News
CNN Money | Is the debt ceiling unconstitutional?
They say default -- and by extension, the debt limit -- violates the 14th Amendment.
Bloomberg | Corporate Jet Benefit Gets Six Obama Mentions, Aids Little in Deficit Cuts
President Barack Obama’s proposal to end a tax break for corporate jet owners, a repeated refrain in his news conference yesterday, would achieve less than one-tenth of 1 percent of his target for reducing the federal deficit.
Econ Comments
Washington Times | MILLER: Ending deficit sprawl
House and Senate leaders need to unify behind the Balanced Budget Amendment.
WSJ | Obama's Real Revenue Problem
Tax receipts are low because of the mediocre economic recovery.
RCM | Greek Bailout, Global Economic Tragedy
As any mildly sentient being knew would happen, the Greek government got its bailout. It was a foregone conclusion, and there's a 99% chance that the IMF would have disbursed more billions to the profligate government even if Greece's Parliament had failed to pass an "austerity" program.
Politico | Real implications of debt debate
Particular August days will be far worse than the monthly totals suggest. For example, on Aug. 3, we project that the government will have about $12 billion in receipts and $32 billion in committed payments, including a $23 billion Social Security payment.
Blogs
Atlantic: McArdle | How to Deal With the Debt Ceiling
This is why schools and other government agencies facing budget cuts tend to immediately slash something high-profile and politically popular.
Daily Capitalist | The New Theater Of The Absurd: The Budget Debates
Government spending can’t make the economy grow. It never has, never will.
Atlantic: McArdle | Is Greece's Austerity Budget a Big Mistake?
At best, Greece has some limited value in illustrating what happens when you let your government finances out of control--but only limited, because they have a whole set of currency issues that America doesn't face.
Cato@Liberty | $2 Trillion in Cuts in Perspective
Even with the cuts, federal spending would still increase by $1.8 trillion.
Heritage Foundation | Morning Bell: Time For Congress to Lead on the Debt Ceiling
The Heritage Foundation has previously laid out exactly what an acceptable package might look like. It must: 1) significantly cut current spending; 2) restrict future spending; and 3) fix the budget process.
