B.A. Spending Daily
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.
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.
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.