DAILY FISCAL POLICY REPORT -- Mar. 7, 2008

Economy -- 63,000 Job Lobs Lost in Feb.: The U.S. economy lost 63,000 jobs last month, the biggest such figure in five years and -- following January 22,000 in job losses -- the first back-to-back monthly declines in as long. "[M]uch weaker than economists were expecting," per WaPo. Labor Dep't report.

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Senate Budget Committee Approves FY 2009 Budget Resolution

Voting along party lines - 12-10 -, the Senate Budget Committee has approved its FY 2009 budget resolution. The $3.1 billion resolution includes a one-year, non-offset $62 billion AMT patch. And at $472 billion, its non-defense, domestic top line is 2.2% more than Bush's $462 billion proposal.

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House Budget Committee Approves FY 2009 Budget Resolution

Early this morning, on a straight party-line vote, the House Budget Committee voted 22-16 to approve its $3.1 trillion FY 2009 budget plan.

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DAILY FISCAL POLICY REPORT -- Mar. 6, 2008

The House budget resolution, legislation and statements
  • Legislation
  • Chairman's Mark
  • Chairman's Mark Summary
  • Budget resolution funding levels by function
  • Statements
  • House Budget Committee Chairman Spratt
  • House Minority Leader Boehner
  • Blue Dog Coalition
The Senate budget resolution, legislation and statements
  • Legislation
  • Chairman's Mark
  • Chairman's Mark Summary
  • Statements

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IG Offices Lack Sufficient Independence

OMB Watch's Information and Access program released a very good article in this week's Watcher summarizing a new report from the Project on Government Oversight (POGO) on the need for more independent Inspector General's offices in the federal government. The article and POGO's report are well worth a read for anyone concerned with recent trends among IG offices. Recent instances OMB Watch has reported on that are cause for concern include:
  • The Central Intelligence Agency conducting an investigation of its own IG while that office reviewed the agency's detention practices;

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The Reconciliation Situation

Senate Budget Resolution: No reconciliation instructions included. House Budget Resolution: Instructs the House Ways & Means Committee to...
  • produce a paid-for AMT fix -- at a $70.3 billion cost in FY09 by July 15, a date designed to avoid the delays in processing tax refunds threatened in last year's debate
  • delay a scheduled 10 percent cut in Medicare physician payments scheduled to go into effect July 1, perhaps by cutting subsidies to private insurers under the Medicare Advantage program

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Earmark Moratorium Mulled in House Budget Debate

House Democratic leaders are mulling a moratorium on earmarks for FY09 spending bills, following GOP plans to offer a ban in a House budget resolution amendment during markup later this week. The ban would be in place for a year, or until the earmarking process can be reviewed. Last year, House Appropriations Chair Rep. David Obey (D-WI) was bedeviled by demands for earmark reform, acceding finally to a bipartisan agreement on procedure after months of confusion and vituperation.

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Federal Meat Inspectors Spread Thin as Recalls Rise

The federal regulator of meat, poultry, and egg products, the Food Safety and Inspection Service (FSIS), faces resource limitations that make it more difficult for the agency to ensure the safety of the food supply. Although the agency's budget has risen since it was created, staffing levels have dropped steadily, according to a new article by OMB Watch. Widespread vacancies in the agency have spread FSIS's inspection force too thin. Meanwhile, the number of meat, poultry, and egg product recalls has risen, and a recent recall of 143 million pounds of beef is the largest in the nation's history.

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DAILY FISCAL POLICY REPORT -- Mar. 5, 2008

Budget Resolution
  • Senate Version: $3 trillion budget; $18 billion more in discretionary funding than the Bush budget. Provides a $35 billion "Stimulus 2.0" package, $13.4 billion in energy tax cuts, and $13 billion in education tax cuts. Projects FY09 deficit of $350 billion. Balances budget by 2012, assuming expiration of all Bush 2001/2003 tax cuts. Includes no reconciliation instructions

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Citizens Give Gov't Low Marks on Financial Info

According to a story last month in GovExec, a poll conducted by Harris Interactive reveals that Americans believe the federal government has done a poor job of communicating important financial management information and that the public does not trust its leaders to provide full and accurate information about how the government collects and spends money. Among the poll's salient findings:

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