Economy -- Real GDP Holds Steady at 0.6%: The BEA reports today that the economy grew at an annual rate of 0.6 percent in the first quarter of 2008. The fourth quarter of 2007 also saw a 0.6 percent growth rate. Growth in personal consumption, exports, and government spending were offset by declines in residential housing and personal expenditures on durable goods. Gov't Performance -- Bills to Reform IG System Gain: A compromise may be imminent between Sen. Claire McCaskill's (D-MO) S. 2324 and Rep. Jim Cooper's (D-TN) H.R. 928 -- bills to reform the federal government's system of insperctors general (IGs). Cooper's bill passed the House last October 2007; it drew a White House veto threat. The Senate adopted the McCaskill bill last week by unanimous consent. Among other things, the bills would require agency heads to inform Congress 30 days prior to removing an IG from office and mandate each agency to maintain a Web site direct link to the agency's IG Office. Sunlight Spotlight. Gov't Contracting -- Sen. Clinton Offers F.A.R. Reform: Yesterday, Sen. Hillary Clinton (D-NY) introduced S. 2916, the Guaranteeing Real Accountability in Federal Transactions Act, extending Federal Acquisition Regulation (FAR) requirements to crack down on violations of federal criminal law by contractors or significant overpayments by the government and mandate that reported violations and overpayments be listed on the OMB Web site, www.USASpending.gov, that contains detailed information on government transactions that exceed $25,000. Clinton Statement.