Yesterday afternoon, Sen. Russ Feingold (D-WI) introduced bi-partisan contracting reform legislation, titled the "Federal Contracting Oversight and Reform Act of 2010," that seeks to bring more transparency to the government contracting process. Although several of the bill's provisions could have been stronger, one hopes the legislation, if enacted, will lay the foundation for future reforms.

When an Economist/YouGov poll came out early last month, several economics and political bloggers re-highlighted the fact that Americans, by a large majority, favor lower government spending over increased taxes in order to balance the budget, but that when asked to make hard choices refuse to cut any specific programs except for low-hanging fruit like foreign aid. According to a recent Congressional Quarterly article (subscription), it seems that members of Congress may answer the average American's wish during this year's budget process.

The Tax Policy Center (TPC), a joint project of the Urban Institute and the Brookings Institution, released a new report yesterday examining the nation's budget outlook over, what TPC describes as, "10-year and long-term horizons." The paper, whose title recalls a famous Yogi Berra quote, examines these horizons under three sets of assumptions: the Congressional Budget Office (CBO) baseline, an extended policy scenario, and the administration's FY 2011 budget proposal.

On Thursday, the Senate Budget Committee passed the FY2011 budget resolution on a 12-10 vote. As predicted, the resolution calls for $4 billion in discretionary spending cuts, on top of President Obama's budget, which already proposed a non-security discretionary spending freeze for the next few fiscal years. The Committee's budget resolution would reduce the deficit to $575 billion in 2015, down from its current level of $1.4 trillion. Since OMB Watch already came out against the President's budget proposal as fiscally irresponsible, it's disappointing that the Budget Committee felt it necessary to outdo the President in spending cuts at a time when unemployment is still in the double-digits.