News
NY Times | In and From Congress, Calls to Limit Pentagon Cuts
Leading members of Congress joined the defense secretary and the new chairman of the Joint Chiefs of Staff on Thursday in arguing against any additional cuts in military spending as a special committee seeks to find more than a trillion dollars in new savings in the overall budget.
WSJ | Spain Deficit Raises EU Risks
Madrid Seen Likely to Follow Greece, Portugal in Missing Budget Target as Economic Scene Worsens.
NY Times | Some Cows Still Sacred Under Mayor’s Budget
Because personnel costs make up the vast majority of the core budget, what happens behind closed doors in the contract negotiations could factor as heavily on the bottom line as the coming Council debate over the sacred cows Emanuel is trying to slay.
Econ Comments
Cato Institute | Why Government Spending Is Bad for Our Economy
More government spending has been widely-touted as a cure for unemployment, but support for that view seems to be eroding — not least because Obama has little to show for his spending spree except about $4 trillion of additional debt.
Blogs
American: Enterprise Blog | Super Committee should take a weed wacker to farm subsidies
Only in Congress could “cutting spending” actually mean “figuring out new ways to spend more.” Word on the street is that the Super Committee is close to reaching a deal with farm lobbyists to cut up to $33 billion over ten years from farm subsidy programs.
