Trattoria Cooking: More than 200 authentic recipes from Italy's family-style restaurants

Trattoria Cooking: More than 200 authentic recipes from Italy's family-style restaurants


Advance Praise for Trattoria Cooking "Who wouldn't love doing Biba's research, tracking down the simple, down-to-earth, tasty food that makes Italy such an irresistible destination? For everyone who wishes to know how it is done (and where to go in Italy to find it), she's written a cookbook full of delicious-sounding recipes from the trattorias where real regional cooking goes on. Her recipes are straightforward and easy to follow, and I particularly like all the good tips she gives, like littl






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Euro-Zone Debt Supply So Far So Good But Key Tests Ahead - Wall Street Journal

By Emese Bartha

Of DOW JONES NEWSWIRES

FRANKFURT (Dow Jones)--Euro-zone sovereigns have passed a week of heavy supply reasonably successfully but more crucial tests wait in the pipeline in the form of further auctions and syndications, with January a seasonally busy month for both.

A series of debt sales in fiscally frail or highly indebted countries--Greece, Portugal, Spain and Italy--were smooth this week, with Asian investors likely having stepped in heavily on the buy side, while purchases by the European Central Bank were cushioned the secondary market.

This better mood might have sparked Spain to add a second, longer-dated bond line to the one announced previously to its auction Thursday when it auctions the 4.85% October 2020 and the 4.80% January 2024 bonds for an amount to be announced Monday. Sales of Treasury bills, or short-term debt, from Spain, Greece and Belgium Tuesday, and from Portugal Wednesday, will serve as a warm up for Spain's test of long-term debt sale.

Contrasting some of the prevailing views, some analysts cautiously suggest a likelihood of sentiment change around Spain and also Portugal--the latter, nevertheless, still widely seen as the next candidate for bailout.

Lloyds Banking Group PLC said it has been hearing "more and more talk" about the fact that while the overall national financial position is more favorable for Italy, the relative low level of debt stock makes Spain better positioned in terms of sustainability of financing costs in the face of rising yields, at least in the short term.

"We think this might be a symptom of a market reassessment of Italy's status as 'darling of the peripheral investor'," the bank's analysts said.

Some debt market observers have hinted that the market relief, despite all the remaining stress, is a tentative sign that the markets don't want any more bailouts--a view Portugal's government agrees with.

Ciaran O'Hagan, a strategist at Societe Generale SA in Paris, meanwhile, said: "Ironically, Portugal for us is well on the road towards correcting its fiscal imbalances."

With heavy supply ahead, however, a cautious stance is justified.

"We should see the first EFSF syndication shortly. That should go well, like the European Union bond over a week ago," O'Hagan said, referring to the coming debut bond issue by the European Financial Stability Facility, the EUR440 billion funding vehicle set up after the Greek crisis for euro-zone countries in need.

"Syndications require substantial real money involvement," he said, preferring to hold AAA-rated bonds as a core position for some weeks and wait for the syndications before switching into peripheral bonds. In Societe Generale's view "Portugal for us is well on the road towards correcting its fiscal imbalances."

Triple-A countries, meanwhile also face a heavy test next week too, with up to EUR19.5 billion bonds on offer from Finland, Germany and France, while redemption and coupon payments won't help absorption of supply. In addition, a syndicated issue is whispered on the market to come from Belgium next week or the week after, possibly for a 10-year bond, or OLO, with a likely consequent cancellation of its first scheduled bond auction this year on Jan. 31.

Driven by the market pressure, Belgium is seeking to work out additional deficit cuts for 2011 to offset its fragile political system.

"Arguably, rising risk premium for Belgian government bonds may increase the pressure on politicians to move on forming a government by buying into compromises on the proposed state reform," said Rainer Guntermann, an economist at Commerzbank in Frankfurt. The political vacuum argues for sidelined exposure in Belgian bonds on a relative value basis, with the risk of further underperformance following any budget-deal induced near-term relief, if the political deadlock were to continue for longer, Guntermann added.

By Emese Bartha, Dow Jones Newswires, +49 69 2972 5516;

emese.bartha@dowjones.com

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Handicapping the Debt Limit Debate - Wall Street Pit

Sometime this spring, Congress will vote to increase the debt ceiling. That vote won?t come easy. Newly ascendant House Republicans will threaten to withhold needed votes unless significant spending cuts or budget process reforms are attached to the measure. Democrats will denounce Republicans for threatening the government?s ability to pay its bills. And Treasury Secretary Tim Geithner will be forced into creative financing moves to buy Congressional leaders enough time to strike a deal.

But strike a deal they will. With monthly deficits running around $100 billion, the United States can?t cut spending or increase tax revenues enough to avoid further borrowing this year. It is equally inconceivable (I hope) that our elected leaders will decide to withhold payments from Social Security beneficiaries, our military, and our creditors.

So the debt ceiling will go up. And that means that at least 50 senators and more than 200 House members will cast a politically toxic yea vote.

Which lucky members will they be? The answer may well depend on what other budget provisions accompany the debt limit measure. That?s impossible to handicap today. In the meantime, though, we can look at past votes. They tell a clear story: debt limit votes are about politics, not principle.

Consider, for example, Senate votes on stand-alone debt limit measures over the past decade:

When Republicans held both the Senate and the White House (2003, 2004, 2006), they provided virtually all the yea votes, while almost all Democrats voted no. When the Democrats were in power (2009, 2010), the roles reversed: the Democrats provided all but one of the yea votes, while Republicans voted no. Only when government was divided ? with a Democratic Senate and a Republican president (2002, 2007) ? has the vote to lift the debt limit been bipartisan.

The House has taken fewer stand-alone votes than the Senate (because of the so-called Gephardt rule, which the Republicans abolished last week), but they show the same pattern: the party in power votes to increase the debt limit:

History thus suggests that Democrats will bear the burden of lifting the debt limit in the Senate; expect at least 50 yea votes. The only interesting question is whether individual Republicans filibuster the increase; if so, a 60-vote cloture measure would require at least 7 Republican votes as well.

Handicapping the House is more difficult since we?ve had no recent experience with divided government. If the Senate provides any guide, roughly equal numbers of Republicans and Democrats will ultimately vote for an increase. That would allow many Tea Party-backed Republicans to vote no without affecting the outcome. And other members might simply skip the vote. That?s what 21 members did in 2004, when it took just 208 votes to raise the debt ceiling.

Note: Congress increased the debt limit three other times during the past decade as part of larger bills: the 2008 housing act, the 2008 TARP act, and the 2009 stimulus. For simplicity, I have included all votes by Independents with the Democrats, since that?s how those members caucused during this period.

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tumblweed restaurant - recipe for their sauteed mushrooms?

Question by pammy: tumblweed restaurant - recipe for their sauteed mushrooms?
Please I am only looking for the recipe for sauteed mushrooms from Tumbleweed restaurant. THANKS!!


Best answer:
Answer by msjantasticDid you happen to ask at the place? Do they have a web site that may have recipes? I never heard of this place. You may find it at Secret Recipes. They may cook them in butter and red wine. Look around at different recipes and maybe you can tell by what you tasted before.

