Among the top priorities for Congress, when its members return to Washington next week, is the construction of a conference report for spending cuts that is acceptable to both chambers. The House and Senate versions of the reconciliation bill for entitlement spending contain significant differences, particularly with respect to cuts to Medicaid, student loans, and food stamps.

Shortly after Hurricane Katrina, OMB Watch launched an online survey seeking feedback and reaction to the possibility of launching an investment agenda, not just for the affected states, but for the entire country. The response was tremendous, as over 800 respondents from nearly every state completed the survey and contributed a multitude of thoughtful, in-depth comments. The overwhelming consensus among respondents held not only that now is the time for a comprehensive, long-term investment agenda for the country, but that such an initiative is long overdue.

After postponing the markup three times and significantly modifying the contents of the bill, the Senate Finance Committee finally approved its version of the tax cut reconciliation bill Tuesday evening, 14-6. The bill would increase the deficit by a net of $60.2 billion over the next five years. The committee was originally scheduled to markup the bill last Thursday morning, but ran into opposition from Sen. Olympia Snowe (R-ME) to provisions to extend cuts to capital gains and dividend taxes, the heart of the Bush tax cut plan.