News
National Journal | McCain May Be Our Only Hope for Forging Fiscal Deal
With Congress away for the next month, it gives us time to pause and consider the various train wrecks that lie ahead when the members return Sept. 9—and we are talking train wrecks of the deadly variety. Three weeks after Congress returns, the new fiscal year will start; most of government as we know it will shut down unless both chambers can agree on a continuing resolution to keep government funded until they can finish their appropriations work and/or settle their differences over spending priorities.
Bloomberg | Biggest Michigan County Suffering Detroit Contagion: Muni Credit
Wayne County, home of Detroit, has seen the extra yield investors demand to own its debt soar to a record, showing the price Michigan localities are paying after the Motor City filed for bankruptcy.
Bloomberg | Deficit Shrinks to 5.7% of GDP as Debt Ceiling No Vote Risks All
As congressional Republicans prepare to risk a government shutdown or U.S. debt default over the budget, one economic indicator undercuts the urgency for a showdown: The deficit is steadily shrinking.
