House Hearing Questions Whether PAYGO is Enough to Control Spending
Jun 30, 2009
The House Budget Committee held a hearing on June 24 on the Statutory Pay-As-You-Go (PAYGO) Act of 2009, which was recently introduced by Rep. Steny Hoyer (D-MD). During the hearing, House members focused on the enforcement mechanisms in PAYGO, the significant exemptions granted under the proposed legislation, and whether the bill is the appropriate method to reinstate fiscal discipline in Congress.
read in full2008 Fiscal Policy Year in Review
Dec 16, 2008 by Craig Jennings
It's been an exceptional year. 2008 saw not only economic indicators that evoked memories of the Great Depression, but also a record-breaking federal budget deficit. The federal government, through several agencies, activated trillions of dollars in loans and asset guarantees. Congress approved the largest supplemental spending bill in its history and gave the Treasury Department the authority to expend the equivalent of three-fourths of the federal discretionary budget on one sector of the economy. But in many other ways, Congress proved to be unremarkable by staying true to its recent history of underachievement.
read in fullSEC Wants Transparency in Wall Street Credit Gambling
Oct 21, 2008 by Roger Strother*
Securities and Exchange Commission (SEC) Chairman Christopher Cox recently emphasized the urgent need for transparency of currently unregulated credit transactions, called credit default swaps (CDS), that contributed to the ongoing economic crisis. Cox is using the SEC's program to modernize its electronic disclosure system as a platform to call for oversight while the agency investigates alleged fraudulent transactions. Meanwhile, two other federal agencies are vying for regulatory oversight of CDS and industry is lobbying to minimize the impact. At issue will be whether transparency is accompanied with any other forms of accountability.
read in fullRising Unemployment Adds to Struggling Economy
Sep 9, 2008 by Craig Jennings
When the Labor Department released its monthly unemployment and jobs data on Sept. 5, it reported that the unemployment rate for the month of August was 6.1 percent. The 0.4 percentage point increase over the prior month has pushed the unemployment rate to a five-year high and is the latest indication that the economy continues to deteriorate.
read in fullTemporary and Targeted: The Basics of an Economic Stimulus Package
Jan 8, 2008 by Dana Chasin
The release of dismal national jobs data on Jan. 4 has prompted rumblings from politicians in Washington about the need for an "economic stimulus package." On Jan. 7, President Bush and Treasury Secretary Henry Paulson delivered separate speeches on the state of the economy, in which they addressed the basic outlines of a fiscal policy designed to mitigate the effects of a possible recession. Bush announced he is taking a stay-the-course approach while economists from across the political spectrum are calling for some type of stimulus package. The president could still offer a plan in his State of the Union speech at the end of January.
read in fullDespite New Majority in Congress, Fiscal Policy Still Mostly Stuck in Neutral
Dec 18, 2007 by Sam Kim
A new congressional majority in 2007 promised a clean break from past practices of a Congress noted for its corruption, dysfunction and profligacy. It moved on a modest agenda and successfully enacted a few important policies, but overall, it failed to chart a new direction in fiscal policy. This failure was due in large part to the majority underestimating the ability and willingness of a coalition of conservative policymakers and the president to fiercely obstruct even the modest reform policies on the new Congress's agenda.
read in fullStates Sue Bush Administration over New Children's Health Insurance Requirements
Oct 10, 2007 by Sam Kim
Several states have sued the Bush administration over new policies governing the State Children's Health Insurance Program (SCHIP). The suits follow broad opposition from state public health experts and congressional Democrats and Republicans who urged the administration to abandon the new policies. The suits also come as Congress attempts to reauthorize SCHIP after a presidential veto.
read in fullU.S. Reaches Debt Limit: The Case for Long-Term Analysis
Sep 25, 2007 by Sam Kim
The Senate will vote soon on legislation to raise the ceiling on the national debt to nearly $10 trillion. This action is imperative as the statutory limit of $8.965 trillion on the United States' level of public debt will be reached by Oct. 1, according to Treasury Secretary Henry Paulson.
read in fullAmericans Dislike Rising Inequality, Contrary to Popular Belief
Sep 11, 2007 by Sam Kim
It is commonly assumed that Americans do not oppose increasing inequality. After all, a consensus among social scientists exists that most Americans favor equality of opportunity over equality of outcome, and the public has supported welfare state retrenchment and regressive tax cuts, both of which increase inequality. However, this belief may be a misinterpretation of American values and policy preferences.
read in fullCensus Report Shows Working Americans Falling Behind
Sep 11, 2007 by Sam Kim
The U.S. Census Bureau released its annual report, Income, Poverty, and Health Insurance Coverage in the United States 2006 on Aug. 28. The report, which covers the most recent Current Population Survey (CPS) data, showed slight overall improvement in income and poverty, but continued declining rates of health insurance coverage. The headline numbers — a 0.7 percent increase in median household income and a 0.3 percent decline in poverty — are undermined, however, by the underlying story that middle- and low-income working Americans are not seeing substantial gains from the current economy.
read in full