Add your own answer in the

restaurant recipes cookbook

IMF official says "scepticism" about euro debt remains - Bbg - Reuters

LONDON | Fri Jan 14, 2011 2:37am EST

LONDON Jan 14 (Reuters) - The euro zone has not yet convinced investors its debt position is sustainable and further contagion could harm global economic recovery, a senior IMF official was quoted as saying.

In an interview with Bloomberg news agency late on Thursday, Naoyuki Shinohara, deputy managing director of the International Monetary Fund, said the premium investors demand to hold Greek and Irish bonds remained "very high" despite their bailouts.

"That means that scepticism over the sustainability of their debt in the market hasn't been cleared away," he was quoted as saying.

"At least for now it looks like the spillover from the European sovereign crisis to areas outside of the region will be limited," Shinohara said. "However, if the European sovereign debt problems were to become bigger, we need to keep in mind that that could bring about considerable downside risks."

Heavily-indebted Spain and Portugal staged successful bond issues this week, easing some concerns about an escalation of euro zone debt strife and buying the bloc's leaders more time to come up with a new package of anti-crisis measures, which analysts say is both essential and urgent. [ID:nLDE70C15C]

Following rescues of Greece and Ireland last year, Portugal and Spain are seen as the euro zone countries most at risk of needing a bailout and weak demand for their bonds would have aggravated jitters and raised pressure on European leaders to act fast. (Reporting by Mike Peacock; editing by Stephen Nisbet)

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The E-Cookbooks Library.

The E-Cookbooks Library.
Discover the All New E-Cookbooks Library! Over 100 full length cookbooks all in PDF format. Complete site upgrade in celebration of our 10th year with CB. This hoplink is an investment in your future ...
The E-Cookbooks

restaurant recipes cookbook

IMF official says "scepticism" about euro debt remains - Bbg - Reuters

LONDON | Fri Jan 14, 2011 2:37am EST

LONDON Jan 14 (Reuters) - The euro zone has not yet convinced investors its debt position is sustainable and further contagion could harm global economic recovery, a senior IMF official was quoted as saying.

In an interview with Bloomberg news agency late on Thursday, Naoyuki Shinohara, deputy managing director of the International Monetary Fund, said the premium investors demand to hold Greek and Irish bonds remained "very high" despite their bailouts.

"That means that scepticism over the sustainability of their debt in the market hasn't been cleared away," he was quoted as saying.

"At least for now it looks like the spillover from the European sovereign crisis to areas outside of the region will be limited," Shinohara said. "However, if the European sovereign debt problems were to become bigger, we need to keep in mind that that could bring about considerable downside risks."

Heavily-indebted Spain and Portugal staged successful bond issues this week, easing some concerns about an escalation of euro zone debt strife and buying the bloc's leaders more time to come up with a new package of anti-crisis measures, which analysts say is both essential and urgent. [ID:nLDE70C15C]

Following rescues of Greece and Ireland last year, Portugal and Spain are seen as the euro zone countries most at risk of needing a bailout and weak demand for their bonds would have aggravated jitters and raised pressure on European leaders to act fast. (Reporting by Mike Peacock; editing by Stephen Nisbet)

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Can anyone give me a recipe to eggplant in some kind of sweet sauce?

Question by ali_cosani: Can anyone give me a recipe to eggplant in some kind of sweet sauce?
I have been to 2 restaurants and had similar dishes. One at a Sushi/Hibachi restaurant and then at the famous PF Changs. It is a Japanese eggplant in some kind of dark sweet sauce, maybe with soy sauce but it is a lot thicker. I am a pretty good cook and do it a lot, and I have tried making it with Hoisin sauce which is what I thought it may have been and it did not come out right. Does anyone know how to make this dish, I know it is famous because I have seen it on several different menus, Japanese, Chinese, Korean, and Vietnamese....someone out there has to know how to make it! I really love

restaurant recipes cookbook

NZ debt compares favourably to other countries - National Business Review

Despite a significant worsening trend in the government's debt levels, New Zealand still compares favourably to a group of other countries with the same debt rating, ratings agency Moody's Investors Service says.

New Zealand is among a range of countries covered in Moody's latest regular update on Aaa-rated sovereign governments.

The four largest economies in the group are the United States, Germany, France, and Britain, while among the others are Australia, Canada, Norway and Switzerland.

While focusing on the "big four" Aaa-rated sovereigns, Moody's also provided updates on the three Aaa-rated sovereigns in the Asia-Pacific region -- Australia, New Zealand and Singapore.

Fiscal metrics for Australia and Singapore were among the strongest of Aaa-rated sovereigns, Moody's said.

It expected Australia to continue to post one of the lowest debt levels of any Aaa-rated sovereign, and while Singapore's debt was higher, the country was a net creditor and forecast to record the fastest growth rate in Asia for 2010.

"New Zealand's debt position compares favourably with the group, but its near-term trajectory shows a further rise in its debt ratios before a reversal is achieved."

From a low point of 26 percent of GDP just before the New Zealand economy entered a prolonged, but mild, recession, the ratio of gross general government debt to GDP had risen to over 40 percent and would rise somewhat further over the next few years, Moody's said.

The central government's net debt, which was the government's policy target, was projected to rise from a low of about 6 percent of GDP in 2008 to nearly 30 percent in 2015, when it would peak and begin declining. The long term goal of fiscal policy was to reduce that ratio to under 20 percent.

Even at projected peak levels, New Zealand's general government debt levels were well below the median for Aaa-rated countries, both as a percentage of GDP and of government revenues.

"Even with some further slippage in government debt ratios coming from slower growth or other one-time shocks, it appears highly likely that these ratios will remain within the stronger side of the Aaa range," Moody's said.

This country's economic strength was classified as "high" rather than "very high", because of a relative lack of diversity in the economy.

"Another external shock that affected economic growth could, of course, derail the path toward fiscal consolidation, but the baseline indicates that New Zealand's fiscal position will continue to support its Aaa rating."

In its comments on the big four Aaa economies, Moody's emphasised that all four faced dramatic increases under existing policy commitments arising from ageing-related pension and healthcare subsidies.

Those future costs must be brought under control if the countries were to maintain long term stability in their debt burden credit metrics, Moody's said.

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Do you get offensive when a comedian jokes about race?

Question by NETime: Do you get offensive when a comedian jokes about race?
I surely don't. I don't really care that much. If you want you can joke about black people to me how hard you want. Just as long as you don't mock or make fun of us. Don't you think that joking about race just shows how far we've come? We don't get angry at somebody because they make fun of something a race does a lot. Like me as a black person, I can joke about how we eat a lot of chicken, and it's true. There's no hiding it. Sometimes I wonder why one of the most famous chicken selling chicken restaurants in the US was a white guys recipe. No offense, if you're offended. What do you think about trace and

restaurant recipes cookbook

NZ debt compares favourably to other countries - National Business Review

Despite a significant worsening trend in the government's debt levels, New Zealand still compares favourably to a group of other countries with the same debt rating, ratings agency Moody's Investors Service says.

New Zealand is among a range of countries covered in Moody's latest regular update on Aaa-rated sovereign governments.

The four largest economies in the group are the United States, Germany, France, and Britain, while among the others are Australia, Canada, Norway and Switzerland.

