Gas Tax Laugh Tracks

The gas tax holiday proposed by Sens. John McCain (R-AZ) and Hillary Clinton (D-NY) has been universally panned by experts, economists and elitists of all political stripes. Now comes a novel objection from perhaps the most famous of all pundits, certainly one with a bigger media footprint than all the others who have opined to date. "The gas tax holiday? It doesn't go far enough!" grouses Stephen Colbert. His argument is neatly laid out in a presentation made to "nation," in Stephen Colbert's Gas Tax Holiday.

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DAILY FISCAL POLICY REPORT -- May 7, 2008

Budget -- Conferees Converge on Compromise, per Conrad: Senate Budget Chairman Kent Conrad (D-ND) said yesterday that FY09 budget resolution negotiators have only one remaining issue to resolve —— the level of discretionary spending for fiscal 2009 —— before reaching an accord. He said said the difference in discretionary spending between the House and Senate fiscal 2009 budget resolutions is about $1.8 billion now, down from a $4 billion gap at the outset. Background on Budget Debate.

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War Supplemental Update: Bill Unveiled

House Majority Leader Steny Hoyer (D-MD) and House Appropriations Chair David Obey (D-WI) told lawmakers today that Democratic House leadership will advance a $183.6 billion war supplemental spending bill. It combines the remainder of President Bush's FY 2008 request and his partial FY 2009 request and will fund the wars in Iraq an Afghanistan through the remainder of Bush's term. The bill, which could be voted on early as Thursday, includes several domestic spending provisions:
  • $11 billion (over 10 years) for unemployment insurance expansion

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FBI Raids Office of Special Counsel Office, Home

Wow.

FBI agents on Tuesday raided the offices of Special Counsel Scott J. Bloch, who oversees protection for federal whistleblowers. The agents seized computers and shut down email service as part of an obstruction of justice probe, NPR has exclusively learned.

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Fed Chief's Opinions on Foreclosure Remedies Differ from Frank Bill Oponents

Congressional opposition to the Frank housing bill is coalescing around apparently dubious propositions ($). [Antonia Ferrier, spokeswoman for House Minority Whip Roy Blunt (R-MO)] also took aim at the [Rep. Barney] Frank proposal. "This bill perversely rewards those who borrowed more than they could afford — their monthly mortgage payments get reduced with the government footing the bill. How is that fair to the millions of Americans who worked hard and paid their mortgages on time? And who ends up holding the bag if all goes south? No surprise, the American taxpayer."

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PSA: Gas Tax Scam Making Its Way Through the Internet

If you find an email that looks like this in your inbox, delete it! It is a scam. We are top officials of the United States Senate Government who are interested in importation of oil into our country with funds that are presently trapped in the FEDERAL TRANSPORTATION TRUST FUND dedicated to improving transportation. We wish to send this money to overseas accounts in the MIDDLE EAST but cannot due to restrictions in Congress Transportation Equity Act requiring that this money must be spent to build roads, bridges and high speed trains.

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DAILY FISCAL POLICY REPORT -- May 6, 2008

War Supplemental -- Appropriators Seek Mark-Ups: On both the House and Senate side, senior Appropriations Committee members have asked, or demanded, that mark-ups be held of the president's "emergency" supplemental war funding requests, as is the usual practice. Rep. Jerry Lewis (CA), the ranking House Appropriations Republican: "Never in my 30 years in Congress has there been such an abuse of the processes and rules of the House. We... demand that this polluted, back-door scheme be brought to a halt, and that we return to a proper, fair and transparent appropriations process." Story.

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Prince of Darkness Sheds Light on GOP Secret Decision

Not to Hold an Off-the-Record Vote on, Shhh... Earmarks And revealed, appropriately enough, in the Sunday edition of Chicago Sun Times by Robert Novak, aka, the Prince of Darkness. Read all about it in House GOP Giving up on Earmark Crackdown: A recent secret survey of the House Republican minority by the party's whip organization showed 2-1 opposition to imposing a moratorium on earmarks. House Republican John Boehner, who personally sponsors no earmarks, has indicated the party's position should be based on what GOP House members want. That led to the whip check.

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War Sup Could Fund Several Governments

On Thursday, May 1, the the President officially requested that Congress appropriate $70 billion in supplemental funding to fight the wars in Iraq and Afghanistan. Combined with the $108 billion in supplemental funding that Congress is currently mulling to fulfill the remainder of Bush's FY 2008 request, contemplated combined spending package would total $178 billion -- by far the world's biggest supplemental spending bill. (This number omits some $20 billion in domestic spending that Congress has, of late, been considering attaching to the supplemental.) Consider:

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DAILY FISCAL POLICY REPORT -- May 5, 2008

Taxes -- Americans Split on Gas Tax Holiday: Today's New York Times carries the results of a poll in which "Americans were divided over the merits of the gasoline-tax suspension, which has also been backed by the presumptive Republican nominee, Senator John McCain, and condemned by Mr. Obama as political gimmickry." Meanwhile, the Senate Democratic Leadership is planning to unveil a gas price plan, with the notable omission of a "gas tax holiday." Times Survey.

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