Updated February 10th to include National Infrastructure Bank.*
As the budget world waits for the FY 2012 Budget on Monday, some new proposals from that budget have already been leaked or presented by Administration officials. Let's take a look at them.
Today, House Appropriations Committee Chairman Harold Rogers (R-KY) released a preliminary proposal for cuts to the President's FY2011 budget, totaling $74 billion in savings. Congress must pass a continuing resolution (CR) appropriating federal spending for the rest of the fiscal year before the current CR expires on March 4 to prevent a government shut-down.
Budget Season Ramping Up – Football season may have ended last night, but budget season is just heating up. Lawmakers have introduced a plethora of bills in order to show voters that they are serious about addressing our fiscal problems. Expect that trend to continue, but pressure will increase for real action.
Earlier today, Rep. Paul Ryan (R-WI), the chair of the House Budget Committee, unveiled new levels for discretionary spending for the remainder of FY 2011.
Another bipartisan group of Senators is introducing legislation to promote fiscal reform. Recently we saw Senators Jeanne Shaheen (D-NH) and Johnny Isakson (R-GA) work together in support of biennial budgeting.
Game On – The Super Bowl in Texas won’t be until Sunday, but Washington had its own big game last week as President Obama gave his State of the Union address.
Today, the House voted to end public financing of political party conventions and presidential campaigns by a vote of 239-160. This is part of a continuing effort on the part of House leadership to make good on their pledge to vote on weekly bills that promote spending restraint.
Last night in his State of the Union address, President Obama hailed a new era of bipartisan cooperation, focusing on America's competitiveness to "win the future." He focused on the need to invest in innovation, education, infrastructure, as well as getting out from under our "mountain of debt." We released a statement last night giving our initial reaction to his proposals.
Rep. Michele Bachmann (R-MN) has released her proposal to reign in federal spending, amounting to over $425 billion in cuts annually.