President Obama to Release His Fiscal Year 2010 Budget

President Barack Obama is expected to release his Fiscal Year 2010 budget on Feb. 26. Details of the spending blueprint remain vague, but media reports indicate that the president's budget, unlike those of his predecessor, will hew closer to real-world situations. For example, Obama's budget will include spending on the conflicts in Iraq and Afghanistan, physician reimbursements under Medicare, costs associated with natural disasters, and lost revenues from changes in the alternative minimum tax.

read in full

Congress Takes Step Toward Stimulus Transparency

When the Senate took up the $819 billion House-passed economic stimulus package (H.R. 1) the week of Feb. 2, not only did the chamber modify myriad spending and tax measures, but it also altered the bill's transparency and accountability provisions. The Senate's version of H.R. 1, the American Recovery and Reinvestment Act of 2009 (ARRA), contains less detail on specific data the Obama administration must provide on stimulus spending. Neither version provides the level of detail that may be needed to collect and disseminate information about the type of jobs that are created or preserved, the wages paid to workers, or information about who may be getting such jobs. The assumption is that the Obama administration, through its Recovery.gov website, will tackle these thorny implementation issues.

read in full

OMB Watch Joins Stimulus Transparency Coalition

OMB Watch has joined more than 30 other groups calling for transparency and accountability requirements in federal recovery efforts, including the American Recovery and Reinvestment Act (H.R. 1). The Coalition for an Accountable Recovery (CAR) is an assembly of organizations and individuals who believe transparency and accountability are essential to ensuring that hundreds of billions of dollars of federal spending is disbursed fairly; spent with minimal waste, fraud, and abuse; and can be assessed as effective or ineffective.

read in full

House Makes Transparency a Priority for Stimulus

The House is poised to vote on an $825 billion economic stimulus package. The legislation represents a historic effort to stabilize the economy through fiscal policy by approving $275 billion in tax cuts and $550 billion in direct spending, including funding for health care, education and job training, community development and housing, and energy and transportation infrastructure projects.

read in full

House Adopts Changes in New Rules Package

The 111th Congress began work on Jan. 5 when the House approved a new rules package, including further earmark reforms and a modification of pay-as-you-go (PAYGO) rules.

read in full

Oversight Report Highlights Lack of Transparency in TARP

When Congress passed the legislation that created the $700 billion Troubled Asset Relief Program (TARP), it authorized the creation of the Congressional Oversight Panel (COP) to monitor the execution of the program by the Treasury Department. The panel is required to issue reports on a regular basis, and its latest report, released Jan. 9, indicates that the Treasury Department either cannot or will not answer the questions posed to it in the COP's previous report, released on Dec. 10, 2008.

read in full

2008 Fiscal Policy Year in Review

It's been an exceptional year. 2008 saw not only economic indicators that evoked memories of the Great Depression, but also a record-breaking federal budget deficit. The federal government, through several agencies, activated trillions of dollars in loans and asset guarantees. Congress approved the largest supplemental spending bill in its history and gave the Treasury Department the authority to expend the equivalent of three-fourths of the federal discretionary budget on one sector of the economy. But in many other ways, Congress proved to be unremarkable by staying true to its recent history of underachievement.

read in full

Pages