The Peterson-Pew Commission’s “Red Ink Rising” plan for American lawmakers has earned some black ink worldwide too since its release, not to mention some airtime for what CNBC called the Common Cause. There was also support in editorial pages from coast to coast.

How and when the Fed will unwind the massive amounts of liquidity it has provided to shore up the financial system and economy?  Will the Fed be able to manage the unprecedented unwinding skillfully so that they successfully manage to steer a course between overtightening (which could slow growth) and undertightening (which could fuel inflation)?

To answer these questions, the latest term of art to be added to our financial crisis lexicon is: “triparty reverse repo operations”.

Here are the highlights from this weekend’s editorials on fiscal and budget policy:

According to today's Bureau of Labor Statistics report, the unemployment rate eased back to the 10 percent politically sensitive threshold in November from 10.2 percent in October, and payroll employment was unchanged. This marked the first fallback in the unemployment rate since July and the least worst employment numbers in nearly two years.

The Congressional Budget Office has come out with a report estimating the impact of the American Recovery and Reinvestment Act on employment and economic output. The report estimated the federal stimulus package, in the third quarter, raised GDP by somewhere between 1.2 and 3.2 percentage points higher

Here are the highlights from this weekend’s editorials on fiscal and budget policy:

Here are the highlights from this weekend’s editorials on fiscal and budget policy:

Early this week, General Motors stated that while it is still experiencing losses, it has stabilized itself enough so that the company can begin returning some of the $50 billion in assistance the federal government has provided since late December 2008. Even though GM reported a $1.2 billion loss in the third quarter, its balance sheet, cash reserves, and production levels have improved.

Last Friday, we blogged on new information from the Bureau of Labor Statistics reporting the astonishingly high monthly unemployment rate for October – 10.2%, the highest it has been since 1983. With employment declining by 7.3 million since the start of the recession, these statistics have affected a large number of people in the past two years, and likely will for years to come.

Here are the highlights from this weekend’s editorials on fiscal and budget policy: