B.A. Spending Daily
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Here’s a roundup of this morning’s must-read budget and economic stories:
CNN says the size of the national debt will exceed the size of the total economy this year, much earlier than the previous estimate of 2014. USA Today reports on Federal Reserve Chairman Ben Bernanke’s remarks Tuesday saying lawmakers “urgently” need to address the increasing size of the national debt.
According to USA Today the federal government’s long-term financial obligations are underfunded by trillions of dollars.
The Hill reports Republican lawmakers might be open to a short-term increase in the nation’s statutory debt limit while CNBC looks at the GOP’s willingness to accept default. The Washington Post also examines Republicans’ position on raising the debt limit.
According to Reuters, lawmakers participating in Vice President Biden’s deficit reduction negotiations will tackle the issue of tax increases on Thursday. The Hill reports 108 Democrats sent a letter to House Speaker John Boehner (R-OH) saying tax increases must be on the table.
Bloomberg examines incoming Secretary of Defense Leon Panetta’s position on cutting military spending.
The Wall Street Journal says the Federal Reserve believes the “recovery is lagging.”
Politico examines what economists are saying about the prospects for economic growth.