Category Archives: budget

Why Is This So Damn Difficult?

09 Saturday Jul 2011

Posted by in Afghanistan, budget, economy, Iraq, Medicare, Obama, Politics, Social Security, Taxes, Unemployment, Wall Street

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This is so simple it’s ridiculous. The three major causes of the dramatic increases in debt and deficit are:

1) The Bush, now Obama, tax cuts.

2) The wars in Iraq and Afghanistan.

3) The financial collapse caused by Wall Street greed.

Ending the tax cuts just for those making over $250,000 will bring in $700 billion over 10 years. The wars cost about $140 billion a year. End both and we save $1.4 trillion over the same 10-year period. A financial transaction tax of just one quarter of one percent will result in $150 billion a year, $1.5 trillion over 10. There’s $3.6 trillion over 10 years, which is just about the same amount the debt ceiling dealers are talking about cutting spending. And we haven’t touched Social Security, Medicare, Medicaid, education, etc. Yet none of these three are even on the debt ceiling/spending cut/revenue increases negotiating table. Why?

The American Society of Civil Engineers estimates the cost of repairing our crumbling infrastructure to be $2.2 trillion over 5 years. Do you see where I’m going here? Take the money we’ve saved, not from cutting the safety net out from under our most vulnerable who had nothing to do with the debt explosion and who did not benefit from it, but from the root causes and from those who did.

The result is millions of Americans have jobs. They’re paying income taxes, Social Security taxes, Medicare taxes. They no longer need unemployment, food stamps, or other forms of government assistance. They’re buying stuff, which creates demand for stuff, which creates more jobs, which creates more demand for stuff. And so on, and so on, and so on. Why is this so damn difficult?

But what do we get from our “leaders?” Gobbledegook and gibberish. Like President Obama’s remarks yesterday after the release of the horrible job numbers. Things like streamlining the patent process, advancing more so-called free trade agreements (which costs jobs rather that create them) and this:

“[T]o put our economy on a stronger and sounder footing for the future, we’ve got to rein in our deficits and get the government to live within its means, while still making the investments that help put people to work right now and make us more competitive in the future.

The sooner we get this done, the sooner that the markets know that the debt limit ceiling will have been raised and that we have a serious plan to deal with our debt and deficit, the sooner that we give our businesses the certainty that they will need in order to make additional investments to grow and hire and will provide more confidence to the rest of the world as well..”

Beside the fact that this is straight of the Republican playbook for economic growth, it’s nonsense (but I’m being redundant). Live within our means while making investments? What the hell is that? Give businesses the certainty they need? Businesses don’t need certainty, they need customers. Customers create jobs, not the ever-elusive confidence unicorn. Why is this so damn difficult?

The president’s mouthpiece at the Council of Economic Advisers, Austan Goolsbe offered more of the same:

“Today’s report underscores the need for bipartisan action to help the private sector and the economy grow – such as measures to extend the payroll tax cut, pass the pending free trade agreements, and create an infrastructure bank to help put Americans back to work.  It also underscores the need for a balanced approach to deficit reduction that instills confidence and allows us to live within our means without shortchanging future growth.”

*Sigh* Can’t anybody here play this game?

Shared Sacrifice, 2011 Style

06 Wednesday Jul 2011

Posted by in budget, Medicaid, Medicare, Obama

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In light of this:

“Before Medicare was implemented—as a social-welfare program designed not just to deliver care but to poverty—one in five Americans lived below the poverty line. After the program was implemented, and after related “War on Poverty” initiatives were developed, that number was cut almost in half. Poverty among seniors dropped by two thirds.

Why? Before Medicare, millions of elderly Americans could not afford to buy healthcare. They did not have access even to basic care. When they needed treatment for the inevitable ailments that are associated with aging, they and their families spent down what meager savings that retained and a stumble into poverty soon followed.

Medicare broke the vicious cycle for the elderly, as Medicaid did for disabled Americans and their families. “For more than four decades, Medicare has kept millions of our senior citizens from living out their days in poverty,” explains one of the program’s steadiest champions, Congresswoman Tammy Baldwin, D-Wisconsin.

Medicare continues to serve the purpose for which it was created. Indeed, so much good continues to come of this program—and of Medicaid—that it is difficult to imagine why anyone would seek to dismantle the program.”

What the hell is up with this?

