News
Bloomberg | Debt-Limit Vote in House Refocuses Republican Cuts Plan
The Republican-led U.S. House plans a vote today to temporarily suspend the nation’s borrowing limit, removing the debt ceiling for now as a tool for seeking deeper spending cuts.
Bloomberg | Ryan Says Republican Goal Is ‘Big Down Payment’ on Debt
House Republicans want to force “a big down payment on the debt crisis” during the debate on spending cuts and extending the U.S. government’s borrowing authority, said Budget Committee Chairman Paul Ryan.
Econ Comments & Analysis
CNN Money | U.S. delaying debt reckoning - UBS chief
Relying on the Federal Reserve to shore up the economy while agreeing to short-term budget deals risks storing up trouble for the United States down the road, Axel Weber, chairman of Swiss bank UBS, said Wednesday.
Blogs
Heritage Foundation | Morning Bell: It’s Time to Balance the Budget
Today, the House will vote on a proposal that would suspend the debt ceiling until May 19, buying a bit more time for the overarching budget debate. This puts off the difficult decisions that are needed to get the country’s fiscal situation in order.
Café Hayek | Arnold Kling on Tying Government’s Hands to Balance its Budget
In short, giving governments the discretion to run deficits does not work out well. In theory, government is supposed to fight recessions with deficits, which should then be replaced during normal times by balanced budgets and surpluses.
FOX Business | Why Senate Democrats Haven't Passed a Budget in Four Years
Yesterday, we talked about golfer Phil Mickelson and his comments. He said he needed to make "drastic changes" in his life because of higher taxes. Currently, he's facing a new 13% income tax on millionaires in California and an increase in his federal tax rate to 39.6%.
