B.A. Spending Daily
Here’s a roundup of this morning’s must-read budget and economic stories:
The Associated Press, Bloomberg, Politico and The Wall Street Journal update readers on debt supercommittee negotiations. The Washington Post says the committee will count savings from ending the wars in Iraq and Afghanistan in its deficit reduction plan. The paper notes some consider this an “accounting gimmick.”
The New York Times and Politico say House and Senate negotiators are near a deal on a $182 billion minibus spending bill. Politico reports that bill will cut the budget for the Commodity Trading Futures Commission by almost one-third.
Politico looks at whether it’s likely policymakers will be able to save money on Medicare spending.
According to The Wall Street Journal, the Federal Housing Administration, which guarantees loans to homeowners, may need a taxpayer bailout within the next year.
Roll Call highlights a new report examining how the tax code subsidizes the very wealthy. (Politico’s “On Congress” blog and The Washington Post’s “Federal Eye” blog have more on the report, released by Sen. Tom Coburn).
Reuters reports the Federal Reserve thinks there is a 50 percent chance of the U.S. going into recession next year.
On the opinion page: Steven Landsberg says supercommittee members shouldn’t look to tax increases to cut the budget deficit.