“Obama administration officials are offering to cut tens of billions of dollars from Medicare and Medicaid in negotiations to reduce the federal budget deficit, but the depth of the cuts depends on whether Republicans are willing to accept any increases in tax revenues.

Administration officials and Republican negotiators say the money can be taken from health care providers like hospitals and nursing homes without directly imposing new costs on needy beneficiaries or radically restructuring either program.”

Yeah, right. Now tell me the one about Goldilocks and the bears.

“Before the talks led by Vice President Joseph R. Biden Jr. broke off 12 days ago, negotiators said, they had reached substantial agreement on many cuts in the growth of Medicare, which provides care to people 65 and older, and Medicaid, which covers lower-income people. Those proposals are still on the table when Congress reconvenes this week, aides said, and are serious options that Democrats could accept in exchange for Republican concessions that raise revenues.”

So in exchange for tens of billions of cuts to Medicare and Medicaid Republicans might “concede” on the much over-hyped tax break for corporate jet owners, which amounts to a whopping $300 million a year.

Shared sacrifice, 2011 style.

Army’s $2.7 Billion Computing System Doesn’t Work

06 Wednesday Jul 2011

Posted by in Afghanistan, budget, Iraq, Pentagon

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By all means, let’s keep increasing the Defense budget, especially when it’s spent so wisely and effectively:

“The Army’s $2.7 billion computing system designed to share real-time intelligence with troops fighting in Afghanistan and Iraq has hurt, rather than helped, efforts to fight insurgents because it doesn’t work properly, several analysts who have used the system say.

The analysts’ comments mirror concerns raised by the top military intelligence officer in Afghanistan and members of Congress over the past two years in an unsuccessful bid to get the Army to consider alternatives to its portion of the military’s Distributed Common Ground System, according to documents obtained by POLITICO.

…[A]nalysts say DCGS-A was unable to perform simple analytical tasks. The system’s search tool made finding the reports difficult, and the software used to map the information was not compatible with the search software.

“You couldn’t share the data,” said one former Army intelligence officer who worked in Afghanistan and Iraq.

There were also problems with the hardware, with the system being prone to crashes and frequently going off-line, he and another former Army intelligence officer now working as a contractor in Afghanistan said.

“The laptops are turned on, but it doesn’t work,” the second former officer said. “There’s a lot of bugs in the workflow.”

What happened to this?

“President Barack Obama asked Congress to approve a record $708 billion in defense spending for fiscal 2011, but vowed to continue his drive to eliminate unnecessary, wasteful weapons programs.”

…”Even though the Department of Defense is exempt from the budget freeze, it’s not exempt from budget common sense,” Obama told reporters at the White House.”

The President’s Press Conference

30 Thursday Jun 2011

Posted by in budget, economy, Obama, Politics

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A review of President Obama’s press conference yesterday from one W. Shakespeare: “Sound and fury signifying nothing.” Meaningless rhetoric and duplicity, with a dose of class warfare red meat to stir up the base for the 2012 election thrown in for good measure. And by my reading of the reactions from the Obama faithful in the blogosphere this morning, it worked.

The president mentions “taxing the rich” and his supporters voice their approval with a hearty, “Yeah, it’s about time, go get ‘em.” But he’s not talking about what they’re thinking about. He’s already refused to been forced to not let the Obama Bush income tax cuts expire—twice. If he was serious about deficit reduction, as Willie Sutton once said, that’s where the money is.

The “revenue increases” Obama is referring to are trivial amounts like his oft-repeated slam at the tax break for corporate jet owners. By my count he mentioned this one in particular 4 times yesterday. Eliminating this break will bring in about $300 million in additional revenue–that’s million—a year. I’m not defending the owners of corporate jets by any stretch, but $300 million out of a $1.5 trillion deficit? Talk about a drop in the proverbial bucket.

A couple of the other “revenue raisers” that the White House is floating are an adjustment in the taxation of inventory and an increase in the tax rate on carried interest. The first would bring in about $7 billion a year, the second about two. Add those to the corporate jet tax break and the total comes to around $9.3 billion a year. By comparison, the tab for the war in Afghanistan is somewhere in the neighborhood of $10 billion—-a month.

How many college scholarships would that pay for, Mr. President?

