Obama Proposes Cutting 121 Federal Programs

Treasury Department

Yesterday, the Obama administration unveiled details of its $3.5 trillion federal budget for FY 2010. The plan includes cutting or scaling back 121 federally funded programs, thereby eliminating $17 billion in government spending. Administration officials recognize that the proposed savings represent less than one half of one percent of all spending, but emphasize that the cuts are an important first step towards President Obama's goal of drastically reducing inefficient budget expenditures.

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Gary Bass Testifies Before House Committee on Recovery Act

OMB Watch's Gary Bass testified this afternoon at a Committee on Science and Technology Subcommittee on Investigations and Oversight hearing, "Follow the Money Part II: Government and Public Resources for Recovery Act Oversight."

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Obama Releases Details of Tax Plan

President ObamaPresident Barack Obama announced today a plan that seeks to close loopholes used by companies and individuals to avoid paying taxes. In particular, Obama wants to make companies pay the proper tax rate on overseas profits and aggressively pursue those who use offshore tax havens to intentionally avoid paying taxes. His proposal is estimated to generate about $21 billion in revenue each year.

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House Passed Budget Resolution 233 - 193

Blue Dogs are the keyI'm pretty late getting this up today, but the House of Representatives passed the FY 2010 budget resolution earlier this afternoon by a vote of 233-193. 17 Democrats voted against the resolution and not one Republican supported it. The vote also saw only 6 Blue Dog Democrats oppose the resolution out of the 51 members of that group. The Senate is currently debating the conference report agreement on the budget resolution and is expected to approve it later today.

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House, Senate Reach Deal on FY 2010 Budget Resolution

budget resolution approvedThe House and Senate negotiators have reached agreement on the FY 2010 budget resolution. The resolution is expected on the floor of both chambers by tomorrow, marking the 100th day of President Obama's administration. Overall, the compromise fulfills many of Obama's top priorities, including reducing the nation’s dependence on foreign oil, improving education, reforming health care all the while reducing the deficit and cutting taxes, mainly for the middle class.

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RAT Board and NAPA Host Recovery.gov Dialogue

The Recovery Accountability and Transparency Board, the Office of Management and Budget and the National Academy of Public Administration are hosting a week-long, online dialogue around the question "What ideas, tools, and approaches can make Recovery.gov a place where all citizens can transparently monitor the expenditure and use of recovery funds?"

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Rep. McDermott Introduces Level-Headed Estate Tax Bill

Rep. Jim McDermottWashington Representative Jim McDermott (D) introduced a great estate tax bill yesterday that is level-headed and common sense really. H.R. 2023, the Sensible Estate Tax Act, would create a permanent estate tax with a $4 million exemption for couples and a 45 percent tax rate on the amount of an estate that is above that $4 million exemption. Larger estates would pay a higher tax rate. All I can say is it is about time.

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Tax Expenditures: The $1.2 Trillion Sieve

Over the years, Congress has made a number of exceptions in the tax code, ostensibly to encourage certain behavior by certain individuals or corporations. For example, homeowners can deduct from their federal income taxes the interest paid on their mortgage. Health insurance as a benefit by employers are not taxed as individual income. Had the federal government not allowed the mortgage interest deduction or employer-provide health insurance exemption, the Treasury would have seen about $184 billion (67.0 and 116.8, respectively) in more revenues in 2008 than it did.

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CAR Coalition Materials on Recovery Act Implementation

The Coalition for an Accountable Recovery (CAR), coordinated by OMB Watch, has been hard at work monitoring the implementation of the Recovery Act. Last Friday, April 17, the coalition submitted comments on the proposed implementation of the American Recovery and Reinvestment Act of 2009 (Recovery Act). OMB Watch also produced a summary of the guidance for the coalition and released it publicly on April 10.

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IRS Oversight Board 2008 Annual Report to Congress

The IRS Oversight Board issued its 2008 Annual Report to Congress this week. There might be a whole lot of interesting tidbits in there, but I wouldn't know; I've been preoccupied with the spending side of the federal government lately. I did, however, want to get this out there, so here it is.

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