Cromwell Validated Poster
Joined: 27 May 2008 Posts: 25 Location: Bartertown
|
Posted: Thu Sep 25, 2008 1:12 pm Post subject: House approves $630B spending bill, Pentagon get $488b |
|
|
House approves $630B spending bill
The Pentagon will receive a record $488B budget; automakers get $25B in loans; offshore drilling ban lifted.
WASHINGTON (AP) -- The House passed a $630 billion-plus spending bill Wednesday that wraps together a record Pentagon budget with aid for automakers and natural disaster victims, and increased health care for veterans returning from Iraq and Afghanistan.
The year-end budget measure also would lift a quarter-century ban on oil drilling off the Atlantic and Pacific coasts. The legislation, which senators are expected to approve and send to President Bush for his signature, is flying under the political radar compared with the White House's contentious plan to bail out Wall Street.
The spending bill, which passed 370-58, is fueled by a need to keep the government running past the Oct. 1 start of the new budget year. Passage also was greased by 2,322 pet projects totaling $6.6 billion.
The measure is dominated by $488 billion for the Pentagon, $40 billion for the Homeland Security Department and $73 billion for veterans' programs and military base construction projects -- amounting to about 60% of the budget work Congress must pass each year.
Earlier this year, Congress provided $70 billion for U.S. operations in Iraq and Afghanistan; more will be needed by mid-2009.
The budget legislation is the result of months of wrangling between Democrats who control Congress and the lame-duck Bush administration and its allies on Capitol Hill. The administration won approval of the defense budget while Democrats wrested concessions from the White House on disaster aid, heating subsidies for the poor and smaller spending items.
In a major victory for Republicans in this election season, Democrats capitulated and agreed to lift the offshore drilling ban. The administration also succeeded in blocking Democrats' efforts to extend unemployment insurance, increase food stamp payments and help states deal with shortfalls in their Medicaid budgets.
Democrats doubled the money for heating subsidies for the poor and successfully pressed the White House for a generous $23 billion aid plan for disaster-ravaged states. The measure would avert a shortfall in Pell college aid grants and address problems in the Women, Infants and Children program, which delivers healthy foods to the poor.
Bush had threatened to veto bills that did not cut the number and cost of pet projects in half or cause agency operating budgets to exceed his request.
The legislation includes an increase for the census as well as money to cover transition costs for the incoming administration. It provides money for 20 F-22 fighter planes over and above the Pentagon request, and additional dollars for armored vehicles, body armor and combating roadside bombs.
Veterans' health programs are in line for a 10% increase; veterans driving to Veterans Affairs' medical clinics would get an increase in mileage reimbursements; federal firefighting accounts would be replenished; Georgia would receive $365 million in economic help to recover from the recent conflict with Russia.
After hard lobbying, automakers won up to $25 billion in low-interest loans to help them develop technologies and retool factories to meet new standards for cleaner, more fuel efficient cars.
The bill would pay, until March, for agencies whose budgets have not passed. This would eliminate the need for a much-dreaded, lame-duck session after the Nov. 4 election to deal with unfinished work.
The legislation came together in a remarkably secret process that concentrated decision-making power in the hands of a few lawmakers. They include House Appropriations Committee Chairman David Obey, D-Wis., and House Speaker Nancy Pelosi, D-Calif.
Republicans blasted the process by which the measure came before the House. Lawmakers had just a few hours to scrutinize the 357-page measure -- along with 752 pages of accompanying explanations and tables of previously secret pet projects -- before the vote. Debate lasted less than one hour.
The rush also ran counter to Democratic promises for more open disclosure of billions of dollars worth of home-state pet projects sought by most lawmakers.
Taxpayers for Common Sense, a watchdog group, discovered 2,322 pet projects totaling $6.6 billion. That included 2,025 in the defense portion alone that cost a total of $4.9 billion. Among them was a long-standing request by the Iowa delegation for a new $182 million federal courthouse in Cedar Rapids, which was granted after flood damage this summer.