Obama Takes Tax Rate Increases Off the Table

28 Tuesday Jun 2011

Posted by in budget, Congress, economy, Obama, Politics, special interests, Taxes, Wall Street

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From The Hill yesterday:

“The White House, seeking an agreement to raise the nation’s $14.3 trillion debt ceiling by Aug. 2, on Monday said it would not insist that any deal include an end to former President George W. Bush’s controversial tax rates on the wealthy…The White House said the president is pushing the GOP to agree to eliminate some tax breaks for businesses and loopholes for wealthier taxpayers, but is not seeking to eliminate the across-the-board rates introduced by President Bush. That means taxpayers who earn more than $250,000 annually have gotten a reprieve.

Obama still wants to scrap the Bush-era rates, but with time running out on the debt-ceiling talks, he made clear Monday that he has a new range of targets.“

Translation: He’s being “forced” into it—again. Do you get it yet, Democrats? Is it starting to sink in? President Obama doesn’t want to end the Bush Obama tax rates. This makes two–count ‘em two–opportunities he’s had to make good on the smoke he blew during the 2008 campaign about ending the tax cuts. Both times he’s passed. In short, he’s just not that into you. On the other hand, he’s very much into these guys. Wake up and smell the coffee.

Oh sure, there will be some “revenue increases” included in what Dylan Ratigan appropriately calls the “pro wrestling” debt limit negotiations. Appropriate because the outcome is pre-determined, what we see now is just the preliminary theatrics. But like with so many other things the president says—like his creative interpretation of what constitutes “hostilities” for example— you have to carefully parse his words.

There will be “revenue increases” in the form of a few tax breaks ended, a few loopholes closed, and a few fees raised, but nothing that amounts to much in the big picture. Piddling amounts like this:

“Obama’s budget wants $85 billion in new user fees over 10 years, including raising the airline passenger security fee from a maximum of $5 per one-way trip to $11. Other proposals range from Food and Drug Administration food inspection fees to duck hunting fees. The $85 billion also includes federal auction of parts of the broadcast spectrum and the sale of surplus federal property.”

This is also being floated:

“The administration also would tax private equity or hedge fund managers at higher income tax rates instead of lower capital gains rates..”

Yeah, right. President Obama is going to raise taxes on the same guys he sucks up to at $35,000 a plate fundraisers. The same guys he plays kissy-face with to get contributions for his re-election campaign. That’ll be the day.

If you need further evidence of how seriously this whole song and dance is being taken by the powers that be, despite the screams about the alleged financial catastrophe that will happen if an agreement isn’t reached by August 2:

“Complicating matters is the congressional schedule. While the Senate is in session, the House is off this week ahead of the July 4 holiday. The House is scheduled to return next week when the Senate will be away.”

Pro wrestling indeed. The Hulkster would be proud.

It’s All About Priorities

27 Monday Jun 2011

Posted by in budget, economy, Unemployment

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What about this is so difficult to understand? There is work to be done and millions of people are out of work.

“Experts say $2 trillion of infrastructure work is needed just to catch up. The American Society of Civil Engineers (ASCE) Infrastructure Report Card, says a $2.2 trillion investment is needed to bring the country up to current standards. ASCE says, “Years of delayed maintenance and lack of modernization have left Americans with an outdated and failing infrastructure that cannot meet our needs.”

And while our “leaders” fiddle…

“The United States is falling dramatically behind much of the world in rebuilding and expanding an overloaded and deteriorating transportation network it needs to remain competitive in the global marketplace, according to a new study by the Urban Land Institute.

[…]

As Congress debates how much should be spent and where to find the money, China has a plan to spend $1 trillion on high-speed rail, highways and other infrastructure in five years. India is nearing the end of a $500 billion investment phase that has seen major highway improvements, and plans to double that amount by 2017. Brazil plans to spend $900 billion on energy and transportation projects by 2014.”

But then again, infrastructure spending might cut into the Endless War budget, and we can’t have that. Priorities.

Vote to Repeal Health Care Reform Not Meaningless At All

20 Thursday Jan 2011

Posted by in budget, Congress, Conservatives, health care, Politics, Republicans

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My first inclination is to call the Republican vote to repeal health care reform yesterday meaningless, since it’s unlikely to even come up for a vote in the Senate and faces a certain presidential veto even if it did,  but it actually wasn’t meaningless at all. It told us everything we need to know about today’s Republican party. Since they offered no alternative, only a “no” to the current law, the message was loud and clear.

