News
WSJ | Geithner Wants Debt Ceiling "Done and Clean" in July
Treasury Secretary Timothy Geithner said Tuesday he wanted a vote to raise the $14.294 trillion debt ceiling "done and clean" by July, weeks before the government could potentially default on its debts on Aug. 2.
WSJ | Budget Talks by 'Gang' Falter
Negotiations among a group of senators seeking a deficit-reduction deal threatened to collapse Tuesday as a key lawmaker pulled out, endangering what many in Washington had considered the best chance for a comprehensive, long-term budget agreement this year
Market Watch | Budget talks stall as Geithner issues warning
Talks among a key group of senators aimed at coming up with a plan to tackle long-term deficits stalled on Tuesday, as Treasury Secretary Timothy Geithner issued a fresh warning about raising the U.S. debt limit.
Econ Comments
WSJ | The Hidden State Financial Crisis
My latest research into opaque state financial statements suggests taxpayers will be surprised by how much pensions are underfunded.
Market Watch | The Congress that couldn’t cut straight
Cutting government spending is a lot harder than it looks. Just ask John Boehner and Paul Ryan, who found out Monday that all the work they did this spring to cut spending will actually result in more spending.
WSJ | California's Next Train Wreck
Transportation Secretary Ray LaHood announced last week that he plans to divert to California some $300 million in high-speed rail funds that Florida rejected. Nice timing. California's Legislative Analyst's Office released a study last week warning the state legislature not to appropriate funds for the same project.
Politico | The debt ceiling dance
The need to raise the debt ceiling is a symptom of the broken budegetary past characterized by massive overspending. Presidnet Barack Obama's bill is coming due; there is no cash on hand; and the debt ceiling will have to rise.
Blogs
Atlantic | What if Our National Budget Belonged to a Typical Household?
Our debt has already risen to uncomfortable levels, and it's getting worse. Every 10% of GDP we borrow, even at low interest rates, commits us to more interest payments.
Political Calculations | The Right Frame of Reference
How does today's U.S. federal government spending compare to the levels recorded before the recession?
Forbes | Don’t Raise the Debt Ceiling, Raze It
While each side makes some valid points, each ignores this crucial fact: the size and scope of American government is wildly excessive, regardless of whether it’s funded by taxes, borrowing or money-printing.
NRO: The Corner | Enough Doomsday Scenarios, Secretary Geithner
I understand the strategy that consists of making a risk look much worse than it is in order to get something you want, but Treasury Secretary Tim Geithner is really pushing it. On Friday, he sent another letter to Sen. Michael Bennet (D, CO) arguing that a U.S. default would cause a double-dip recession and focusing on the doomsday scenario if we default on the debt.
Heritage Foundation | Paul Ryan’s Budget is Good for America
When considering Representative Paul Ryan’s (R–WI) budget plan, it goes without saying that if one disagrees with Ryan’s vision, then of course he or she won’t like his plan, regardless of whether it fixes our budget problems.
