Fiscal Responsibility

Articles & Analysis

Commentary: Celebrating One of the Recovery Act's Legacies: Transparency

Feb. 17 marked the one-year anniversary of the American Recovery and Reinvestment Act, commonly called the Recovery Act. Both political parties celebrated the occasion with partisan attacks. Democrats heralded the act as having saved the nation's economy, while Republicans savaged it for being an expensive government program with little to show by way of jobs. While the two parties can argue over how effective the act actually has been, both can agree on one thing: the lasting legacy of the Recovery Act’s transparency provisions.

An OMB Watch Statement on President Obama's Fiscal Year 2011 Budget Request

WASHINGTON, Feb. 2, 2010—President Obama has sent his budget request for fiscal year 2011 to Congress. Far from bringing change, it at best tinkers with federal priorities while perpetuating the wrong budget agenda.

The End of TARP to Be Met with Controversy

The Troubled Asset Relief Program (TARP) began with a single, basic idea: prevent imminent economic collapse. With that premise, then-Treasury Secretary Henry Paulson convinced Congress and President Bush to authorize $700 billion of emergency spending to undertake actions to avert such disaster. Now, with economic catastrophe averted but with the nation's economy still struggling, a new report turns policymakers' focus to the end of TARP.

Commentary: Deficit Commissions Unlikely to Produce Results

On Jan. 26, the Senate rejected an amendment sponsored by Sens. Kent Conrad (D-ND) and Judd Gregg (R-NH) that would have created a bipartisan deficit commission. Due to the complex nature of the proposal, there is a low probability that such a commission would succeed in its goal to slow the growth of the national debt. Despite the improbability of success, there is much speculation that the president will now create a similar deficit commission through executive order.

Fiscal Policy in 2009 – A Review

Federal fiscal policy has been front and center throughout 2009 as the Obama administration and Congress have gone to extraordinary lengths to bring the country's economy back from the brink of disaster. It seems like every week, we saw a crucial vote or major policy proposal released. A massive Wall Street bailout, an economic stimulus effort with unprecedented transparency provisions, an attempted reform of the financial regulatory system, a new presidential effort to reform the contracting system, significant gains in proper enforcement of the tax code, and a Congress that continued to fail at passing appropriations and tax bills in a timely manner have made for a pretty exciting, if not chaotic, year. Below is a review of some of the major developments in federal fiscal policy in 2009 from an OMB Watch perspective.

House Moves to Give More Access for GAO, SIGTARP, and the Public

While the attention of many transparency advocates has been focused on the first round of recipient reporting under the American Recovery and Reinvestment Act (the Recovery Act), the House has been working on two financial transparency measures dealing with the Federal Reserve and use of the Wall Street bailout funds.

OMB Watch Unveils Recovery Act Recipient Reports Database

On Dec. 3, OMB Watch released a beta version of a new database on FedSpending.org that gives the public improved access to and searchability of Recovery Act recipient report data. The database allows users to search more than 160,000 reports from recipients of almost $159 billion in Recovery Act contracts, grants, and loans awarded between Feb. 17 and Sept. 30.

OMB Watch Launches Recovery Act Data Tab on FedSpending.org

WASHINGTON, Dec. 3, 2009—Today, OMB Watch released a beta version of a new database on FedSpending.org that gives the public improved access to and searchability of Recovery Act recipient report data. The database allows users to search more than 160,000 reports from recipients of almost $159 billion in Recovery Act contracts, grants, and loans awarded between Feb. 17 and Sept. 30.

GAO Report Shines Spotlight on Recovery Act Jobs Data

On Nov. 19, the Government Accountability Office (GAO) released a report that details the first round of Recovery Act recipient reports. The GAO report focuses on data quality issues, which have garnered attention following widespread news stories about bad data in the Recovery Act reports. While the GAO report itself is informative, its recommendations, which call for improved guidance from the Office of Management and Budget (OMB), are particularly important. The recommendations echo earlier comments from transparency groups, which have long warned of potential data quality problems, especially concerning the job estimation data.

About Those Recovery Act Job Numbers

Prominently displayed in a large, green font on the front page of Recovery.gov is the number 640,329. That is the number of jobs created or saved as reported by the recipients of some $150 billion in Recovery Act funds. The placement, font size, and accompanying press release from the White House have drawn immense attention and copious media reports. However, questions about the number's accuracy degrade the count's usefulness as a gauge of the economic impact of the Recovery Act. The figure itself remains only a fragment of the information that describes how the act is improving the economy and helping unemployed workers.