Senior fellow Arvind Subramanian was mentioned in a Washington Post wonk blog.
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1) John Boehner has rejected Democrats' “supercommitte” offer, report Paul Kane and Rosalind Helderman: "Amid a flurry of counter-proposals from the deficit-reduction committee, House Speaker John Boehner (R-Ohio) on Thursday rejected a Democratic offer to slash $3 trillion from future debts because it contained significant tax increases. While GOP negotiators offered a slimmer package of savings with virtually no tax hikes, Boehner said the Democratic request for $1.3 trillion in new tax revenue was a non-starter and gave his most pessimistic outlook to date that the so-called 'supercommittee' would achieve its deficit target by its Thanksgiving deadline. 'I don’t think it’s a reasonable number,' the speaker said of the tax proposal, suggesting it was time 'to get serious' in order to avoid an automatic trigger of $1.2 trillion in spending cuts if the panel does not reach an accord."
2) Economic growth is way up, reports Neil Irwin: "The U.S. economy grew at its fastest clip in a year during late summer as consumers and businesses shrugged off fears of a new recession, according to government data released Thursday that helped drive the stock market to its best day since August...Gross domestic product rose at a 2.5 percent annual pace in the July-through-September quarter, the Commerce Department said, considerably better than the 1.3 percent gain in the second quarter and the 0.9 percent rate of growth for the first half of 2011. If there is to be a dip back into recession, as some analysts have feared, it appears it did not start in the third quarter. But GDP was not strong enough to represent a 'catch-up' effect that could bring the unemployment rate down substantially over time."
3) Markets love Europe's new plan, but it could still fail, writes Howard Schneider: "The crisis plan approved by European leaders early Thursday set off celebrations on global stock markets and led officials to assert that they had turned a corner in the battle to rebuild confidence in the euro region. But many market analysts cautioned that the 15-page plan, hammered out over late-night brinkmanship in a government office building in Brussels, remains a work in progress. Key details are uncertain, they say, and a slowing European economy could throw the program off course. In the flush of their 3 a.m. announcement of a breakthrough in marathon negotiations, European officials made claims for the program that ranged from the grand to the unverifiable."