While focusing on the "big four" Aaa-rated sovereigns, Moody's also provided updates on the three Aaa-rated sovereigns in the Asia-Pacific region -- Australia, New Zealand and Singapore.

Fiscal metrics for Australia and Singapore were among the strongest of Aaa-rated sovereigns, Moody's said.

It expected Australia to continue to post one of the lowest debt levels of any Aaa-rated sovereign, and while Singapore's debt was higher, the country was a net creditor and forecast to record the fastest growth rate in Asia for 2010.

"New Zealand's debt position compares favourably with the group, but its near-term trajectory shows a further rise in its debt ratios before a reversal is achieved."

From a low point of 26 percent of GDP just before the New Zealand economy entered a prolonged, but mild, recession, the ratio of gross general government debt to GDP had risen to over 40 percent and would rise somewhat further over the next few years, Moody's said.

The central government's net debt, which was the government's policy target, was projected to rise from a low of about 6 percent of GDP in 2008 to nearly 30 percent in 2015, when it would peak and begin declining. The long term goal of fiscal policy was to reduce that ratio to under 20 percent.

Even at projected peak levels, New Zealand's general government debt levels were well below the median for Aaa-rated countries, both as a percentage of GDP and of government revenues.

"Even with some further slippage in government debt ratios coming from slower growth or other one-time shocks, it appears highly likely that these ratios will remain within the stronger side of the Aaa range," Moody's said.

This country's economic strength was classified as "high" rather than "very high", because of a relative lack of diversity in the economy.

"Another external shock that affected economic growth could, of course, derail the path toward fiscal consolidation, but the baseline indicates that New Zealand's fiscal position will continue to support its Aaa rating."

In its comments on the big four Aaa economies, Moody's emphasised that all four faced dramatic increases under existing policy commitments arising from ageing-related pension and healthcare subsidies.

Those future costs must be brought under control if the countries were to maintain long term stability in their debt burden credit metrics, Moody's said.

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Famous Florida! Underground Gourmet -- Restaurants, Recipes & Reflections

Famous Florida! Underground Gourmet -- Restaurants, Recipes & Reflections









List Price: $ 18.95

Price:

restaurant recipes cookbook

IMF official says "scepticism" about euro debt remains - Bbg - Reuters

LONDON | Fri Jan 14, 2011 2:37am EST

LONDON Jan 14 (Reuters) - The euro zone has not yet convinced investors its debt position is sustainable and further contagion could harm global economic recovery, a senior IMF official was quoted as saying.

In an interview with Bloomberg news agency late on Thursday, Naoyuki Shinohara, deputy managing director of the International Monetary Fund, said the premium investors demand to hold Greek and Irish bonds remained "very high" despite their bailouts.

"That means that scepticism over the sustainability of their debt in the market hasn't been cleared away," he was quoted as saying.

"At least for now it looks like the spillover from the European sovereign crisis to areas outside of the region will be limited," Shinohara said. "However, if the European sovereign debt problems were to become bigger, we need to keep in mind that that could bring about considerable downside risks."

Heavily-indebted Spain and Portugal staged successful bond issues this week, easing some concerns about an escalation of euro zone debt strife and buying the bloc's leaders more time to come up with a new package of anti-crisis measures, which analysts say is both essential and urgent. [ID:nLDE70C15C]

Following rescues of Greece and Ireland last year, Portugal and Spain are seen as the euro zone countries most at risk of needing a bailout and weak demand for their bonds would have aggravated jitters and raised pressure on European leaders to act fast. (Reporting by Mike Peacock; editing by Stephen Nisbet)

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Neelys' Signature Ribs-Food Network

The Neelys share their famous family recipe for barbecued ribs. This video is part of Down Home with the Neely's show hosted by PatNeely . SHOW DESCRIPTION :Pat and Gina Neely and their family own and operate some of Tennessee's best ¿ and most devilishly delicious ¿ BBQ restaurants. So, it's no surprise that when they are relaxing at home in Memphis, they love to create tasty dishes their whole family can enjoy. Now they're ready to share secrets from their famous restaurant dishes along with their tastiest family recipes when we go Down Home with the Neelys.
Video Rating: 4 /

restaurant recipes cookbook

NZ debt compares favourably to other countries - National Business Review

Despite a significant worsening trend in the government's debt levels, New Zealand still compares favourably to a group of other countries with the same debt rating, ratings agency Moody's Investors Service says.

New Zealand is among a range of countries covered in Moody's latest regular update on Aaa-rated sovereign governments.

The four largest economies in the group are the United States, Germany, France, and Britain, while among the others are Australia, Canada, Norway and Switzerland.

While focusing on the "big four" Aaa-rated sovereigns, Moody's also provided updates on the three Aaa-rated sovereigns in the Asia-Pacific region -- Australia, New Zealand and Singapore.

Fiscal metrics for Australia and Singapore were among the strongest of Aaa-rated sovereigns, Moody's said.

It expected Australia to continue to post one of the lowest debt levels of any Aaa-rated sovereign, and while Singapore's debt was higher, the country was a net creditor and forecast to record the fastest growth rate in Asia for 2010.

"New Zealand's debt position compares favourably with the group, but its near-term trajectory shows a further rise in its debt ratios before a reversal is achieved."

From a low point of 26 percent of GDP just before the New Zealand economy entered a prolonged, but mild, recession, the ratio of gross general government debt to GDP had risen to over 40 percent and would rise somewhat further over the next few years, Moody's said.

The central government's net debt, which was the government's policy target, was projected to rise from a low of about 6 percent of GDP in 2008 to nearly 30 percent in 2015, when it would peak and begin declining. The long term goal of fiscal policy was to reduce that ratio to under 20 percent.

Even at projected peak levels, New Zealand's general government debt levels were well below the median for Aaa-rated countries, both as a percentage of GDP and of government revenues.

"Even with some further slippage in government debt ratios coming from slower growth or other one-time shocks, it appears highly likely that these ratios will remain within the stronger side of the Aaa range," Moody's said.

This country's economic strength was classified as "high" rather than "very high", because of a relative lack of diversity in the economy.

"Another external shock that affected economic growth could, of course, derail the path toward fiscal consolidation, but the baseline indicates that New Zealand's fiscal position will continue to support its Aaa rating."

In its comments on the big four Aaa economies, Moody's emphasised that all four faced dramatic increases under existing policy commitments arising from ageing-related pension and healthcare subsidies.

Those future costs must be brought under control if the countries were to maintain long term stability in their debt burden credit metrics, Moody's said.

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How You To Can Find Famous Restaurant Recipes

How You To Can Find Famous Restaurant Recipes


How You To Can Find Famous Restaurant Recipes




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secret restaurant recipes eBay auctions you should keep an eye on:

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US government debt up as Fed buys, auctions end - Reuters

By Ellen Freilich

NEW YORK | Thu Jan 13, 2011 3:55pm EST

NEW YORK (Reuters) - Treasuries prices rose on Thursday, boosted by purchases of U.S. government debt by the Federal Reserve and the end of this week's Treasury auctions.

The Fed bought $8.41 billion in notes due 2016 and 2017 as part of its $600 billion bond-purchase program designed to stimulate the economy. It will purchase another $6 billion to $8 billion in debt due 2015 and 2016 on Friday.

