Blog: The Fine Print / Revenue & Spending

FY 2007 Budget Request Will Show Tight Spending Constraints

Jan 11, 2006 by Matthew Madia

The release of the President's budget is less than a month away, and Treasury Secretary John Snow has made it clear the budget will "call for sacrifices, no doubt about it." Like last year's "tough budget," this year's slicing and dicing is an attempt by the administration both to appear tough on spending, as well as help them pare the down the deficit -- a whopping $318 billion last year -- even further.

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Senate, House Expected to Differ on Tax Rate Extensions

Jan 11, 2006 by Guest Blogger

Although the Senate and House have both passed their separate versions of the tax reconciliation bill, Congress has yet to vote on and pass a final measure. One of the major differences between the two bills is that the House passed a two-year extension of low capital gains and dividends rates, while the Senate did not.

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Poor Hurt By IRS Actions to Freeze Funds

Jan 10, 2006 by Matthew Madia

The Internal Revenue Service's taxpayer advocate, Nina Olson, told Congress in the annual report released today that tax refunds sought by hundreds of thousands of poor Americans were denied by the IRS and blocked for years to come. This was done because a computer program run by the criminal investigation division of the IRS selected the returns as part of the questionable refund program. Olson, whose staff looked at a sample of suspected returns, found only one in five to be questionable.

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Congress to Increase Debt Limit for Fourth Time In Four Years

Jan 10, 2006 by Matthew Madia

Last April Congress called for an increase in the debt limit -- the national debt is expected to hit $8,184 billion in mid-February -- however they have yet to act. Lawmakers are expected to take up the issue in February after voting on final tax and budget reconciliation bills, marking the fourth time during President Bush's presidency the debt limit has needed to be raised.

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$119 Billion Deficit in First Quarter of 2006

Jan 9, 2006 by Matthew Madia

The Congressional Budget Office released the Monthly Budget Review on Friday, in which they reported the federal budget deficit for the first quarter of 2006 as being $119 billion. This figure is fairly close to the shortfall seen in the first quarter last year.

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House Democrats Put Forth Reform Package

Jan 6, 2006 by Adam Hughes*

House Democrats David Obey (D-WI), Barney Frank (D-MA), David Price (D-NC), and Tom Allen (D-ME) have produced a 14-point package to reform House rules. The package is cosponsored by 120 House Democrats, including Minority Leader Pelosi (D-CA) and Minority Whip Hoyer (D-MD).

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IRS To Offer "AMT Assistant"

Jan 5, 2006 by Guest Blogger

The IRS has unveiled a new online tool to help taxpayers determine whether or not they are subject to the alternative minimum tax (AMT). The "AMT Assistant," which is one of a series of steps by the IRS to reduce taxpayer burden, will allow taxpayers to enter their information and get an answer in 5 to 10 minutes. It will be available during the 2006 filing season at www.irs.gov.

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House Clears Defense Spending Bill

Dec 22, 2005 by Guest Blogger

Today the House cleared the FY 2006 Defense bill by voice vote, but forced another short delay in Congressional adjournment by modifying an extension of expiring Patriot Act provisions which was passed by the Senate. The Senate is now planning on returning at 8:00 this evening (after their long day yesterday) to clear the revised legislation (S 2167). The bill, which is set to expire December 31, would extend 16 provisions of the 2001 anti-terrorism law.

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Senate Finishes Approps Work and Passes Budget Bill

Dec 22, 2005 by Guest Blogger

Yesterday the Senate wrapped up work on the last two appropriations bills, eighty-two days after fiscal year 2006 began (which is the deadline to pass appropriations bills). In their desire to wrap up appropriations work, GOP leaders hammered out a resolution enacted by voice vote, which states that once the House approves a modified version of the FY06 Defense appropriations bill, the Labor/HHS conference report would be deemed passed in the Senate. The bill passed funds FY 2006 health, education and labor programs, as well as defense authorization legislation.

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Cheney Breaks Tie To Pass Budget Bill

Dec 21, 2005 by Guest Blogger

After voting 52-48 on the procedural challenge previously mentioned, the Senate voted 50-50 on the budget cuts bill. The bill they voted on is different from the one which came out of conference in that it does not include some minor language concerning medicaid liabilities and a number of government reports.

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