Budget and economic news roundup

January 31, 2011

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

Reuters reported Saturday that President Obama will release his fiscal year 2012 budget outline on Valentine’s Day. Bloomberg has more.

On NBC’s “Meet The Press” Sunday Senate Minority Leader Mitch McConnell (R-KY) said his party would consider shutting the government down if Congress and the President can’t reach an agreement on spending. According to The Hill, there is disagreement among Senate Republicans about how to proceed on a balanced budget amendment.

In an interview with Bloomberg Friday, JP Morgan Chase’s CEO Jamie Dimon said the U.S.’s $1.5 trillion deficit and continued overspending are the chief threats to the U.S. economy. Sen. Ron Johnson (R-WI) made a similar argument Saturday, saying government overspending is hurting job growth.

At Bloomberg, economist Kevin Hassett writes the U.S. bond rating is increasingly difficult to justify given the U.S.’s enormous debt burden.

Washington Post columnist EJ Dionne takes a look at President Obama’s plan to reorganize the federal, government and American Enterprise Institute scholar Andrew Biggs has some broader ideas for tackling the nation’s deficit.

The New York Times takes a look at Greece’s economic problems, including its very large debt burden.

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