B.A. Spending Daily
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Here’s a roundup of this morning’s must-read budget and economic stories:
According to The Washington Post, Congressional leaders have made “no progress” on a new continuing resolution (CR) for fiscal year 2011. Republicans are offering $40 billion in spending cuts while Democrats have offered $33 billion. The Los Angeles Times, The New York Times, Politico and The Wall Street Journal have more on negotiations.
The Hill, The New York Times, Roll Call and The Wall Street Journal take a look at how a partial government shutdown, which would happen Saturday if Congressional leaders don’t agree on a new CR, would affect federal government operations. The Associated Press says its unclear members of the military will get paid in the event of a shutdown.
The New York Times looks at how a shutdown would affect state governments.
According to President Obama, a shutdown would be bad for the U.S. economy.
The Hill says the union representing federal government workers is ready to sue if the there is a shutdown.
Meanwhile, House Republicans offered up their fiscal year 2012 budget yesterday. The plan would cut $5.8 trillion in spending over 10 years and reform Medicare, Medicaid, and the tax code. ABC, The New York Times, Politico, USA Today, The Wall Street Journal and The Washington Post have the details.
The Washington Post fact checks the economic and budgetary assertions in the Republican plan.
Investor’s Business Daily looks at budget cuts made over the last few decades in other countries and the subsequent economic growth rates after the cuts.
According to Roll Call, the Senate passed a bill yesterday repealing the “1099 provision” in the 2010 health care law. The provision would have required all businesses to file 1099 tax forms for any entity with which they did more than $600 in business. The repeal now goes to President Obama, who is expected to sign it into law.
According to The Hill, the Treasury Department is writing a plan to reform the U.S. tax code.
On the opinion pages: Jeffrey Korzinek says states can’t afford not to address the shortfalls in their pension systems; Investor’s Business Daily says the Republican budget for fiscal year 2012 should be “a start” in terms of budget cuts; and Louis Peck says the Postal Service will be looking for a bailout soon.