Focus on Budget and Debt

Focus on Budget and Debt

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In a July 7 commentary, economist Simon Johnson discussed the economic implications of a U.S. debt default.

In a July 6 commentary, economist Jared Bernstein examined past deficit reduction deals from the 1980s and 1990s and found that higher revenues always constituted at least a third of the package.

On July 6, the International Monetary Fund published a working paper which found that fiscal contraction is not expansionary, as some conservative have argued.

A July 5 McClatchy-Marist poll found that people favor deficit reduction over fiscal stimulus by a 2 to 1 margin.

On June 29, Michael Abramowicz of the George Washington University law school posted a paperarguing that the debt limit is unconstitutional under the 14th Amendment.

On June 28, the Eisenhower Study Group released a study of the cost of the Iraq, Afghanistan, and Pakistan operations. It estimates that they have cost $2.3 trillion thus far.

Also on June 28, the Bipartisan Policy Center published an analysis of the debt limit and how soon it will become binding.

And on June 28, Treasury Secretary Geithner sent a letter to Sen. James DeMint explaining why it is impractical for the Treasury to prioritize spending so as to avoid a debt default in the event that Congress fails to raise the debt limit.

On June 24, the Organization for Economic Cooperation and Development published a report on restoring public finances. It details fiscal consolidation efforts throughout its member countries.

On June 23, the House Judiciary Committee filed a report on House Joint Resolution 1, a balanced budget amendment to the Constitution.

I last posted items on this topic on June 29.

Bruce Bartlett is an American historian and columnist who focuses on the intersection between politics and economics. He  blogs daily and writes a weekly column at The Fiscal Times. Bartlett has written for Forbes Magazine and Creators Syndicate, and his work is informed by many years in government, including as a senior policy analyst in the Reagan White House. He is the author of seven books including the New York Times best-seller, Imposter: How George W. Bush Bankrupted America and Betrayed the Reagan Legacy (Doubleday, 2006).

Bruce Bartlett’s columns focus on the intersection of politics and economics. The author of seven books, he worked in government for many years and was senior policy analyst in the Reagan White House.