Share |

Today's News

House Conservatives Will Insist On Cuts To Entitlements, Mandatory Spending
May 23, 2013 | CQ

Prominent House conservatives are insisting that any increase in the debt limit be tied to cuts or changes in entitlement programs and mandatory spending, rather than just a tax overhaul, potentially complicating GOP leadership efforts to work out an agreement with Democrats to avoid a default. The chorus of lawmakers who are targeting mandatory spending, the largest and fastest-growing portion of the budget, has grown since a GOP conference to discuss the debt limit last week.

House Votes To Override Obama On Keystone
May 23, 2013 | The Hill

The House passed a bill Wednesday that would approve the northern leg of the Keystone XL oil sands pipeline by an act of law, and take the decision out of the hands of President Obama. Members voted 241-175 in favor of H.R. 3, the Northern Route Approval Act. Republican supporters were joined by 19 Democrats, much less than the level of Democratic support in the last Congress.

US Existing Home Sales Tick Up
May 23, 2013 | Financial Times

US sales of previously-owned homes rose to a three-and-a-half-year high in April in another sign of gathering momentum in the country’s housing market recovery. Existing home sales rose 0.6 per cent to a seasonally adjusted annual rate of 4.97m, the most since November 2009, according to National Association of Realtors data released on Wednesday. Economists surveyed by Bloomberg had expected slightly higher sales of 5m.

Wall Street Seeks Dodd-Frank Changes Through Trade Talks
May 23, 2013 | Bloomberg

U.S. bankers and insurers are trying to use trade deals, which can trump existing legislation, to weaken parts of the Dodd-Frank Act designed to prevent a repeat of the 2008 financial crisis. While the companies say they are seeking agreements that preserve strong regulations and encourage economic growth, their effort is drawing fire from groups who argue that Wall Street wants to make the trade negotiations a new front in its three-year campaign to stop or alter the law.

Fed Leaves Market Guessing
May 23, 2013 | The Wall Street Journal

In a day of conflicting messages from the Federal Reserve that roiled financial markets, Chairman Ben Bernanke left some straightforward new clues about the central bank's plans for its $85 billion-a-month bond-buying program. The Fed could take a first step toward reducing the program at one of its "next few meetings," Mr. Bernanke said, but he cautioned that he was reluctant to move prematurely or aggressively.

Existing Home Sales: A Few Comments
May 23, 2013 | Calculated Risk Blog

The most important number in the existing home sales report was inventory, and the NAR reported that inventory increased 11.9% in April from March, and is only down 13.6% from April 2012. This fits with the weekly data I've been posting. This is the lowest level of inventory for the month of April since 2001, but this is also the smallest year-over-year decline since July 2011. The key points are: 1) inventory is very low, but 2) the inventory decline will probably end soon.

U.S. Power: Down But Still Unrivaled
May 22, 2013 | Reuters

Lerner To Invoke The Fifth, Former IRS Commissioner Describes 'Dismay'
May 22, 2013 | CQ

With More Clarity, White House Adds To Confusion On IRS
May 22, 2013 | The Washington Post

Bill Kristol Tells Marco Rubio To ‘Walk’ On Plan
May 22, 2013 | Politico


e21 PROJECTS & PARTNERSHIPS