In a post this morning on his Beat the Press blog, Center for Economic and Policy Research (CEPR) economist Dean Baker makes an interesting point when he laments the one-sided economic reporting on President Obama's recent request for quick action on several economic stimulus measures languishing in Congress. While the president's demand would add nearly $80 billion to budget deficits over the next decade, inaction on these aid measures will likely reduce gross domestic product (GDP) by $120 billion and eliminate 800,000 jobs.

In his recent blog post detailing his agency's latest Monthly Budget Review (MBR), Congressional Budget Office (CBO) Director Doug Elmendorf opens by remarking, "The federal budget deficit was $941 billion during the first eight months of fiscal year 2010." To some, that number is a bewildering reminder of what they see as a dysfunctional and wasteful federal government. To others, it's a sign of how badly the Great Recession has affected the economic health of our country, and, after digging deeper into the numbers, shows that more – not less – needs to be done.

Citizens for Tax Justice (CTJ) released an important call to action along with a report this afternoon about carried interest, the loophole that allows multimillionaire investment fund managers to subject their income to lower tax rates than the average citizen. The "extenders" tax package, which is currently before the Senate, includes a carried interest loophole-closer, but it seems that senators are listening to the fund managers' well-heeled lobbyists and their ridiculous claims against this commonsense policy change.