July 12th, 2012
07:23 PM ET

Deficit will reach $1 trillion this year; Congress still wasting time with blame game

Outfront tonight: A damsel in distress.

America is the woman in Hazards of Helen, tied to the train track, helpless. Her only hope is that's she's rescued before it's too late.

Today the treasury reported the government added another $60 billion to the deficit in June. The grand total on money we've borrowed so far this year: 904 billion dollars. But the real eye-catching headline? That number confirms we are on track to hit a $1 trillion deficit for the fourth year in a row.

Just to give you a sense of how much money we're burning through that we don't have: the 1.2 trillion dollars in automatic cuts coming at the end of the year (you know, the ones that everyone – including us – is saying will kill us) are spread out over 10 years! We're burning through that amount every single year on borrowed money.

And don't let the partisan rhetoric fool you – it's been going on for years, under presidents from both sides of the aisle. Over that time, there's been plenty of lip service about the deficit problem. Everyone is always blaming someone else.

A lot of talk, but no action... at least on our spending problem.

Congress is working hard, symbolically voting down the health care law for the 33rd time and voting to use the Capitol visitor's center for an event to celebrate the one-time king of the Hawaiian Islands.

All the while, the clock is ticking on the fiscal cliff. Just yesterday, the Federal Reserve lowered its projected GDP growth, blaming the uncertainty that's coming out of Washington.

Congress, what's it going to take for you to wake up?

Filed under: Congress • Deconstruct • Deficit • Economy • Politics
July 12th, 2012
03:05 PM ET

Sex abuse probe rips Penn State, Paterno; son Jay Paterno comes OutFront

In an independent investigation conducted by former FBI director Louis Freeh, the report made it clear that Penn State University mishandled Jerry Sandusky's sex abuse allegations.

"There are more red flags here than you can count," said Freeh, who added that the abuse occurred just "steps away" from where Paterno worked in the university's Lasch Building.

"Our most saddening and sobering finding is the total disregard for the safety and welfare of Sandusky's child victims by the most senior leaders at Penn State," Freeh wrote. "The most powerful men at Penn State failed to take any steps for 14 years to protect the children who Sandusky victimized."

On Wednesday, a letter released to the press, written by former Penn State football coach Joe Paterno, defended the reputation of Penn State and its football program.

"This is not a football scandal and should not be treated as one," Paterno wrote, "It is not an academic scandal and does not in any way tarnish the hard earned and well-deserved academic reputation of Penn State."

In interview before the release of the Freeh report, Jay Paterno, son of former Penn State football coach Joe Paterno said his family was looking forward to the truth to come out in the investigation.

Tonight on Erin Burnett OutFront at 7p ET, CNN's Erin Burnett discusses with Jay Paterno the Freeh report and his father's letter before his death.


Filed under: Crime • News
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