B.A. Spending Daily

News Roundup | May 13, 2011

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

Reuters previews a report out today on the financial health of Medicare and Social Security.

The Associated Press says the fiscal year 2012 budget deficit is on track to exceed $1 trillion.

The Hill and MarketWatch have a readout from Congressional Republicans’ meeting yesterday with President Obama on the debt and deficit.

Politico and Reuters report that the bipartisan group led by Vice President Biden is considering a more limited deficit reduction plan than previously thought.

According to The Wall Street Journal, some lawmakers are wondering whether they really have to act by Aug. 2 to raise the statutory debt limit.

The Washington Times says Senate Minority Leader Mitch McConnell (R-KY) wants the vote to raise the statutory debt limit to include caps on future spending. According to The Washington Post, Sen. McConnell also wants lawmakers to consider Medicare reform as part of the agreement.

Meanwhile, according to The Wall Street Journal, Federal Reserve Chairman Ben Bernanke believes it is unwise to use the debt limit vote as a “bargaining chip.”

On the opinion pages: Richard Karlgaard lays out a prescription for economic growth, which includes getting federal spending back under 20% of GDP.


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