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Monday, May 05, 2008
DAILY FISCAL POLICY REPORT -- May 5, 2008
Taxes -- Americans Split on Gas Tax Holiday: Today's New York Times carries the results of a poll in which "Americans were divided over the merits of the gasoline-tax suspension, which has also been backed by the presumptive Republican nominee, Senator John McCain, and condemned by Mr. Obama as political gimmickry." Meanwhile, the Senate Democratic Leadership is planning to unveil a gas price plan, with the notable omission of a "gas tax holiday." Times Survey.
War Supplemental -- Bush Submits $70bn FY09 Request: On Friday, President Bush formally submitted his request to Congress for $66 billion for the Defense Department and $4 bill for the State Department for ongoing military operations in Iraq and Afghanistan. The money would be available to the next president, obviating the need for him or her to submit a request for war spending soon after entering office; but it would also commit moneys that the new leader might have sought to dedicate to some other purpose. Behind the Scenes.
Housing -- Floor Vote on Frank Plan: The plan introduced by Financial Services Committee chair Barney Frank (D-MA) and adopted by the committee last week to provide up to $300 billion in mortgage refinance guarantees is currently slated to come up for a vote by the full House on Wednesday. While the administration has taken no definitive position on the bill, Frank is attaching to his bill, two "sweeteners" -- an FHA mortgage insurance overhaul and revamped oversight of GSEs Fannie Mae and Freddie Mac -- to woo the White House. The Foreclosure Capital.
Posted by Dana Chasin
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