Friday Appropriations Update: Continuing Resolution Vote Must Happen Next Week

It's been an exciting few weeks on the Hill, with President Obama's OMB director nominee sitting before two Senate hearings before being blocked by a Democrat, House Republicans released their Pledge to America, and an effort to extendthe Bush tax cuts failed to move in the Senate. With all this excitement, I guess congressional appropriators couldn't find much time to work on their appropriations bills. In fact, the House Appropriations Committee made exactly zero progress on the fiscal year 2011 budget, meaning we're still waiting on the full committee to vote on ten appropriations bills. The Senate hasn't been much better, with its appropriations committee only approving two bills, and no floor votes. Which, as recent congressional witness Stephen Colbert might say, brings us to today's word: continuing resolution.

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GOP 'Pledge' Is Simply a Way of Shutting Down a Large Part of Government

As Yogi Berra's redundant saying goes, "It's déjà vu all over again." Back in 1994, congressional Republicans unveiled what they called the "Contract with America." The Contract was chock-full of policy proposals intended to shrink the size of government, kneecap agencies' ability to protect the public, and decrease the burden on taxpayers, especially the rich.

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Putting a Better Face on Economic Stimulus

The latest economic data on the Recovery Act from the Congressional Budget Office indicate that, by at least two important metrics -- gross domestic product (GDP) and unemployment -- it is in fact working (see here, here, here, and here for more). Yet, only 33 percent of Americans think the Recovery Act "helped the jobs situation."

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Friday Appropriations Update: Boehner Has a Plan

With Congress returning from its summer break next week, the appropriations process should begin again as well. Since Congress has been gone for the past few weeks since we last updated you, there isn't anything new to report. But! Never fear, we have been using this time to revamp our patented AppropriationsWatchTM. We moved it over to GoogleDocs, allowing us to add links, which you can click to see the relevant documents for each appropriations bill. And, moving over to GoogleDocs makes it easier for you, the audience, if you want to copy the table and play around with the numbers. Want to see what happens if you cut Department of Defense spending in half? Go right ahead.

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The Recovery Act Failed! Or Not

If one were to listen to most conservative politicians and pundits these days, you'd come away with the impression that the Recovery Act has failed. It hasn't created any jobs and it hasn't helped the economy, so the narrative goes.

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Schools Hesitant to Spend State Aid Money

In Wednesday's New York Times, there was an interesting coda to one of our recent Watcher articles: despite receiving large amounts of money from the recently passed state aid bill, school districts are not acting quickly to rehire fired teachers. The worry is next fiscal year might see even larger budget gaps, necessitating another, larger, round of firings. So the school districts would rather save the money, to try to stave off what could be an even worse FY 2011, and in the process, are potentially hamstringing any positive effects of the state aid bill.

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Friday Appropriations Update

As noted in a Watcher article earlier this week, with Congress' August recess around the corner, the appropriations process is picking up steam. Or, should I say, it should be picking up steam.  I'll let our patented AppropriationsWatch™ do the talking.

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GAO Calls for More Descriptive Recovery Recipient Reports

On this blog, we talk a lot about how great the Recovery Act recipient reports are (these are the reports recipients turn in every quarter explaining what they've done with their Recovery Act funds). Over the past year, we've thrown around words like "groundbreaking" and "historic" to describe how we feel about them. But they aren't perfect. Among other problems, reading the reports can oftentimes leave readers confused about what the project in question actual does, as the main descriptive fields can be anywhere from a few words to lines and lines of text filled with industry jargon.

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Budget Process Begins to Move Along in Congress

The U.S. Capitol Building

Yesterday, while passing a rule setting debate on a supplemental spending bill for the wars in Iraq and Afghanistan, Democratic members of the House tacked on a "budget enforcement resolution" that lays out spending priorities for the next fiscal year. Additionally, with several Appropriations subcommittees recently passing FY 2011 spending bills, it seems Congress is beginning to move the ball on the budget process.

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Checking-in With TARP

This news is a bit old, but I thought it was interesting enough to warrant a late post. On June 10, Treasury released its May TARP (Troubled Asset Relief Program) report, providing an update for the bailout program. The big, "milestone" news from the report is that TARP repayments have now exceeded the remaining balance. According to the report, through May, TARP recipients paid back $194 billion, which is more than half of the total funds TARP has paid out ($384 billion, which includes everything, from the bank warrants to the AIG payments to the auto bailouts). In other words, TARP recipients have paid back $194 billion, meaning that the returned funds now outweigh the remaining balance.

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