Blog: The Fine Print / Revenue & Spending

A Second Look at Budget Process Reform

Feb 26, 2008 by Dana Chasin

Every year, the Bush administration's annual budget volume includes a section entitled Budget Process Reforms -- which sets out a series of initiatives similar one year to the next, generally self-serving to the executive branch, and not seriously pursued with the legislative branch (see, e.g., Budget Reform Proposals-in-Wonderland").

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Bush Admin. Threatens Vetoes of Housing, Energy Bills

Feb 26, 2008 by Dana Chasin

Veni, Vedi ... Veti? (Q: What is the plural of veto? Answer below) Today, the Bush administration issued formal veto threats of two bills pending in Congress:

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    Bush: Let the Next Guy/Gal Clean It Up

    Feb 26, 2008 by Craig Jennings

    PGL at Angry Bear flags this Dean Baker post in which Baker notes that We will almost certainly end the Bush years with a higher debt to GDP ratio than we had at the start of the Clinton presidency. That is not a disaster, but the next administration will not have the luxury of allowing the debt to increase in the same way. PGL includes a version of this chart and comments: (click on image to enlarge)

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    The Economic Costs of War

    Feb 26, 2008 by Dana Chasin

    Following Craig's post below covering the Feb. 8 CRS report on the fiscal costs of the wars in Iraq and Afghanistan, today's Center for American Progress (CAP) report on "The Economic Costs of War" is timely. As total war costs rocket toward the $1 trillion mark, it is instructive to recall the reasonable cost projections in the $200-300 billion range offered in 2002 and 2003 by General Shinseki and Senior Economic Advisor Lawrence Lindsey -- and how quickly thereafter they were relieved of their positions. Even more outlandish, the CAP report recalls, are these...

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    DAILY FISCAL POLICY REPORT -- 02-26-08

    Feb 26, 2008 by Dana Chasin

    Economy -- Wholesale Prices Highest Since 1981: The Labor Department said yesterday that wholesale prices rose 1 percent in January, a 7.4 percent jump from January 2007... The last time wholesale inflation over 12 months was higher than 7.4 percent: October 1981. Story.

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    Recent CRS Report Details War Spending

    Feb 26, 2008 by Craig Jennings

    A Congressional Research Service (CRS) report published on Feb. 8 indicates:
    • Enacted war spending, including supplemental requests and regular appropriations, to date totals $699.9 billion
    • Enactment of the president's full FY 2008 $196 billion ($105.2 billion is pending) request and $70 billion FY 2009 request would push total war spending up to $875 billion
    • Currently enacted spending legislation will fund war operations in Iraq and Afghanistan until Aug. 2008.

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    State Budgets Getting Worse and Worse and Worse...

    Feb 25, 2008 by Craig Jennings

    The Center on Budget and Policy Priorities continues to churn out updates to their analysis first released in January detailing the increasingly poor state of state budgets around the country, and things are not getting better. The most recent update adds one more state (Oklahoma) to the list of states facing a budget crunch in 2009. Now there are 21 states that are projecting budget gaps in 2009. The updated summary stats from CBPP: More than half of states anticipate budget problems, according to this updated analysis of state fiscal conditions.
    • 21 states now project budget gaps for 2009. Oklahoma joins this list.
    • The combined budget shortfall for these 21 states is now at least $36 billion due to changes in the estimates for California and Illinois, and the addition of an estimate for Oklahoma.
    • 4 states say they will have 2009 deficits, but have released no further information. Oklahoma leaves this list because it has now released an estimate.
    • 3 other states project budget gaps for 2010 and beyond.
    CBPP: 21 STATES FACE TOTAL BUDGET SHORTFALL OF AT LEAST $36 BILLION IN 2009

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    What's in a Word?

    Feb 25, 2008 by Dana Chasin

    Save 'Stimulus' for When We Really Need It Word is Senate Majority Leader Harry Reid (D-NV) may 'fast-track' S. 2636, the Foreclosure Prevention Act of 2008 (text) to the Senate floor this week.

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    DAILY FISCAL POLICY REVIEW -- 02-25-08

    Feb 25, 2008 by Dana Chasin

    Ahead This Week Tax/Energy Bill -- PAYGO in Play: This week, the House will take up a package of tax incentives for alternative energy and energy conservation programs omitted from last December's energy bill... The House tax bill would cost about $18.1 billion over 11 years and would comply with PAYGO by denying or reducing tax benefits for big oil and gas companies. Stimulus 2.0 -- Housing Sector: Meanwhile in the Senate, time permitting, the Democratic leadership will seek this week to bring a housing stimulus package of direct aid, tax breaks, and other initiatives to the floor.

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    Coal Mine Safety Shortchanged by Years of Budget Cuts

    Feb 25, 2008 by Craig Jennings

    Congress created the Mine Safety and Health Administration (MSHA) in 1977, placing a new federal focus on miner safety and health. In the past two years, a spike in coal mine fatalities and high-profile coal mine disasters have prompted many Americans and Congress to look to MSHA to improve miner safety, but years of budget cuts and the loss of qualified employees have left the agency struggling to fulfill its mission. A new article by OMB Watch, the latest in our Bankrupting Government series, tracks the history of budget and staffing cuts at the agency with a particular focus on MSHA's coal mine safety and health program.

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