News
CNS News | U.S. Debt Tops $14.3 Trillion for First Time
By the close of business Friday, the debt had climbed to $14.31 trillion ($14,305,336,580,992.11), an increase of $34.54 billion ($34,544,461,807.22).
Reuters | Geithner: no risk U.S. will lose AAA credit rating
…saying political prospects for long-term deficit reduction were improving.
CNN Money | Which debt plan do economists favor? Neither
…eight out of 18 economists polled said they believed neither President Obama's nor Republican Paul Ryan's plans for deficit reduction are in the best interest of the nation's economy.
Econ Comments
WSJ | The Obama Speech Downgrade
S&P's 'negative' outlook on the President's budget strategy.
Politico | Why we must freeze the debt limit
A temporarily frozen debt limit could instead signal U.S. lawmakers’ resolve to get our fiscal house in order. It may even reassure investors about long-term U.S. economic prospects.
Minyanville | Interest on National Debt is Biggest Projected Problem, Not Healthcare
For a budget plan to work, it must act fast, cut interest on US debt, and make someone accountable.
Cato Institute | Ryan's Way Is the Better Way
...Medicare is facing huge unfunded liabilities. It would have to be given at least $45 trillion now to cover all shortfalls for as far out as can reasonably be projected.
Blogs
WSJ: Real Time Economics | Who Are the Other Triple-As?
Standard & Poor’s Corp. cut its outlook on U.S. debt to negative, raising concerns that the country could eventually lose its triple-A rating, enjoyed by just 20 nations.
Political Calculations | What Forced Obama to the Deficit Cutting Table?
...the President's FY2012 budget proposal actually proposes to borrow money to pay for paying out Social Security benefits, which counts against the higher taxes and reductions in discretionary expenditures…
WSJ: Real Time Economics | Economists React: S&P Outlook Cut ‘No Big Deal’
Economists and others weigh in on S&P’s decision to put the U.S. sovereign rating on a negative outlook.
Atlantic: McArdle | There's No Such Thing As Deficit Reform Without Pain
One point to keep in mind, though: it's quite easy in theory for spending to exceed our taxing power. But tax revenue can't.
Cato@Liberty | Budget Cuts Look Familiar
They were all cut in 1995 under a rescissions package engineered by then-Speaker Newt Gingrich and cut last week in the budget agreement reached by Republican and Democratic leaders.