Republicans are in favor of denying coverage to people with pre-existing conditions. Republicans are in favor of Americans going bankrupt because of medical expenses. Republicans are in favor of insurance companies cancelling your policy for any reason, real or imagined, as soon as you get sick. Republicans don’t give a damn about the deficit. Republicans will lie about, distort, and ignore facts and figures that don’t support their positions.

Here it is straight from the horses mouths. Steve King sees the pre-existing conditions provision as a “minor thing”:

“Rep. Steve King (R-Iowa) claimed Wednesday that he wasn’t worried about eliminating the popular preexisting conditions provision of the health care bill through the current GOP effort to repeal the law…This is too many pages, it’s too cluttered, it’s too big an argument to allow it to turn on one or two minor things.”

Phil Gingrey brushes aside the HHS report which says that up to 129 million Americans have a pre-existing condition that would deny them coverage, saying that number must include people with “hangnails and fever blisters” and that “if you believe those statistics, I’ve got a beach I can sell you in Pennsylvania.”

Gingrey is only following his leader. Speaker Boehner on the CBO report which says repealing health care will increase the deficit by $230 billion:

“…Boehner told reporters: “I do not believe that repealing the job-killing health care law will increase the deficit.” The budget experts are “entitled to their opinion,” added Boehner.”

The “job-killing” part of the statement is a distortion of another CBO report on whether or not health care reform would lead to job losses. But Republicans have never been ones to let facts get in the way of a good lie, See “death panels” and “pull the plug on Grandma.”

Paul Krugman gets down to the nitty-gritty:

“The key to understanding the GOP analysis of health reform is that the party’s leaders are not, in fact, opposed to reform because they believe it will increase the deficit. Nor are they opposed because they seriously believe that it will be “job-killing” (which it won’t be). They’re against reform because it would cover the uninsured — and that’s something they just don’t want to do. And it’s not about the money…the modern GOP has been taken over by an ideology in which the suffering of the unfortunate isn’t a proper concern of government, and alleviating that suffering at taxpayer expense is immoral, never mind how little it costs.”

Forecast for the Obama “Compromise”: “Weak Growth, Little Decline in Unemployment”

22 Wednesday Dec 2010

Posted by in budget, economy, Obama, Obama administration, Taxes, Unemployment

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Dean Baker writes at The Guardian:

“The enthusiasm of the US business press for the compromise tax package worked out by President Obama and Republicans in Congress led to a mini-euphoria of upbeat economic projections for 2011. While the economy will do better with this tax package than if no deal were forthcoming, much of the discussion has exaggerated the potential stimulus to the economy.

First, it is important to remember that although the total package is scored as costing almost $900bn over two years, almost everything in this package simply leaves in place current tax rates and spending. The biggest portion of the tax cut continues the tax rates put in place by President Bush in 2001. The continuation of these tax cuts, including a lower estate tax rate, accounts for almost $400bn of the $900bn.

Adding in the cost of a technical fix to the Alternative Minimum Tax, which is done every year, and the continuation of a series of smaller tax breaks, brings the total to $670bn. This portion of the package buys exactly zero stimulus, since it simply amounts to continuing tax policies already in place. Had these tax breaks not continued, it would have been a drag on growth, but their continuation does not provide any additional momentum to the economy. The $60bn cost of extending unemployment insurance for another year can also be put in this category.

The only net stimulus in this package comes from replacing the $60bn Making Work Pay tax credit in 2011 with a $110bn reduction in the payroll tax and the allowance full expensing of new investment. The latter is projected to cost $55bn a year for the next two years. The full expensing in this deal replaces a provision of the 2009 stimulus package that provided for 50% expensing, which means that the net boost to the economy is half this size.

In sum, the net stimulus for the economy from this package in 2011 will be in the range of $70bn, or about 0.5% of GDP. This is not likely to provide a substantial boost to growth.

While the tax deal will be a net positive to growth for 2011, there are many other factors that are pushing in the opposite direction. First, much of the spending in the original stimulus package will be coming to an end in the first two quarters of 2011. This includes both infrastructure spending for projects that will be nearing completion, and also assistance to state governments that allowed them to better weather difficult fiscal times.

State and local governments continue to face large budget shortfalls. They are finding it increasingly difficult to paper over their budgetary gaps (most state and local governments are required to run balanced budgets), and will have to resort to further cutbacks and tax increases in the year ahead.

