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Thursday, May 22, 2008
DAILY FISCAL POLICY REPORT -- May 22, 2008
Budget -- Timing of Budget Resolution Vote Uncertain: Due to clerical and constitutional issues involving the farm bill, the FY09 budget resolution may not be brought to a House or Senate vote until after Congress returns in June from the weeklong Memorial Day recess. Of historical note, House passage of the resolution would increase the national debt limit to $10.615 trillion -- that's eleven figures, for the first time. For more on the budget see blog below.
Taxes -- House Passes Extenders Package w. Offsets: By a vote of 263-160, 19 votes short of the number necessary for a veto override, the House adopted a $55 billion package of one-year tax break extensions. The bill is revenue-neutral, and for this drew a veto threat from the White House. It expands the refundable child tax credit, creates a new standard deduction for property taxes, and extends a raft of renewable energy provisions. It differs from the Senate version, which provides two-year extensions, without offsets. JCT Bill Summary.
Earmarks -- Restive GOP Pressures McConnell on Reforms: Led by Sens. Sam Brownback (R-KS), Jim DeMint (R-SC), and Lindsey Graham (R-SC), several GOP senators are urging Senate Minority Leader Mitch McConnell (R-KY) to adopt earmarks reforms proposed by Sen. Richard Lugar (R-IN). The Lugar reforms would apply to the Senate GOP conference, require that earmarks contained in authorization, appropriations and tax bills be disclosed in legislative text, make them searchable on the Internet, mandate disclosure of their beneficiaries, and direct money "saved" from deleted earmarks toward deficit reduction. Story.
Posted by Dana Chasin
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