For anyone who is interested in seeing tax subsidies cleaned up, there's a bit of good news for you. The Senate voted yesterday to eliminate a $5.4 billion per year ethanol tax credit by a tally of 73-27. The vote came on an amendment to the economic development bill that is making its way through the Congress.
Update: As it turns out, increasing the Medicare age actually improves benefits for low-income seniors, thus helping to most disadvantaged.
Except in Miami – The Miami Heat weren’t hot enough, but Washington saw record temperatures last week. Capitol Hill may warm things up this week as well as both chambers are in session together for the first time this month and the Biden group looks to pick up the pace of its debt limit/deficit reduction negotiations. CRFB will also add some sizzle with a big conference this week.
Clay Masterpiece – Rafael Nadal and Roger Federer played yet another classic tennis match yesterday, with Nadal once again emerging victorious for his sixth French Open title. The distinctive red clay of Roland Garros produces slow-moving tennis characterized by long rallies and lots of spin on the ball.
Feeling the Heat – As most of us return to work this week nursing sunburns and swapping stories of grilling glory, the heat is on in Washington, at least on one side of Capitol Hill. Senators are out of town this week, but Representatives are working on appropriations. Meanwhile, the debt limit deadline continues to draw closer.
Attempting not to replicate last year's/this year's FY 2011 appropriations debacle, the House is moving the FY 2012 process in a relatively timely manner.
No Deficit of Talk – At least there no longer is a deficit of discussion when it comes to our fiscal situation. House Speaker John Boehner (R-OH) gave a major address Monday night to the Economic Club of New York where he said that increasing the statutory debt limit should be accompanied by spending cuts greater than the amount of the debt limit increase.
What Will Bloom This Month? – In April we were showered with fiscal policy developments: namely, a last-minute FY 2011 budget deal; a deluge of budget plans from across the political spectrum (see here, here, here and here ); House passage of a FY 2012 budget resolution; a major fiscal policy speech from President Obama along with a new fiscal framework; and a steady stream of budget process ideas.