Budget and economic news roundup

January 21, 2011

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

President Obama will announce today that General Electric CEO Jeff Immelt will replace Paul Volcker as his outside economic adviser. Immelt has an op-ed in The Washington Post explaining what he hopes to achieve as chair of the President’s Commission on Jobs and Competitiveness.

Bloomberg previews what the President is expected to say about the budget deficit and government spending in his State of the Union next week.

Several news outlets look at the Republican Study Committee’s outline for $2.5 trillion in spending cuts. Among them: The Hill, HuffingtonPost.Com, The New York Times, Politico, Slate, U.S. News & World Report, The Washington Post and The Post again.

Republicans have promised to cut federal appropriations back to fiscal year 2008 levels, but yesterday, Majority Leader Eric Cantor (R-VA) said the party may go even further.

Writing in Politico, House Minority Whip Steny Hoyer (D-MD) says reforming the tax code would cut the budget deficit, and encourage job growth. The Wall Street Journal says businesses also support an overhaul.

The New York Times looks into the possibility of several states declaring bankruptcy due to deficits and unfunded pension liabilities.

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