News
Bloomberg | Crude Oil Falls for a Third Day on European Debt Concern, U.S. Stockpiles
Futures fell as much as 1.7 percent as soaring yields on Italian bonds heightened concern Europe’s third-largest economy won’t be able to finance its debt. U.S. gasoline supplies probably grew for the first time in four weeks, according to a Bloomberg News survey before a government report tomorrow.
Market Watch | U.S. May trade gap widens to $50.2 billion
The U.S. trade deficit jumped 15.1% in May to the highest level in almost three years, largely because of the increased cost of oil imports.
CNN: Money | Was the recession a good thing?
The Great Recession had many lasting negative effects -- high unemployment, falling home prices, stunted growth -- just to name a few. But the news isn't all bad.
Market Watch | Small businesses see large challenges
Small-business owners have a dim view of the future, according to a gauge of their optimism for June that stands “solidly in recession territory,” the National Federation of Independent Business reported Tuesday.
Econ Comments
Washington Times | Clinton tells Congress to pass trade deals soon
Secretary of State Hillary Rodham Clinton on Tuesday urged Congress to pass three stalled trade deals before its summer recess, calling the agreements vital to U.S. economic and strategic interests.
Washington Times | OTOOLE: Fueling freedom
While the Interstate Highway System and most state highways were funded almost entirely out of road user fees, transit and cycling proponents think other people should pay for bike paths, rail lines and other facilities dedicated exclusively to their use.
Roll Call | Trade Agreements Hung Up on Spending to Train Workers
The trade fight itself is not free of its own partisan rancor as Members of Congress and the White House negotiate a deal to provide billions of dollars in federal benefits to people who lose jobs as a consequence of free trade. The talks have been further complicated by a disagreement in the Senate over parliamentary procedure for how that measure, known as Trade Adjustment Assistance, should be considered.
Market Watch | Economy will regain terra firma
The U.S. economy is wobbling, but should be able to regain its footing in the second half of the year, said economist Stu Hoffman, who won the Forecaster of the Month award from MarketWatch for having the most accurate forecasts in June.
Blogs
AEI: American | Obama’s Stunning Admission
Just last month, Democrats were crowing about how they had used Rep. Paul Ryan’s Medicare plan to win a special election in New York. The Ryan plan, they said, was political manna from heaven that would help them win back a congressional majority.
Atlantic: McArdle | The Center on Budget and Policy Priorities Thinks We're Still in the Bush Era
Another day, another chart from the "non-partisan" Center on Budget and Policy Priorities on what "accounts" for the public debt. At some level, these exercises are silly: all prior legislation could be equally said to "account" for public debt, including, of course, Social Security and Medicare.
Calculated Risk | Trade Deficit increased sharply in May to $50.2 billion
The trade deficit with China increased to $24.96 billion, so once again the deficit is mostly oil and China.
