News
Bloomberg | EU Nears One-Year Boost in Rescue Fund to $1.3 Trillion
European governments are preparing for a one-year increase in the ceiling on rescue aid to 940 billion euros ($1.3 trillion) to keep the debt crisis at bay, according to a draft statement written for finance ministers.
WSJ | Australia Plans Deeper Spending Cuts
Australian Treasurer Wayne Swan said Thursday the budget in May will contain still more cuts to spending as the government faces an increasingly uphill battle to move its fiscal accounts from deep deficit back into surplus by next year.
Politico | House crushes budget compromise
Republicans pushed toward House passage on Thursday of their new budget plan after crushing a bipartisan alternative Wednesday night and smoothing out internal GOP differences over the handling for future funding for disasters.
WSJ | For Portugal, Moment of Truth Nears
The European Central Bank's injection of money into the Continent's banking system has, for now, pulled Italy and Spain away from the edge of the sovereign-debt crisis. But that medicine hasn't soothed Portugal.
Econ Comments & Analysis
Washington Times | The five-year budget itch
The House will vote Thursday on a spending blueprint for 2013. Members will choose from among five options this week, but only House Budget Committee Chairman Paul Ryan’s plan has enough support to pass.
The American | What Does ‘Fiscal Responsibility’ Mean?
In short, everybody is for it, nobody is against it. Every politician who has an interest in getting elected or reelected must stake a claim to the virtuous mantle of “fiscal responsibility.” But despite the near-universal popularity of the catch-phrase, there lingers a nagging question: What, exactly, does “fiscal responsibility” mean?
CBO | Report on the Troubled Asset Relief Program—March 2012
In October 2008, the Emergency Economic Stabilization Act of 2008 (Division A of Public Law 110-343) established the Troubled Asset Relief Program (TARP) to enable the Department of the Treasury to promote stability in financial markets through the purchase and guarantee of "troubled assets."
Blogs
CATO | Conservative House Republicans’ Budget Proposal
The Republican Study Committee released its fiscal 2013 budget proposal this week and it’s not horrible. That’s probably a compliment given that the bar is so low on Capitol Hill that one would trip on it.
National Review | The RSC Budget
The Republican Study Committee (RSC) recently unveiled its FY 2013 budget. As the document provided shows, the plan offers some interesting features.
Political Calculations | The Next Scary Hockey Stick Chart
Here, we find that the federal government has sharply increased the amount of money it borrows for the sake of loaning it right back out to college students since 2008.
The Hill | 0-414 vote: House clobbers budget proposal based on Obama's 2013 plan
The House on Wednesday night unanimously rejected an alternative budget proposal based on President Obama's 2013 budget plan, dispatching it in a 0-414 rout.
Political Calculations | Spring 2012 Edition: Who Really Owns the U.S. National Debt?
The U.S. Treasury has revised its data indicating which nation's institutions through the end of the U.S. government's 2011 Fiscal Year, which ended on 30 September 2011. With that revision, we've updated our chart revealing who the biggest holders of all the U.S. government's public debt outstanding were as of 30 September 2011
