News
MSNBC | NY legislature passes $132 billion budget, no new taxes
The New York state legislature on Thursday passed a $132.5 billion spending plan, closing a $10 billion deficit with no new taxes or debt and instead relying on harsh cuts to education and healthcare.
The Hill | In Republicans' 2012 budget plan, Social Security gets a pass
House Budget Committee Chairman Paul Ryan (R-Wis.) will largely give Social Security a pass in his highly anticipated budget while proposing a significant overhaul of Medicare and Medicaid, according to sources briefed on the plan.
WSJ | Portugal Fails to Meet Deficit Goal
Portugal's official statistics agency said the deficit stood at 8.6% of gross domestic product in 2010, up from a target of 7.3%.
Politico | Budget deal close with $33B in cuts
Budget talks came to life Wednesday but not without tension between the White House and Senate Democrats, worried that the administration was too quick to agree to $33 billion in spending cuts.
Econ Comments
WSJ | Public Unions: Is California Next?
California—a state that spent the 20th century exploding with creativity, growth and wealth—now staggers beneath a $26 billion deficit.
PIMCO | Skunked
Medicare, Medicaid and Social Security now account for 44% of total federal spending and are steadily rising.
Blogs
Fortune: Street Sweep | Gross calls U.S. budget a Greek tragedy
Bond manager Bill Gross says he is "confident" the United States will effectively default on its debt unless Congress takes an ax to retirement and healthcare spending.
