News
MarketWatch | Obama, Congress haggle over debt deal
Parties divided on taxes; president says it’s time to ‘eat our peas’.
Fox Business | U.S. Debt Debate: Where We Stand
Despite the heated rhetoric, investors still assume that Washington will ultimately avert a crisis. But the impasse has investors' attention, and as the clock ticks toward Aug. 2 with no deal in sight, it is contributing to a broadly negative sentiment on Wall Street.
CNN Money | Geithner: We need a deal by next week
Treasury Secretary Tim Geithner said Tuesday that he wants a deal to raise the debt ceiling and cut the budget by the end of this week -- or next week at the latest -- to give Congress enough time to turn the deal into law.
Econ Comments
Washington Times | RAHN: Yes, we can - cut spending
Obama’s government bloat fails international test.
WSJ | Conrad Wants $2 Trillion
Senate Democrats see Obama's taxes and raise. That's a lot of 'peas.'
Washington Times | FEULNER: Doing more by doing less
Uncle Sam’s only effective move is out of the way.
RCM | Get Over It, We've Already Defaulted
There is traditional default whereby creditors experience a "haircut" or a delay in payments, and then there's a stealth default. Looked at in terms of stealth defaults, all those countries, including the U.S., have most definitely stiffed creditors over the years.
Washington Times | MILLER: Debt talk debacle
Lasting fiscal reform is being derailed by political posturing.
AEI: The American | How the Debt Tussle Can Help Move Toward a Flat Tax
Setting a fixed-percentage tax credit for itemized deductions would signal Republican sensitivity to fairness, appeal to redistributionist Democrats, and create another precedent for a flat tax.
Blogs
NRO: The Corner | Is a Budget Deal Impossible?
A pretty interesting reminder, especially considering how much lower our debt was back then and how much farther away the explosion of autopilot programs like Social Security, Medicare, and Medicaid was.
EconLog | The Case for Fiscal Expansion
They will throw around terms like "zero bound" or "liquidity trap," but I doubt that even Paul Krugman is prepared to commit himself to the proposition that the Fed lacks the means to cause inflation if it wants.
NRO: The Corner | Are We Misquoting S&P?
If I am reading correctly, the technical default occurs after a failure to pay interests on our debt, not all of our bills.
Calculated Risk | BLS: Job Openings unchanged in May
In general job openings (yellow) has been trending up - and job openings increased slightly again in May - and are up about 7% year-over-year compared to May 2010.
