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
Washington Times | LAMBRO: Supercommittee’s insuperable timidity
Cutting the budget takes guts, not hand-wringing.
WSJ | An End to Budgetary Trickery
When is money it spends considered money saved? When Congress says so.
Washington Times | MURDOCK: It’s official: Obama is spending champ
Barack Obama is the Barry Bonds of big government. He offers America liberalism on steroids. While he earns grand slams for spending and debt, his pitiful results constitute strikeouts.
Blogs
The American | Raising taxes vs. cutting spending: Which is the better path to debt reduction?
These two charts (via recent congressional testimony from AEI’s Kevin Hassett) offer some needed perspective.
