Blog: The Fine Print / Revenue & Spending

The Problem With Democracy

May 18, 2007 by Craig Jennings

American Enterprise Institute's Director of Economic Policy Studies Kevin "Dow 36,000" Hasset believes that democracy poses a threat to the economy(emphasis mine): But being unfree may be an economic advantage. Dictatorships are not hamstrung by the preferences of voters for, say, a pervasive welfare state. So the future may look something like the 20th century in reverse. The unfree nations will grow so quickly that they will overwhelm free nations with their economic might. The unfree will see no reason to transition to democracy.

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Congress Approves FY 2008 Budget Resolution

May 17, 2007 by Dana Chasin

As expected, Congress adopted a budget resolution for FY 2008 this afternoon. The House voted 214-209, with 13 Democrats crossing sides to oppose it. The Senate margin was larger, 52-40; Maine Sens. Collins (R) and Snowe (R) were the only GOP defectors. Seven Republicans and one Democrats did not vote.

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More Deep Thoughts on Contracting

May 17, 2007 by Matt Lewis

I wanted to revisit a post I did on contracting earlier this week. The point I was trying to make is that it's often assumed that everything government can do, the market can do better. So if it's feasible to outsource something, you should do it, because you'll save the taxpayer money. So why exactly is the market superior? Well, I went digging through one of my favorite books from college- Charles Lindblom's The Market System. Here's what he says:

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Budget Res. Sets Up Congress-White House Conflicts

May 17, 2007 by Dana Chasin

The congressional budget resolution that appears likely to be approved by the House and Senate today sets up some clear struggles between Congress and the administration. Three of the most salient such struggles ahead, from least to most significant, will be:

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    CBPP On Appropriations Cap

    May 17, 2007 by Matt Lewis

    CBPP has a very good piece on the new budget resolution's appropriations cap (emph. mine). The Congressional budget plan assumes that funding for non-defense appropriations for 2008 will be increased by $13.5 billion, or 3.1 percent, above the CBO baseline level, which equals the 2007 funding level, adjusted only for inflation. (See Table 1.) President Bush's budget, in contrast, calls for non-defense funding to be cut $9.7 billion, or 2.2 percent below the CBO baseline.

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    Congress Nears Resolution; Portman Re-Issues Threats

    May 16, 2007 by Dana Chasin

    No sooner than a congressional budget resolution emerges from conference committee, do we get another obligatory statement from OMB Dirctor Rob Portman threatening to "veto appropriations bills that exceed our request for discretionary spending" and because the budget resolution "rel[ies] on tax increases." Portman's paranoia has him seeing tax increases where none exist; it's his own rite of passage in the Administration, at the expense of his hard-earned reputation after many years in Washington as an honest broker.

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    Some Concrete Costs of the War Debate

    May 16, 2007 by Matt Lewis

    It's taking a while for Congress and the President to work out their differences over the war funding bill. This wait isn't harming the troops, but it is costing people money. That's because there's a minimum wage raise attached to the war funding bill. It raises it from $5.15 to $5.85 60 days after enactment, and then to $6.15 a year after enactment, and $7.25 after two years.

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    Ways & Means Opens Bipartisan AMT Reform Talks

    May 16, 2007 by Dana Chasin

    The first tentative steps were taken today toward bipartisan, if not quite bicameral, discussion of AMT reform. An initial meeting was held among members of the House Ways and Means Committee -- "an information session, not a strategy session," according to Rep. Thomas Reynolds (R-NY). That's more encouraging language than committee ranking Republcan Jim McCreary's (R-LA) take yesterday on the Democratics' draft AMT reform package: "Scary."

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    Overview: the Budget Resolution Conference Agreement

    May 16, 2007 by Dana Chasin

    For overviews of the budget resolution compromise package announced late this morning by the House and Senate Budget Committees, see:
    • Overview of the FY 2008 Budget Conference Agreement
    • Conrad-Spratt Press Release on Budget Conference Agreement
    As the press release indicates, "[t]he full Senate and House are each expected to pass the fiscal year 2008 budget resolution this week." Some of the key provisions in the agreement that had been amoung the most heavily negotiated include:

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      BULLETIN: Conferees Agree on Budget Resolution; Discretionary Cap Set at $954 Bn.

      May 16, 2007 by Dana Chasin

      In a key development in budget resolution negotiations, House and Senate conferees this morning reached a compromise on the FY 2008 budget resolution. The resolution sets a non-war discretionary spending cap of $954 billion for the fiscal year's twelve appropriations bills. Votes in the House and Senate to adopt the budget resolution compromise are expected later this week. More to follow as additional details on the compromise become available.

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