The number of new jobs created in May declined to a steady 248,000, according to the Department of Labor. The unemployment rate remained unchanged at 5.6 percent. This data reinforces the past two months' data and shows that the labor market continues to tread water - much higher jobs numbers will be necessary to bring the unemployment rate down.

The White House's Office of Management and Budget (OMB) has instructed government agencies to plan for cuts to a wide range of domestic programs. In a memo dated May 19, 2004, (download pdf), the White House told agencies to prepare their budgets for fiscal year (FY) 2006 consistent with the FY 2005 budget proposal -- specifically, to "[a]ssume accounts are funded at the 2006 level specified in the 2005 Budget database." The database refers to the

We thought you would like to know about an exciting and promising new effort aimed at stimulating the development of a long-term, proactive initiative on federal tax and budget policy.