Word: budgetable
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...Administration says that the budget deficit for the current fiscal year will be 5% higher than previously forecast which will puts the number above $1.8 trillion. The spread between the old number and the new one is $89 billion. The White House figure now matches the estimate of the Congressional Budget Office, an estimate which the Administration had earlier disputed...
...Administration's initial forecast, provided by the Office of Management and Budget, never had a chance. While the costs in the document might have been controlled well enough to meet expense estimates, the rate at which the economy is coming unhinged always meant that the amount of money which was supposed to come in from taxes was always at risk. OMB now says tax receipts will drop a breathtaking 15% compared with last year. (See pictures of the Top 10 scared traders...
...better off to hold its tongue about the rate at which the deficit is growing. It is still forecasting that GDP will only drop 1.2% in 2009. That number is clearly improbable which should shake whatever confidence the taxpayers have in the forecast. Anyone watching the process of budget revision as the bottom line gets progressively worse understands that a $2 trillion deficit for the year is possible, and perhaps likely...
...reaction of Congress and the public to this deteriorating outlook described by the authors of the budget document is muted. There was a hint of foreboding in the statement made by the Administration's budget director in the remark, "The change in the deficit estimates reflects upward technical revisions in light of new information regarding the collection of receipts, financial stabilization efforts, and other federal programs." The part about "new" information implies that current estimates may be superseded by future updates...
...Office of Career Services (OCS) will operate on a reduced basis for Harvard College students and alumni from July 6 to 31, 2009. A reduced staff will perform essential administrative functions in the areas of budget, employer relations, monitoring of students overseas, and web maintenance. Students and alumni of the Graduate School of Arts and Sciences and Division of Continuing Education will continue to be served throughout July. OCS will reopen for regular business...