More Economic Links

update: the House voted to cut $60 billion from the budget on Saturday morning.  Said John Boehner: “This week, for the first time in many years, the people’s House was allowed to work its will — and the result was one of the largest spending cuts in American history.  We will not stop here in our efforts to cut spending, not when we’re broke and Washington’s spending binge is making it harder to create jobs.”


Florida's governor turned down $3 billion in federal funding for high-speed rail, joining the governors of Wisconsin and Ohio in turning down federal funds.  Meanwhile, the large cuts proposed by Wisconsin's governor in conjunction with proposed restrictions on public-sector unions have led to large protests.  Milwaukee and Madison have had to cancel school because so many teachers called out sick.  And the Democrats from the state legislature have skipped town so that the legislature can't reach quorum and bring the proposal to a vote.


The House voted to end a program to manufacture a different type of engine for the new F-35 joint strike fighter.  Voting against the proposal was John Boehner, whose home state of Ohio stands to lose 1,200 jobs.  Voting for the proposal was a coalition of liberals who want to shrink the defense budget and deficit hawk conservatives.  As another piece details, the freshmen legislators so far seem more motivated by their desire to cut spending than their desire to be re-elected.


The GAO released their annual list of government programs at high risk of fraud and waste


Here's Jon Stewart's take on the budget debate


Here's a video I strongly recommend watching on the fiscal crises that local and state governments are facing