Scene from a Summit: Greenbacks and Vertigo

Tomorrow is the day of the grand summit between President Bush and Democratic leaders on the 2008 federal budget. The summit -- an attempt to reconcile their differences regarding the budget -- was announced last Wednesday. Senate Budget Committee chair Kent Conrad remarked that the meeting could be a key to Nussle's confirmation to head OMB: "It will certainly be affected by that [meeting]."

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New Lobby/Ethics Provisions Analyzed

With One Seachable/Sortable Surprise Following up on Adam's blog, below is a closer look at and comment on the revolving door and earmarks provisions of the Honest Leadership and Open Government Act of 2007. Word is that the House will vote on the bill tomorrow; the Senate is expected to do so on Thursday. The bill's "revolving door" provisions are as follows:
  • Senators can't lobby Congress for two years -- current law provides a one-year -- after they leave office

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Compromise Lobbying & Ethics Bill Unveiled!

Today, the Democratic leadership in Congress released their long-awaited compromise lobbying and ethics bill - The Honest Leadership and Open Government Act of 2007 (text of the legislation). The bill is 107 pages long, but already there has been some criticism of changes to the bill, particularly the earmark disclosure sections (see Mark Tapscott's reaction and the Porkbusters blog for a sampling). Two Senators, Tom Coburn (R-OK) and Jim DeMint (R-SC) - whose amendment to the bill earlier this year on earmark disclosure greatly strengthen the bill - have also posted disappointing reactions. At first glance it does appear the final version of the bill is not as strong (i.e. transparent) as the original and it is unclear why those changes were adopted at this point in the debate. DeMint has announced he will offer an amendment during final consideration of the bill to "restore real earmark reform." It's yet to be seen whether that amendment will be adopted of if this version is the best the House and Senate will be able to do this year.

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Schumer, Emmanuel Make Case for Carried Interest Reform Bill

According to stories carried by Bloomberg News and the New York Times today, Rep. Rahm Emmanuel (D-IL) and Sen. Charles Schumer (D-NY) have taken a position on the carried interest tax loophole in support of equity which is commendable -- to our view -- and fully consistent with unambiguous support for closing that loophole. In his conversations with Wall Street executives about the tax proposals, Mr. Schumer said, he has told them that he would oppose a tax increase as long as it did not also apply to other industries, like energy and real estate.

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Health Care's False Choices

Merrill Goozner, a health economist/journalist, gets deep responding to an article on the unevenness of cancer treatment. A few of his thoughts on one cancer drug:

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Meyerson On Contractor Accountability

The American Prospect's Harold Meyerson had an interesting op-ed last week on procurement. Key excerpt:

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Senate and House SCHIP Bills Compared

While the Senate and House are both deliberating renewal of the SCHIP program, they have each offered bills with significant differences. Here's a brief summary to keep it all straight. House Senate 2008-12 2008-17 2008-12 2008-17 Covered children who would otherwise be uninsured 5 million 4 million Cost (billions of dollars) 47.8 159.9 35.2 71.0 Revenue Increase (billions of dollars) 27.0 53.8 36.1 72.8 Tax increase per pack of cigarettes 45¢ 61¢ Families USA has a more detailed side-by-side indicating differences other than cost and revenue scoring.

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The Reciprocity-ists

Jared Bernstein has his speech up on TPM Cafe. Very much worth a read. It's a quick sum-up of his views on inequality and the way towards greater equality. A good passage: I'd like to offer three principles against which we can judge the nature and scope of the economic problems we face; three concepts that I suspect most of us would agree must be present in a viable social contract (and I'm borrowing here in part from the work of Fred Block): reciprocity, fair competition, and fair opportunities.

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More Shakeups in the Leadership at the IRS

After former head of the IRS Mark Everson announced in April he would be leaving to head up the American Red Cross, just last week the IRS announced Everson's would-be successor Kevin Brown is also bolting the IRS for the American Red Cross in September. Replacing Brown will be Deputy Commissioner for Operations Support Linda Stiff, who will assume the position of Deputy Commissioner for Services and Enforcement and in that capacity will serve as IRS Acting Commissioner.

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Words to Remember in September

I am of the view that continuing resolutions do not define success. I would just suggest that both sides are losers when that is the case....The president is not able to move his agenda and priorities forward under a continuing resolution. Congress is not able to work its will and exercise its authority of power of the purse under Article I in a continuing resolution. I don't believe anyone wins. -- OMB Director-nominee Jim Nussle, before the Senate Budget Committee, July 26, 2007 To view the Nussle Senate Budget Committee confirmation hearing yesterday, click here.

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