America Continues to Drown in Debt

Those wacky legislators in Congress are at it again. Democrats have added language to once again increase the national debt ceiling, or debt limit, which is the maximum amount of debt the federal government can issue. Democrats added language to a housing relief bill increasing the limit by another $800 billion to an astounding $10.615 trillion (that's trillion with a "t").

read in full

Byrd Postpones Second Supplemental, Two Other Approps Bills

Appropriations Committee chair Robert Byrd (D-WV) stated yesterday that he is postponing markups of the Interior-Environment and Legislative Branch FY 2009 appropriations bill and a second supplemental bill. The announcement to push off the supplemental comes a week after Bryd announced July 10 that he planned to markup the measure July 24. His reluctance to move Interior-Environment is similar to that of House Appropriations Committee chair David Obey's (D-WI) -- uncertainty about their ability to block Republican-backed oil and gas drilling provisions that would be tacked on to the bill.

read in full

JEC Ranking Member Highlights Troubling Trend in Income Inequality

Joint Economic Committee ranking member Jim Saxton (R-NJ) musters moral fibre to stand up for the downtrodden richest one percent among us to lament the growing burden that increasing shares of income are placing upon this voiceless group. It's true: According recently-released IRS data, while the richest one percent of taxpayers (as measured by adjusted gross income) saw their share of income grow from 20.8 percent to 22.1 percent from 2000 to 2006, they also saw their share income taxes climb from 37.4 to 39.9 in that same time.

read in full

Claims of "Magical" Tax Cuts Continue

The Center on Budget and Policy Priorities has released a new report discussing the oft-cited, and completely false claim that tax cuts pay for themselves. Even though this statement has been refuted many times, by CBPP, by outside academics, and even by President Bush's own Treasury Department, the claim continues to float around. CBPP does a nice job hammering home the facts again about the impact of tax cuts in a very digestible brief:

read in full

Talk About Low Expectations

With the Congressional appropriations process grinding to a halt in the House and the future of FY 2009 appropriations bills in doubt, Democratic leaders announced ($) last week that they absolutely intend to pass one appropriations bill before the start of the fiscal year on Oct. 1 - the Defense Department appropriations bill. Speaker of the House Nancy Pelosi (D-CA) said that she knows the bill will be passed because, "that is our responsibility." Apparently she doesn't feel the same responsibility to pass the other 11 appropriations bills on time. Hmmmm.....

read in full

Bloch Deputy: Very Existence of the Office of Special Counsel "At Risk"

The office in charge of overseeing employment practices of the Executive is a complete mess.

read in full

New CBO Report Shows Dire Consequences of Bush Tax Cuts, AMT Patching

The CBO has released a report detailing the effects of indexing the the AMT to inflation (i.e. "patching" it so that fewer households would pay it than otherwise anticipated) and extending the 2001-2003 Bush tax cuts without offsetting the revenue loss.

read in full

Average Earnings Down for All Workers, Median Earnings Also Down for Full-Time Workers

The Bureau of Labor Statistics has issued a pair of data sets indicating that workers are still not seeing real (i.e. inflation adjusted) increases in pay. Yesterday's Real Earnings report, based on data from the payroll reports of private nonfarm establishments of earnings of both full-time and part-time workers holding production or nonsupervisory jobs, shows: Real average weekly earnings fell by 0.9 percent from May to June after

read in full

Republicans Inch Toward Fiscal Responsibility

Senate Minority Leader Mitch McConnell (R-KY), Senate Finance Committee ranking member Charles Grassley (R-IA), and a pair of their caucus members are promulgating ($) new language on legislation that would extend a bevy of tax cuts for another year (collectively known as "extenders") and a one-year AMT patch. The total cost of the bill would be $130 billion; the AMT portion of the measure is about $62 billion.

read in full

Stimulus Part Deux: Coming to Congress Near You

A second stimulus package may be in the works. Yesterday, CQ Politics reported that Senate Appropriations Chair Robert Byrd (D-WV) may announce on Thursday that his committee will markup another stimulus package. Today, CQ Politics is reporting that House Majority Leader Steny Hoyer (D-MD) is also considering such a package.

read in full

Pages

Subscribe to The Fine Print: blog posts from Center for Effective Government