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Renewing America

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Morning Brief: Obama Sends Budget to Congress

by Jonathan Masters
February 13, 2012

U.S. President Barack Obama is sending a new budget to Congress this morning, one that looks to capture some $4 trillion in deficit reduction over the next ten years through a combination of both spending cuts and tax increases for wealthy Americans. The forthcoming proposal has been framed as a budget that balances the short-term imperative of economic recovery with long-term deficit reduction (CBS).

Debt and deficits. Read more from experts on the challenges in reducing U.S. debt.

Corporate Regulation and Taxation

Regulation as Job Creation

According to government employment numbers (BusinessWeek), regulations handed down by Washington often create as many jobs as they kill. For instance, EPA pollution regulations that placed restrictions on some types of emissions are expected to be a boon for manufacturers specializing in helping power companies clean up their production process. However, the same law is expected to cost power companies some $12 billion over the next three years.

Corporate regulation and taxation. Read more from top economists and business experts on solutions for addressing corporate tax reform.

Education and Human Capital

U.S. Universities as Economic Innovators

Writing for Reuters, David Rohde examines how U.S. universities are increasingly being viewed as economic engines and launch pads for innovative new businesses. Holden Thorp, the chancellor of the University of North Carolina at Chapel Hill, has particularly embraced this model for academic entrepreneurship and has called on the nation’s top 125 research universities to help renew the American economy.

Education and human capital. Read more from experts discussing ways to improve U.S. education and immigration policies.

International Trade and Investment

U.S. Trade Deficit Woes

The U.S. trade deficit jumped 11.6 percent in 2011, despite a sharp rise in American exports (Fiscal Times). Over half of the shortfall is attributed to China, and the issue is likely to be a central topic of discussion this week as President Barack Obama meets with Chinese vice president Xi Jinping in Washington.

The Renewing America initiative has published a new Policy Innovation Memorandum, “Fostering Greater Chinese Investment in the United States,” which looks at what the United States should be doing to attract greater foreign investment from China.

International trade and investment. Read more from leading analysts on the debate over next steps in U.S. trade policy.

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