The purchases come as the Treasury concluded its sales of $66 billion in three-, 10- and 30-year securities this week. The $13 billion 30-year bond auction on Thursday drew an average bid after three- and 10-year note auctions earlier in the week attracted strong bidding.

"We (think) the Treasury market will rally with lower rates ahead in the short term," said Justin Lederer, interest-rate strategist at Cantor, Fitzgerald in New York.

The benchmark 10-year bond rose 16/32 in price, its yield easing to 3.31 percent from 3.38 percent late Wednesday. Five-year notes rose 10/32 in price, its yield easing to 1.92 percent from 1.98 percent on Wednesday.

Prices of U.S. government debt, a safe-haven asset, weakened early in the session following stronger than expected receptions for debt sales by Spain and Italy.

Also, German Finance Minister Wolfgang Schaeuble said that major European states were working on a "comprehensive" medium-term package to solve the region's debt crisis.

But purchases of Treasuries by the Fed halted selling and subsequent buying lifted prices ahead of the bidding deadline for the 30-year auction, which went off without a hitch.

"The 30-year bond auction was a bit sloppy and the bid cover ratio of 2.67 was (slightly) weaker than last month's sale, but it was still quite a bit better than (the 30-year auctions in October and November)," said Thomas Simons, money market economist at Jefferies & Co. in New York.

Thirty-year bonds were up 17/32, their yields easing to 4.50 percent from 4.53 percent Wednesday.

Economic data released on Thursday pointed to stubborn headwinds for the economic recovery and weaker-than-expected economic data is positive for bond prices. The Labor Department said U.S. jobless claims jumped last week to their highest level since October.

(Additional reporting by Karen Brettell, Editing by Chizu Nomiyama)

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NZ debt compares favourably to other countries - National Business Review

Despite a significant worsening trend in the government's debt levels, New Zealand still compares favourably to a group of other countries with the same debt rating, ratings agency Moody's Investors Service says.

New Zealand is among a range of countries covered in Moody's latest regular update on Aaa-rated sovereign governments.

The four largest economies in the group are the United States, Germany, France, and Britain, while among the others are Australia, Canada, Norway and Switzerland.

While focusing on the "big four" Aaa-rated sovereigns, Moody's also provided updates on the three Aaa-rated sovereigns in the Asia-Pacific region -- Australia, New Zealand and Singapore.

Fiscal metrics for Australia and Singapore were among the strongest of Aaa-rated sovereigns, Moody's said.

It expected Australia to continue to post one of the lowest debt levels of any Aaa-rated sovereign, and while Singapore's debt was higher, the country was a net creditor and forecast to record the fastest growth rate in Asia for 2010.

"New Zealand's debt position compares favourably with the group, but its near-term trajectory shows a further rise in its debt ratios before a reversal is achieved."

From a low point of 26 percent of GDP just before the New Zealand economy entered a prolonged, but mild, recession, the ratio of gross general government debt to GDP had risen to over 40 percent and would rise somewhat further over the next few years, Moody's said.

The central government's net debt, which was the government's policy target, was projected to rise from a low of about 6 percent of GDP in 2008 to nearly 30 percent in 2015, when it would peak and begin declining. The long term goal of fiscal policy was to reduce that ratio to under 20 percent.

Even at projected peak levels, New Zealand's general government debt levels were well below the median for Aaa-rated countries, both as a percentage of GDP and of government revenues.

"Even with some further slippage in government debt ratios coming from slower growth or other one-time shocks, it appears highly likely that these ratios will remain within the stronger side of the Aaa range," Moody's said.

This country's economic strength was classified as "high" rather than "very high", because of a relative lack of diversity in the economy.

"Another external shock that affected economic growth could, of course, derail the path toward fiscal consolidation, but the baseline indicates that New Zealand's fiscal position will continue to support its Aaa rating."

In its comments on the big four Aaa economies, Moody's emphasised that all four faced dramatic increases under existing policy commitments arising from ageing-related pension and healthcare subsidies.

Those future costs must be brought under control if the countries were to maintain long term stability in their debt burden credit metrics, Moody's said.

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Extension Office by Rayna Cooper: Peanuts satisfy not just our tastebuds, but our bodies too

Extension Office by Rayna Cooper: Peanuts satisfy not just our tastebuds, but our bodies too
Peanut butter is a staple in our home. My grandparents grew peanuts as a major crop in Georgia, and our family didn t serve pancakes without a spreading of peanut butter before the syrup was poured.
Read more on Chambersburg Public Opinion


Roemer Topf accents German heritage
Germans settled much of the St. Louis region in the 1800s, but German restaurants are few and far between today.
Read more on Belleville

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FOREX-Euro off high after surge on debt sales, Trichet - Reuters

Thu Jan 13, 2011 8:15pm EST

* Euro slips on profit-taking after surge

* Some see chance of more short-covering if resistance broken

* Soft U.S. jobless claims data weighs on dollar

TOKYO, Jan 14 (Reuters) - The euro slipped on Friday after staging its biggest surge in six months the previous day on solid debt sales by Spain and tough talk on inflation by the European Central Bank chief.

Speculation that European policy-makers may top up their war chest against attacks on euro zone sovereign debt is adding fuel to short-covering even though many market players suspect worries about the solvency of peripheral euro zone members will persist.

"The euro's latest rise is nothing more than short-covering from overselling late last year on an excessively bearish view on the euro zone. Given that the fiscal problems in the region are unresolved, investors will be cautious about chasing the currency higher," said Tsutomu Soma, manager of foreign securities at Okasan Securities.

The euro changed hands at $1.3330 EUR=, off Thursday's high of $1.3383 as some traders quickly took profits from its hefty gains. The euro has risen more than 3 percent so far this week from a four-month low of $1.2960 hit at the start of the week.

Its 55-day moving average, which was $1.3389 on Thursday and $1.3378 on Friday, is serving as immediate resistance, though a break of that level could spark another wave of short-covering.

If that happens, levels just above $1.34 could be the next hurdle, which would be a 38.2 percent retracement of the November-January slide. The pair's Ichimoku cloud base also comes in at $1.3410.

The euro also stayed near a three-week high of 110.67 yen EURJPY=R hit on Thursday.

Strong demand in Spain's bond auction on Thursday, a day after a solid Portuguese debt sale, helped ease pressure on peripheral bond markets. [ID:nLDE70C0KF]

ECB President Jean-Claude Trichet also said prices needed to be monitored very closely after euro zone inflation jumped last month, hinting the bank could raise interest rates to contain inflation even while the bloc is gripped by a debt crisis. [ID:nLDE70C26B]

His comments surprised market players, who had expected the bank to take a more dovish line at a time when some euro zone countries are facing strains in fund-raising.

Analysts said the euro may see some support on speculation that European policy-makers could be ready to increase the size and scope of a resue fund.

Some market players also said weak U.S. jobless claims data had hurt the dollar, indirectly helping the euro. The initial jobless claims rose to a 10-week high and sent U.S. bond yields lower. [ID:nN13271305]

"When you look at the market yesterday, the dollar was broadly weak after the initial jobless claims data. So you could argue that the market may be starting to focus on the U.S. economy, at least temporarily," said Junya Tanase, a strategist at J.P. Morgan Chase Bank.

