Budget and economic news roundup

January 4, 2011

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

CBS News notes that the national debt has reached $14 trillion for the first time ever. It took only seven months for the debt to increase from $13 trillion to $14 trillion.

The New York Times looks at the $100 billion in spending cuts House Republicans have proposed. If achieved, the $100 billion decrease would take federal discretionary spending levels back to fiscal year 2008 levels, as Republicans promised in the campaign.

The editorial and op-ed pages are full of commentary about whether or not to cut federal spending, and if so, by how much. The Wall Street Journal, Orange County Register, Washington Monthly, Rich Lowry, Joseph Stiglitz, and Charles Kadlec all weigh in.

In addition to government waste, Politico says incoming House Oversight Committee Chairman Darrell Issa (R-CA) will take a look at how regulations affect businesses.

e21 and National Review take a look at then-Sen. Obama’s 2006 vote and speech against raising the debt ceiling.

Bloomberg says President Obama is considering former Commerce Secretary Bill Daley for a top post at the White House, possibly chief of staff or director of the National Economic Council. The Wall Street Journal highlights another possible personnel change: President Obama may bring in Ron Bloom to be the White House manufacturing policy guru. Bloom was one of the chief architects of the auto bailout.

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