Word: budgetable
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...Whether that kind of argument will convince fiscal conservatives and deficit hawks in Congress remains to be seen. Obama's visit to the other end of Pennsylvania Avenue came as the House and the Senate budget committees each introduced their own version of the bill, and less than a week after the Congressional Budget Office estimated that the 10-year shortfall would be $2.3 trillion greater than the White House's more rosy projections. Both chambers delivered on their recent promises to make sizable cuts to Obama's budget resolution, which is more of a blueprint for future spending than...
...only do [the House and Senate versions] embody the four key principles that the President has put forward for the budget, but they are 98% the same as the budget proposal the President sent up in February," White House Office of Management and Budget Director Peter Orszag told reporters on a conference call on Wednesday morning. "The resolutions may not be identical twins to what the President submitted, but they are certainly brothers that look an awful lot alike...
...Still, even small differences can cause major rifts in families, and the competing budgets suggest the challenges Obama's agenda faces. Both the House and Senate, after all, removed Obama's $250 billion-$750 billion placeholder request for more bank bailout funds. And they both slashed the Administration's proposed 10% increase in nondefense discretionary spending (for education, environment and health initiatives, among other things), to 7% in the Senate and 7%-9% in the House. The Senate stripped the President's signature middle-class tax cuts, known as "Making Work to Pay," of $400 for individuals...
...some degree, Congress scaled back Obama's budget by resorting to the same kinds of accounting gimmicks the President had prided himself on avoiding, a fact Republicans were quick to point out. It dropped the long-term inclusion of the costly Alternative Minimum Tax fix - an annual must-pass bill to prevent the tax once intended for the superrich from hitting the middle class - and opted for a shorter time line of just five years vs. the 10-year budget the White House had crafted. "Given the state of the economy, everyone agrees that it's very difficult to predict...
...House bill includes a controversial provision for so-called reconciliation - which would leave the door open to piggyback massive programs on the budget like universal health care in case they fail to make it through the regular legislative process. House Democrats and the Administration support such a move specifically for health care - though, theoretically, the provision would allow for anything, including energy, to be pushed through the Senate with just a simple majority rather than a filibuster-proof 60 votes. Several moderate Democratic Senators, including Ben Nelson of Nebraska, have said that inclusion of reconciliation instructions in the final bill...