Driving the Day: 1/13/12
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The House will vote next Wednesday to on a resolution disapproving President Obama's recent request to increase the debt limit by another $1.2 trillion.
In response to a request from members of Congress, a U.S. special review of the permitting for the Keystone XL oil pipeline is likely to be released in the coming weeks. According to a government source, the review is almost complete and may be made public prior to President Obama’s announcement on whether to allow a permit for the project.
Amid downturn, more older Americans employed than ever before – Washington Post
While other generations are working less, people older than 55 are employed more than ever before, according to the latest report from the Bureau of Labor Statistics. Experts say the shift in older works is complex, but one of the primary reasons is the growing fear among older Americans that they cannot support their retirement needs.
Export-Import Bank reauthorization delayed – USA Today
Officials from top U.S. exporting companies have warned that failure to increase the Export-Import Bank lending cap could lead to the loss of thousands of U.S. jobs. House Republicans delayed a decision on the spending cap and long-term reauthorization of the Ex-Im Bank before heading home last month.
President Obama is asking Congress to grant him reorganizational power to merge six trade and commerce agencies: the core business and trade functions in the Commerce Department, the Office of the U.S. Trade Representative, the Small Business Administration, the Export-Import Bank, the Overseas Private Investments, and the Trade and Development Agency. This merger would save $3 billion over 10 years - it would also cost 1,000 to 2,000 jobs.
A Step Backward for Economic Freedom in 2012 - Wall Street Journal [Subscription reqiured]
Government spending rose on average to 35.2% of GDP from 33.4% last year, according to the 2012 Index of Economic Freedom. The new index shows a decline in economic freedom stemming from excessive regulations and stimulus spending is the reason for the current state of the world economy. Most of the decline in economic freedom was in North America and Europe.
In other news...
Blast From the Fed’s Past – The New York Times
More States Decide to ‘Buy Veteran’ – Wall Street Journal [Subscription]
Banks’ overnight deposits with ECB hit record – Market Watch
Toward a National Coastline Policy – The New York Times