Budget and economic news roundup
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Here’s a roundup of this morning’s budget and economic news:
No surprise here: U.S. News & World Report says this month’s midterm elections were all about smaller government.
In 1994, Republicans swept into power promising a smaller government. They broke that promise. Will they again? Politico reports on new Members’ plans to keep their promise and reduce government.
The Washington Post’s Eugene Robinson discusses cuts to Defense spending. Robinson endorses Fiscal Commission co-chairs Erskine Bowles and Alan Simpson’s defense savings proposals, which include pay freezes for both civilians and military members not in combat, cuts in procurement, getting rid or reducing the size of some foreign bases, and $28 billion in “overhead” savings.
A top Republican has already said it’s unlikely Congress will pass a permanent extension of the 2001 and 2003 tax cuts in the lame duck session this week. Investor’s Business Daily takes a look at those tax cuts today, discussing what kind of impact they had on the share of the tax burden shared by the wealthy.