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Friday, February 22, 2008
DAILY FISCAL POLICY REVIEW -- 02-22-08
Stimulus 2.0 -- Senate to Consider Housing Package: Majority Leader Reid may bring a housing-oriented 'stimulus' package to the Senate floor with a vote perhaps sometime next week... The housing piece looks like a grab-bag of provisions:
- a controversial bankruptcy law revision allowing judges to alter home mortgage terms
- increased caps on state mortgage-revenue bonds
- tax breaks for homebuilders
[Query: what makes this a stimulus package? A PAYGO waiver?]
Budget -- $20 bn. Real Domestic Discretionary Cap Cut: A Center on Budget report shows that President Bush's proposed Y09 domestic discretionary spending cap amounts to a $20.5 billion cut in real terms... It would mean sizable cumulative cuts in:
- K-12 Education — 9.1 percent below its 2004 level
- Head Start — 12 percent below its 2002 level
- Repairing and Modernizing Public Housing — 45 percent below its 2001 level
- Low-Income Energy Assistance — 22 percent below its 2008 level
- Environmental Protection — 26 percent below its 2001 level
Posted by Dana Chasin
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