The CBO has issued a new report on what all of those automatic budget cuts are gonna do in 2013. They will cause a recession.

Growth in real (inflation-adjusted) GDP in calendar year 2013 will be just 0.5 percent, CBO expects—with the economy projected to contract at an annual rate of 1.3 percent in the first half of the year and expand at an annual rate of 2.3 percent in the second half. Given the pattern of past recessions as identified by the National Bureau of Economic Research, such a contraction in output in the first half of 2013 would probably be judged to be a recession.

What the CBO is referring to is the fiscal cliff. Remember when the budget crisis happened, resulting in the United States losing it's AAA credit rating? Then, Congress and this administration just punted, didn't compromise, or better yet, base recommendations on actual economic theory, and allowed automatic spending cuts of $1.2 trillion across the board, to take place instead. These budget cuts will be dramatic and happen in 2012 and 2013.

Bloomberg has yet another stunning revelation that Tea Party Congressional members are being funded heavily by the Banksters.

Tea Party favorites such as Stephen Fincher of Tennessee were swept into Congress on a wave of anger over government-funded bailouts of banks.

Now those incumbents are collecting thousands of dollars for re-election campaigns from the same Wall Street firms whose excesses they criticized. They have taken no significant steps to curb them or prevent future taxpayer-financed rescues.

On January 18th Internet websites shut down, including this one. The simultaneous black out was in protest of two bills before Congress, SOPA and PIPA. On January 20th, Senate Majority Leader Harry Reid shelved the Senate version of the bill, PIPA, for a floor vote and House Judiciary Chair Lamar Smith just suspended SOPA in committee. SOPA and PIPA are D.O.A.

I have heard from the critics and I take seriously their concerns,” said Lamar Smith, House judiciary chairman and the sponsor of the Stop Online Piracy Act, as he announced the suspension of work on the bill.

Mr Smith’s retreat followed a similar move in the Senate, where majority leader Harry Reid postponed a scheduled vote on the related Protect Intellectual Property Act “in light of recent events.

Some were not happy, such as Democrat Senator Patrick Leahy:

PIPA/SOPA supporter Senator Patrick Leahy (D-Vermont), miffed by this sudden turn of events, offers his own statement. “I understand and respect Majority Leader Reid’s decision ... But the day will come when the Senators who forced this move will look back and realize they made a knee-jerk reaction to a monumental problem.”

CBS 60 Minutes has another bombshell report. It seems while handing cash under the table to members of Congress is graft, offering pre-IPO stock, guaranteed to make a profit for an elected representative...isn't. In Congress: Trading stock on inside information, we have yet another blow by blow playbook on how to use your elected public office to get rich quick.