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Monday, April 21, 2008
DAILY FISCAL POLICY REPORT -- April 21, 2008
In Congress This Week -- Farm Bill, Contracting Reform:
- Farm Bill -- Following a one-week extension of the farm bill signed at the end of last week, Senate and House conferees plan to resume negotiations Tuesday, April 22 to reach a compromise on the five-year package which would renew U.S. agricultural programs. The sticking point remains finding $10 billion in new revenues to offset new spending in the bill.
- Contracting Reform: The House is likely to vote this week on H.R. 5712, a bill that would make it mandatory for U.S. contractors operating overseas to report fraud and abuse. The legislation also would require contractors to report any employee overpayments and criminal activity in regards to contracts over $5 million.
Budget Resolution -- Whether Congress can pass an FY09 budget resolution, or at least "deem" one, may be determined by week's end. The House and Senate are $3.5 billion apart on their respective budget resolutions' appropriations caps, just over one percent of their overall budgets. Here, the main sticking point is whether or not to offset a $70 billion, one-year AMT patch. The House, particularly the Blue Dogs, insist on offsets; in the Senate, the GOP and enough Democrats oppose offsetting the patch to stymie a compromise.
Stimulus 2.0 -- 30 House members Lobby Pelosi on Tax Provisions: Thirty House members, in an April 17 letter, called on House Speaker Nancy Pelosi (D-CA) to include an extension of the R&D tax credit and the consumer tax credit for the purchase of advanced technology vehicles to encourage reductions in energy use. The stimulus bill (H.R. 5749) was approved by the House Ways and Means Committee April 16 with an extension of unemployment insurance benefits, but no other tax provisions. Letter ($).
Posted by Dana Chasin
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