News
WSJ | Debt Panel Hears What Not to Cut
Congress's deficit-cutting supercommittee was deluged with recommendations on Friday. Unfortunately for the panel, much of it was advice about what not to cut.
Politico | GOP leaders prepare for deficit deal
House Republican leaders are planning to brace conservatives for another budget showdown, warning them that the product that emerges from the supercommittee is the best possible outcome of this budget fight.
WSJ | G-20 Welcomes Progess on EU Debt Plan
PARIS—Finance officials from the Group of 20 leading economies closed ranks Saturday, giving a cautious welcome to signs of progress by the euro zone towards tackling its deepening sovereign-debt crisis.
Bloomberg | Germany Shoots Down ‘Dreams’ of Swift Crisis Solution
Germany said European Union leaders won’t provide the complete fix to the euro-area debt crisis that global policy makers are pushing for at an Oct. 23 summit.
WSJ | Greece Fighting to Secure Permanent Debt Solution
ATHENS—Greece is fighting to secure a permanent solution to its debt crisis, Prime Minister George Papandreou said Sunday, adding that the ruling Socialists have the strength to push through tough measures as Greek lawmakers get ready to vote on the next round of cutbacks.
Econ Comments
CNN Money | Time for Congress to do right
Further, we believe the super committee should use its power to direct and require the regular congressional committees to meet the prescribed spending and revenue targets in an expedited fashion.
Reports
CRS | Budget "Sequestration" and Selected Program Exemptions and Special Rules
"Sequestration" is a process of automatic, largely across-the-board spending reductions under which budgetary resources are permanently canceled to enforce certain budget policy goals. It was first authorized by the Balanced Budget and Emergency Deficit Control Act of 1985 (BBEDCA, Title II of P.L. 99-177, commonly known as the Gramm-Rudman-Hollings Act).
