The Wall Street Journal

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A broad coalition of federal budget experts, spanning the ideological spectrum of Washington think tanks from left to right, proposed Monday that Congress and the president set explicit, “sustainable” long-term budgets for Social Security, Medicare and Medicaid and create a mechanism that would force changes when projected spending exceeds budgeted amounts. . . Among the other participants are scholars from the American Enterprise Institute, Concord Coalition, New America Foundation, Progressive Policy Institute and Urban Institute. The work… more

It has been more than five decades since any political party in America has had a brokered convention, and for political junkies a heated battle at the Democratic convention seems like a tantalizing possibility. But for Democrats, a protracted nomination battle, culminating in a convention fight, could undermine the party's hopes of reclaiming the White House this fall.

Since voters in Ohio and Texas breathed new life into Hillary Clinton's campaign, some have argued that the current stalemate will not hurt… more

When the adjectives most often used to describe you are "secretive," "opaque" and "mysterious," you've got an image problem. Such is the predicament of sovereign wealth funds, the government-controlled investment vehicles, often in authoritarian states, that have become the bane of Western politicians. Yesterday, the European Commission became the latest body to propose transparency guidelines for these funds.

But the good news for sovereign wealth funds is that increased disclosure and transparency may actually be a win-win for everyone. A little… more

No presidential campaign in this country would be complete without the three Ps of politics -- polls, pundits and populism. The first two Ps are more modern creations. But the populist candidate who claims to speak for the "people" -- against some political straw man such as big business or big government -- has a long history. Political leaders from both sides of the aisle have consistently and unabashedly utilized populist appeals. The run-up to the 2008 election, with John… more

Path to Surplus Would Be Rocky (Wall Street Journal)

While those proposed cuts should be applauded, "clearly in a world of $400 billion deficits it's not going to make a difference," said Maya MacGuineas, president of the Committee for a Responsible Federal Budget, a bipartisan Washington organization focused on fiscal-policy issues. "We know and have always known the real money is going to be found in entitlement spending."

Washington's leaders have been pushing many policy buttons to stem the worsening housing and credit crisis. They've yet to find the off button, however, and that's prompting a search for more-aggressive solutions.

This week's decision by Citigroup Inc. to bail out seven investment entities and bring $49 billion in assets onto its balance sheet effectively killed one of the centerpieces of the Bush administration's approach. Treasury Secretary Henry Paulson has pushed a giant rescue plan for off-the-books funds saddled with mortgage-backed… more

Even as the wireless industry chants a new gospel about opening mobile-phone networks to outside devices and applications, some of the biggest U.S. carriers are quietly blocking new services that would compete with their own.

Would-be mobile-service providers, ranging from startups to major banks to eBay's (EBAY) PayPal have encountered these roadblocks, erected by the likes of AT&T (T) and Verizon Wireless. In some cases, cellular carriers have backed down, but only after inflicting costly delays on the new services.

At issue… more

Perhaps it's time to add the European Bank for Reconstruction and Development to that list of things that, like houseguests and fish, can overstay their welcome. The bank now strays so far from its original remit that it risks spoiling the legacy of its earlier successes. The EBRD should quit while ahead, declare victory and be privatized.

At its pinnacle, the EBRD was a triumph of financial statecraft. Established in 1990 with funding from the U.S., the EU and other governments,… more

Republican presidential front-runner Rudy Giuliani is finding that tough foreign-policy stands are helping him connect with social and religious conservatives…

Those conservatives, a bedrock of the party's base in recent elections, are unhappy with Mr. Giuliani's positions in support of abortion and gay rights, as well as his two divorces. But Mr. Giuliani's positioning himself as a tough leader in the fight against Islamist extremism and threats from Iran, and his staunch support for Israel, have kept many social conservatives… more

WASHINGTON -- As the Bush administration strives to ward off another summer war in the Middle East, it is being forced to balance the potentially diverging interests of two of its most important allies in the region, Lebanon and Israel.Both countries are locked in standoffs with Syria over its alleged role in arming and funding militias that threaten their borders and internal security. But Lebanese and Israeli leaders are exploring what may be conflicting strategies to counter the… more