Customer Reviews of the Year in Federal Fiscal Policy
Dec 14, 2010
Fiscal policy determines a lot of things in your daily life. From the number of food inspectors that USDA can employ, to the availability of FBI agents to track down suspected terrorists, to the quality of the roads you drive on, fiscal policy is what makes this country tick. If you were running a country and were shopping around for fiscal policies, would those proposed in 2010 by Congress and President Obama be the first ones you'd grab off the shelf? Before you buy, you may want to consider what other customers thought about the Fiscal Policy of the United States of America in 2010.
OMB Watch Pans Deficit Commission Plan
Dec 1, 2010
WASHINGTON, Dec. 1, 2010—OMB Watch today panned the plan proposed by the co-chairs of the National Commission on Fiscal Responsibility and Reform to reshape the nation’s fiscal priorities. While the plan contains some praiseworthy provisions targeted at the tax code and the federal budget process, overall, it represents an unfortunate step backward in meeting the needs of the nation’s working families.
Commentary: Earmark Ban's Potential Impacts Unclear
Nov 23, 2010
Earmarks took center stage during the week of Nov. 15 when congressional Republicans pledged to "ban" the controversial appropriations tool in a bid to answer the supposed call of midterm voters to reform Washington. Long used by members of Congress to guide federal spending toward certain projects, earmarks can be seen by the public as a form of corruption. While proponents of the ban argue that eliminating earmarks is good for both transparency and the budget, critics of the ban argue this is not necessarily the case.
read in fullMillions Face Loss of Unemployment Insurance
Nov 23, 2010
On Nov. 18, the House failed to pass a three-month extension of unemployment insurance (UI), putting the benefits of nearly 2 million Americans in jeopardy. With funds for federal benefits set to expire Nov. 30, the failure to enact an extension sets up a post-Thanksgiving battle between UI extension advocates and deficit hawks. Complicating matters, the debate over extending the Bush tax cuts will likely encroach upon the UI benefits extension dispute, increasing the likelihood that many citizens will be cut off from help as the holiday season begins.
In Lame-Duck Session, Emboldened Republicans Face Tough Fiscal Choices
Nov 9, 2010
While the 2010 midterm elections swept in a significant Republican majority in the House and a larger Republican minority in the Senate, Congress will face a great deal of important fiscal legislation that it must address before the newly elected members begin their terms in 2011. With annual appropriations bills and the expiration of the Bush tax cuts pending in the upcoming lame-duck session, the focus will be on the Republican minority in the Senate and whether it decides to block key legislation or work with Democrats to address unfinished business.
Commentary: In Case of Bailout, Break Glass for Transparency
Oct 27, 2010
With the unpopular bank bailout, the Troubled Asset Relief Program (TARP), coming to a close, policymakers should begin looking back at the program to glean lessons from its creation and execution. When TARP was created by an act of Congress in 2008, the imperative was speed, not transparency. Unfortunately, that lack of transparency and other problems plague the program nearly two years later.
read in fullCongress Sends Aid to States, Gaps Remain
Aug 17, 2010
With all of the attention placed on federal budget problems, it can be easy to forget that state budgets are facing similar troubles. Since almost every state has some form of a balanced budget requirement, states can be extremely susceptible to swings in the economy, and the recent recession is a perfect example. In an effort to help ameliorate the states' fiscal situation, President Obama recently signed into law a $26 billion state aid bill passed by Congress in a rare August session. The bill, which includes $10 billion in education funding and $16 billion for state Medicaid programs, is expected to save some 300,000 jobs. Still, it pales in comparison to the actual size of the fiscal problem facing the states.
read in fullCommentary: Federal Debt and Its Implications for Economic Stability
Aug 17, 2010
When the Congressional Budget Office (CBO) produced a brief in late July on the nation’s debt levels and the risk they present to the economy, those pushing for immediate deficit reduction jumped on the report as evidence that the U.S. is about to go over a financial cliff. Upon closer inspection, though, the greatest threat facing the country is still the Great Recession and the lingering effects thereof.
Americans for a Fair Estate Tax Urges Senators to Co-Sponsor the Responsible Estate Tax Act
Jul 26, 2010
WASHINGTON, July 26, 2010—Americans for a Fair Estate Tax (AFET), a coalition of national and state organizations, sent a letter to the Senate today asking members to co-sponsor the Responsible Estate Tax Act, S. 3533. Over seventy organizations, including major labor, religious, social equity, and good government groups, are urging senators to support the bill. OMB Watch is a member of AFET and signed on to the letter.
read in fullCongress Burdened By Must-Pass Legislation
Jun 29, 2010
With fewer than 30 working days left before Congress adjourns for its August recess, the legislative branch is once again faced with a pile of must-pass legislation and a ticking clock. Before the end of 2010, Congress must pass a spate of bills to renew a set of expiring tax provisions, prevent stiff pay cuts for Medicare doctors, fund the wars in Iraq and Afghanistan, and prevent the expiration of the Bush tax cuts for the middle class. Congress is likely to truncate its legislative calendar so that members can return to their districts to campaign for this year's elections, lowering the odds of passing other "big-ticket" legislation like climate change policy and immigration reform.
read in full
