News
Fox News | Chrysler repays $7.6B in government loans
Chrysler took $10.5 billion from the U.S. government to survive two years ago, and earlier had repaid some of the money. On Tuesday, it retired a $5.9 billion balance on the U.S. loans and $1.7 billion to the governments of Canada and Ontario.
Bloomberg | Biden Aims for $1 Trillion Budget Cuts
Vice President Joe Biden set a goal of at least $1 trillion in budget cuts from negotiations with congressional leaders on the federal debt as talks turned to Medicare, a contentious issue that risks replicating a partisan divide on Capitol Hill.
CNN Money | G8 meeting: What's at stake
...likely to be discussed is the United States' federal budget deficit and the looming debt ceiling the country is facing, as well as high commodity prices fueling concerns about inflation around the world.
Econ Comments
Washington Times | EDITORIAL: Reid’s budget strategy
Senate Majority Leader Harry Reid has no interest in resolving the looming debt and entitlement crisis.
Globe and Mail | The U.S. fiscal solution: Follow Canada’s lead
Similar actions unfolding in the U.S. today may well create the illusion of prosperity, but as any Canadian will tell you (or perhaps anyone from New Zealand a decade earlier), there is no such thing as a free lunch.
Blogs
NRO: The Corner | What to Take Away from the Trustees Reports
rom now on, Social Security will be running a permanent cash-flow deficit, which means that taxes collected for the program aren’t enough to cover the benefits paid to retirees. Starting now, the program will draw from the trust fund balances to keep payments to retirees going; in concrete terms, Treasury will borrow money to pay back the trust funds.
