Wednesday, May 07, 2008

DAILY FISCAL POLICY REPORT -- May 7, 2008

Budget -- Conferees Converge on Compromise, per Conrad: Senate Budget Chairman Kent Conrad (D-ND) said yesterday that FY09 budget resolution negotiators have only one remaining issue to resolve —— the level of discretionary spending for fiscal 2009 —— before reaching an accord. He said said the difference in discretionary spending between the House and Senate fiscal 2009 budget resolutions is about $1.8 billion now, down from a $4 billion gap at the outset. Background on Budget Debate.

Housing -- CBO Releases Frank Bill Cost Estimate: The Congressional Budget Office has released its long-awaited cost estimate of H.R. 5830, the FHA Housing Stabilization and Homeownership Retention Act of 2008, the bill introduced by House Financial Services Committee chair Rep. Barney Frank (D-MA) to create a voluntary FHA mortgage refinance program. The full House will consider the bill today. CBO's estimate of the bill's five-year cost: $2.7 billion.

Supplemental Schedule -- House Vote, Senate Mark-Up Ahead: House Democratic leaders have signaled possible floor action tomorrow on a supplemental appropriations bill that would provide $108.1 billion in fiscal 2008 and $70 billion in 2009 war funding and includes extended unemployment benefits and new education benefits for veterans, upping the price tag above Bush's target. The Senate Appropriations Committee announced plans to mark up its own version of the supplemental tomorrow. CBS News.