B.A. Spending Daily

News Roundup | April 29, 2011

Here’s a roundup of this morning’s must-read budget and economic stories:

According to The Hill, the White House believes a reduction in government spending is to blame for slower economic growth in the first quarter of 2011.

After Senate Majority Leader Harry Reid (D-NV) said he will bring the House budget up for a vote to force lawmakers to take a position on Medicare reform, Minority Leader Mitch McConnell (R-KY) says he wants the chamber to vote on President Obama’s budget.

Politico takes a look at Sen. Bob Corker’s (R-TN) plan to propose federal spending caps alongside a plan to increase the statutory debt limit. The Washington Post has more on lawmakers’ plans to couple spending reform with a debt limit increase.

Roll Call reports the Senate Finance Committee will hold a hearing on spending caps next week.

Treasury Secretary Timothy Geithner argued yesterday that tax reform could help solve the country’s deficit problems. Bloomberg reports.

According to The Hill, President Obama’s pick to take over the Defense Department, Leon Panetta, has promised to cut defense spending.

Politico reports House Budget Committee Chairman Paul Ryan (R-WI) has endorsed a plan to eliminate tax incentives for oil and gas companies. The Wall Street Journal examines the growing support to end these tax breaks.

On the opinion pages: The Wall Street Journal says government spending has not helped the economy while Larry Kudlow says stagflation (low growth plus inflation) is back.

 

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