Budget and economic news roundup
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Here’s a roundup of this morning’s must-read budget and economic stories:
Are the “cuts” within the House Republicans’ continuing resolution really cuts? When it comes to defense spending, CNN Money says no.
In an effort to keep the federal government running past March 4 (when the current continuing resolution expires), lawmakers are now looking at passing a two-week stopgap measure while they work out details of a more long-term continuing resolution. CNN, The Financial Times, Politico and The Wall Street Journal report. According to The Hill, Republicans want even a short-term extension to include cuts from current levels.
Bloomberg profiles the comments of Senate Budget Committee Chairman Kent Conrad (D-ND) who says his chamber won’t accept the continuing resolution passed by the House Saturday that cuts $60 billion in spending. The Washington Times takes a look at Senate Democrats’ counter offer.
According to The Hill, Senate Democrats want to weaken President Obama’s earmark ban.
The Hill also says time is already running out for comprehensive tax reform.
On the opinion pages: in Newsweek Niall Ferguson argues the federal government should sell off some of its assets in order to tackle its deficit problem; The Washington Post says public employees must shoulder some of the burden when it comes to fixing state pension programs; The New York Times’ David Brooks tells Wisconsin lawmakers to think of themselves as the “founding fathers” of budget cutting.