DAILY FISCAL POLICY REPORT -- May 22, 2008

Budget -- Timing of Budget Resolution Vote Uncertain: Due to clerical and constitutional issues involving the farm bill, the FY09 budget resolution may not be brought to a House or Senate vote until after Congress returns in June from the weeklong Memorial Day recess. Of historical note, House passage of the resolution would increase the national debt limit to $10.615 trillion -- that's eleven figures, for the first time.

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House, Senate Set to Approve Budget Resolution

The House and Senate are set to vote on the FY 2009 Congressional Budget Resolution today. OMB Watch sent letters of support for the resolution to both the House and Senate Budget Committees yesterday (House letter, Senate letter). The letters highlight the positive (and negative) aspects of the resolution, as well as the recent historical difficulty of enacting a budget resolution during an election year (hasn't happened since 2000).

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Senate Restricting Public Access to Contractor Data

The U.S. Senate is moving to restrict public access to a new contractor misconduct database, part of a new proposal being spearheaded by the Project on Government Oversight and Sen. Claire McCaskill (D-MO). Apparently there is bipartisan objection to the proposal within the Homeland Security and Governmental Affairs Committee. Scott Amey at POGO has the rundown:

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Vene, Vidi, Veti -- and Voodoo

Doing the Veto-Voodoo Dance It's vetoes ("veti" in Latin?) gone wild this week at 1600 Pennsylvania Avenue, with President Bush vetoing the Farm bill this afternoon, and issuing formal veto threats against the war funding bill cleared last week by the Senate Appropriations Committee and, now, against the House extenders package, H.R. 6049 -- the Energy and Job Creation Act of 2008.

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GAO: The Nation's Long-Term Fiscal Outlook, April 2008 Update

The Government Accountability Office released an updated report on the nation's long-term fiscal outlook last week. The outlook is still bleak, but the GAO is getting on the same page as the CBO in pointing toward rapidly rising health care costs as the prime cause of the gargantuan fiscal gap.

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Jackson May Not Have Been Only Bad Apple at HUD

Carol Leonnig at the Washington Post wrote a great article over the weekend that gets further into the weeds on contracting problems at the Department of Housing and Urban Development under former Sec. Jackson. Leonnig profiles three small businesses that received huge jumps in the size of federal contracts they received over the last five or so years, often times despite objections of career contracting officers. It appears awarding contracts as political favors might have extended well beyond Jackson to many other high ranking officials at HUD:

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DAILY FISCAL POLICY REPORT -- May 21, 2008

Earmarks -- House Cmte. Chair to Ignore Bush Order: Earlier this year, the president issued an Executive Order barring government agencies from using funds for earmarks added in House and Senate committee or conference report instead of the original bill's language. Per House Armed Services chair Ike Skelton (D-MO)'s spokeswoman: the "committee does not believe and does not acknowledge the president's assertion that report language should have no weight.

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Carlyle Group to Buy Booz Allen Government Practice

I don't have anything substantive to add to this Government, Inc. post. I'll just echo Robert O'Harrow's sentiment that a Carlyle-Booz marriage would be interesting, but especially from an oversight perspective. Carlyle manages something like $81 billion worth of assets. Its alums include members of the bin Laden family, former president George H.W. Bush and former British prime minister John Major. It has been the focus of investigative reports galore and uncounted conspiracy theories.

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DAILY FISCAL POLICY REPORT -- May 20, 2008

Housing -- Senate Banking Compromise Mark-Up Today: The Senate Banking Committee's compromise housing package, the Federal Housing Finance Regulatory Reform Act, will be marked up by the committee this morning. The bill, which provides $300 billion in mortgage guarantees, includes "major efforts to help prevent the rising number of foreclosures, to create more affordable housing for Americans and to reform the regulation of government-sponsored [housing finance] enterprises in order to improve their role in the housing finance system." Committee Release.

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The Bush Tax Cuts are Expensive

After playing around with the American Public Media's Marketplace Budget Hero game to which Dana points us, I am struck once again by just how expensive the Bush tax cuts are. This is the scoreboard when you begin. It's the real-world long-term budget outlook as it stands today. When you play the "Repeal the Bush tax cuts" card, the situation improves markedly.

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