While a great deal of attention has been given to Federal Reserve Chairman Ben Bernanke’s address in Jackson Hole, Wyoming on Friday, the remarks provided that day by his trans-Atlantic counterpart, European Central Bank President Jean-Claude Trichet, deserve equal, if not more, attention. Trichet highlighted the need for “ambitious” fiscal consolidation in promoting the global economic recovery.
From Red Carpet to Red Ink – The Emmy Awards last night celebrated the best in TV. In Washington, the plotlines are still being written for this fall, but fiscal issues are sure to get star treatment.
Credit-rating agency Standard & Poor’s has a message to U.S. policymakers: We are watching you on the growing national debt.
Back to School – For many kids, parents and teachers today is the first day of school. Congress is still out until after Labor Day, but policymakers have plenty of homework.
Washington Empties Out – With both houses of Congress in recess and the president traveling, Washington feels deserted. The biggest news in DC is whether the Nats will sign Bryce Harper. Congress will return after Labor Day.
They’re Here (for a day) – The House did return briefly on Tuesday to approve $26.1 billion in state aid. The president signed the bill, which is fully offset, shortly afterwards.
Gone and Back – The Senate has left for its August recess, the House will return this week (for a day). Congress will be back in session after Labor Day for a frenetic month before adjourning again in October for final pre-election campaigning.
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).
If You Can’t Stand the Heat… – Washington has been experiencing a heat wave, but it can’t all be blamed on the friction between the two parties. Before members of the House can escape at the end of the week for a long break, they must complete work on the war supplemental that has bounced around more than a beach ball. The Senate will stay an extra week before its month-long recess and will try to complete a small business measure amid votes on the Elena Kagan nomination to the Supreme Court, campaign finance reform, and energy legislation.
Today, President Obama signed the Improper Payment Elimination and Recovery Act, hoping to make a dent in wasteful spending. Improper payments are exactly like they sound: payments made to the wrong people, at the wrong time, or for the wrong reason. After they totaled a high of $110 billion in 2009, the Obama Administration decided to crack down hard on these payments.
