StanCollender'sCapitalGainsandGames Washington, Wall Street and Everything in Between



Budget Control Act

Posted by Stan Collender

Does anyone really think the September 6 deadline included in the Sequester Transparency Act was selected by accident?

September 6 was the date Congress decided that OMB should complete a report that provided the details on the across-the-board spending cuts that were triggered when the anything-but-super committee last November failed to agree on a deficit reduction plan. It also just happened to be the first day after the Democratic National Convention and the start of what many Democrats wanted to be a three-day weekend news cycle about the success of the convention and the Obama campaign.

So it's hardly a surprise that senior congressional Republicans expressed outrage this past week when OMB missed the deadline.

For the record, the White House said that the delay was because it was taking longer than expected to do the calculations required in the report.

Posted by Stan Collender

Many Republicans and Democrats on Capital Hill last week celebrated the passage of the Sequester Transparency Act, the bill that allegedly corrects one of the more egregious mistakes with the spending cut (the "sequester" for the uninitiated among us) that was triggered when the anything-budget-super committee failed to come up with a deficit reduction plan last November.

As I explain in my column from today's Roll Call, celebrating is the last thing we should be doing. This soon-to-be new budget law not only demonstrates how little thinking went into the sequester in the first place, it's also a sign of bad things to come in the lame duck.

Posted by Stan Collender

My column from today's Roll Call explains why "ridiculous' and "infuriating" are two of the milder words you might want to use when you think about the latest House GOP plans to abandon the deal it agreed to in August and try to use the fiscal 2013 budget resolution to cut appropriations even more.

In case you're wondering, This and they are not going to come even close to being successful.

 

Tea Party Budget Plans Don’t Make Political Sense

The big federal budget news from last week was that, pushed by their tea party wing, House Republicans were seriously considering a fiscal 2013 budget resolution that proposed to cut appropriations below the levels agreed to last August in the Budget Control Act.

Posted by Stan Collender

Roll Call is reporting that the White House has decided to delay making the formal request to Congress that it previously announced it would make today for the third increase in the federal debt ceiling that is allowed by the Budget Control Act, the debt ceiling increase deal enacted in early August.

This means that the 15-day period during which Congress may consider a resolution of disapproval will not expire while the House and Senate are out of session and that representatives and senators who want or need to vote against the $1.2 trillion increase in the government's borrowing limit will have an opportunity to do so.

As I posted several days ago, there is no practical effect of this change because the debt ceiling is virtually guaranteed to be raised whether or not there's a vote. The disapproval legislation will be vetoed anyway in the unlikely event that both houses adopt it, and there isn't a two-thirds majority in either the House or Senate to override.

Posted by Stan Collender

Most CG&G readers are too young to remember that what we now know as the National Football League was actually created by the merger in 1966 of the NFL with the American Football League.

The merger announcement was big news.  But while fans focused on the championship game -- the Super Bowl -- between the two leagues that began in 1967, with one exception the actual merger didn't really happen until 1970 when the NFL and AFL became one league with two divisions.

The one thing that did happen almost instantly was that the NFL and AFl ended the bidding war for players that was costing the owners so much by beginning a common draft immediately.  That common draft and the end to the bidding war was always the major motivation for the merger and it very likely would not have happened otherwise.



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