News
National Journal | President Obama's Budget Delayed Until Feb. 13
The White House will release its budget a week late, on Monday, Feb. 13, according to an administration official.
CNN Money | Greek debt deal hinges on interest rate impasse
Disagreements remain over the interest rate private investors will be paid on new bonds they receive in exchange for existing Greek government debt, said Jean-Claude Juncker, who heads the Eurogroup of finance ministers from the 17 nations that use the euro.
Bloomberg | Japan’s Fiscal Pressure Intensifies as Tax-Boost Plan Insufficent: Economy
Japan’s government said it will probably miss its goal of balancing the budget by 2020 even with its proposed doubling of the sales tax, underscoring the scale of the nation’s fiscal challenges.
WSJ | U.K. Net Debt Hits Record High
U.K. public sector borrowing remained on target in December but net debt hit a record £1 trillion ($1.557 trillion), a reminder of the huge task the government faces to get the country's public finances on a more sustainable footing, official figures showed Tuesday.
Blogs
Marginal Revolution | What would a sovereign debt crisis look like in the United States?
We’re talking a long-term gap of ~4% of GDP, something that’s hard, not impossible to close. Congress needs to add to 4: Find some combination of credible long-term tax hikes and spending cuts that add to 4% of GDP. Then the markets stop worrying.
WSJ | What’s Going on With Debt in U.S.?
As we reported recently a new McKinsey Global Institute report says the U.S. economy is further along the deleveraging curve than a lot of other big, rich economies
