B.A. Spending Daily

News Roundup | May 6, 2011

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

April’s employment situation report from the Bureau of Labor Statistics shows that while the economy added 244,000 jobs last month, the unemployment rate rose to 9.0%.

According to Bloomberg, Chinese leaders are keeping a close eye on how the U.S. handles its debt situation. Vice Finance Minister Zhu Guangyao said the U.S. needs to get control of its fiscal situation in order to set the groundwork for future economic growth.

Bloomberg also updates readers on negotiations on a package that would include an increase in the statutory debt limit. Politico looks at how House freshmen may vote on any such deal.

According to The Associated Press, Vice President Biden thinks a debt limit increase should be coupled with spending cuts.

The Hill, Politico and The Washington Post report on yesterday’s meeting of Vice President Biden’s deficit reduction panel, saying there was no clear pathway revealed during the talks. The Wall Street Journal says Medicare appeared to be off the table during the discussion.

The New York Times says Republicans are backing off their plan to overhaul Medicare.

The Hill says the Senate next week will take up a bill to eliminate tax subsidies to oil and gas companies. According to a separate Hill story, it doesn’t look like the House will do the same.

On the opinion pages: Floyd Norris looks at Greece’s debt troubles; City Journal reviews the problems in California’s state pension system; and Investor’s Business Daily examines Chile’s high economic growth rate, concluding the country’s willingness to cut spending is one of the factors to its success.

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