Friday, August 26, 2005

OMB Watch and Breaking the "Piggy Bank"

The next time someone, anyone, tries to tell you how good the economy is under the Bush/Cheney cabal, put the following OMB Watch report in front of them.

States are going broke; education is grossly under funded; Veterans healthcare is seriously under funded; Medicare is being disassembled; but you know the lists as well as I do.

So how do Bush/Cheney and an acquiescent congress respond? Easy, prepare more tax breaks for the already rich. With all that is facing this nation right now, congress when it returns to Washington has as its first order of business to cut the taxes on the rich—again.

This time congress is out to rid us all of that nasty old “Estate Tax.” What they fail to tell us however is that the estate tax only affects roughly 2% of the population of this nation.

More “have” for the “haves”. Welcome to American land of equal opportunity for the extremely rich. The disparity of wealth in this nation has never been as wide as it is today since the Bush/Cheney cabal came to power. Time to make more phone calls to your people in congress. -- Jack

Budget Update

On the heels of the OMB Mid-Session Review release, the Congressional Budget Office has released an update to their "Budget and Economic Outlook." In the update, the CBO reports on the long-term fiscal and economic outlook (through 2015). Like the OMB, the CBO predicts significantly lower deficits for FY 2005. Yet the CBO splits with the administration concerning deficits over the long-term - predicting over $600 billion more in deficits through 2015 if current policies are continued. The CBO concluded, as they have in the past, that "over the long-term...growing resource demands...will exert pressure on the budget that economic growth alone will not eliminate."

Congress is set to return on Tuesday, September 6 and the Senate faces a dauntingly full schedule with many high priority issues to address. With the Supreme Court nomination of John Roberts, the reauthorization of the Higher Education Act, two reconciliation bills, more than half (7) of the appropriations bills to finish (not to mention a
chaotic and tangled web of appropriations committee jurisdictions to sort out with the House), it is hard to understand why the first order of business will be a vote to permanently repeal the estate tax. But the Senate will vote on a motion to invoke cloture on H.R. 8, the House-passed estate tax repeal bill on September 6. Contact your Senators today and urge them to vote NO on cloture on H.R. 8 and finish their more important work before passing more tax cuts for the super-rich.

Latest OMB Watcher articles on budget and tax issues:

Congressional Office Projections: No Change in Bleak Long-Term Fiscal Outlook

Economy and Jobs Watch: Continuing Bad News for Americans


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