News
Bloomberg | Debt May Exceed Size of Economies This Year for Greece, Portugal, Ireland
Greece, Ireland and Portugal, the euro region countries that needed 256 billion euros ($366 billion) in emergency aid to avoid default, may all see their debt loads exceed the size of their economies this year.
Fiscal Times | EU Warns Debt in Bailout Countries above Forecasts
The European Union warned Friday that the debt loads of Greece, Ireland and Portugal will be much bigger than previously forecast, adding to fears that international bailouts are failing to solve the region's crisis.
CNN Money | $6.2 trillion: A decade of deficits
In 2001, the nonpartisan Congressional Budget Office projected that the federal government would run a surplus of $5.6 trillion over the ensuing decade.
WSJ | Stakes Rise on Debt Vote
House Republicans Increasingly Question Urgency of August Deadline.
CNN Money | Bernanke: Debt ceiling fight poses Lehman-like risk
During a Senate Banking Committeee hearing, Bernanke reiterated catastrophic consequences should Congress either fail to raise the limit on borrowing or edge too close to that limit.
Econ Comments
Washington Post | The deficit spending storm we cannot avoid
...America cannot continue on its debt and deficit track (currently more than $14 trillion of debt, $62 trillion-plus in unfunded liabilities and over $1 trillion in annual deficits projected for years to come).
Blogs
NRO: The Corner | Some Thoughts on Threats Of Imminent Default Coming from Treasury
...the date of our “imminent default if the debt ceiling wasn’t raised” has been moved back over time from March 31 to August 2. Does it mean that when Secretary Geithner says he can’t, he really means that he won’t, or that he would rather not?
Heritage Foundation | USPS Loses Another $2.2 Billion: What Congress Can Do
That follows a loss in fiscal year 2010 of some $8.5 billion.
Reports
Mercatus Center | Should the Constitution be Amended to Address the Federal Deficit?
Testimony before the House Committee on the Judiciary, Subcommittee on the Constitution.
