Blog: The Fine Print / Revenue & Spending

Monthly Budget Review Released

Mar 7, 2006 by Matthew Madia

The Congressional Budget Office released the Monthly Budget Review yesterday, reporting that the government incurred a $219 billion deficit in the first five months of FY 2006. The CBO is estimating a total deficit for FY2006 to be $371 billion. The deficit in February was $121 billion, which is $7 billion more than the deficit recorded in February 2005.

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Thomas of Ways and Means to Retire

Mar 6, 2006 by Guest Blogger

It was reported today the Rep. Bill Thomas (R-CA), Chair of the House Ways and Means Committee, will retire as opposed to seeking reelection in November. This makes him the 24th member of the House who is retiring or seeking higher office instead of running for reelection. His resignation is not a big surprise because under House Republicans' self-imposed term limits for committee chairmen, Thomas can no longer serve as Ways and Means Chair after this year.Thomas, who has held the powerful position since 2001, was a key figure in helping to pass the 2001 and 2003 tax cuts.

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CBO's Analysis of the President's Budget

Mar 6, 2006 by Matthew Madia

The Congressional Budget Office has completed a preliminary analysis of the President's FY07 Budget.
  • Analysis
  • Supplemental Data
The report found that the President's proposal will:
  • Spend about $925 billion on discretionary programs in FY07;
  • Add $35 billion to the CBO's current deficit projections, putting the deficit projection at $371 billion;
  • Reduce revenues by nearly $9 billion for FY07;
  • Reduce revenues by $282 billion from 2007-2011 if some of the President's expiring 2001 and 2003 tax provisions are extended;

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Dem Leadership Send Debt Limit Letter

Mar 3, 2006 by Matthew Madia

Today Sens. Harry Reid (D-NV), Max Baucus (D-MT) and Kent Conrad (D-ND) sent a letter to Majority Leader Bill Frist (R-TN) concerning the Debt Limit. Senators Baucus and Conrad spoke on the floor today to discuss this issue and the letter.
  • The charts used by Senator Conrad
  • The letter to Sen. Frist

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Treasury Department Reports Deficit on an Accrual Basis

Mar 2, 2006 by Matthew Madia

The Treasury Department sent a report to Congress in December, reporting the FY05 federal deficit on an accrual basis as being $760 billion, a far higher number than $319 billion, which is what is generally accepted as the deficit level for FY05. The $319 billion number uses the government's accepted barometer of cash outlays versus revenues, while the $760 billion number takes into account accrued benefits owed to veterans and federal employees. Rep. Jim Cooper (D-TN), a member of the Blue Dog Coalition, said:

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Gregg on Budgeting: Expect a "Vanilla Year"

Mar 1, 2006 by Guest Blogger

Chairman of the Senate Budget Committee Judd Gregg (R-NH) criticized the President's budget plan yesterday, calling the White House budget practices "irresponsible" and "unrealistic." In an interview with CongressDaily Gregg said Bush has supported massive increases for defense, and has augmented those increases with emergency funding that does not fit within budget caps.

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More on Lobby Reform

Mar 1, 2006 by Guest Blogger

Here is more information on the bill which came out of the Senate Rules Committee yesterday, the Legislative Transparency and Accountability Act of 2006:
  • The bill
  • Bill summary

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Rules Committee Markup of Lobby Reform Bill

Feb 28, 2006 by Matthew Madia

This morning the Senate Rules Committee marked up the Lobby Reform Bill, aiming to make the legislative process more transparent. This afternoon there is a hearing on the same subject. A number of amendments were offered during the markup from Senators including Dodd (D-CT), Santorum (R-PA), Feinstein (D-CA), Durbin (D-IL), Inouye (D-HI), and Nelson (D-NE).

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Oil Tax Subsidies in Budget Reconciliation Bill

Feb 27, 2006 by Guest Blogger

Buried deep within the budget reconciliation bill are billions of dollars worth of tax subsidies. As this article points out, the subsidies do not come from oil, but from "the marketing of a dubious concoction of synthetic fuel produced from coal and dependent on government tax credits tied to the price of oil." Specificallyy, the bill reverts the price of a barrel of crude oil back to the amount it sold for two years ago. This "pretend price" benefits a small group of politically well connected investors and companies. CNN.com: A Magic Way to Make Billions

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Tax Cuts Contribute to Growing Gap in Income Inequality

Feb 24, 2006 by Adam Hughes*

As this telling article from the Bangor Daily News points out, we are a society with striking differences between the rich and the poor. Minimum wage policy, tax policy, and changes in the demand and supply for skilled employees have exacerbated this income inquality to the point where in 2000, the top 1 percent of wage earners owned 10 percent of the nation's total income. The average income of American families has fallen from 2001 - 2004. The current administration's tax policies are adding to this problem. The article says:

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