News
CNN Money | Automatic spending cuts more likely now
Chances are growing that the automatic, across-the-board spending cuts that no one thought would ever happen may soon take effect.
Politico | Debt ceiling fix could last until August
The next deadline for raising the nation’s borrowing limit may not come until August if the Senate passes the House-approved debt ceiling bill this week as scheduled, according to Capitol Hill sources.
Econ Comments & Analysis
Forbes | How President Obama Lost His Shirt to John Boehner
In retrospect, at the Battle at Fiscal Cliff, Boehner took President Obama to the cleaners. He did it suavely, without histrionics. While Obama churlishly, and in a politically amateurish manner, publicly strutted about having forced the Republicans to raise tax rates on “the wealthiest Americans” Boehner, quietly, was pocketing his winnings.
AEI | Trillion dollar deficits are sustainable for now, unfortunately
An abrupt spending sequester at a rate of about $110bn per year ($1.1tn over 10 years) scheduled to begin March 1 could cause a US recession, coming as it does on top of tax increases worth about 1.5 per cent of GDP enacted in January.
Blogs
CBO | CBO Now Plans To Release Budget and Economic Outlook on February 5
That report will include updated economic and budget projections that incorporate the effects of the legislation enacted at the beginning of the year, a revised economic forecast consistent with the budget projections, and other changes to CBO’s estimates.
CATO | Federal Withholding: One Budget or Two?
Along with increasing the debt ceiling to whatever level it reaches by May 18th, the bill would withhold the pay of members of Congress and senators if their respective bodies don’t pass a budget by the April 15th deadline found in the Congressional Budget Act of 1974.
