News
CNN Money | Countdown on for budget cuts
Lawmakers who were not directly involved in negotiations are just now seeing the specifics. Reactions have been ... mixed.
Market Watch | U.S. runs $188 billion deficit in March
For the first half of fiscal year 2011, the deficit is $829 billion, or about $112 billion more than the first six months of the prior fiscal year.
The Hill | Hoyer joins Obama in calling past vote on debt ceiling 'a mistake'
His comment came two days after White House adviser David Plouffe said Obama made a mistake by voting against raising the debt ceiling when he was a senator.
NY Times | Budget Deal Deeply Cuts High-Speed Rail Program
...new details released Tuesday showed that the agreement will not only eliminate financing for high-speed rail this year, but will also take back some of the money that Congress approved for it last year.
Fox News | Spending cuts bill hits defense and foreign aid
Tea partyers insistent on cutting military spending and foreign aid will find plenty to like in the spending deal struck by President Barack Obama and congressional leaders.
Econ Comments
WSJ | Paul Ryan and His Critics
Dissecting the liberal assault on the House Republican budget.
RCM | If Paul Ryan Is Ronald Reagan, We're All In Trouble
Some kind of transformation, and it should be said that Ryan's budget is only Reaganesque insofar as Reagan too failed to rein in Leviathan.
Washington Times | LAMBRO: Mr. President, a scalpel won’t do the job
Obama is unprepared to make the deep cuts fiscal necessity requires.
WSJ | Spending Cut Hokum
After separating out the accounting gimmicks and one-year savings, the actual cuts look to be closer to $20 billion than to the $38 billion that both sides advertised.
AEI | After Budget Battle, Negotiations Look Grim
This time, they are not demanding another $61 billion or $100 billion in the next year's budget (although brace yourself for a series of guerrilla battles ahead on the next wave of appropriations bills, with more threats of shutdowns this fall), but are aiming much higher.
NRO | Not Just the Size of the Debt
The size of the government matters, too.
Reason Foundation | A Bankrupt Option
States should not be allowed to file for bankruptcy.
NRO | Getting Started on the Deficit
...there are miles to go toward economic sanity.
Blogs
USA Today: The Oval | Obama's budget moves draw fire from some supporters
The Progressive Change Campaign Committee is calling for a "donor strike" by 2008 supporters of Obama if he puts Medicare and Medicare "on the table for potential cuts."
WSJ: Real Time Economics | IMF Fiscal Chief: Europe Debt Situation Improving Faster Than U.S.’s
The IMF expects the U.S. to post the biggest budget deficit among advanced economies this year, equal to almost 11% of gross domestic product. By contrast, the euro-zone budget deficit is seen falling to 4.4% of GDP from 6.0% of GDP in 2010.
Greg Mankiw's Blog | The Ryan Plan
...the choice we face is between historically high taxes (the left's unspoken preference) and a fundamental rethinking of the social safety net (such as the plan proposed by Congressman Ryan).
Reports
Mercatus Center | From Pleasant Deficit Spending to Unpleasant Sovereign Debt Crises
Economists became largely skeptical about the potential for actively using deficit spending to improve macroeconomic outcomes. With the sharp recession of 2007–09 the Keynesian side of the debate suddenly revived, and today the clash continues.
