News
WSJ | Billions in Bloat Uncovered in Beltway
Sen. Tom Coburn (R., Okla.), who pushed for the report, estimated it identifies between $100 billion and $200 billion in duplicative spending. The GAO didn't put a specific figure on the spending overlap.
Washington Times | Spending measure likely to be OK’d
The House is slated to vote Tuesday on a bill to push until March 18 the shutdown deadline while cutting $4 billion from 2010 spending levels.
WSJ | Hungary to Lower Public Debt to 65%-75% of GDP
The Hungarian government said Tuesday it plans to lower its public debt, the highest in central and eastern Europe, to between 65%-70% of gross domestic product by the end of 2014 through fiscal restructuring and the transfer of private pension-fund assets to the state.
NY Times | Pension Funds Strained, States Look at 401(k) Plans
Utah decided to adopt a 401(k)-type plan after the stock market plunge in 2008 caused the shortfall in the state’s pension plan to balloon to $6.5 billion.
WSJ | Spain Meets Deficit Target
Spain's 2010 budget deficit was equal to 9.24% of gross domestic product, ahead of its 9.3%-of-GDP target, and down from 11.1% of GDP in 2009.
USA Today | Earmarks' targeted in House's interim $4B trim
The stopgap spending plan the House of Representatives plans to vote on today cuts $4 billion from this year's budget, including $2.7 billion in special projects known as "earmarks" that almost nobody planned on spending anyway.
WSJ | Indian Budget Reins in Spending Increases
Mr. Mukherjee is betting on substantially higher tax revenues to shrink this year's fiscal deficit to 5.1% of gross domestic product, down from an earlier target of 5.5%.
Econ Comments
Bloomberg | Constitution Is Only Way to Cut U.S. Deficit: David M. Primo
All of these proposals lack a crucial element: spending limits enforced through the U.S. Constitution. Without a constitutional amendment, meaningful budget restraint will be put off, and Congress will revert back to the legislative state of nature, where survival means spending, not cutting.
Cato Institute | Adult Conversation on the Budget Means No More Fibbing
...if being an adult requires acknowledging reality, taking responsibility, and living within your means, we've got a very long way to go on Capitol Hill, in the White House, and among the public at large.
Fiscal Times | 10 Voices Weigh In on Handling Long-Term Debt
...here is advice from ten politicians and economic experts – relative newcomers as well as veterans of budget warfare – on what do about the long-term debt…
Blogs
Bankrupting America | Have you gotten your money’s worth from Congress this year?
Taxpayers spend about $107.8 million per week on Congress.
NRO: The Corner | More on Spending Cuts and Economic Growth
There is also the fact that the report confuses budget authority with budget outlays, which is what’s actually spent. Basically, it plugs wrong numbers into an already problematic model.
Macroadvisers | The GDP Effects of a (Brief) Government Shutdown (-0.2 in Q1)
Non-essential functions of the federal government might be shut down temporarily when the current stop-gap funding measure expires on March 4. This would reduce GDP during the first quarter, although by less than has been reported elsewhere.
Reports
GAO | Opportunities to Reduce Potential Duplication in Government Programs, Save Tax Dollars, and Enhance Revenue
GAO Identified Areas of Potential Duplication, Overlap, and Fragmentation, Which, if Effectively Addressed, Could Provide Financial and Other Benefits
