OMB Issues Report on Sequestration: “Deeply Destructive”

By: Friday September 14, 2012 12:27 pm

The Office of Management and Budget has released its Congressionally mandated report under the Sequestration Transparency Act, designed to explain how the Obama Administration would execute the sequester, the automatic cuts to defense and discretionary programs supposed to hit at the end of the year. The report includes these notable parts: • The cuts, on [...]

House Progressives React Against Grand Bargain, but Less Vocal on Discretionary Cuts in Fiscal Cliff

By: Thursday September 13, 2012 8:55 am

The Hill reports today on House liberals pushing back on any rush to a grand bargain that cuts social insurance programs in the process. Members of the Congressional Progressive Caucus (CPC) are warning that they’ll fight to kill any budget package that would cut Medicare coverage, Social Security benefits and safety net programs for the [...]

Large Coalition Fights Trigger Cuts to Discretionary Budget

By: Friday July 13, 2012 10:53 am

In the first sign that the battle is being joined against the automatic trigger cuts on the discretionary and not just the defense side of the ledger, 3,000 organizations have banded together in a giant coalition to oppose the measures. “There is bipartisan agreement that sequestration would be devastating to the nation,” the alliance writes [...]

Murray Amendment to Request Study on Trigger Cuts Passes in Farm Bill

By: Friday June 22, 2012 6:17 am

The Senate did pass the farm bill yesterday, but included in the package was an amendment from Patty Murray that will force the executive branch to give more information on how they plan to handle the automatic cuts scheduled for the end of the year. And importantly, that directive does not just go to the [...]

McConnell Defies House GOP, Votes for Discretionary Spending at Previous Target

By: Thursday April 19, 2012 11:35 am

Mitch McConnell has often differed from the House GOP’s hardline stance on the federal budget. He was the one who came up with the Rube Goldberg-like “resolution of disapproval” process on the debt limit deal which broke the united Republican front. Now, McConnell has added a largely symbolic but crucial action today on the escalating [...]

OMB Plans to Stretch FEMA Funding to the Next Showdown

By: Wednesday September 28, 2011 11:01 am

Congress narrowly avoided the potential crisis of a government shutdown, because FEMA found enough funding to last through Fiscal Year 2011, which ends this week. This eliminated the need for emergency 2011 funding, which was attached to a continuing resolution to fund the government. So they dropped that funding along with the offset that was [...]

Market Volatilty Over Economic Woes

By: Wednesday August 10, 2011 8:10 am

At this writing, the stock market is down nearly 400 points. It’s entirely possible that it could go back up to even, get into positive territory by the end of the day, or bottom out even lower. I think we all remember from the 2008 financial crisis that it was the volatility, not necessarily the [...]

States, Everyone in Them, Country Screwed By Debt Limit Deal, Fiscal Policy Path

By: Tuesday August 2, 2011 6:10 am

We’re starting to get the hard numbers on what the debt limit deal, which passed the House yesterday and will pass the Senate today, would mean for the US economy. It’s really not pretty. Since only a cockeyed optimist would think that fiscal policy is going to be get better than what is dictated in [...]

Catfood Commission II More Likely to Generate a Bad Deal than Fail

By: Monday August 1, 2011 11:51 am

David Farenthold explains that joint committees don’t really work, and we shouldn’t expect this one to work either. According to the latest plans, committee members would only have a few months to complete the job, and when — if — they approve a final set of cuts, the rest of Congress would be given a [...]

A Few Thoughts on the Debt Limit Deal

By: Monday August 1, 2011 6:35 am

I guess I’ve been following this for so long that I knew where the deal on the debt limit was heading, so I may not be as dismayed as the rest of the progressive world today. This was my expectation for the past several weeks – an all-cuts deal that gives away the rhetorical game [...]

After Boehner Plan Out of the Way, a Path to a Deal

By: Thursday July 28, 2011 10:53 am

Harry Reid said in a speech on the Senate floor today – which is just about all that gets done on the Senate floor these days – that “as soon as the House completes its vote tonight, the Senate will move to take up that bill… It will be defeated.” As we know, last night [...]

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