Here's an idea for how Congress and the supercommittee can overcome gridlock and reduce deficits: stop paying so much attention to pundits and corporate lobbyisyts, and, instead, start listening to the people they were elected to serve. Unlike the hardened and polarized Washington establishemnt, the public-at-large has broad agreement on several proposals for handling budget deficits.Read Full Article Comments (13)
After FEMA announced earlier in the day that it could stretch its remaining disaster funding out through Friday, the end of the fiscal year, the Senate reached a deal that will keep the government open and operating, for now at least. The deal sidesteps what was the sticking point -- whether or not extra FEMA funding for the rest of the year should be offset with cuts to other programs -- and, once passed by the House, will keep the government funded until November 18th.Read Full Article Comments (8)
The deficit reduction supercommittee that was created by the debt ceiling bill is going to have an extraordinary amount of power. All areas of federal spending and revenues will be on the table when they meet, and whatever proposal they come up with will be guaranteed a vote in both chambers of Congress with no amendments and no filibusters allowed. Now that the 12 supercommittee members have been named, here's a look at some of their key votes on budget, spending and tax legislation over the past few years, as well as some information on their party loyalty.Read Full Article Comments (8)
At this point we're pretty much all aware that raising the debt ceiling is nothing new. Democrats do it and Republicans do it. It's been done 9 times in the past decade, and corralling the votes to pass the increases each time has been treated as a burden of the majority. The unique problem this time around is that Congress is split between the parties and it's not clear who the majority is. But regardless of the politics of the situation, it's something that pretty much everyone in Congress agrees must be done. And that's the reality that Senate Minority Leader Micth McConnell's [R, KY] plan, which seems to be the leading proposal right now, reflects.Read Full Article Comments (9)
The Washington Post had an important article yesterday reminding us how hard it is for Congress to think independently about spending cuts when it affects politically-active corporations:
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The panel’s subcommittees last week voted to prohibit a proposed increase in fees paid by retired service personnel for Tricare, the military’s health program; set the stage for possible recompetition of the controversial engine for the Air Force F-35 Joint Strike Fighter; and required studies before the Marine Corps can go ahead with a new proposed amphibious landing craft to replace the multibillion-dollar Expeditionary Fighting Vehicle (EFV).
The subcommittees have also added funds to programs that the Pentagon did not seek. For example, $425 million has been added to the proposed budget to keep production lines open for the Bradley Fighting Vehicle and the Abrams M1 tank. The Pentagon had proposed shutting down those lines for three years to save money.
Should taxes be on the table for balancing the budget, or should we look at spending cuts only? This is they key partisan debate right now in Congress, and it's going to come to a head in the next few weeks when the House and Senate vote on the debt limit and, likely, some kind of structural enforcement mechanism for bringing annual deficits down to zero.Read Full Article Comments (11)
On top of the tax deal, "Don't Ask, Don't Tell," the DREAM Act and the nuclear arms treaty, Congress has to pass spending legislation by this weekend to keep the government funded and avoid furloughs of federal employees. The House passed legislation last week to simply continue the current funding levels through the rest of the fiscal year, but the Senate wants to do it in a way that looks something like the regular appropriations process. That means we're looking at thousands of earmarks, pet projects, and policy tweaks via budgeting.Read Full Article Comments (5)