This morning, the Bureau of Economic Analyses released the latest economic growth data. In the second quarter of this year, the gross domestic product (GDP) shrank at annul rate of 1.0 percent. While this represents a slowing of the free-fall rate of economic contraction we saw in Q1 (6.4 percent), the economy has quite a ways to go before job losses become gains and wages begin ticking upward. This improvement, though, does beg the question "Is the Recovery Act working?"

Originally due out at the beginning of this month, the three memoranda released by the Office of Management and Budget (OMB) today are a substantive step by the Obama administration in its attempt to reform government contracting. OMB issued the memos in response to a directive in a March 4 presidential memorandum on contracting reform. The three memos provide guidance to agency heads on performing reviews of current contracts, developing plans to reduce the amount of money spent on future outsourcing, managing the multi-sector workforce, and improving the use of contractor performance information. These memos are precursors to more detailed guidance on competition, contract types, acquisition workforce, and outsourcing due out by September 30 of this year.

As Congress hits the home stretch before the traditional August recess, it's time to see what Congress has been up to...