House of Representatives
A few members of Congress are now proposing House-Senate working groups to try and negotiate a compromise that would avoid the squester. From The Hill:
Sen. Kelly Ayotte (R-N.H.) said that forming the bipartisan working groups would be a critical piece in getting lawmakers in both chambers on the same page, regarding the automatic defense cuts under sequestration.
Update: The House has passed the reconciliation and replacement bills by a 218-199 vote.
Recently, both the House and Senate proposed cuts to the Department of Agriculture. Though the proposals are fairly similar in magnitude, they achieve their savings in very different ways. With the 2008 Farm Bill expiring in September, it will be interesting to see how these bills will shape the final outcome for that legislation.
Deficit Secondary in Primary – The presidential primary campaign hits a key point this week as "Super Tuesday" contests in several states may go a long ways in determining who will face off against President Obama in November. Although voters constantly rank the economy and federal budget deficit as the top two issues, they seem to have taken a back seat to social issues in the campaign right now. However, CRFB’s U.S. Budget Watch project seeks to elevate fiscal policy in the election.
Big Day – Today is the big day in budget world. The White House released its fiscal year 2013 budget request. As you can imagine, CRFB has been busy going through the numbers and proposals. CRFB issued a statement earlier today with initial analysis and a paper examining the request is forthcoming. The budget would stabilize the debt at 76% of GDP in 2022.