday by 81 to 19.
Read more »

House approves tax-cut compromise bill

Barack Obama updates the status of the tax-cut deal struck with congressional Republicans, at the White House in Washington, Monday, Dec. 13, 2010. The legislation would avert a Jan. 1 increase in income taxes for nearly all Americans, including middle and high earners. Photo by AP.

story by the Washington Times
written by Stephen Dinan and Seth McLaughlin

Staving off the largest tax increase in history, lawmakers Friday morning passed President Obama's tax-cut deal with Republicans through the House after fending off a last-minute effort to increase the estate tax beyond what was proposed.

The House voted 277-148 to send the plan to President Obama for his signature - all-but ending one of the longest running stalemates on Capitol Hill. The result followed a long day in which Democrats struggled to overcome the anger of their most liberal members and where both parties griped about the plan's shortcomings, including its impact on the soaring national debt.

But enough lawmakers eventually agreed that allowing tax cuts to expire was simply too risky for the economy and would possibly jeopardize the nation's climb out of the recession.

"I will vote for this bill because I don't want to see middle-income working people in America get a tax increase because I think that will be a depressant on an economy that needs to be lifted up," House Majority Leader Steny H. Hoyer, Maryland Democrat, told his colleagues. "I believe that folks need certainty."

President Obama had fought hard for the package, repeatedly telling his own party to back the plan as is, despite their shared misgivings over tax breaks to wealthier Americans. He now is expected to sign the bill.

The deal would extend for an additional two years the income-tax rates under the George W. Bush-era tax cuts, extend unemployment benefits for the long-term jobless, establish an estate-tax rate of 35 percent on estates worth more than $5 million for an individual or $10 million for a couple, and give a short-term payroll-tax cut.

The Bush tax cuts are set to expire on New Year's Day.

President Obama insisted on unemployment benefits, while Republicans insisted on extending all of the income-tax cuts and establishing the new estate-tax level. Republicans said the tax increases would total $3.8 trillion over 10 years.

Congressional Democrats, who said they never signed off on the deal, have fought against it from the start, buoyed by liberal interest groups who have blasted it.

After losing an initial fight over the income-tax cuts, those Democrats instead settled on trying to undo the estate-tax part of the agreement and replace it with a 45 percent tax on estates greater than $3.5 million. That was the level for the tax in 2009.

But that estate tax proposal died just before midnight after House struck down the related amendment.

The scheduled three-hour floor debate Thursday night provided lawmakers with what was expected to be the final crack at blocking the proposal, and opponents on both sides of the aisle took full advantage of the opportunity.

Democrats warned that the rollback of the payroll tax threatened to undermine Social Security. They also said that the "giveaway to the rich" will run up the federal credit card bill and set the stage for Republicans to return with a renewed concern over the debt and a desire to pay it down by cutting the programs that benefit middle-class Americans the most.

Rep. Brad Sherman said the choice Democrats faced was a harsh one - either accept the deal or wait for next year and the deal Mr. Obama would strike with a more powerful Republican Party, newly in control of the House.

"We're going to have to swallow hard," said Mr. Sherman, California Democrat.

Republicans, meanwhile, balked at the "death tax," saying it should be repealed altogether and that the tax cuts should be made permanent.

Rep. Thaddeus McCotter, Michigan Republican, said he would vote against the plan "because I oppose raising taxes, increasing deficits and debt, and worsening the entitlement crisis."

"Despite its proponents' best intentions, this bill will not end the suffering of unemployed and economically anxious Americans," Mr. McCotter said. "It will prolong it."

His comments reflected the fact that if passed, the compromise will lump an additional $858 billion onto the projected federal deficit and likely deepen the $13.879 trillion national debt - a statistic that opponents of the deal from both sides of the aisle stressed Thursday on the floor.

Rep. James P. Moran, Virginia Democrat, warned that by voting for the proposal, members of Congress would be "kicking the can down the road" to 2012, which is yet another election year. He and other Democrats said they doubt Congress and the president will have any more incentive then to let the tax cuts expire than they do now.

But other lawmakers said the prospect of allowing the tax cuts to lapse was too risky and could "crush the federal recovery."

Rep. Paul D. Ryan, Wisconsin Republican and the incoming chairman of the House Budget Committee, said if Congress fails to act, the nation stands to lose 1.25 million jobs next year. "We're not talking about a pro-growth economic package, but we are talking about preventing a destructive economic package from being inflicted on the American people in two weeks," he said.

The two sides reached the deal early last week, just days after a Republican-led filibuster blocked his preferred option of letting the tax cuts expire for individuals making more than $200,000 and couples making more than $250,000.

The Senate passed the compromise plan Wednesday in a strong bipartisan show of support, 81-19, sending the measure to the House, where passage has proved to be a tougher sell.

Democrats oppose tax breaks for top income earners and called for a higher estate-tax rate in the bill. But the President had appeared to soften the opposition of wavering Democrats with repeated pleas and a news conference where former President Bill Clinton endorsed the plan.

Though the tax-cut plan is "not perfect," the President said it would allow the economy to grow and create jobs in the private sector.

"We can't let it fall victim to either delay or defeat," he said, pushing Congress to pass the bill without any changes.

House passes temporary extension of Bush-era tax cuts, Payroll tax relief, Unemployment insurance...277-148

story by The Hill
written by Russell Berman and Mike Lillis

The House gave final approval late on Thursday night to a temporary extension of the George W. Bush-era tax rates, delivering a significant but politically bruising victory to President Obama.

The $858 billion legislation now heads to the president’s desk for his signature. It extends the Bush tax cuts across the board for two years, slashes the employee payroll tax by 2 percent for one year, renews the estate tax and extends unemployment insurance benefits for 13 months.

