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Thursday, April 24, 2008
DAILY FISCAL POLICY REPORT -- April 24, 2008
Contracting -- House OKs Three Accountability Bills: The House voice voted three bills yesterday
requiring those seeking federal contracts to disclose information about their companies:
- Close the Contractor Fraud Loophole Act (H.R. 5712) -- requiring prosective federal contractors disclose their involvement in administrative and legal proceedings initiated by the federal government
- Contractors and Federal Spending Accountability Act (H.R. 3033) -- requiring their disclosure overpayments and violations of federal criminal law relating to the award or performance of federal contracts, especially overseas contracts, and maintenance of a database with such information
- Government Contractor Accountability Act (H.R. 3928) -- requiring disclsoure of names and salaries of top executives and directors
Separately, the Contracting and Tax Accountability Act (H.R. 4881), which requires firms to submit, along with their contract bid proposal, a form certifying that they do not have any "seriously delinquent tax debt," passed the House on April 14. Story.
Budget -- Last-Ditch Effort at Budget Resolution Compromise: Budget resolution conferees have been at loggerheads for weeks about whether or not to pay for a one-year AMT patch, among other issues. A meeting today between House and Senate budget leaders with the House's Blue Dogs, a coalition of fiscal hawks, may be pivotal. Senate Budget Chair Kent Conrad (D-ND) is said to have offered an AMT compromise; details yet undisclosed. Barring compromise, House leaders are giving thought to "deeming" the resolution, which would allow them to set an independent discretionary spending cap for FY09. Background.
Stimulus -- House Vote on Housing Tax Title in Early May: If you are confused by the number of bills currently under consideration by Congress being called "stimulus," here is some clarification. We had a $160 billion stimulus package consisting mostly of a $3-600 per person tax rebate. It omitted things like food stamp assistance and unemployment insurance -- items likely to be rolled into a "Stimulus 2.0" in coming weeks. Under discussion is a domestic spending add-on to the war supplemental; some call that a stimulus because the spending would go to aiding the economy. Then come the House and Senate housing/foreclosure bills' tax titles, also being referred to as stimulus packages. The latest is that Majority Leader Hoyer indicated yesterday that H.R. 5720, the housing bill's tax title in the House ($11 billion, offset) would reach the House floor the week of May 5. Commentary.
Posted by Dana Chasin
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