House Republicans had started a major campaign this year to add further reforms to the pet project process. But Republican protests over such projects were limited at best. Instead, Republicans crowed over their success in lifting the drilling freeze.
http://money.cnn.com/2008/09/24/news/economy/house_bill.ap/index.htm?p ostversion=2008092416 |
|
item7 Moderate Poster
Joined: 20 Sep 2008 Posts: 641
|
Posted: Fri Sep 26, 2008 1:02 pm Post subject: |
|
|
http://georgewashington2.blogspot.com/2008/09/prestigious-group-of-eco nomists-slam.html
Quote: | Thursday, September 25, 2008
Prestigious Group of 192 Economists - Including Nobel Prize Winners - Slams Bailout
The following group of prominent economists, including numerous Nobel Prize winners, has written a letter slamming the bailout proposal:
Acemoglu Daron (Massachusetts Institute of Technology)
Adler Michael (Columbia University)
Admati Anat R. (Stanford University)
Alexis Marcus (Northwestern University)
Alvarez Fernando (University of Chicago)
Andersen Torben (Northwestern University)
Baliga Sandeep (Northwestern University)
Banerjee Abhijit V. (Massachusetts Institute of Technology)
Barankay Iwan (University of Pennsylvania)
Barry Brian (University of Chicago)
Bartkus James R. (Xavier University of Louisiana)
Becker Charles M. (Duke University)
Becker Robert A. (Indiana University)
Beim David (Columbia University)
Berk Jonathan (Stanford University)
Bisin Alberto (New York University)
Bittlingmayer George (University of Kansas)
Boldrin Michele (Washington University)
Brooks Taggert J. (University of Wisconsin)
Brynjolfsson Erik (Massachusetts Institute of Technology)
Buera Francisco J. (UCLA)
Camp Mary Elizabeth (Indiana University)
Carmel Jonathan (University of Michigan)
Carroll Christopher (Johns Hopkins University)
Cassar Gavin (University of Pennsylvania)
Chaney Thomas (University of Chicago)
Chari Varadarajan V. (University of Minnesota)
Chauvin Keith W. (University of Kansas)
Chintagunta Pradeep K. (University of Chicago)
Christiano Lawrence J. (Northwestern University)
Cochrane John (University of Chicago)
Coleman John (Duke University)
Constantinides George M. (University of Chicago)
Crain Robert (UC Berkeley)
Culp Christopher (University of Chicago)
Da Zhi (University of Notre Dame)
Davis Morris (University of Wisconsin)
De Marzo Peter (Stanford University)
Dubé Jean-Pierre H. (University of Chicago)
Edlin Aaron (UC Berkeley)
Eichenbaum Martin (Northwestern University)
Ely Jeffrey (Northwestern University)
Eraslan Hülya K. K.(Johns Hopkins University)
Faulhaber Gerald (University of Pennsylvania)
Feldmann Sven (University of Melbourne)
Fernandez-Villaverde Jesus (University of Pennsylvania)
Fohlin Caroline (Johns Hopkins University)
Fox Jeremy T. (University of Chicago)
Frank Murray Z.(University of Minnesota)
Frenzen Jonathan (University of Chicago)
Fuchs William (University of Chicago)
Fudenberg Drew (Harvard University)
Gabaix Xavier (New York University)
Gao Paul (Notre Dame University)
Garicano Luis (University of Chicago)
Gerakos Joseph J. (University of Chicago)
Gibbs Michael (University of Chicago)
Glomm Gerhard (Indiana University)
Goettler Ron (University of Chicago)
Goldin Claudia (Harvard University)
Gordon Robert J. (Northwestern University)
Greenstone Michael (Massachusetts Institute of Technology)
Guadalupe Maria (Columbia University)
Guerrieri Veronica (University of Chicago)
Hagerty Kathleen (Northwestern University)
Hamada Robert S. (University of Chicago)
Hansen Lars (University of Chicago)
Harris Milton (University of Chicago)
Hart Oliver (Harvard University)
Hazlett Thomas W. (George Mason University)
Heaton John (University of Chicago)
Heckman James (University of Chicago - Nobel Laureate)
Henderson David R. (Hoover Institution)
Henisz, Witold (University of Pennsylvania)
Hertzberg Andrew (Columbia University)
Hite Gailen (Columbia University)
Hitsch Günter J. (University of Chicago)
Hodrick Robert J. (Columbia University)
Hopenhayn Hugo (UCLA)
Hurst Erik (University of Chicago)
Imrohoroglu Ayse (University of Southern California)
Isakson Hans (University of Northern Iowa)
Israel Ronen (London Business School)
Jaffee Dwight M. (UC Berkeley)
