April 30

What you need to know to navigate today’s economic debates.

Congress Approves $3.44 Trillion Budget Resolution (CNN)
Healthcare, education and alternative energy spending approved by Congress in Obama’s $3.4 trillion budget.

Obama Pushes Chrysler-Fiat Deal as Bankruptcy Is Said to Loom (BLM)
To pave the way for Fiat deal, Obama administration officials are aiming for Chrysler to file for Chapter 11 as early as today.

Republicans Feud Over Specter (Politico)
Fraught with declining national relevance, Republican leaders point fingers over the loss of Senator Specter to the Democratic Party.

The Progressive Caucus and Obama (Nation)
The Congressional Progressive Caucus meets with Obama over healthcare reform and a new counterinsurgency strategy.

As Detroit Is Remade, the U.A.W. Stands to Gain (NYT)
United Auto Workers union stands to gain over a half stake in Chrysler and over a third in GM according to latest restructuring plans.

Economic Decline in Quarter Exceeds Forecast (NYT)
Rise in consumer spending may signal the worst has passed despite steepest contraction in 50 years.

Lewis loses role as BofA chairman (FT)
Director Walter Massey to become chairman at Bank of America after shareholder vote ousts CEO Ken Lewis.

Tracking How Stimulus Dollars Are Tracked (WP)
Experimental public online forum for the stimulus oversight website www.recovery.gov receives 300,000 visits in first 7 hours and over 1.5 million posts on first day.

Why Were Arguments Against Taking on Risk Discounted Heavily During the Boom? (CFR)
Brad Setser from the Council on Foreign Relations reviews economist Barry Eichengreen’s explanation for the excessive risk taken during the boom.