2011 U.S. Budget Bill Approved

The U.S. bill designed to cut $38 billion in spending for the remainder of 2011 was approved by Congress yesterday. The bill is a step toward reining in the federal budget. The U.S.’s next focus will be on next year’s federal budget plan and will have to involve a vote on raising the federal debt limit. Without debt restructuring or a raise in the debt ceiling the U.S. will default on federal debt payments by mid-May.

New York Times, April 15, 2011

Congress Passes Budget Bill but Some in GOP Balk

Germany Calls for Greater Austerity Measures in the Eurozone

Germany has led the way for austerity measures in the Eurozone since Greece requested bailout in May 2010. Their measures do not differ much from the political debates in most countries and call for decreases in spending and benefits as well as an increase in taxes and greater enforcement of tax evasion.

Germany will likely continue to push for increased austerity in the Eurozone and specifically for Greece, Ireland, and Portugal as these measures have already been factored into the aid agreements for these three countries.

New York Times, April 15, 2011

Resentment Is Rising In Euro Zone