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2011-08-01 Economy

Legal Insurrection blog: Help me crowdsource the Bill

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Posted by 2011-08-01 09:10|| || Front Page|| [2 views ] Top

#1 The White House Fact Sheet on the bill is here.

My favorite bullet was this:

-includes Funding to Protect the Presidents Historic Investment in Pell Grants: Since taking office, the President has increased the maximum Pell award by $819 to a maximum award $5,550, helping over 9 million students pay for college tuition bills. The deal provides specific protection in the discretionary budget to ensure that the there will be sufficient funding for the Presidents historic investment in Pell Grants without undermining other critical investments.

Looks like Obama wants that historic investment in Pell Grants to be on his wikipedia page in 30 years (along with the failed stimulus, the War Powers violation, etc.)

Posted by Lord Garth 2011-08-01 10:02|| 2011-08-01 10:02|| Front Page Top

#2 Just finished a first scan.

One surprise is that the bill is mostly an amendment of a Reagan Era bill (Balanced Budget and Emergency Deficit Control Act of 1985) and to an earlier Ford Era 1974 bill regarding impoundments.

Another surprise is that Republicans successfully prevented one of the biggest 'gaming the system' options by requiring a different baseline than the CBO had been using. The wording is "ASSUMPTIONS AND GUIDELINES.
OMB estimates under this paragraph shall be
made using current economic and technical assumptions."
This is a big deal because without it, the assumptions used are "current law" rather than "current assumptions". In the former situation, the assumption is that the tax cuts enacted in the 107th Congress (the Donks refer to these as the Bush Tax Cuts even though Obama has signed the 2010 Tax Act that extended the sunset by 2 years).

Probably the most interesting part is about the process for what happens later this year regarding new spending cuts, tax reforms, entitlement reform or tax increases. The statute doesn't seem to prejudice the outcome of this. However, it sets up a possible stalemate as the Commission to develop the proposal will be half Dem and half Rep (and half House and half Senate). If no deal is struck, Defense would get cut (and TSA) but not more percentage wise than domestic discretionary.
Hilariously, the bill (the debt ceiling bill that is) does have a separate part (Title V) dealing with Pell Grants. In effect, Pell Grants are increased dramatically (by $10B) in the short run. However, this might be only good for one semester since the Commission that will look for a second stage of saving later this year will undoubtedly look at these Pell Grants as low hanging fruit (as compared to say, Social Security or Medicare).

That's enough. My typing hands are tired.

Posted by Lord Garth 2011-08-01 10:51|| 2011-08-01 10:51|| Front Page Top

#3 That's enough. My typing hands are tired.

You have a set of hands you don't type with? How many hands do you have?

Posted by Sleager Spaising8852 2011-08-01 12:33|| 2011-08-01 12:33|| Front Page Top

#4 Lord Garth is all hands. Especially around Yvonne Craig.

Posted by Eohippus Phater7165 2011-08-01 14:41|| 2011-08-01 14:41|| Front Page Top

#5 Good points by Sleagar and Eohippus (yes I like Yvonne Craig but I have other favs).

I think one of the things that isn't in the bill is any specificity on how to distribute the cuts (all the 1st round cuts are to the non defense discretionary side). It would have been nice to specify the Consumer Protection Agency's $122M for a 50% cut or the National Endowment for the Arts $146M for elimination or the Corporation for Public Broadcasting's $420M for an 80% cut, etc.

Posted by Lord Garth 2011-08-01 16:30|| 2011-08-01 16:30|| Front Page Top

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