Lower U.S. bond yields helped bring down the dollar to a one-week low of 82.55 yen on Thursday. It traded at 82.73 yen JPY= on Friday.

Traders said the dollar was capped by Japanese exporters' offers lined up at 83.50-84.50 yen, though bids by Japanese investors could be expected near 82 yen. (Reporting by Chikako Mogi and Hideyuki Sano; Editing by Michael Watson)

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Joyce's Famous Pizza | © 2010 Colorado Restaurant Connection

Joyce's Famous Pizza | 2035 South Broadway, Denver, CO 80210 | 303.77.PIZZA | www.coloradorestaurantconnection.com | www.youtube.com | ©2010 Colorado Restaurant Connection







More Secret Restaurant Recipes at famousrecipes.weebly.com
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NZ debt compares favourably to other countries - National Business Review

Despite a significant worsening trend in the government's debt levels, New Zealand still compares favourably to a group of other countries with the same debt rating, ratings agency Moody's Investors Service says.

New Zealand is among a range of countries covered in Moody's latest regular update on Aaa-rated sovereign governments.

The four largest economies in the group are the United States, Germany, France, and Britain, while among the others are Australia, Canada, Norway and Switzerland.

While focusing on the "big four" Aaa-rated sovereigns, Moody's also provided updates on the three Aaa-rated sovereigns in the Asia-Pacific region -- Australia, New Zealand and Singapore.

Fiscal metrics for Australia and Singapore were among the strongest of Aaa-rated sovereigns, Moody's said.

It expected Australia to continue to post one of the lowest debt levels of any Aaa-rated sovereign, and while Singapore's debt was higher, the country was a net creditor and forecast to record the fastest growth rate in Asia for 2010.

"New Zealand's debt position compares favourably with the group, but its near-term trajectory shows a further rise in its debt ratios before a reversal is achieved."

From a low point of 26 percent of GDP just before the New Zealand economy entered a prolonged, but mild, recession, the ratio of gross general government debt to GDP had risen to over 40 percent and would rise somewhat further over the next few years, Moody's said.

The central government's net debt, which was the government's policy target, was projected to rise from a low of about 6 percent of GDP in 2008 to nearly 30 percent in 2015, when it would peak and begin declining. The long term goal of fiscal policy was to reduce that ratio to under 20 percent.

Even at projected peak levels, New Zealand's general government debt levels were well below the median for Aaa-rated countries, both as a percentage of GDP and of government revenues.

"Even with some further slippage in government debt ratios coming from slower growth or other one-time shocks, it appears highly likely that these ratios will remain within the stronger side of the Aaa range," Moody's said.

This country's economic strength was classified as "high" rather than "very high", because of a relative lack of diversity in the economy.

"Another external shock that affected economic growth could, of course, derail the path toward fiscal consolidation, but the baseline indicates that New Zealand's fiscal position will continue to support its Aaa rating."

In its comments on the big four Aaa economies, Moody's emphasised that all four faced dramatic increases under existing policy commitments arising from ageing-related pension and healthcare subsidies.

Those future costs must be brought under control if the countries were to maintain long term stability in their debt burden credit metrics, Moody's said.

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Q&A: where can i find restaurant quality recipes?

Question by P A: where can i find restaurant quality recipes?
Id like to try my hand at some really fine cooking
I know theres hundreds of recipe websites and Ive seen many of them, but there seems to be nothing for real high quality master chef recipes, the sort served in fine restaurants

Any ideas please? Even if its a subscription website Id consider paying

Thanks


Best answer:
Answer by CalypsoHead to your local bookstore! Lots of famous restaurants/chefs put out their own books, with detailed recipes and photos of the end result so you can put together that great presentation. They are not the cheapest books, but are well worth it in my opinion. I have quite a few myself

restaurant recipes cookbook

Carter: International community should erase Sudan's debt - USA Today

JUBA, Sudan (AP) ? Former U.S. President Jimmy Carter called on the international community to forgive Sudan's $39 billion debt burden so that dividing it between the north and south won't become another issue to resolve after Southern Sudan likely votes to become its own nation.

A week-long independence referendum is expected to divide Africa's largest nation in two, but officials have not yet determined how the finances will be separated.

The presidents of Sudan and Southern Sudan "both hope the entire debt will be forgiven without getting them in another unnecessary argument about who has what percentage of the debt," Carter said Thursday.

The World Bank says $30 billion of Sudan's debt is currently in arrears, and Southern Sudan remains desperately poor despite its substantial oil reserves. The entire France-sized region has only 30 miles (50 kilometers) of paved roads and only 15% of its population can read.

The U.S. already has offered Sudan's Khartoum-based government a range of incentives for a peaceful southern vote, including removal from its list of state sponsors of terrorism. In recent weeks Sudanese President Omar al-Bashir has sought to play down fears of potential violence, saying the north will accept a vote for secession.

The north and south fought a two-decade war that killed 2 million people before a 2005 peace agreement.

Sudan, geographically the largest country on the continent, will lose a third of its land, nearly a quarter of its population if the south secedes. Khartoum's only consolation will be that the pipelines to get the product to market all run through its territory.

Carter has been in Sudan this week to monitor the historic independence vote and to meet with top officials. His foundation, the Carter Center, has been involved in health programs and democracy building in Sudan for more than two decades.

Polls remain open until Saturday, but Carter and southern officials say 60% of the 3.9 million registered voters have already cast ballots, the threshold required for the independence referendum to be valid.

Voters flooded the polls Sunday and Monday, but voting stations have been much quieter since. There were reports of clashes in several states last weekend, including in the contested region of Abyei, but no new violence has been reported in more than 24 hours, and Carter said the vote has gone smoothy.

"We've had almost uniform reports that it's been calm and peaceful," he said.

Abyei had also been scheduled to hold a self-determination vote, but its fate now appears likely to be decided by north-south negotiations. Carter said the world needed to continue to pay attention to Sudan in the coming months so that violence does not again flare up.

Southerners, who mainly define themselves as African, have long resented their underdevelopment, accusing the northern Arab-dominated government in Khartoum of taking their oil revenues without investing in the south. Southerners ? mainly animists or Christians ? were also angered by attempts of the northern dominated government to impose Islamic law.

Independence won't be finalized until July, and many issues are yet to be worked out. They include north-south oil rights, water rights to the White Nile, border demarcation and the status of the contested region of Abyei, a north-south border region where the biggest threat of a return to conflict exists.

Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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US government debt up as Fed buys, auctions end - Reuters

By Ellen Freilich

NEW YORK | Thu Jan 13, 2011 3:55pm EST

NEW YORK (Reuters) - Treasuries prices rose on Thursday, boosted by purchases of U.S. government debt by the Federal Reserve and the end of this week's Treasury auctions.

The Fed bought $8.41 billion in notes due 2016 and 2017 as part of its $600 billion bond-purchase program designed to stimulate the economy. It will purchase another $6 billion to $8 billion in debt due 2015 and 2016 on Friday.

The purchases come as the Treasury concluded its sales of $66 billion in three-, 10- and 30-year securities this week. The $13 billion 30-year bond auction on Thursday drew an average bid after three- and 10-year note auctions earlier in the week attracted strong bidding.

"We (think) the Treasury market will rally with lower rates ahead in the short term," said Justin Lederer, interest-rate strategist at Cantor, Fitzgerald in New York.

