DAILY FISCAL POLICY REPORT -- Mar. 4, 2008

Budget Resolution:
  • Modest Proposals -- Speaker Nancy Pelosi's office described the goals for the House budget resolution as follows: "We want to talk about responsible fiscal spending that is going to provide health care, education and job training... Our budget is going to balance by 2012, it is going to adhere to PAYGO and restore fiscal responsibility"... Democrats are expected to add $25-35 billion to Bush's topline for domestic programs.
  • Immodest Supplementals -- Per a GAO report released yesterday, "over the 10-year period from [FY97 to FY06], supplemental appropriations provided about $612 billion ($557 billion net of rescissions) in new gross budget authority, a five-fold increase over the previous 10-year period." See Report.
Farm Bill -- Eyeing Offsets as Deadline Nears -- House Agriculture Committee Chair Rep. Collin Peterson (D-MN) says that a farm bill with $10 billion in new spending has been OK'd by the USDA... "We're probably going to have to extend the current law one more month 'til April 15th" until offsets can be agreed upon. Story.
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