News
WSJ | Germany, France Delay Euro Rescue Plan
Leaders of Currency Zone's Two Largest Economies, at Odds Over Rescue Plans, Say No Pact Possible by Sunday Deadline.
NYT | Amid Protests, Greece Adopts New Austerity Plan
After a day of violent demonstrations against government cutbacks, Greek Socialist lawmakers on Thursday gave their final approval to a raft of tough new austerity measures, taking a critical step toward securing crucial foreign aid and averting a default.
WSJ | Top Lawmakers Push Debt Panel to Wrap Up
Senate and House leaders are becoming more directly involved with the supercommittee responsible for delivering a sizable deficit-reduction plan by Thanksgiving, amid growing concern the panel's members could be deadlocked.
Bloomberg | EU Said to Weigh Use of $1.3 Trillion as Franco-German Discord Mars Talks
European governments may unleash as much as 940 billion euros ($1.3 trillion) to fight the debt crisis, seeking to break a deadlock between Germany and France that is forcing leaders to hold two summits within four days.
WSJ | Senate Blocks Funds for State Workers
The Senate blocked a proposal Thursday to send $35 billion to states to retain or rehire teachers and other public sector workers, marking a second setback for President Barack Obama's jobs package.
Bloomberg | Japan to Sell $10.4 Billion More Debt to Pay for Earthquake Reconstruction
Japan will sell about 800 billion yen ($10.4 billion) of additional government debt to the market this fiscal year to fund earthquake reconstruction and help companies cope with a strong yen, the Ministry of Finance said.
Politico | Senate leaves unfinished business
Capping the night was an 84-15 vote embracing a populist amendment denying farm subsidies to individuals with an average adjusted gross income of over $1 million. But left unfinished was the underlying $182 billion spending bill, which the leadership had vowed to pass this week and must now revisit in November when members return.
Econ Comments
IBD | Krugman's Not-So-Excellent Adventure
Despite a nearly 20% increase in federal spending and $4 trillion in deficits, the country has suffered the worst recovery since the Great Depression.
Blogs
American: Enterprise Blog | EU debt crisis could devastate U.S. economy, crush housing
Earlier this month, Treasury Secretary Timothy Geithner warned the Senate Banking Committee that a full-blown EU financial crisis would be bad for America. Really bad.
NRO: Michael Tanner | Math vs. Myth
There is no austerity, only more uncontrolled spending.