The benchmark 10-year bond rose 16/32 in price, its yield easing to 3.31 percent from 3.38 percent late Wednesday. Five-year notes rose 10/32 in price, its yield easing to 1.92 percent from 1.98 percent on Wednesday.

Prices of U.S. government debt, a safe-haven asset, weakened early in the session following stronger than expected receptions for debt sales by Spain and Italy.

Also, German Finance Minister Wolfgang Schaeuble said that major European states were working on a "comprehensive" medium-term package to solve the region's debt crisis.

But purchases of Treasuries by the Fed halted selling and subsequent buying lifted prices ahead of the bidding deadline for the 30-year auction, which went off without a hitch.

"The 30-year bond auction was a bit sloppy and the bid cover ratio of 2.67 was (slightly) weaker than last month's sale, but it was still quite a bit better than (the 30-year auctions in October and November)," said Thomas Simons, money market economist at Jefferies & Co. in New York.

Thirty-year bonds were up 17/32, their yields easing to 4.50 percent from 4.53 percent Wednesday.

Economic data released on Thursday pointed to stubborn headwinds for the economic recovery and weaker-than-expected economic data is positive for bond prices. The Labor Department said U.S. jobless claims jumped last week to their highest level since October.

(Additional reporting by Karen Brettell, Editing by Chizu Nomiyama)

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111 Famous Recipes From Top Restaurants Cook Book

Most popular famous restaurant recipes eBay auctions:

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US government debt up as Fed buys, auctions end - Reuters

By Ellen Freilich

NEW YORK | Thu Jan 13, 2011 3:55pm EST

NEW YORK (Reuters) - Treasuries prices rose on Thursday, boosted by purchases of U.S. government debt by the Federal Reserve and the end of this week's Treasury auctions.

The Fed bought $8.41 billion in notes due 2016 and 2017 as part of its $600 billion bond-purchase program designed to stimulate the economy. It will purchase another $6 billion to $8 billion in debt due 2015 and 2016 on Friday.

The purchases come as the Treasury concluded its sales of $66 billion in three-, 10- and 30-year securities this week. The $13 billion 30-year bond auction on Thursday drew an average bid after three- and 10-year note auctions earlier in the week attracted strong bidding.

"We (think) the Treasury market will rally with lower rates ahead in the short term," said Justin Lederer, interest-rate strategist at Cantor, Fitzgerald in New York.

The benchmark 10-year bond rose 16/32 in price, its yield easing to 3.31 percent from 3.38 percent late Wednesday. Five-year notes rose 10/32 in price, its yield easing to 1.92 percent from 1.98 percent on Wednesday.

Prices of U.S. government debt, a safe-haven asset, weakened early in the session following stronger than expected receptions for debt sales by Spain and Italy.

Also, German Finance Minister Wolfgang Schaeuble said that major European states were working on a "comprehensive" medium-term package to solve the region's debt crisis.

But purchases of Treasuries by the Fed halted selling and subsequent buying lifted prices ahead of the bidding deadline for the 30-year auction, which went off without a hitch.

"The 30-year bond auction was a bit sloppy and the bid cover ratio of 2.67 was (slightly) weaker than last month's sale, but it was still quite a bit better than (the 30-year auctions in October and November)," said Thomas Simons, money market economist at Jefferies & Co. in New York.

Thirty-year bonds were up 17/32, their yields easing to 4.50 percent from 4.53 percent Wednesday.

Economic data released on Thursday pointed to stubborn headwinds for the economic recovery and weaker-than-expected economic data is positive for bond prices. The Labor Department said U.S. jobless claims jumped last week to their highest level since October.

(Additional reporting by Karen Brettell, Editing by Chizu Nomiyama)

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Todd Wilbur on Live! w/ Regis & Kathie Lee, 1994 (Pt. 1)

They had me back on the show in 1994 with the second book, More Top Secret Recipes TopSecretRecipes Here, at the top of the show, Reege and KL do a blindfolded taste test with my Oreo clone. Twitter twitter.com
Video Rating: 4 /

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US government debt up as Fed buys, auctions end - Reuters

By Ellen Freilich

NEW YORK | Thu Jan 13, 2011 3:55pm EST

NEW YORK (Reuters) - Treasuries prices rose on Thursday, boosted by purchases of U.S. government debt by the Federal Reserve and the end of this week's Treasury auctions.

The Fed bought $8.41 billion in notes due 2016 and 2017 as part of its $600 billion bond-purchase program designed to stimulate the economy. It will purchase another $6 billion to $8 billion in debt due 2015 and 2016 on Friday.

The purchases come as the Treasury concluded its sales of $66 billion in three-, 10- and 30-year securities this week. The $13 billion 30-year bond auction on Thursday drew an average bid after three- and 10-year note auctions earlier in the week attracted strong bidding.

"We (think) the Treasury market will rally with lower rates ahead in the short term," said Justin Lederer, interest-rate strategist at Cantor, Fitzgerald in New York.

The benchmark 10-year bond rose 16/32 in price, its yield easing to 3.31 percent from 3.38 percent late Wednesday. Five-year notes rose 10/32 in price, its yield easing to 1.92 percent from 1.98 percent on Wednesday.

Prices of U.S. government debt, a safe-haven asset, weakened early in the session following stronger than expected receptions for debt sales by Spain and Italy.

Also, German Finance Minister Wolfgang Schaeuble said that major European states were working on a "comprehensive" medium-term package to solve the region's debt crisis.

But purchases of Treasuries by the Fed halted selling and subsequent buying lifted prices ahead of the bidding deadline for the 30-year auction, which went off without a hitch.

"The 30-year bond auction was a bit sloppy and the bid cover ratio of 2.67 was (slightly) weaker than last month's sale, but it was still quite a bit better than (the 30-year auctions in October and November)," said Thomas Simons, money market economist at Jefferies & Co. in New York.

Thirty-year bonds were up 17/32, their yields easing to 4.50 percent from 4.53 percent Wednesday.

Economic data released on Thursday pointed to stubborn headwinds for the economic recovery and weaker-than-expected economic data is positive for bond prices. The Labor Department said U.S. jobless claims jumped last week to their highest level since October.

(Additional reporting by Karen Brettell, Editing by Chizu Nomiyama)

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Any idea how to make a pumpkin pie martini using canned pumpkin?

Question by bbolduc1978: Any idea how to make a pumpkin pie martini using canned pumpkin?
I was recently at a restaurant and had the best pumpkin martini but they said the pumpkin pie mix was their secret recipe. For alcohol I think they put in: Bailey's Irish Cream, Spiced Rum and a bit of Goldschlager..


Best answer:
Answer by Jimmy d. - Floridian~``That's no martini! But it sounds tasty!

Give your answer to this question

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EMERGING MARKETS-Latam stocks choppy on US jobs, Europe debt - Reuters

Thu Jan 13, 2011 9:35am EST

* Bond auctions in Europe ease fiscal crisis worries

* U.S. jobless claims jump most since October

* Brazil's Bovespa down 0.2 pct, Chilean IPSA up 0.6 pct

By Luciana Lopez

SAO PAULO, Jan 13 (Reuters) - Latin American stocks seesawed early Thursday as relief over successful bond auctions in fiscally troubled Europe came up against disappointing U.S. jobs data.

