(Michael Farr) - On Monday, President Obama submitted his 2011 budget proposal to Congress. The long-range budget projections, included within the administration's proposal, sent shivers down the spines of deficit hawks. By all accounts, our current course is unsustainable, and something must be done. Put bluntly, Americans simply require more out of their government than they are willing to pay in taxes. Absent drastic action to reverse the deteriorating outlook, we should all expect lower living standards for ourselves, our children and our children's children. But alas, election years are not known for the implementation of painful decisions. We fully expect another year of unheeded warnings, deferral of tough decisions, and unchecked spending. All the while, however, the voices at Tea Party rallies grow steadily louder. Are we nearing the day of reckoning, or can we afford to defer fundamental reform indefinitely. Only time will tell.

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(Lee Siler) - A significant drop in new housing starts has taken stock futures from a mildly higher opening to a slightly lower opening...Wall Street was expecting October new housing starts to improve by 1.7%, but instead saw a deep decline of 10.6%. The Commerce Department said that the seasonally adjusted annual rate of 529,000 units is the lowest since April and the percentage drop is the worst since January. Although single family home starts slowed by 6.8%, the biggest hit was from the multi-family starts which tumbled 34.6%.

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