New Posts

Feb 8, 2016

Top 400 Taxpayers See Tax Rates Rise, But There’s More to the Story

As Americans were gathering party supplies to greet the New Year, the Internal Revenue Service released their annual report of cumulative tax data reported on the 400 tax r...

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Feb 4, 2016

Chlorine Bleach Plants Needlessly Endanger 63 Million Americans

Chlorine bleach plants across the U.S. put millions of Americans in danger of a chlorine gas release, a substance so toxic it has been used as a chemical weapon. Greenpeace’s new repo...

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Jan 25, 2016

U.S. Industrial Facilities Reported Fewer Toxic Releases in 2014

The Toxics Release Inventory (TRI) data for 2014 is now available. The good news: total toxic releases by reporting facilities decreased by nearly six percent from 2013 levels. Howe...

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Jan 22, 2016

Methane Causes Climate Change. Here's How the President Plans to Cut Emissions by 40-45 Percent.

  UPDATE (Jan. 22, 2016): Today, the Bureau of Land Management (BLM) released its proposed rule to reduce methane emissions...

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Budget Resolution: Recap and the Road Ahead

Late on March 13 and early in the morning of March 14, the House and Senate adopted $3 trillion budget resolutions for Fiscal Year 2009 by votes of 212-207 and 51-44, respectively. While the resolutions are similar in terms of broad policy outlines and priorities, they differ on a few major points, including the total amount of discretionary spending and whether to offset the cost of a one-year patch to the Alternative Minimum Tax (AMT).

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Budget Blog Book Review

Two Big Picture Books on Fiscal Policy A two-week congressional recess affords us the opportunity to take a big picture look at some big fiscal policy problems. And two recently published big picture books reviewed yesterday in the Washington Post and the New York Times seek to sharpen the focus on different aspects of that picture, though apparently with differing degrees of success. "Where Does the Money Go?: Your Guided Tour to the Federal Budget Crisis" by Scott Bittle and Jean Johnson (Collins, $16.95 in paperback) draws a rave from the Times (A Proposed Diet for the U.S. Budget):

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DAILY FISCAL POLICY REPORT -- Mar. 17, 2008

Economy -- Fed in Bailout of Bear: While the Bush administration resists and Congress contemplates fiscal policy options, the Fed took drastic steps to keep the housing sector crisis from spreading into financial institutions, with a temporary bailout out of Bear Stearns, an investment bank with massive subprime mortgaged-backed asset exposure. The Fed meets again tomorrow; speculation centers on a federal funds rate cut of 50-100 bp.
  • Statement this morning by President Bush
  • Brookings Paper: Policy Options
  • NYT Editorial

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DAILY FISCAL POLICY REPORT -- Mar. 14, 2008

Budget Resolution -- The Final Lap
  • House: The House adopted its budget resolution by 212-207 after rejecting the GOP substitute amendment by a vote of 157-263, which 38 Republican members opposed -- it sought to reduce mandatory spending by $412.4 billion over five years. The Progressive Caucus budget lost 98-322; the Black Caucus bill was rejected 126-292.
  • Senate: After 15 hours of vote-a-rama, the Senate passed its own resolution,

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Democrats Pass Budget in House & Senate

The House and Senate successfully passed their versions of the FY 2009 budget resolution yesterday. The House passed their spending outline on a mostly party-line vote 212 - 207 and the Senate passed their version early this morning 51 - 44 (roll call not available yet). Sixteen Democrats in the House opposed the budget along with all Republicans and in the Senate, Sens. Olympia Snowe (R-ME) and Susan Collins (R-ME) supported the budget, while Sen. Evan Bayh (D-IN) opposed it.

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Earmarks and the Earmarking Process

OMBW Background Brief Today, OMB Watch released a timely background brief on earmarks and the federal earmarking process -- an issue hotly debated in the print and electronic media and on the House and Senate floor over the last several weeks. The brief clarifies the definition of an earmark, demystifies the process by which earmarking occurs, and shows why an outright ban on earmarks in appropriations bills won't reduce federal spending. The skinny:

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Sen. Voinovich's "Emergency" Supplemental Amendment

OMB Watch Statement OMB Watch supports Sen. Voinovich's amendment (# 4238). It would curb the recent over-reliance on supplemental spending legislation. Spending under any supplemental is entirely outside the regular order of the budget process and not included in formal deficit and debt projections, raising issues of fiscal transparency and accountability. This is an opportune moment to take stock of the evolving nature and policy implications of the recent over-reliance on supplemental appropriations bills and to consider some specific reforms.

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DAILY FISCAL POLICY REPORT -- Mar. 13, 2008

Budget Resolution -- Votes on Amendments and Substitutes:
  • Senate: Voting is expected all day -- and night -- on amendments, concluding with a rapid-fire vote-a-rama. As of last night, these were the pending amendments.
  • House: Voting is also expected, but on a smaller number of amendments and the following substitutes offered by the GOP, the Progressive Caucus, and the Congressional Black Caucus.
Final votes in each chamber on their respective budget resolutions are expected on Friday

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DAILY FISCAL POLICY REPORT -- Mar. 12, 2008

Economy -- Fed Moves to Ease Credit Crunch: The Federal Reserve is making $200 billion in short-term loans available banks holding diostresed mortgage-backed securities. The Dow jumped over 400 points on the news, its biggest one-day gain in five years. Wall Street Journal.

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DAILY FISCAL POLICY REPORT -- Mar. 11, 2008

Budget Resolution (BR):
  • Senate -- Counting Votes: With close votes anticipated on tax amendments -- and on the resolution itself -- a key question is whether the absence of Sens. Clinton and Obama (campaigning) and Byrd (hospitalized) for part or all of the week will deprive Democrats of their working majority on BR votes... Senate Budget Chair Conrad: "Let's do the math. 51-49. We're down two, plus Sen. Byrd. 49-48."

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Resources & Research

Living in the Shadow of Danger: Poverty, Race, and Unequal Chemical Facility Hazards

People of color and people living in poverty, especially poor children of color, are significantly more likely...

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A Tale of Two Retirements: One for CEOs and One for the Rest of Us

The 100 largest CEO retirement funds are worth a combined $4.9 billion, equal to the entire retirement account savings of 41 percent of American fam...

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