The MSCI Latin American stocks index .MILA00000PUS rose 0.4 percent in early trading after a dip into negative territory, a day after posting its strongest gains since the start of December.

Jobless claims in the United States -- the world's largest economy, and a major regional trading partner -- jumped last week to their highest level since October. For details, see [ID:nN13271305]

Brazilian stocks turned negative after the U.S. data were released, and the MSCI index slipped into the red.

"Since we rose a lot yesterday, we've got some space for a certain amount of profit-taking," said Newton Rosa, chief economist for SulAmerica Investimentos in Sao Paulo. "There are still a lot of potential sources of instability in the market."

But successful bond sales in Spain and Italy, coming after a strong auction by Portugal the day before, helped to ease fears about the sovereign debt crisis in Europe. [ID:nLDE70C15C]

The worries have affected global markets for months, with investors periodically dumping riskier assets.

Stocks could end the day largely sideways, Rosa said, between the easing of fears in Europe and profit-taking after recent advances.

Brazil's benchmark Bovespa stock index .BVSP turned around early gains to fall 0.2 percent, potentially capping a three-session winning streak. The index closed at its highest point since November on Wednesday.

Shares of energy company OGX (OGXP3.SA) fell 1.3 percent, leading losses, followed by steelmakers Usiminas (USIM5.SA) dropping 1.2 percent, Gerdau (GGBR4.SA) off 0.8 percent and CSN (CSNA3.SA) down 0.9 percent.

State-controlled oil company Petrobras (PETR4.SA) helped limit losses, rising 0.3 percent.

Chilean stocks climbed, with the IPSA index .IPSA up 0.6 percent, tracking an extension of yesterday's recovery from a four-session drop earlier this month.

Shares of industrial conglomerate Copec (COP.SN) moved up 1.5 percent, trading near August levels. Competing wood pulp exporter CMPC (CAR.SN) added 2.2 percent. (Editing by Jeffrey Benkoe)

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Dining Calendar

Dining Calendar
A jazz brunch for kids, a pie-baking contest, a salute to pork and talks by authors.
Read more on New York Times


Table Talk: When Restaurant Weeks collide
Baltimore City and County events are coming soon, but first up is Howard, starting Jan. 17 Here they come. Three neighboring jurisdictions are set to launch the latest editions of their winter restaurant promotions. Howard County event starts on Jan. 17, and Baltimore County and Baltimore City events coming soon.
Read more on Baltimore

restaurant recipes cookbook

The Politics of the Debt Ceiling - Wall Street Pit

A new poll says the public?s against it, but the debt ceiling?s probably going to rise anyway. So much for representing the people?s wishes.

A mere 18% of citizens support a higher limit on the nation?s debt vs. 71% opposed to the idea, according to poll released yesterday by Reuters/Ipsos. The current ceiling is the tidy sum of $14.3 trillion. That?s a chunk of change everywhere else on the planet, but it won?t suffice in Washington for much longer.

In a letter to Congress dated January 6, Treasury Secretary Geithner wrote that failure raise the debt ceiling ?would have catastrophic economic consequences that would last for decades.? According to his missive,

Never in our history has Congress failed to increase the debt limit when necessary. Failure to raise the limit would precipitate a default by the United States. Default would effectively impose a significant and long-lasting tax on all Americans and all American businesses and could lead to the loss of millions of American jobs.

White House economic advisor Austan Goolsbee is equally convinced that elevating the government?s capacity for red ink is necessary. ?You know, the debt ceiling is not?is not something to toy with? If we hit the debt ceiling, that?s the?essentially defaulting on our obligations, which is totally unprecedented in American history,? he said on ABC?s ?This Week? TV program on Sunday. ?The impact on the economy would be catastrophic. I mean, that would be a worse financial economic crisis than anything we saw in 2008.?

There?s that word ?catastrophic? again. That stark analysis may be meant to sway the Republicans into giving the White House the green light on a higher debt limit, but there?s some debate about how to proceed. As�AP reported last week,

In power scarcely a day, House Republicans bluntly told the White House on Thursday its request to raise the nation?s $14.3 trillion debt limit will require federal spending cuts to win their approval, laying down an early marker in a new era of divided government.

But those sentiments were expressed before Saturday?s shooting rampage in Arizona that wounded Congressman Giffords, killed a federal judge, among others, and changed the political calculus in Washington. Before the shooting, the new House Speaker, Rep. John Boehner, issued a statement that observed that ?the American people will not stand for such an increase [in the debt ceiling] unless it is accompanied by meaningful action by the President and Congress to cut spending and end the job-killing spending binge in Washington.? But in a sign of how tricky this process will be, the Speaker also advised,

While America cannot default on its debt, we also cannot continue to borrow recklessly, dig ourselves deeper into this hole, and mortgage the future of our children and grandchildren. Spending cuts ? and reforming a broken budget process ? are top priorities for the American people and for the new majority in the House this year, and it is essential that the President and Democrats in Congress work with us in that effort.?

It?s inconceivable that the U.S. would default on its debt, and so all the posturing is somewhat hollow. The Treasury market, at least, doesn?t appear worried. The yield on the benchmark 10-year Note, for instance, remains in the 3.3% neighborhood, the low end of recent weeks. That?s not to say that higher rates aren?t coming. But the risk of inflation, monetary stimulus and even a stronger-than-expected economic recovery in 2011 are more likely catalysts for expecting yields to rise compared with political risk in Congress.

Nonetheless, advocates for paring government largess continue to press their message as Congress finds its new political footing in the wake of last week?s shooting. In an op-ed in today?s Wall Street Journal, Arthur Laffer leads the charge for austerity. ?Cutting spending and cutting it drastically would not hurt the economy,? writes the author of Return to Prosperity: How America Can Regain Its Economic Superpower Status. ?It would, in fact, help the economy, even if done now.?

Political momentum for such thinking among the Republican majority in the House still seems to be on board with the idea. As The Hill noted yesterday, ?Some House Republicans are expressing renewed confidence that the push for a balanced-budget constitutional amendment will gain real steam in the 112th Congress ? aided by the newly elected crop of budget-slashing GOP freshmen.?

A balanced budget is bound up with the debt ceiling, of course?politically as well as financially. No one expects a default, but there?s also a rising tide that demands fiscal responsibility, or at least the appearance of austerity. But it still comes down to the numbers and deciding where to cut spending isn?t easier today than it was last week, or last year. Meaningful cuts that make a difference are linked with entitlement spending, such as the Medicare program. Politically, it?s going to be hard?very hard?to pare that puppy, at least in one fell swoop.

No wonder, then, that some veteran Republican supporters are laying the groundwork for austerity light. ?We?ve got to do the debt ceiling,? Tom Donohue, president of the U.S. Chamber of Commerce and steadfast Republican ally, said on MSNBC yesterday. ?There?ll be a lot of political carrying on, but it will be done.?

Thy will be done? Yes, albeit by holding one?s nose, predicts former Democratic Senator Evan Bayh. ?The debt ceiling cannot be avoided,? he said on Wednesday, but ?nobody will want to vote for it.?

