News
CNN Money | Fiscal cliff countdown: Automatic spending cuts
There's one part of the fiscal cliff that nearly everyone agrees on: avoiding the $1.2 trillion in automatic spending cuts scheduled to begin on Jan 2.
National Journal | Is Our Debt Burden Really $100 Trillion?
Wanna scare somebody about America's debt on the eve of the fiscal cliff? I mean, really scare somebody? Here's a trick. Don't talk about the debt. Talk about "unfunded liabilities."
Econ Comments & Analysis
WSJ | The Outlines of a Budget Deal Are Obvious
With a big assist from Ohio, the president clinched a second term after a tough fight. In his victory statement, he pledged to "continue our economic progress" and see "our servicemen and women . . . come home." There were high hopes and a belief he had a mandate.
AEI | A debt strategy for the next 30 years
The United States is on an unsustainable fiscal course. This year marks the fourth in a row that the U.S. federal deficit will exceed $1.1 trillion. Since the end of 2007, the federal debt, now $11 trillion, has doubled as a share of annual GDP-from 36% to 73%. The long-term outlook is even worse.
WSJ | Unbalanced
Republican fiscal cliff negotiators are infuriated because they can't get the White House to propose serious spending cuts. They complain that behind closed doors the White House team and congressional Democrats want only one thing: higher taxes.
Heritage Foundation | What’s in the Fiscal Cliff?
The nation is now firmly on track to go over the fiscal cliff in January 2013 unless Washington takes action. The uncertainty leading up to the fiscal cliff—especially Taxmageddon—is already hurting the economy today and, according to projections by the Congressional Budget Office, could send the country back into recession in 2013
Blogs
Keith Hennessey | More on the President’s veto bluff
Yesterday I argued that the President is bluffing on his veto threat. Today I want to respond to some great feedback from friends and readers. Warning: discussions of negotiating strategy and tactics can get a little dense.
National Review | Repeat after Me: Social Security Adds To the Deficit
In this morning’s USA Today, Senator Dick Durbin tries to make (again) the case that “Social Security is not in crisis.” His piece repeats the ideas that Social Security “continues to bring in new funds annually through payroll taxes,” “has a substantial trust fund” and “does not add a penny to the deficit.” However, both the existence of a positive balance in the trust fund and the payroll-tax collection don’t prove the senator’s point that Social Security is not in crisis.