Jagannathan Ravi (Northwestern University)
Jenter Dirk (Stanford University)
Jones Charles M. (Columbia Business School)
Kaboski Joseph P. (Ohio State University)
Kahn Matthew (UCLA)
Kaplan Ethan (Stockholm University)
Karolyi, Andrew (Ohio State University)
Kashyap Anil (University of Chicago)
Keim Donald B (University of Pennsylvania)
Ketkar Suhas L (Vanderbilt University)
Kiesling Lynne (Northwestern University)
Klenow Pete (Stanford University)
Koch Paul (University of Kansas)
Kocherlakota Narayana (University of Minnesota)
Koijen Ralph S.J. (University of Chicago)
Kondo Jiro (Northwestern University)
Korteweg Arthur (Stanford University)
Kortum Samuel (University of Chicago)
Krueger Dirk (University of Pennsylvania)
Ledesma Patricia (Northwestern University)
Lee Lung-fei (Ohio State University)
Leeper Eric M. (Indiana University)
Leuz Christian (University of Chicago)
Levine David I.(UC Berkeley)
Levine David K.(Washington University)
Levy David M. (George Mason University)
Linnainmaa Juhani (University of Chicago)
Lott John R. Jr. (University of Maryland)
Lucas Robert (University of Chicago - Nobel Laureate)
Luttmer Erzo G.J. (University of Minnesota)
Manski Charles F. (Northwestern University)
Martin Ian (Stanford University)
Mayer Christopher (Columbia University)
Mazzeo Michael (Northwestern University)
McDonald Robert (Northwestern University)
Meadow Scott F. (University of Chicago)
Mehra Rajnish (UC Santa Barbara)
Mian Atif (University of Chicago)
Middlebrook Art (University of Chicago)
Miguel Edward (UC Berkeley)
Miravete Eugenio J. (University of Texas at Austin)
Miron Jeffrey (Harvard University)
Moretti Enrico (UC Berkeley)
Moriguchi Chiaki (Northwestern University)
Moro Andrea (Vanderbilt University)
Morse Adair (University of Chicago)
Mortensen Dale T. (Northwestern University)
Mortimer Julie Holland (Harvard University)
Muralidharan Karthik (UC San Diego)
Nanda Dhananjay (University of Miami)
Nevo Aviv (Northwestern University)
Ohanian Lee (UCLA)
Pagliari Joseph (University of Chicago)
Papanikolaou Dimitris (Northwestern University)
Parker Jonathan (Northwestern University)
Paul Evans (Ohio State University)
Pejovich Svetozar (Texas A&M University)
Peltzman Sam (University of Chicago)
Perri Fabrizio (University of Minnesota)
Phelan Christopher (University of Minnesota)
Piazzesi Monika (Stanford University)
Piskorski Tomasz (Columbia University)
Rampini Adriano (Duke University)
Reagan Patricia (Ohio State University)
Reich Michael (UC Berkeley)
Reuben Ernesto (Northwestern University)
Roberts Michael (University of Pennsylvania)
Robinson David (Duke University)
Rogers Michele (Northwestern University)
Rotella Elyce (Indiana University)
Ruud Paul (Vassar College)
Safford Sean (University of Chicago)
Sandbu Martin E. (University of Pennsylvania)
Sapienza Paola (Northwestern University)
Savor Pavel (University of Pennsylvania)
Scharfstein David (Harvard University)
Seim Katja (University of Pennsylvania)
Seru Amit (University of Chicago)
Shang-Jin Wei (Columbia University)
Shimer Robert (University of Chicago)
Shore Stephen H. (Johns Hopkins University)
Siegel Ron (Northwestern University)
Smith David C. (University of Virginia)
Smith Vernon L.(Chapman University- Nobel Laureate)
Sorensen Morten (Columbia University)
Spiegel Matthew (Yale University)
Stevenson Betsey (University of Pennsylvania)
Stokey Nancy (University of Chicago)
Strahan Philip (Boston College)
Strebulaev Ilya (Stanford University)
Sufi Amir (University of Chicago)
Tabarrok Alex (George Mason University)
Taylor Alan M. (UC Davis)
Thompson Tim (Northwestern University)
Tschoegl Adrian E. (University of Pennsylvania)
Uhlig Harald (University of Chicago)
Ulrich, Maxim (Columbia University)
Van Buskirk Andrew (University of Chicago)
Veronesi Pietro (University of Chicago)
Vissing-Jorgensen Annette (Northwestern University)
Wacziarg Romain (UCLA)
Weill Pierre-Olivier (UCLA)
Williamson Samuel H. (Miami University)
Witte Mark (Northwestern University)
Wolfers Justin (University of Pennsylvania)
Woutersen Tiemen (Johns Hopkins University)
Zingales Luigi (University of Chicago)
Zitzewitz Eric (Dartmouth College)
Here's the letter.
|
|
|