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On the heels of his latest budget estimate, the director of the Congressional Budget Office, Doug Elmendorf, testified before the House Budget Committee.

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The Congressional Budget Office has released its annual long term budget outlook. Its contents are likely to impact budget discussions taking place in Washington, including negotiations on the $14.3 trillion debt limit.

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The Senate committee today heard from former power company executive John Bryson, nominated to be the next Secretary of Commerce.  He would replace Gary Locke, who is awaiting Senate confirmation to be ambassador to China. 

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The Joint Economic Committee held a hearing on how the U.S. and other foreign countries can grow their economies and increase jobs by reducing federal spending and their debt. 

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A bipartisan group of governors from around the nation were in Washington Monday to release a study on U.S. job creation.  This is the second year in a row that the U.S. Chamber of Commerce has conducted the Enterprising States study, which looks at how the various states compare with one another when it comes to fostering job growth. 

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House Republicans marked the one-year anniversary of President Obama’s speech dubbing the summer of 2010 the “Summer of Recovery.” The GOP lawmakers said that the economy still had not recovered one summer later and they blamed administration policies for hampering economic growth and contributing to the over 9 percent unemployment rate.

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The recently issued Trustee's reports for Medicare and Social Security predicted that the two entitlement programs will become insolvent by 2024 and 2036, respectively. Rising program costs are outstripping income as 40 million retirees begin to draw benefits at the same time as the funds are depleted by a sluggish economy and high unemployment.

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While Washington is working to break through a stalemate to address the debt limit, which is expected to be reached August 2, former directors of the Congressional Budget Office (CBO) gathered to discuss the current economic situation.

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President Obama traveled to Toledo, Ohio where he talked about the U.S. auto industry and highlighted his administration’s role in the comeback of domestic auto makers.

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Treasury Secretary Tim Geithner today met with House freshman Republicans and Democrats on raising the debt limit. Geithner has said that August  2nd is the date in which the Treasury Department will run out of money to manage the government debt.  His meeting follows a meeting Wednesday at the White House with President Obama and the House Republican conference. On Tuesday, the U.S. House rejected a bill that would raise the federal debt limit without additional spending cuts.

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