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Friday, May 09, 2008
DAILY FISCAL POLICY REPORT -- May 9, 2008
Housing -- House Passes Two Key Housing Bills: Yesterday, the House passed the first two bills to clear the chamber addressing the nation's housing sector crisis. The first, the Neighborhood Stabilization Act, which was adopted 239-188, establishes a $15 billion, HUD-administered loan and grant program for the purchase and rehabilitation of vacant, foreclosed homes. The second, an FHA mortgage refinance program providing up to $300 billion in loan guarantees at a cost of $1.7 billion over five years, passed 266-154. Bill Summary. Both bills face veto threats.
Farm Bill -- Compromise Reached but Bush Promises Veto: After months of negotiations, congressional leaders announced yesterday that they had concluded a compromise on H.R. 2419, providing a five-year farm policy measure with some reforms, including lowered income threshold for eligibility to receive farm payments and an optional crop revenue program. The final votes will be watched for the possibility of an override of a veto promised by President Bush. Story.
Infrastructure -- CBO Chief Doubts Stimulus Value: Peter Orszag, director of the Congressional Budget Office, said yesterday that it was unclear how quickly federal infrastructure projects could provide a boost to the economy, as some lawmakers have suggested, because they can often have lengthy planning and permitting stages. "How quickly, if you're going to spend $100 on this project, what share of that $100 will you get out the door rapidly?" he asked at a joint hearing of the House Budget Committee and the House Transportation and Infrastructure Committee. Testimony and Charts.
Posted by Dana Chasin
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