News
Politico | History could guide members out of debt morass
With the help of 29 Democrats, then-House Minority Leader Bob Michel executed a remarkable coup in June 1981 — virtually taking control of the House for 24 hours so as to make in order and ultimately enact billions in budget cuts supported by President Ronald Reagan.
Econ Comments & Analysis
Washington Times | A budget plan that actually works
Imagine a family sitting at its kitchen table with bills piled high. They have no budget, only a general sense of where money comes from and where it goes. The lenders to whom they owe a considerable sum are not calling yet, but they might be soon. They owe nearly 5 times as much as they spend each year and almost 7 times as much as they earn.
Politico | Why debt limit must be used to force a balanced budget
This Monday, President Obama again asserted that the country would “default” if Congress did not raise the debt limit. “The full and faith and credit of the United States is not a bargaining chip,” he said at a press conference. This is of course untrue — we have enough funds to service our debt and the only risk to our credit is the president’s demagoguery and scare-mongering.
Fortune | Why business leaders are silent on the debt ceiling
In the standoff over the debt ceiling, President Obama and Congressional Republicans continue to inhabit parallel realities. Obama insists he won't negotiate for new borrowing authority, while the GOP demands a dollar in spending cuts for every dollar lawmakers raise the limit.
USA Today | Obama owns the debt now
President Obama, the Democrats, and plenty of Republicans in Congress, would like it if you'd spend the next few weeks talking about gun control. That's because when you are, you're not talking about the country's financial situation.
NBER | Output Spillovers from Fiscal Policy
In this paper, we estimate the cross-country spillover effects of government purchases on output for a large number of OECD countries.
Blogs
Heritage Foundation | Morning Bell: Don’t Raise Debt Ceiling Without Balancing the Budget
All across America, families are balancing their budgets and even paying off debt. Since the financial panic of 2008, personal debt has fallen as Americans tighten their belts and pay back loans. Some, unfortunately, had to declare bankruptcy because their debts got too big.
WSJ | Treasury Turns $173 Million Profit on Crisis-Era TALF Program
The Treasury Department said Tuesday it has turned a $173 million profit on a financial crisis-era initiative that helped boost the market for asset-backed securities but is now winding down.
