B.A. Spending Daily

News Roundup | June 15, 2011

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

According to The Associated Press, the federal government made $6.5 billion in Social Security overpayments in 2009.

The Associated Press and Politico report on the deficit negotiation session led yesterday by Vice President Biden. According to Fox News, the Vice President is “confident” negotiators can reach a deal to raise the federal statutory debt limit by July 4.

According to Bloomberg, Financial Times, The Hill and The Wall Street Journal Federal Reserve Chairman Ben Bernanke believes the debt limit vote is the wrong issue with which to force overall spending cuts. The director of the Congressional Budget Office also discussed the need to increase the debt limit yesterday.

Reuters says the business sector may increase pressure on Congress to raise the debt limit.

Bloomberg, The Hill, Los Angeles Times, The New York Times and The Washington Post report the Senate voted on Tuesday against an amendment to cut ethanol tax subsidies. The Washington Times says senators may vote again on the measure later this month.

According to Bloomberg, the House Appropriations Committee passed its version of the FY 2012 defense spending bill Tuesday. The legislation requests $9 billion less than President Obama requested for the military. Politico says, in general, the House is having a tough time passing the annual spending bills.

The Wall Street Journal has more on the White House’s proposal to extend the one-year payroll tax cut, passed last year.

Roll Call says senators and their staffs spent $5 million on trips abroad last year, an all-time high.

The Washington Post reports that some states want to tighten Medicaid eligibility rules in order to save money.

USA Today says gas prices should be on the downswing, “at least for now.”

On the opinion pages: John Stossel says federal lawmakers should look to Canada and Puerto Rico for lessons about cutting spending; David Leonhardt, Bernie Marcus and Gary Shapiro each lay out their job creation plans; and Yaron Brook and Don Watkins examine income inequality.

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