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Thursday, June 05, 2008
DAILY FISCAL POLICY REPORT -- June 5, 2008
Budget -- Senate Adopts FY09 Resolution: In a near-party line vote, the Senate passed a $3.03 trillion budget blueprint yesterday, 48-45. The resolution moves over to the House, which is expected hold a vote on it today. The thorniest long-term fiscal policy questions (about the AMT, extending the Bush tax cuts, etc.) will probably be deferred to the next Congress and the new president, but the appropriations process will at least start by regular order, at least in the House. Statement of Senate Budget Committee chair Kent Conrad (D-ND).
Transparency -- Bipartisan Bill Expanding Contracting Data Introduced: On June 3, Senate sponsors Barack Obama (D-IL), Tom Coburn (R-OK), and John McCain (R-AZ) introduced bipartisan legislation, the Strengthening Transparency and Accountability in Federal Spending Act, to expand the types of information relating to federal spending on government contracts mandated for inclusion on a searchable online database, www.USASpending.gov. The database would now cover "competitive bidding, the range of technically acceptable bids or proposals, the profit incentives offered for each contract, and the complete amount of money awarded, including any options to expand or extend under a contract," said Obama. OMB Watch blog and links.
Taxes -- Questions Surround Senate Extenders Bill: Senate Finance Committee chief Max Baucus (D-MT) said yesterday that the Senate would take up a package extending roughly three dozen tax breaks prior to the July 4 recess. But many important questions remain. What will be the final content of the package, which currently differs markedly with the House package. Will the Finance Committee would take up the bill or will it go directly to the Senate floor? Would the package be paired with an AMT patch? Would the patch and/or the extenders be paid for? Might some extenders be extended for more than one year? Which ones and for how long? Background Story.
Posted by Dana Chasin
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