Budget and economic roundup

February 2, 2011

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

President Obama says his upcoming budget (to be released Feb. 14) will lay out a “responsible” way to balance the budget. (John Stossel has his own ideas.)

House Minority Leader Nancy Pelosi (D-CA) will hold a mock hearing today to champion President Obama’s State of the Union promise to increase spending on infrastructure, education, and technology.

The Wall Street Journal reports several Senate Republicans, and one Senate Democrat, yesterday announced a plan to cut government spending back to 20.6% of GDP. The Hill and The Washington Examiner have more.

Senate Appropriations Committee Chairman Daniel Inouye (D-HI) announced he would impose a two-year ban on earmarks for legislation coming out of his committee. The Washington Post and Politico have more.

Roll Call says the upcoming House debate on the continuing resolution could be a good indicator of where Republicans actually stand on spending cuts. Bloomberg concludes House Budget Chairman Paul Ryan’s (R-WI) proposed spending cuts are too much for his own party to handle.

New York Times economics columnist David Leonhardt says the U.S. corporate tax code represents “the worst of all worlds.”

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