House of Representatives

Steny Hoyer on Everything Fiscal

In remarks at the think tank Third Way, House Majority Leader Steny Hoyer covered the bases in talking about our deficits and debt. Among the topics he covered were timing of deficit reduction, PAYGO, temporary policies, entitlements, defense, and the fiscal commission.

‘Line’ Items: Summer Arrives Edition

Summertime, but the Living Isn’t Easy in Congress – Today brings the first official day of summer, but Washington has already been experiencing searing days and the Capitol dome is about to blow off from the heat inside. The longest day of the year comes as lawmakers face a long road on appropriations and taxes, not to mention the never-ending “extenders” bill, which still has no end in sight.

One Stimulus Bill Passes--But Not the One You're Thinking

With much of the nation's attention focused on President Obama's oil spill address and much of the fiscal policy universe focused on the extenders bill, another bill was passed by the House on Tuesday. The Small Business Jobs Tax Relief Act of 2010 (H.R. 5486) provides, as you would expect, a number of small business tax breaks, although the gross cost is expected to be very small (less than $4 billion).

‘Line’ Items: World Cup Edition

“Beautiful Game”and Not-So-Pretty Agenda – Add soccer to all the other distractions in Washington as lawmakers face a packed agenda. With the World Cup under way and workers gathered around monitors in offices across the globe (when they’re not at the local bar), legislators in DC face action on key bills that will affect the nation’s bottom line. Meanwhile, the growing chorus for fiscal responsibility and offsets to spending are becoming as loud and ubiquitous as the sound of the vuvuzela at matches.

Hensarling Comes Close

In testimony before the House Budget Committee this week, Ben Bernanke called for a plan to be put in place now to reduce deficits once the economy recovers. Already being a (frequently re-affirmed) member of the Announcement Effect Club, Bernanke's testimony was no surprise to readers of our blog or anyone who is familiar with Bernanke's public statements.

Bernanke Testifies Before the House Budget Committee

Chairman Bernanke's testimony today underscored the fundamental lack of sustainability of the growing federal budget deficit, while simultaneously defending the large increases in deficit spending that were necessary to support economic recovery. Bernanke predicts real GDP to grow at 3.5% over the course of 2010, yet he acknowledged that this must be tempered by latent problems in the housing market.

"Don't Sign Yourself Into a Corner"

The establishment of a fiscal commission either in Congress or by the President was attacked from both sides of the political spectrum.  Liberals thought that the group would be cover for cutting entitlement programs, while conservatives thought the commission would be a cover to raise taxes. When President Obama's National Commission on Fiscal Responsibility and Reform came to be, both sides wanted to fence off different options for consideration. And it continues to happen.

Oil in the Gulf Isn’t the Only Threat That Needs to Be Capped

Lawmakers have railed against the inability to stop the leaking of oil into the Gulf of Mexico, yet they are having no better success in staunching the flow of red ink. Congress needs its own containment cap to suppress spending and tax cuts that are deficit-financed.

‘Line’ Items: Pitching, Polls, and the New Charity of Choice

Making the Pitch – With much of Washington eagerly anticipating the debut of Stephen Strasburg on the mound tomorrow, the return of Congress this week is an afterthought to many. But Pelosi, Reid and the rest of the Congressional rotation will need to have some pretty good stuff when they take the mound on Capitol Hill and face an opposing legislative line-up. They will have to show a lot of range as they pitch both economic stimulus and fiscal responsibility.

Fiscal Policy, Monetary Policy, or Something in Between?

Yesterday, Donald Marron asked the question: "How Blurry is the Line between Monetary and Fiscal Policy?" As our readers know, we have been tracking the actions of the Federal Reserve, as well as those from the rest of the government, at The Federal Reserve, since the crisis, has engaged in a number of extraordinary actions (as we explain in our paper,

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