Editorial Titans Go Head-to-Head on Housing

The lead editorials in the New York Times and Washington Post today both focus on the principal legislative solution to the nation's housing crisis -- the House-passed $1.7 billion plan to provide $300 billion in mortgage refinance guarantees, designed by Financial Services Committee chair Rep. Barney Frank (D-MA). The Senate Banking Committee is scheduled to mark up a similar bill tomorrow.

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I am a Budget Hero

And So Can You American Public Media's Marketplace has produced an on-line game called Budget Hero, which allows players to try their hand at balancing the federal budget. Pick your policy priorities and fund them with real-life pay-fors. Or don't pay for them and see what year your budget goes bust.

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DAILY FISCAL POLICY REPORT -- May 19, 2008

Among the major outstanding fiscal issues likely to see congressional action this week, in advance of the Memorial Day recess: Budget Resolution -- An FY09 Budget by Friday?: The budget resolution conference committee is expected to meet to hash out the FY09 budget resolution. Conferees and leaders are hoping to approve the budget before lawmakers leave town for the Memorial Day recess. If it is approved, it will mark the first time since 2000 that Congress has been able to agree on a budget blueprint in an election year. Story.

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Overseas Contractor Insurance Companies Bilking Taxpayers

Citing inflated profit margins, a recent report by the House Oversight and Government Reform Committee criticized providers of federally mandated insurance to the Pentagon of sticking taxpayers with exorbitant bills. The Defense Base Act (DBA) requires that all contractors working for the federal government overseas purchase workers compensation insurance for its employees. The cost of the insurance is then passed on to the government. But unlike other federal agencies, the Pentagon has the authority to negotiate its own contracts.

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Unions Boost Wages of Lowest-Income Workers the Most

Shawn Fremstad posted yesterday on a new paper released this month by John Schmitt over at the Center for Economic and Policy Research. The paper studies the impact unions have on income and has some interesting findings:

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GI Bill Surtax Would Affect 0.3% of All Taxpayers

When the House approved the domestic spending amendment to the war supplemental spending bill, it approved not only a $52 billion expansion of the GI Bill, but a 0.5% surtax on income for millionaire couples (individuals earning more than $500,000). According a recent Citizens for Tax Justice report, the tax would affect about 0.3% of all taxpayers.

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TPC Testimony Before Senate Finance Committee

The Tax Policy Center, a joint venture of the Urban Institute and Brookings Institution, has published two tesitmonies from a recent Senate Finance Committee hearing on overhaul of the U.S. tax code: A Blueprint for Tax Reform and Health Reform Leonard Burman

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DAILY FISCAL POLICY REPORT -- May 16, 2008

Tax Policy -- W&M Approves Extenders; Rejects AMT Patch: By a mostly party-line vote of 25-12, the House Ways and Means Committee approved at $57 billion tax package of an assortment of tax breaks yesterday. The committee also voted down a Republican-offered unpaid-for one-year AMT patch. The bill is expected to be on the House floor next week.

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War Supplemental Update: War Funding Bill Lacks War Funding Provision

For reasons not entirely clear -- other than simply throwing a temper tantrum -- House Republicans voted present on the amendment that would add $162.5 billion in war funding to HR 2642, the shell bill that was to be ultimately be the war supplemental spending bill. The vote to add war funding failed 141-149, as anti-war Democrats voted "no" and 132 Republicans voted "present." A second amendment, a provision that would set a Dec. 31, 2009 withdrawal date for troops in Iraq, passed 227-196.

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Best Spin Ever: Doan Fought for Accountability!

When I posted at the end of April that the book had closed on Lurita Doan, former head of the General Services Administration, (GSA) apparently I was wrong. She has resurfaced in interviews in GovExec magazine, on Federal News Radio and most recently in this border-line ludicrous column in Federal Computer Week by Neal Fox, the former assistant commissioner of acquisition at the GSA.

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