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."

In yesterday's Daily Fiscal Policy Report, we noted that real average weekly earnings in March were up compared to February, while they were down compared to March, 2007. Today, the BLS released data on real median weekly earnings, which, like average weekly earnings, have declined since a year ago.

Health Care -- Bipartisan Support for Blocking Bush Medicaid Rule: CQ reports ($) that a House bill that would block the president's Medicaid rule changes is gaining support among Republicans. The proposed rule changes would shift about $17.8 billion (over five years) in Medicaid costs to states. The bill, H.R. 5613, will be marked up today in the Committee on Energy and Commerce Health Subcommittee.

This Tom the Dancing Bug cartoon is a great illustration of the incentives that motivate executives. (The image below is one panel of the full, four-panel comic.) (Click to see the full comic)