The Republicans won control of the House and picked up seats in the Senate in the midterm election on nebulous promises to slash spending and reduce the size of the federal government.  House Speaker John Boehner has pledged to reduce spending to 2008 levels, as per the GOP's campaign manifesto, known as the "Pledge to America."

But as Andy Kroll reports in Mother Jones, while the Pledge calls for a 21.7% reduction in spending on non-security discretionary programs, it doesn't commit to any specific cuts. Medicare and Social Security are safe from this round of cuts because they are not discretionary.

Meet the new global elite. They're pretty much the same as the old global elite, only richer and more smug.

Laura Flanders of GritTV interviews business reporter Chrystia Freeland about her cover story in the latest issue of the Atlantic Monthly on the new ruling class. She says that today's ultra-rich are more likely to have earned their fortunes in Silicon Valley or on Wall Street than previous generations of plutocrats, who were more likely to have inherited money or established companies.