National Debt Limit Countdown
Aug 9, 2004 by Guest Blogger
On August 2, Treasury Secretary John Snow urged Congress to raise the federal debt limit without delay, and warned that the limit will be reached by late September or early October.
read in fullMid-Session Review Confirms Continuation of Record Deficits
Jul 30, 2004 by Guest Blogger
Washington, D.C., July 30, 2004 - The White House's Office of Management and Budget today belatedly released its annual budgetary "Mid-Session Review," which attempts to put a positive spin on massive and worsening deficits and the lowest level of revenue in a half century. 
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OMB Fails to Meet Another Deadline
Jul 23, 2004 by Guest Blogger
The Office of Management and Budget is required to produce a "Mid-Session Review" by July 15 of each year. However, the mid-session budget review has still not been issued.
read in fullShould 'Middle-Class' Tax Cuts be Extended, Offset or Not?
Jul 23, 2004 by Guest Blogger
The political reality, especially in an election year, makes extension of the so-called "middle-class" tax cuts very likely. Hardly anyone is arguing against extending these cuts, as long as they are paid for. However, there are very good arguments why, even If the cost of the extension is offset, extension of these tax cuts is not supportable.
read in fullTax Cut Extensions Possible
Jul 9, 2004 by Guest Blogger
We reported earlier that Senate Finance Committee Chairman Charles Grassley (R-IA) wanted to delay until September consideration of extending the "middle-class" tax cuts -- marriage penalty, expansion of the 10% income tax bracket, and the $1000 child tax credit -- that will expire on December 31. However, the Bureau of National Affairs (BNA) reported July 12 that House and Senate leaders plan to consider the cuts late this week.
read in fullAppropriations in November?
Jul 9, 2004 by Guest Blogger
The House has been steadily moving forward with appropriations bills, in spite of the tight cap on appropriations spending for 2004; but in the Senate only one bill -- Defense -- has passed, and only one other bill -- Homeland Security -- has even gotten through a full Senate committee. None has made it to the Senate floor.
read in fullGood Riddance to Bad Policy: Budget Enforcement Bill Dies
Jun 27, 2004 by Guest Blogger
A conservative effort to severely limit domestic programs was soundly defeated in the House last week. The so-called "Spending Control Act of 2004" failed by a vote of 146-268.
read in fullBeware of Bad Economic Policy - The Balanced Budget Amendment Set to Return
Jun 11, 2004 by Guest Blogger
The long-ago defeated proposal for a balanced budget amendment is rearing its ugly head once again. Unable to pass a budget this year and desperate to create the appearance of being fiscally responsible, the Republican leaders in the House of Representatives are promising a vote on the measure.
read in fullWill There Be a Budget Resolution?
Apr 30, 2004 by Guest Blogger
"Paygo" rules, once a little-known budget technicality, are now proving to be the main impediment in reaching a budget resolution for FY 2005, which begins on October 1, 2004.
read in fullBad Budget Rule Changes Could Still be Proposed
Mar 5, 2004 by Guest Blogger
The Senate budget being debated this week includes only a two-year cap on appropriations, and continues Senate pay-go rules that apply to both entitlement increases and tax cuts. However, concern over other changes in budget rules remains.
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