The office of the Special Inspector General for Iraq Reconstruction (SIGIR) released its 24th quarterly report on Saturday. If you haven't been paying attention to what's been going on in Iraq recently, it's worth a read. Besides providing observations on what's happening in the country and detailing the sources and uses of reconstruction funds, the inspector general's report also describes their recent oversight activities and successes in rooting out corruption within government contracting overseas.

Last Thursday, the Senate voted, 60-39, along partisan lines to pass legislation raising the nation's borrowing capacity to $14.3 trillion. During debate of the bill, senators rejected an amendment to establish a commission to make recommendations to reduce the deficit, but agreed to an amendment reinstituting statutory pay-as-you-go (PAYGO) rules with some exemptions.

In case you missed it, the Congressional Budget Office (CBO) just released its 2010 Budget Outlook, its yearly look at the health of the federal budget. CBO's director, Doug Elmendorf, provides the basics of the report:

CBO projects, that if current laws and policies remained unchanged, the federal budget would show a deficit of $1.35 trillion for fiscal year 2010. At 9.2 percent of gross domestic product (GDP), that deficit would be slightly smaller than the shortfall of 9.9 percent of GDP ($1.4 trillion) posted in 2009.