As Congress reconvenes today, the Defense Bill remains the only completed appropriation bill for FY 2005. The $417.5 billion bill was approved only just prior to the August recess. Members of Congress have a lot of work ahead of them if they wish to complete their appropriations work before the end of the fiscal year, which ends on September 30th, as only three other bills -- Homeland Security, Legislative Branch, and Military Construction -- have even made it through a full Senate committee.

Yesterday we celebrated Labor Day. Unfortunately, there has not been much to celebrate in the labor market over the last 4 years. A look at the recent record shows an extremely under-performing labor market economy.

The Congressional Budget Office today released its semi-annual update on the nation's budget situation. The report confirms massive deficits for the current year and beyond. In addition, the report shows that deficits will not be "cut in half" in the next five years, as projected by the Bush administration.