The Obama administration elaborated on its plans for consolidating several government agencies, including the Department of Commerce and the office of the U.S. Trade Representative, stipulating that any proposed restructuring must save money or cut the size of government. In addition, the White House announced the official launch of BusinessUSA.gov, a virtual “one-stop shop” for businesses navigating government agencies. The president also released a memo increasing the authority of the Export Promotion Cabinet to “align interagency efforts” in advancing international trade. Read more »

The United States faces a multi-faceted competitiveness problem, writes Harvard Business School dean Nitin Nohria in the Harvard Business Review (HBR), and while one-off reforms in taxation, education, and other areas are helpful, what is needed is a “systemic, well-choreographed approach to creating positive change.” The new March issue of HBR draws on thought, leaders from Harvard and other organizations, and offers a detailed appraisal of U.S. competitiveness. Read more »

In the Wall Street Journal, Republican presidential candidate and former Massachusetts Governor Mitt Romney writes that China’s embrace of state-capitalism and political repression should not become a model for the world. A Romney administration would likely deem China a “currency manipulator,” increase the U.S. military presence in the Asia-Pacific, and confront Beijing over human rights. Read more »

Washington lawmakers reached a tentative deal to extend the payroll tax cut (NYT) currently set to expire at the end of the month. The negotiated settlement would also extend unemployment benefits and prevent a large reduction in reimbursements for Medicare doctors. A vote on the bill is expected by Friday, when Congress adjourns for recess. Read more »

The president’s 2013 budget, while unlikely to advance legislatively, indicates the Obama administration’s priorities and issues they are keen to work on if elected for a second term, writes the Brookings Institution’s Isabel V. Sawhill. Primary themes in this budget include job creation, reducing the debt and deficits, revenue increases on the wealthy, but shying away from fundamental reform to taxes and entitlements. Read more »

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). Read more »