News
WSJ | Congress Spending Talks Stir Unease
Republican leaders on Thursday began laying the groundwork to win conservative House members' support for a potential spending agreement that could cut significantly less in 2011 than the $61 billion GOP lawmakers want.
Human Events | McConnell: All 47 GOP Senators Co-Sponsor New Balanced Budget Amendment
The key provisions of the new balanced budget amendment (BBA) are: Congress must pass a balanced budget; the President has to submit a balanced budget; spending is capped at 18% of the Gross Domestic Product (GDP); “supermajority” vote (two-thirds of House and Senate) to raise taxes; and “new supermajority” vote (three-fifths of House and Senate) to raise the debt ceiling.
Fox News | Obama Official: GOP Budget Would Kill 70,000 Kids
Shah is seeking $59.5 billion in funding for his agency, up 22 percent, or $10.7 billion, from the current level.
Econ Comments
WSJ | The Spending Fight
The White House says it will accept spending cuts of $33 billion, compared to the $62 billion the House passed earlier this year.
NRO | The Failure of Obama’s Conventional Wisdom
The experts say a shutdown will help the Dems. Wouldn’t be the first time time they were wrong.
Blogs
NRO: The Corner | Debt and Deficits: When Symptoms Become Symptomatic
...the persistent failure of lawmakers to cut spending has resulted in a situation where these symptoms have started provoking other symptoms.
NRO: The Corner | The Real Budget Debate
...the debate soon to begin about trillions of dollars over the coming decades is by far the most important policy challenge this congress will confront.
Reports
Heritage Foundation | Balanced Budget Amendment: Cut Spending Later, Cut Spending Now
An effective BBA will include three elements to: (a) control spending, taxation, and borrowing, (b) ensure the defense of America, and (c) enforce the requirement to balance the budget.
