What you need to know to navigate today's most critical debates.

Spending Fight at G-20 (WSJ)
Warning of a potential "Hoover moment," the Obama administration will continue to urge world leaders to avoid harsh austerity measures until the economy has recovered. Let's hope they're just as persistent with Congress.

Geithner and Warren Duel Over Banks' Health (NYTimes)
Treasury Secretary Tim Geithner claims TARP succeeded in stabilizing the banking system, but ND20 contributor Elizabeth Warren questions whether banks can really withstand impending real estate losses.

A Moment of Truth (The Nation)
Katrina vanden Heuvel argues that America now faces the same choice as it did in the 1930s: stimulate the economy and reduce unemployment, or focus on deficit reduction and trigger another downturn. Will we learn from past mistakes or repeat them?

Historians debate designation of 'worst environmental disaster' in U.S. (WaPo)
The BP spill is poisoning the ecosystem of the Gulf, but some feel the Dust Bowl had a more profound and permanent impact on people's lives.  Either way, it's the sort of competition in which everyone loses.

How Bad Can It Get? (HuffPo)
A federal judge overturned the Obama administration's six-month moratorium on offshore drilling yesterday after dismissing the potential environmental threat. Any bets on whether his extensive oil industry investments helped shape his decision?

The Meaning of Joe Barton's Apology (WSJ)
Thomas Frank argues that Joe Barton's heartfelt defense of BP was not an isolated mistake but a reflection of core conservative beliefs about the illegitimacy of government regulation. They're only sorry for making it so obvious.

Oversight exemption for auto dealers gaining traction (WaPo)
Any negotiation between car dealers and professional politicians must be a true clash of the titans, but in this case, it seems the car dealers have gained the upper hand.

When Caution Carries Risk (NYTimes)
David Leonhardt observes that, in order to avoid the dangers of doing too much, Ben Bernanke has opted to do too little.

Crisis of the Welfare State? (Think Progress)
Matt Yglesias notes that conservative critics who claim the economic downturn is a failure of the welfare state are conveniently ignoring that its victims are also the most powerful champions of capitalism.

Time to get tough on defense spending (WaPo)
Another piece by Katrina vanden Heuvel, in which she argues that it's time to reassess both America's budget priorities and its role as an international enforcer.

The Other U.S. Energy Crisis: Lack of R&D (BusinessWeek)
If there is any hope for a clean energy future, we must spend more time and money figuring out how to create it.

Peter Orszag's Legacy (Newsweek)
Ezra Klein evaluates the outgoing OMB director and finds that despite stunning policy victories, he failed to inspire public confidence.

Paul Krugman for OMB (Baseline Scenario)
Sure, it will never happen, but we can always dream, can't we?

What you need to know to navigate today's most critical debates.

Big government? In the Gulf, it's too small and too weak (Salon)
Joe Conason applies the lessons of Roosevelt Institute Senior Fellow Jeff Madrick's The Case for Big Government to explain why adding more oil platform inspectors would be worth every penny.

Banking Lobbyists Make a Run at Reform Measures (NYTimes)
With financial reform getting closer to the finish line, banks are doing everything in their power to dilute or circumvent the Volcker Rule.

Shocking True Tales of Immigration Enforcement (Think Progress)
Matt Yglesias points out that our immigration laws are working wonderfully if our goal is to drive away well-behaved college graduates with marketable skills.

You've seen the stimulus. Now, meet the anti-stimulus. (WaPo)
Ezra Klein observes that stimulus spending has been balanced out by massive state budget cuts triggered by the recession. As states continue to tighten their belts, more federal aid will be necessary just to break even.

Now and Later (NYTimes)
Paul Krugman argues that smart deficit reduction is a matter of timing, and now is most definitely not the right time to start cutting back.

Republican Keynesianism (TNR)
When Republicans passed President Bush's tax cut for the wealthy, they argued for it in Keynesian terms. Now that Keynesian policy is actually necessary to revive the economy, they want nothing to do with it.

It's the Economy, Stupid (Washington Monthly)
Congressional Democrats have made unpopular but necessary choices to save the country from financial ruin, but they're only going to make their political problems worse if they lose their nerve before the job is done.

Obama, EPA to push for restoration of Superfund tax on oil, chemical companies (WaPo)
The renewed tax would require oil and chemical companies to contribute to the cost of cleaning up hazardous waste. Opponents argue that the proper free market approach is to force everyone except the polluters to foot the bill.

Speaking of "Small People" (CAP)
Van Jones thinks the American Power Act is an important step toward a clean energy future, but he identifies several key improvements needed to create more green jobs and ensure genuine energy independence.

Race and the Foreclosure Crisis (Washington Independent)
An ongoing wave of foreclosures threatens to reverse decades of progress and widen the equity gap between white and non-white Americans.

Peddling Relief, Firms Put Debtors in Deeper Hole (NYTimes)
So-called debt settlement companies are collecting exorbitant administrative fees without providing any real service to their clients, leaving them at the mercy of their creditors.

BP CEO Tony Hayward attends glitzy yacht race; Gulf residents infuriated (CS Monitor)
Are we sure that BP doesn't really stand for Bad Publicity?

Foot, Meet Mouth: The Top Six GOP Oil Spill Gaffes (TPM)
From Sarah Palin's "told you so" tweet to the apology heard 'round the world, Talking Points Memo rounds up all their greatest hits.

Tea party recalls could backfire (Politico)
Some Tea Party groups are feeling so confident about the upcoming midterm elections that they want to challenge senators who aren't even on the ballot. The fact that their plan is almost certainly unconstitutional is only a minor inconvenience.