The Senate Budget Committee heard testimony today from Ben Bernanke, chairman of the Federal Reserve. Opening remarks were made by committee chairman Sen. Kent Conrad (D-ND) – a member of the President’s Fiscal Policy Commission – and new ranking member Sen. Jeff Sessions (R-AL).

Over the holiday break, Senator Tom Coburn (R-OK) gave an interview on Fox News that qualified him to be the newest member of the Announcement Effect Club.

On Tuesday the Senate passed a Continuing Resolution (CR) keeping the federal government funded until March 4; the House is expected to pass it later in the day. This bill maintains discretionary funding for FY2011 at FY 2010 levels until March 4th--setting up yet another budget fight in a few short months. The total cost of the bill is $250 billion.

This morning, Senators Saxby Chambliss (R-GA) and Mark Warner (D-VA) announced that they will introduce as legislation the Fiscal Commission’s recommendations in early January.

With a real lack of fiscal sanity running around Washington lately, it's truly refreshing and encouraging to see someone break from party lines, special interests, and all other shackles to make decisions about what's best for our country's fiscal health down the road. Senator Tom Coburn (R-OK) has been doing just that.

Update 12/17: The House approved of the tax cut package late Thursday on a 277-148 vote. The bill now goes to the White House for the president's signature. The Senate pulled the omnibus package from consideration and now plans another short-term Continuing Resolution.

An old cliche says that there are two things you should not watch being made--sausage and legislation. But right now, people should be watching the end-of-year process being used to allow the federal government to pay its bills. Then they'll know why we are in such a fiscal mess. Here's the current state of play:

Update: The Senate passed the tax cut legislation on a 81-19 vote. It now moves to the House, which may act Wednesday or Thursday.

The Senate is poised to pass a tax cut package that will add over $850 billion to our deficit. Meanwhile, a pork-laden $1.108 trillion omnibus spending bill was introduced in the very same chamber Tuesday in the latest chapter of the mockery that is the budget and appropriations process. Not good news by any means on the fiscal front.

The Senate began debate late Thursday on the tax cut compromise hammered out by some lawmakers and President Obama. The debate began even as House Democrats vowed to prevent bringing the current version of the deal to the House floor.