CRFB has been calling for policymakers to set fiscal targets for some time. Apparently we haven’t been clear enough on what that means.

Unfortunately, some in Congress have put a bullseye on the few legislators courageous enough to offer ideas to reduce our mounting debt. The Hill today reports on leaders within the House Democratic caucus tearing into four junior members who were naïve enough to offer a measure to moderately reduce spending.

 The Senate appears headed toward cutting discretionary spending even below the level called for by Senate appropriators. Senate Majority Leader Harry Reid (D-Nev.) said on the Senate floor this week that he has an informal agreement with Republican leaders that spending be capped at $1.08 trillion, less than the $1.114 trillion established by Senate appropriators in their subcommittee allocations. That is the amount called for in the spending plan offered by Sens. Claire McCaskill (D-Mo.) and Jeff Sessions (R-Ala.)

House Gone, Senate Eyeing the Exit – The House started its six-week recess Friday and the Senate will adjourn at the end of this week. Debate and a vote on the nomination of Elena Kagan to the Supreme Court is expected to take up a lot of the schedule, and oxygen, this week for senators.

Add another solid idea to the growing list of proposals to help improve federal budgeting and put the country on a sustainable fiscal course. Representatives Gabrielle Giffords (D-AZ) and Charles Djou (R-HI) yesterday introduced the Truth in Spending Act (H.R. 5954).

Signaling their desire to be more austere, House and Senate appropriators continued pushing their Fiscal 2011 spending bills through the system this week, as the first measures went to the House Floor. The House passed its Transportation-HUD spending bill. It contains $67 billion in discretionary funding, which is $800 million below this year and $1.6 billion below President Obama's budget. House Republicans opposed the bill, saying the funding levels still were too high.

Opens and Tours – Americans did not fare well in sporting events across the pond this weekend; leaving us Yanks to rely on past memories of success at the British Open and Tour de France as well as the understanding that our economy is not quite as bad off as those of the countries that are beating us. Meanwhile, lawmakers in Washington continue to negotiate treacherous links and steep climbs in the quest to complete legislation.

Congressman Mike Quigley (D-IL) today introduced important legislation to create a more transparent budget regime towards putting the country on a sustainable fiscal path. The “Transparent and Sustainable Budget Act of 2010” contains several sound ideas for improving the budget process.

In addition to providing for a more accurate accounting of federal expenditures, the bill also requires the establishment of debt and deficit reduction goals. Key provisions include:

After the Fireworks – The Independence Day celebrations have concluded. The fireworks have fizzled and most of us are back to work. Capitol Hill is quiet after its own pyrotechnics last week as lawmakers tried to finish work on some contentious issues before its recess this week. It failed to get many of its tasks fully completed as disagreements on how to fund legislation continued to bog down the agenda.

Late last night the House passed a supplemental appropriations bill ostensibly to fund military operations in Iraq and Afghanistan. However, lawmakers supplemented the supplemental with plenty of funds that will never get anywhere near the Middle East.

Extenders Put on Hold – Legislation to extend some tax breaks and expanded unemployment insurance has been put on the back burner because senators could not agree on how to finance the package. Senate leaders decided to move on after they failed to end debate on the latest version in a 57-41 cloture vote.