That doesn?t mean that the Republicans are unanimously on board with a higher debt ceiling. There are any number of Tea Party types and others who argue that this is a critical battle that will set the tone for the new austerity. Suffice to say, the Republicans are divided on how this drama should play out. Throw in the fact that the White House is adamant on raising the ceiling and you have the potential for some fireworks.

Morgan Stanley economists David Greenlaw and Ted Wieseman earlier this week wrote that ?the political winds appear to be pointing to a repeat of the 1995-96 showdown between the president and House Republicans, when the US Treasury came perilously close to missing a coupon payment, auction schedules were disrupted, and the federal government shut down for weeks at a time.?

Could that really happen again? Perhaps. The Republicans seem to have backed themselves into a political corner. Voting yea on a higher debt ceiling that?s not funded with spending cuts will look like betrayal to the Tea Party movement. But the Republicans have to govern, and saying no to a higher debt limit is unthinkable in fiscal terms. It?s also politically hazardous in the context of right-of-center constituency. The problem is that spending cuts now, at a precarious moment for the economy, come with their own risks.

There?s time to sort all this out, but the clock is ticking. Estimates vary, but it?s thought that the government has another $300 billion or so to spend before the current ceiling kicks in. That implies that as early as late-March the fiscal jig will be up and a new vote will be needed. Meantime, the political posturing rolls on.

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The Politics of the Debt Ceiling - Wall Street Pit

A new poll says the public?s against it, but the debt ceiling?s probably going to rise anyway. So much for representing the people?s wishes.

A mere 18% of citizens support a higher limit on the nation?s debt vs. 71% opposed to the idea, according to poll released yesterday by Reuters/Ipsos. The current ceiling is the tidy sum of $14.3 trillion. That?s a chunk of change everywhere else on the planet, but it won?t suffice in Washington for much longer.

In a letter to Congress dated January 6, Treasury Secretary Geithner wrote that failure raise the debt ceiling ?would have catastrophic economic consequences that would last for decades.? According to his missive,

Never in our history has Congress failed to increase the debt limit when necessary. Failure to raise the limit would precipitate a default by the United States. Default would effectively impose a significant and long-lasting tax on all Americans and all American businesses and could lead to the loss of millions of American jobs.

White House economic advisor Austan Goolsbee is equally convinced that elevating the government?s capacity for red ink is necessary. ?You know, the debt ceiling is not?is not something to toy with? If we hit the debt ceiling, that?s the?essentially defaulting on our obligations, which is totally unprecedented in American history,? he said on ABC?s ?This Week? TV program on Sunday. ?The impact on the economy would be catastrophic. I mean, that would be a worse financial economic crisis than anything we saw in 2008.?

There?s that word ?catastrophic? again. That stark analysis may be meant to sway the Republicans into giving the White House the green light on a higher debt limit, but there?s some debate about how to proceed. As�AP reported last week,

In power scarcely a day, House Republicans bluntly told the White House on Thursday its request to raise the nation?s $14.3 trillion debt limit will require federal spending cuts to win their approval, laying down an early marker in a new era of divided government.

But those sentiments were expressed before Saturday?s shooting rampage in Arizona that wounded Congressman Giffords, killed a federal judge, among others, and changed the political calculus in Washington. Before the shooting, the new House Speaker, Rep. John Boehner, issued a statement that observed that ?the American people will not stand for such an increase [in the debt ceiling] unless it is accompanied by meaningful action by the President and Congress to cut spending and end the job-killing spending binge in Washington.? But in a sign of how tricky this process will be, the Speaker also advised,

While America cannot default on its debt, we also cannot continue to borrow recklessly, dig ourselves deeper into this hole, and mortgage the future of our children and grandchildren. Spending cuts ? and reforming a broken budget process ? are top priorities for the American people and for the new majority in the House this year, and it is essential that the President and Democrats in Congress work with us in that effort.?

It?s inconceivable that the U.S. would default on its debt, and so all the posturing is somewhat hollow. The Treasury market, at least, doesn?t appear worried. The yield on the benchmark 10-year Note, for instance, remains in the 3.3% neighborhood, the low end of recent weeks. That?s not to say that higher rates aren?t coming. But the risk of inflation, monetary stimulus and even a stronger-than-expected economic recovery in 2011 are more likely catalysts for expecting yields to rise compared with political risk in Congress.

Nonetheless, advocates for paring government largess continue to press their message as Congress finds its new political footing in the wake of last week?s shooting. In an op-ed in today?s Wall Street Journal, Arthur Laffer leads the charge for austerity. ?Cutting spending and cutting it drastically would not hurt the economy,? writes the author of Return to Prosperity: How America Can Regain Its Economic Superpower Status. ?It would, in fact, help the economy, even if done now.?

Political momentum for such thinking among the Republican majority in the House still seems to be on board with the idea. As The Hill noted yesterday, ?Some House Republicans are expressing renewed confidence that the push for a balanced-budget constitutional amendment will gain real steam in the 112th Congress ? aided by the newly elected crop of budget-slashing GOP freshmen.?

A balanced budget is bound up with the debt ceiling, of course?politically as well as financially. No one expects a default, but there?s also a rising tide that demands fiscal responsibility, or at least the appearance of austerity. But it still comes down to the numbers and deciding where to cut spending isn?t easier today than it was last week, or last year. Meaningful cuts that make a difference are linked with entitlement spending, such as the Medicare program. Politically, it?s going to be hard?very hard?to pare that puppy, at least in one fell swoop.

No wonder, then, that some veteran Republican supporters are laying the groundwork for austerity light. ?We?ve got to do the debt ceiling,? Tom Donohue, president of the U.S. Chamber of Commerce and steadfast Republican ally, said on MSNBC yesterday. ?There?ll be a lot of political carrying on, but it will be done.?

Thy will be done? Yes, albeit by holding one?s nose, predicts former Democratic Senator Evan Bayh. ?The debt ceiling cannot be avoided,? he said on Wednesday, but ?nobody will want to vote for it.?

That doesn?t mean that the Republicans are unanimously on board with a higher debt ceiling. There are any number of Tea Party types and others who argue that this is a critical battle that will set the tone for the new austerity. Suffice to say, the Republicans are divided on how this drama should play out. Throw in the fact that the White House is adamant on raising the ceiling and you have the potential for some fireworks.

Morgan Stanley economists David Greenlaw and Ted Wieseman earlier this week wrote that ?the political winds appear to be pointing to a repeat of the 1995-96 showdown between the president and House Republicans, when the US Treasury came perilously close to missing a coupon payment, auction schedules were disrupted, and the federal government shut down for weeks at a time.?

Could that really happen again? Perhaps. The Republicans seem to have backed themselves into a political corner. Voting yea on a higher debt ceiling that?s not funded with spending cuts will look like betrayal to the Tea Party movement. But the Republicans have to govern, and saying no to a higher debt limit is unthinkable in fiscal terms. It?s also politically hazardous in the context of right-of-center constituency. The problem is that spending cuts now, at a precarious moment for the economy, come with their own risks.

There?s time to sort all this out, but the clock is ticking. Estimates vary, but it?s thought that the government has another $300 billion or so to spend before the current ceiling kicks in. That implies that as early as late-March the fiscal jig will be up and a new vote will be needed. Meantime, the political posturing rolls on.

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