Looking for Revenue?

Upon the request of House Speaker Nancy Peolosi and House Budget Committee Chair John Spratt, the Congressional Budget Office (CBO) has analyzed the budgetary impact of three alternative policy scenarios.

They find that letting the Bush tax cuts for the rich expire would trim, over 10 years, $1.4 trillion from the federal budget deficit.

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Recovery.gov

It's live.

The new stimulus spending website mandated by the recently-passed (and soon-to-be-signed) American Recovery and Reinvestment Act is now up and operational.

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House and(Likely?) Senate Approval of Pretty Good Stimulus Transparency

UPDATE: The Senate has approved the bill 60-38.

UPDATE 2 (2/17/2009): President Obama has signed ARRA into law.

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AMT in Stimulus Forces Better Tax Provisions Out

At Tax Vox, Howard Gleckman casts righteous aspersion on Congress's decision to include of an AMT patch in the stimulus bill.

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Senate Approves Stimulus; AMT Patch Hitches a Ride

After a contentious debate period, the Senate voted (61-37) last night to end debate on the American Recovery and Reinvestment Act of 2009 (HR 1), or "ARRA." Today, the Senate moved to approve the bill, with an identical vote tally.

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IRS Private Debt Collection Program's Usefulness Reconsidered

Just one day after Congressman John Lewis (D-GA) introduced legislation (H.R. 796) to repeal IRS's authority to outsource private debt collection (PDC), the IRS began a 30-day independent-party review of its private debt collection program. If the agency decides against renewing contracts with CBE Group and Pioneer Recovery, the two private debt collectors, the PDC program would be terminated by March 6.

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Coalition Forms to Demand Accountability in Economic Recovery

OMB Watch has joined more than 30 other groups from across the political spectrum in a new coalition demanding stronger transparency requirements in any stimulus efforts conducted by the government. The Coalition for an Accountable Recovery was formed to promote accountability policies for both government agencies and companies that contract with or benefit from recovery spending.

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Senate Considers Stimulus Bill with Weaker Transparency Language

The Senate is currently debating the American Recovery and Reinvestment Act of 2009 (S. 336), (or just "ARRA" or close friends and associates). And as we noted last week, the tax cuts and spending in the House version (HR 1) were receiving wide press attention, but we were more interested in the bill's transparency and accountability language. Today, we turn the spotlight on the analogue provisions in the Senate bill.

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New Treasury Secretary Takes Steps to TARP Transparency

Yesterday, Treasury Secretary Tim Geithner announced that the Treasury Department will begin posting investment contracts of the banks that are participating in the Troubled Asset Relief Program (TARP).

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House Approves $819 Billion Stimulus Bill

With nary a vote from the Republican side of the aisle, House Democrats approved a gigantic spending and tax package 244-188. The American Recovery and Reinvestment Act of 2009 (HR 1) calls for some $544 billion in spending, including a $3 billion transit provision added as amendment, and $275 in tax cuts.

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