News
CNN Money | CBO Warns of Fiscal Cliff Risk
The nonpartisan Congressional Budget Office on Thursday estimated the economic punch of different parts of the cliff -- a series of spending cuts and tax increases that starting taking effect in January.
WSJ | Storm Expected to Trim Growth, Not Spending
Sandy will take a bite out of an already lackluster fourth quarter, but the superstorm's effect on holiday-season spending is likely to be limited, according to economists in the latest Wall Street Journal survey.
NY Times | Congress Sees Rising Urgency for Fiscal Cliff
Senior lawmakers said Thursday that they were moving quickly to take advantage of the postelection political atmosphere to try to strike an agreement that would avert a fiscal crisis early next year when trillions of dollars in tax increases and automatic spending cuts begin to go into force.
WSJ | Central Bank Says Athens Aid Up to Euro Zone
European Central Bank President dismissed calls for the central bank to help Greece reduce its crushing debt burden, putting the onus on euro-zone governments to find the money needed to give Athens more time.
Econ Comments & Analysis
CBO | Choices for Deficit Reduction
This report reviews the magnitude and causes of the federal government’s budgetary imbalance, various options for bringing spending and taxes into closer alignment, and criteria that lawmakers and the public might use to evaluate different approaches to deficit reduction.
Cato Institute | President Obama and Congress Must Tackle 'Fiscal Cliff' Threatening Nation
First, we face the threat of higher tax rates for some or all taxpayers on Jan. 1. Second, there’s also a possibility of a “sequester” — automatic budget cuts that also are scheduled to take place on Jan. 1. And politicians have been spending so much money that we’re about to bump up against the nation’s debt limit.
WSJ | While Athens Smolders
The Greek Parliament endured another night of tear gas and intra-party turmoil Wednesday to pass its latest package of spending cuts, tax hikes and labor-market reforms, just as new figures confirmed the economy's continued deterioration. This year, Greece's output will be 80% of what it was in 2009. The jobless rate has risen for 39 consecutive months, and 58% of young people are out of work.
