House Financial Services Committee chair Rep. Barney Frank -- profiled in the New York Times this week -- is the only person in Washington remotely both as bright and as indecipherable as Alan Greenspan. His accent is the aural equivalent of illegible handwriting. A stenographer should follow him around so you don't have to wait 'til the next day for the transcript.

Receipts from tax returns filed by the April 15 deadline were about 6 percent higher than such receipts last year, about what CBO anticipated when it prepared its most recent budget projections in March. Nevertheless, the federal government recorded a deficit of $151 billion for the first seven months of fiscal year 2008, CBO estimates—$70 billion more than the shortfall incurred in the same period last year. ...

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."

News You Can Use. If You Happen To Be President Earlier this month, Jason Furman, Senior Fellow at the Brookings Institution, wrote a piece in Slate about "Repairing Some Of The Worst Bush Administration Screw-Ups" in the area of fiscal policy. The Four-Step Program he outlines:

• Step 1: Fully account for all costs in the budget
• Step 2: Stick to these costs, with a veto pen if necessary
• Step 3: Be ready to work together with the other party to reduce the deficit.
• Step 4: Don't forget what really counts: