News
Washington Times | Cutting budget tougher as fiscal year’s funds dwindle
When the House voted last month to cancel a military jet engine project, it didn’t just halt the spending, it said the program should get zero money this fiscal year. The only problem — it’s five months into the fiscal year, and the Defense Department says the project already has spent $140 million.
NY Times | Budget Stalemate Leaves Chaos at Many Agencies
Officials at various agencies have frozen hiring, canceled projects, delayed contracts, reduced grants and curtailed training, travel and upgrades in information technology.
Econ Comments
Washington Times | BLANKLEY: Deficits, promises and destiny
It may not be overstatement to assert that this presentation may determine whether Republicans win or lose the 2012 elections, and whether the United States government acts in time to save our economic future from ruin.
NY Times | What Is Missing in Deal on Europe’s Debt Crisis
Pressed yet again by a skeptical market to take action, Europe’s leaders cobbled together a new structure over the weekend that would allow its rescue fund, the European Financial Stability Facility, to disburse its entire 440 billion euro, or $615 billion, allotment if needed, and to buy bonds at government auctions.
Washington Times | RAHN: Averting the Washington Monument ploy
This is known as the Washington Monument Ploy, which got its name when a national parks director shut down the Washington Monument and Grand Canyon for two weeks in 1969 to protest budget cuts, rather than cutting administrative costs, deferring maintenance and curtailing new projects.
Minyanville | Plugging the Deficit: How Low Can States Go?
With states facing a combined $125 billion budget deficit, Ohio will release its budget tomorrow -- and it's not looking pretty.
Blogs
WSJ: Real Time Economics | Japan’s Lesson to U.S.: Get Your Fiscal House in Order
Here is an economic lesson that the U.S. and other governments can learn from the horror that has struck Japan in the past week: Get your fiscal houses in order.
Bankrupting America | Did you get your money’s worth from congress last week?
The House passed four bills or resolutions that would save taxpayers more than $1 billion…
Political Calculations | To Whom Does the U.S. Government Really Owe Money?
...the U.S. Treasury has revised their data, specifically to identify who the real foreign owners of the U.S. national debt are. Here are how things really stood at the end of the U.S. government's 2010 fiscal year on September 30, 2010…
Reports
AEI | The Year of the Sovereign Debt Crisis
...how might the increased prospect of default in the eurozone periphery and the loss of triple-A ratings in the major industrialized countries affect the global economy?
