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  • The Farm Bill Conference Report
    Posted in HBC Publications on May 14, 2008 | Preview rr

    After running out of gimmicks to hide the true cost of the Farm Bill Conference Report (H.R. 2419), the Democratic Majority has decided to waive the House pay-as-you-go [PAYGO] rule. As a result, the Farm Bill coming to the floor today includes $23 billion in new costs over the baseline, more than double the $10 billion being claimed by the conferees. The $13 billion difference is achieved through numerous gimmicks and even two explicit PAYGO violations. Here are the details of how the Farm Bill... Read more

  • Th Farm Bill Conference Report
    Posted in HBC Publications on May 14, 2008 | Preview rr

    The Farm Bill conference report (H.R. 2419) being considered on the House floor today will cost American taxpayers $658 billion over the next 10 years. It includes $23 billion in new costs, more than double the $10 billion admitted to by the conferees. Further, the bill makes little meaningful reform to bloated farm programs, and continues allowing wealthy farmers to receive the bulk of farm payments, to the detriment of small farmers and consumers who are struggling with skyrocketing food price... Read more

  • The Gas Tax Relief and Earmark Moratorium Act of 2008
    Posted in HBC Publications on May 8, 2008 | Preview rr

    SUMMARY This legislation provides American families and businesses a 3-month gasoline tax holiday. It also replenishes the Highway Trust Fund for the revenue lost from the gas tax holiday, and fixes its projected fiscal year 2009 shortfall, ensuring there is no disruption or slowdown in highway investments. The bill more than offsets these costs with a 1-year moratorium on earmarks, and uses the additional savings to reduce the deficit. KEY POINTS Provides a Gasoline Tax Holiday. The bill suspen... Read more

  • Farm Bill & PAYGO: Ryan Motion to Instruct Q&A
    Posted in HBC Publications on May 5, 2008 | Preview rr

    Reports indicate that Farm Bill conferees intend to use an outdated 2007 baseline to score the Farm Bill Conference Report for the purposes of the House pay-as-you-go (PAYGO) rule. The Ryan Motion to Instruct would require conferees to instead use the current 2008 baseline to determine whether the bill complies with PAYGO. Question: Does PAYGO give the House a choice of which baseline to use? Answer: No. PAYGO is explicit. The House is required to use the 2008 baseline to score the Farm Bill Con... Read more

  • The Price Stability Act of 2008
    Posted in HBC Publications on May 1, 2008 | Preview rr
    Tags: Economy / Financial

    The Federal Reserve’s legislative mandate, established in The Humphrey-Hawkins Full Employment Act of 1978, directs it to focus on two goals that are often at odds: short-term economic growth and long-run price stability. Over the past few months, the dangers of this dual mandate have become apparent: as the Fed has slashed interest rates to lessen the short-term pain of the economic slowdown, its actions have spurred skyrocketing food and energy prices, and a sharp decline in the value of the d... Read more

  • Motion to Instruct
    Posted in HBC Publications on April 30, 2008 | Preview rr

    “After years of deficit spending, this new Congress will commit itself to a higher standard: pay-as-you-go, no new deficit spending.” Speaker of the House Pelosi, 4 January 2007 The House pay-as-you-go [PAYGO] rule (Rule XXI, Clause 10), which passed with much fanfare at the beginning of the 110th Congress, requires all new spending to be offset against the most recent Congressional Budget Office [CBO] baseline. The PAYGO rule is absolutely clear on this point. It mandates the use of CBO’s “most... Read more

  • Fact Sheet: Medicare, Social Security Financial Status
    Posted in HBC Publications on March 25, 2008 | Preview rr

    Medicare and Social Security continue to face a mounting, and increasingly urgent, financial crisis that threatens the stability of both the Federal budget and the U.S. economy, according to the annual reports released today by Trustees for each of the programs. The Medicare report also issues a third consecutive warning about the amount of funding the program is drawing from resources other than its dedicated revenue. Read the full report here. Read more

  • Ryan Statement on Fed Action, Inflation Concerns
    Posted in HBC Publications on March 18, 2008 | Preview rr

    The Federal Reserve Bank today lowered the federal funds rate by a sizeable 75 basis points to 2.25 percent – the latest in a series of dramatic measures by the Fed to manage the severe disruptions in credit markets that now threaten the economy. House Budget Committee Ranking Republican Paul Ryan (R-WI) said the following: “Americans are painfully aware that prices for everything – from groceries to gas – are on the rise. And inflation expectations among investors and consumers are drifting upw... Read more

  • Republican Substitute: The Budget Resolution for Fiscal Year 2009
    Posted in HBC Publications on March 12, 2008 | Preview rr

    Balance by 2012, Without Raising Taxes. Prevents scheduled tax increases by retaining provisions enacted in 2001/2003; prevents expansion of the AMT for the next 3 years, and achieves full repeal in 2013. Discretionary Spending Priorities. National Defense, and the War on Terrorism. Defense discretionary spending equals the President’s request for 2009-13, including funds for overseas operations in Iraq and Afghanistan. Veterans. Provides $49.2 billion for veterans’ health care in fiscal year 2... Read more

  • The House Democratic Budget: The Majority's Entitlement Failure
    Posted in HBC Publications on March 12, 2008 | Preview rr

    Despite repeated warnings that Federal entitlements must be reformed to be saved, the Democratic budget deliberately puts off reform for at least 5 years – inviting a fiscal and economic crisis for these programs. THE NEED FOR REFORM Numerous experts have warned that Congress must begin reforming the Federal Government’s largest entitlement programs to ensure they are sustainable for future generations. Some examples: “Unless action is taken to bring program cost in line with available resources... Read more