B.A. Spending Daily
Here’s a roundup of this morning’s must-read budget and economic stories:
According to The Wall Street Journal, Fitch Ratings has warned it will downgrade the U.S.’s credit rating if lawmakers don’t increase the nation’s statutory debt limit by August. Meanwhile, Reuters says China has worries of its own on the debt limit and the potential for default. St. Louis Federal Reserve Bank President James Bullard says default could be devastating for the world economy.
The House conducted a similar vote last week, but, according to Politico, the Senate may now hold a test vote on a standalone bill to raise the debt limit.
The Washington Post says Americans are torn over the question of whether Congress should raise the debt limit or not.
The New York Times reports the “Gang of Six” has identified at least $4.7 trillion spending cuts and tax increases that could be made over the next decade to help reduce the national debt. The Hill also looks at “Gang of Six” negotiations.
According to Bloomberg, in an effort to help spur the economy, the White House is considering a proposal to cut the payroll taxes businesses pay.
The Los Angeles Times says the U.S. government has little to show for the billions of dollars its spent fighting the drug trade in Latin America.
CNN examines the debt load held by everyday Americans.
On the opinion pages: USA Today advises lawmakers to focus on getting control of the national debt instead of new stimulus spending programs; Investor’s Business Daily says stimulus spending doesn’t help the economy; and Dean Kalahar examines how much the federal government should spend as a percentage of the total economy.