In advance of Hurricane Alex, President Obama issued an emergency declaration for Texas and ordered federal aid to supplement state and local response efforts.
President Obama’s deficit-reduction commission -- chaired by Democrat Erskin Bowles and Republican Alan Simpson -- will hold a hearing today on Capitol Hill at 9:30 am ET. The commission will hear from Congressional Budget Office director Douglas Elmendorf.
The New York Times: “The world’s rich countries are now conducting a dangerous experiment. They are repeating an economic policy out of the 1930s -- starting to cut spending and raise taxes before a recovery is assured -- and hoping today’s situation is different enough to assure a different outcome. In effect, policy makers are betting that the private sector can make up for the withdrawal of stimulus over the next couple of years. If they’re right, they will have made a head start on closing their enormous budget deficits. If they’re wrong, they may set off a vicious new cycle, in which public spending cuts weaken the world economy and beget new private spending cuts."
"On Tuesday, pessimism seemed the better bet. Stocks fell around the world, over worries about economic growth. Longer term, though, it’s still impossible to know which prediction will turn out to be right. You can find good evidence to support either one."
Roll Call: "President Barack Obama on Tuesday showed once again that he is willing to bet against the odds by trying to appeal to Congress to take on climate change and comprehensive immigration reform -- two issues that have otherwise fallen off the calendar for the year."
"First lady Michelle Obama will address the NAACP's yearly meeting next month, the group announced Tuesday," The Hill reports. "Mrs. Obama will trek to Kansas City for a July 12 address to the organization's 101st annual convention."