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

Bloomberg says lawmakers are girding for a fight over the budget deficit this election year.

President Obama came out with his fiscal year 2013 budget outline yesterday. CNN Money, Bloomberg, The Hill, The New York Times, Politico (here too), The Wall Street Journal, The Washington Post and The Washington Times have the details.

The New York Times has an infographic explaining the budget release.

According to The New York Times, the President’s budget wouldn’t have as much as it claims. Bloomberg says the President’s budget may overestimate economic growth rates.

The Hill and The Washington Post note Defense Secretary Leon Panetta will be up on Capitol Hill for the next three days to discuss potential cuts to defense spending.

The Hill, The New York Times, Politico, Roll Call and The Washington Post report Republicans have agreed to extend the payroll tax cut for a full year without looking for offsets.

Politico says one Republican senator is blocking debate on the $109 billion transportation reauthorization.

USA Today reports Moody’s has a “negative” outlook for France’s debt situation.

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

The Wall Street Journal predicts the President’s budget will not call for big changes to entitlement programs.

Politico says the Republican Senate minority will offer President Obama’s budget for a vote on the floor since Democrats have indicated they will not.

The Hill and The Wall Street Journal say the President’s budget estimates the deficit will be $1.3 trillion this year. USA Today reports the President will likely fall short of his goal of cutting the deficit in half in four years.

USA Today reports states, cities and school districts cut their spending in 2011.

Politico reports negotiations to come up with a plan to extend the payroll tax cut over the weekend failed.

Over the weekend, the White House leaked information about the President’s fiscal year 2013 budget proposal (to be released later today). The Associated Press, Bloomberg,The Hill (here too), Los Angeles Times, Politico (here too), Reuters, The Wall Street Journal, The Washington Post and The Washington Times all reported on the details.

The Hill, The New York Times, Politico, Reuters, Roll Call, USA Today, The Washington Post report the White House chief of staff made appearances on several news shows Sunday to defend the president’s plan.

Bloomberg and The New York Times report Greece has passed another austerity package.

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Reuters - Global planemaker Airbus joined a chorus of concern that a European scheme to charge airlines for carbon emissions risks triggering a full-blown trade war, with implications for plane deals and even Europe's crippling sovereign debt crisis.

Reuters - President Barack Obama will seek billions of dollars for jobs and infrastructure in his 2013 budget, an appeal to voters that draws election-year battle lines over taxes and spending as Republicans slammed him for "debt, doubt and decline."

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“Rick Santorum says that he is what the Republicans really want. Mitt Romney says now that he knows what Republicans want, he can change to those positions.” –Jay Leno

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“One of the most talked about commercials was the one with Clint Eastwood, where he said, ‘It’s halftime in America, and our second half is about to begin.’ The bad news? China has the ball and we’re down $15 trillion.” –Jay Leno

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“Donald Trump announced that he’s endorsing Mitt Romney for president. It was really nice. Trump was like, ‘There’s only one man with the brains, the skills, and the charisma to be president — but since I’m not running, you might as well vote for Mitt Romney.’” —Jimmy Fallon

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Cartoon: Super PACs

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“Part of me thinks that Rick Santorum is running for president just to show his high school crush she should have gone to the prom with him.” –Jimmy KimmelBA

AP - Rick Santorum stirs his ever-growing crowds when he promises to right a country awash in "immoral debt" and to replace an administration he argues has "callousness toward life and family and faith."

Rep. Paul Ryan, CPAC
It’s getting late, so I’ll get right to the point: We only have nine months to defeat Barack Obama – nine months to reject his agenda of debt, doubt, and decline. And while defeating this President is necessary to getting America back on track, it is hardly sufficient.Put simply, Americans deserve a choice – and it is our responsibility to offer them one. They deserve an opportunity, not just to divert from the President’s path to decline, but to affirm a reform agenda that restores our bedrock of founding principles.Now is the time to promote...

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

Forbes compares debt and deficits by country.

The Washington Post says the true cost of the stimulus is between $1 trillion and $1.7 trillion.

Bloomberg, The Hill, The New York Times and Politico say it appears lawmakers have reached a impasse over extending the 2011 payroll tax cut for another full year.

Politico preview President Obama’s fiscal year 2013 budget outline, which will be released next week.

On Thursday, five of the largest U.S. banks reached an agreement with the federal government and several state governments to help distressed homeowners. Bloomberg, The New York Times, Politico and  The Wall Street Journal have the details of the deal.

The New York Times says Greece has reached a deal on an austerity package that will guarantee the release of the rest of its bailout funds, but The Financial Times argues news of a deal may be premature.

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Reuters - President Barack Obama assured Italian Prime Minister Mario Monti on Thursday that the United States will do whatever it can to help stabilize the situation in the euro zone, which he said demanded a more muscular approach to fighting its debt crisis.

Reuters - President Barack Obama said on Wednesday Europe must not flinch as its leaders confront a raging debt crisis that he acknowledged could do real harm to the U.S. economic recovery.

Daily Caller - “Lethal Weapon” actor Gary Busey filed for bankruptcy in California on Tuesday, citing more than $500,000 in debt, according to documents obtained by TMZ.

AP - Greek coalition leaders are studying a draft deal on further austerity measures demanded to secure a new bailout that will determine whether the country avoids a looming bankruptcy next month.

AP - Crisis talks on a debt deal for Greece among the three leaders of parties supporting the coalition government were suspended and will continue Monday.

Thomas Sowell, IBD
California has a huge state debt and Washington has a huge national debt. But that does not discourage either Governor Jerry Brown or President Barack Obama from wanting to launch a very costly high-speed rail system.Most of us might be a little skittish about spending money if we were teetering on the brink of bankruptcy. But the beauty of politics is that it is all other people's money, including among those other people generations yet unborn.The high-speed rail system proposed for California has been envisioned as a model for similar systems elsewhere in the United States. A recent...

California has a huge state debt and Washington has a huge national debt. But that does not discourage either Governor Jerry Brown or President Barack Obama from wanting to launch a very costly high-speed rail system.

Most of us might be a little skittish about spending money if we were teetering on the brink of bankruptcy. But the beauty of being a politician is that it is all other people’s money, including among those other people generations yet unborn.

Keep reading this post . . .

Politico - Mitt and his family helped retire debt after Pawlenty endorsement.

Reuters - Greece's Prime Minister Lucas Papademos held talks on restructuring Greek debt with senior officials from the European Central Bank and the European Union after an EU summit on Monday, officials said.

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

National Journal says Senate Minority Leader Mitch McConnell (R-KY) may be open to raising other taxes in order to pay for extending the 2011 payroll tax cut.

The New York Times reports U.S. banks are trying to assess the risks Europe’s debt problem presents to them. Meanwhile, Reuters and The Wall Street Journal say European leaders are close to approving a permanent rescue fund.

The New York Times has the latest on the Greek government’s negotiations with their private sector creditors on a debt buy down. In a separate story, The New York Times also reports Greek leaders may be willing to accept more austerity measures.

On the opinion pages: Fred Hiatt says U.S. leaders must tackle the country’s debt problems.

Steven Greenhut, Reason
Now, a return to the American values of fair play and shared responsibility will help protect our people and our economy. But it should also guide us as we look to pay down our debt and invest in our future."”President Barack Obama, State of the Union, January 24, 2012President Barack Obama's State of the Union address Tuesday night was the latest reminder that the state of political discourse in America is shockingly low. I'm not singling out Obama for special condemnation, given that these addresses always are a potpourri of banalities, regardless of which...

ContributorNetwork - COMMENTARY | According to the Associated Press, President Barack Obama is upset with colleges and universities that have been raising their tuition rates, forcing an increasing number of students into debt as college degrees are worth less in a down economy. He has threatened to cut federal dollars for these schools and transfer the money to schools that offer good education for a reasonable price.

AP - The Obama administration said Friday that will expand its signature foreclosure-prevention program to try to help those with heavy debt loads avoid losing their homes.

For Immediate Release:
January 27, 2011

Media Contact:
Kate Pomeroy (703) 927-7111
Victoria Coley (443) 758-6077
Press@thepublicnotice.org     

 

U.S. DEBT LIMIT RAISED TO $16.4 TRILLION

How High Is Too High Before The American People Say Enough Is Enough?

 

Arlington, VA– Today, the U.S. debt limit was raised to $16.4 trillion.  This increase was authorized as a part of the debt-ceiling bill passed last August by politicians in Washington, D.C. elected to get our country’s fiscal house in order.  Yet, Americans should consider what it means to be $16.4 trillion in debt as a nation and finally decide that enough is enough.

A recent poll sponsored by Public Notice and conducted by The Tarrance Group found that Americans are discouraged both about the leadership in Washington and the direction of the country.  56% think our government is hurting the economy, rather than improving it.  Congress’s approval rating is at a 40 year low. Americans crave a new direction and committed, common sense leadership from Washington.

Gretchen Hamel, Executive Director of Public Notice, said the following:

“Washington politicians – Republicans and Democrats alike – avoid a lot of issues that are hampering the American economy.  Washington politicians continue to propose the same old, tired solutions that have failed, and avoid meaningfully addressing the biggest problems, starting with runaway government spending.  It’s that reckless fiscal approach that has led to a 16 trillion debt and will condemn our children to even larger liabilities unless we reform government now.”

Bankrupting America products:

View SOTU Web Video: Stop the Rhetoric, It’s Time to Act
View National Poll: Americans doubtful SOTU will reveal new solutions

Public Notice is an independent, nonpartisan, non-profit, 501(c)(4) organization dedicated to providing facts and insight on the effects public policy has on Americans’ financial well being.

 

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Politico - It is raised by $1.2 trillion, ensuring the government can pay its bills through the 2012 elections.