News
Bloomberg | U.S. Government Shutdown Looms as Lawmakers Deadlock Over Budget Proposal
A U.S. government shutdown looms after lawmakers deadlocked yesterday over a Republican proposal to cut $4 billion as part of a budget measure needed to keep federal agencies running.
Washington Times | Obama sits out budget brawl
...the Obama White House has been largely absent from the political debate, issuing a veto threat to try on the Republicans’ spending-cuts bill but declining to offer publicly a counteroffer…
Econ Comments
NRO | After Obama, the Deluge
A less eloquent president will have to balance budgets.
Minyanville | Obama's Budget Proposal Resurrects Idea of Taxing Carried Interest
Specifically, the budget calls for taxing "carried [profits] interests as ordinary income" in order to increase Treasury receipts by $14.8 billion over 10 years.
NRO | Budget 101
Paul Ryan conducts “listening sessions” for new GOP members
Blogs
NRO: The Corner | Social Security and the General Treasury: Who’s Raiding Whom?
...it should collect taxes that will be earmarked to pay for benefits and only benefits. Social Security shouldn’t have to turn over its cash to Treasury, and it shouldn’t be allowed to receive money from the general revenue.
Reports
Bankrupting America | State budget battles: isolated event or coming epidemic?
We compiled a brief fiscal and economic overview for each state — from its annual spending and revenue, to its unfunded pension liabilities.
