Budget and economic news roundup

January 24, 2011

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

The Washington Post points out the obvious: government spending and the economy will be “hot topics” in 2011 and 2012.

In an interview with The Wall Street Journal European Central Bank President Jean-Claude Trichet said budget discipline, rather than more stimulus spending, would be better for European economic growth. Trichet also warned of increasing inflation.

In Commentary, Hoover Institution scholars John Cogan and John Taylor look at whether the 2009 “stimulus” actually stimulated anything.

According to The Wall Street Journal, President Obama will call for new spending investments in his State of the Union address Tuesday. The New York Times says Senate Republicans and their House counterparts are already “lining up” against the President’s plans.

In fact, on NBC’s “Meet the Press” Sunday, House Majority Leader Eric Cantor (R-VA) said “every dollar should be on the table” when it comes to deciding what federal spending programs to cut.

The Wall Street Journal says President Obama may be late with a report due to Congress about the future of the two mortgage giants. At the same time, The New York Times reports taxpayers have spent more than $160 million in legal fees to defend Fannie Mae and Freddie Mac executives against charges of fraud.

Former House Speaker Newt Gingrich predicts a bill letting states file for bankruptcy will be introduced in Congress in the next month or so. According to Reuters, some of the states with the biggest deficits don’t want any such legislation.

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