The vote was 277-148, and the bill gained a majority of both Democrats and Republicans despite complaints from each party’s political base. The legislation deepened divisions in the Democratic ranks and burst open festering tensions between House Democrats and the White House.


Speaker Nancy Pelosi (D-Calif.), who had herded her divided caucus through the contentious process, said afterward she was pleased with the outcome despite her reservations about the bill.

Asked whether the emotional tax-cut vote had damaged the morale of the Democrats as the 111th Congress evolves into the 112th, Pelosi downplayed any lingering rancor.

"They're glad this is behind us, and they're ready to go forward," Pelosi told The Hill after the vote. "They're ready for the fight."

In the end, only one member of the House Democratic leadership, Majority Leader Steny Hoyer (D-Md.), supported the final bill. Pelosi did not vote, and Reps. James Clyburn (D-S.C.), John Larson (D-Conn.), Chris Van Hollen (D-Md.) and Xavier Becerra (D-Calif.) all opposed the legislation.

During an early-afternoon vote on an unrelated matter, No. 2-ranking GOP Rep. Eric Cantor (Va.) and his Democratic counterpart, Hoyer, huddled in the back of the chamber.

According to a staffer familiar with the five-minute confab, Cantor asked Hoyer if the Democratic leader needed GOP votes to support the procedural vote on a rule governing debate of the tax package. Even though Democrats pulled the rule vote because they feared losing that effort, Hoyer declined Cantor’s help.

The outreach by Republicans was one of the ways in which GOP leaders ramped up their whip effort while their Democratic counterparts appeared to implode as a caucus.

In all, 112 Democrats and 36 Republicans voted against the deal, including conservative stalwarts Mike Pence (R-Ind.), Michele Bachmann (R-Minn.), Steve King (R-Iowa) and Jim Jordan (R-Ohio).

Citing jobless benefits not paid for and an extension of the tax cuts set to expire in two years, during the next political season, those members felt they could get a better deal out of President Obama after they take power in a little under three weeks.

But Cantor and Chief Deputy Whip Kevin McCarthy (R-Calif.) made a dogged effort to rally support for the negotiated package that would ensure “certainty” in the near future.

Minutes before the final vote, the House turned aside a Democratic amendment to raise the estate tax provision in the bill. Incorporating that change would have sent the bill back to the Senate and faced certain Republican opposition there.

The president argued the deal was the best he could get from Republicans who refused to budge on extending tax cuts for the highest-earning Americans, which Democrats wanted to end. The action by Congress prevents a broad tax increase from taking effect when the current rates expire at the end of the year.

The last votes Thursday capped a fractious three-week debate after Obama abandoned his Democratic allies in the House to cut a deal with Senate Republicans. House Democrats revolted over the pact, decrying the president for capitulating on one of his party’s signature domestic priorities: ending the Bush tax cuts for the wealthiest Americans.

“This basically concedes the argument to the supply-side Republican failed economic policies,” Rep. Peter DeFazio (D-Ore.) said.

Other Democrats denounced the bill for exploding an already soaring federal budget deficit. “Wake up and listen to the sirens,” Rep. Sam Farr (D-Calif.) said on the House floor. “I can’t believe you talk about this bill as fiscal sanity. It’s fiscal insanity.”

The House Democratic Caucus held a non-binding vote to reject the Obama-GOP deal a week ago, but within days the Senate overwhelmingly approved the bill and Pelosi moved ahead with a vote.

House liberals made one last stand on Thursday, forcing the Speaker to pull the tax bill from the floor for several hours because of objections to the amendment process.


While the Democratic leadership decided to allow one attempt to amend the Republican-favored estate tax provision in the Senate-passed bill, liberals complained that the procedure party leaders crafted would not have allowed them to register their objections directly on the legislation.

“The original rule did not allow members to have a clean up-or-down vote on the bill,” Rep. Peter Welch (D-Vt.) said.

After a huddle with members on the House floor and a hastily scheduled meeting in her office, Pelosi agreed to rework the process, allowing separate votes on the estate tax amendment and the underlying legislation.

Pelosi herself did not lobby members on the tax bill, leaving the White House to rally support for a deal it alone had negotiated with Republicans. Vice President Biden delivered a personal pitch to House Democrats, and Obama called lawmakers himself in the days leading up to the vote.

And while lawmakers predicted the Senate bill would pass once it came to a vote in the House, the Obama administration was concerned enough to whip votes against the estate tax amendment in the final hours, a House leadership aide said, not wanting a last-minute change to send the legislation back to the Senate and unravel the accord.

House Republicans broadly backed the measure, some of them reluctantly. Like many other GOP lawmakers, Rep. Jeb Hensarling (R-Texas) said he wanted to see the tax rates extended permanently, but his top priority was preventing a tax hike on Jan. 1. “In this legislation I see the glass half-full,” he said on the floor. He acknowledged conservatives who said the GOP could have held out for a better deal. But he concluded: “Personally I am not willing to take a chance. I am going cast the aye vote. I am going to stop the job-killing tax increases.”

In a floor speech Thursday night, Pelosi endorsed the estate tax amendment but pointedly refused to explicitly back the underlying bill. The GOP-favored inheritance tax of 35 percent for individuals worth more than $5 million, the Speaker said, “is not good policy. It does have not have a favorable impact on the deficit. It does not create jobs. It does not grow the economy.”

As to the overhaul compromise, Pelosi said, “Members will have to make their own decisions.

“I applaud President Obama for his side of the ledger,” Pelosi said. “I’m sorry the price that had to be paid for it is so high.”