House prices are once again falling, with the most recent data showing an 8.5% annual rate of decline. This pace is likely to accelerate in the months ahead. The housing market had been supported through the first half of 2010 by a first-time buyers’ tax credit. This had the effect of pulling many purchases forward from the second half of the year or 2011. As a result, sales have fallen by almost one third. As inventories build up again, many homeowners will be forced to make substantial price cuts to sell their houses.

Declining house prices will be another blow to consumption as homeowners recognise that they have lost even more wealth than their had previously believed. The current pace of decline implies a loss of more than $1tn in wealth over the course of a year. The actual loss of wealth could easily be twice as large if the rate of price decline accelerates.

Another factor depressing consumption is the recent bump in interest rates. While interest rates are still extremely low in both real and nominal terms, the current 10-year Treasury rate is close to a full percentage point above the lows hit in the late summer. This rise in interest rates will bring to an end the wave of mortgage refinancing that had helped to free up tens of billions of dollars for consumption. Relatively few homeowners will see much gain in refinancing at current mortgage rates.

It is also important to recognise just how slow the underlying rate of growth in the economy actually is. Most analysts have highlighted the overall GDP growth figure. But this number has been inflated over the last year by a rapid build-up of inventories. Over the last four quarters, GDP growth averaged 3.2%. However, final demand growth averaged just 1.3% over this period. In the most recent quarter, inventories were accumulating at almost the fastest rate on record. It is unlikely that the rate of inventory accumulation will accelerate further. Rather, the rate is likely to slow – meaning that inventories will be a net drag on growth in coming quarters.

In sum, there is every reason to expect that 2011 will be another year of weak growth, with little, if any, decline in the unemployment rate. The economy will be somewhat stronger as a result of this tax package being put in place, compared to a scenario in which nothing was done, but this is very far from the fabled “second stimulus” that some are acclaiming.”

Deficit Peacocks, Debt Ceilings, and Indefinite Detention

22 Wednesday Dec 2010

Posted by in budget, Congress, Constitution, economy, financial regulation, health care, Obama, Obama administration, Politics, Taxes, Unemployment, war on terror

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In a January 20 article at the Center for American Progress, Michael Linden differentiated between those who are serious about addressing our fiscal problems–the deficit hawks–from those who posture and preen about it—the deficit peacocks. Here’s how he defines a peacock:

“Deficit peacocks like to preen and call attention to themselves, but are not sincerely interested in taking the difficult but necessary steps toward a balanced budget. Peacocks prefer scoring political points to solving problems.”

This is one of Linden’s ways to spot a peacock:

“…people who now claim to be concerned about our fiscal future even though they recently supported massive budget-busting legislation…When someone supports a deficit commission one day and votes to use another $100 billion of red ink on tax cuts for the rich the next, it is perhaps an indication that his or her commitment to real deficit reduction leaves something to be desired.”

Cases in point:

“Sens. Saxby Chambliss (R-Ga.) and Mark Warner (D-Va.) on Monday said they will introduce a bill early next year based on the report from President Obama’s deficit commission.

Warner and Chambliss have been meeting with a group of 18 senators on finding a way to balance the budget, and said they have concluded the debt commission’s proposal is the best basis for bipartisan talks.”

The rest of the “Gang of Eighteen”:

“Roger Wicker (R-Miss.), Jon Tester (D-Mont.), Mike Johanns (R-Neb.), Ron Wyden (D-Ore.), Mike Crapo (R-Idaho), Kay Hagan (D-N.C.), Jim Risch (R-Idaho), Mark Udall (D-Colo.), Lamar Alexander (R-Tenn.), Michael Bennet (D-Colo.), Bob Corker (R-Tenn.), Jean Shaheen (D-N.H.), Amy Klobuchar (D-Minn.), Bill Nelson (D-Fla.), Dianne Feinstein (D-Calif.) and Mark Begich (D-Alaska).”

Fifteen of the eighteen, including both Chambliss and Warner voted for the tax cut extension last week. Only Wyden, Hagan, and Mark Udall have any credibility here. The rest are peacocks.

The vehicle Chambliss and others plan to use to get their desired spending cuts are negotiations over raising the debt ceiling limit (aka the next hostage situation), another can kicked down the road yesterday with passage of a Continuing Resolution to fund the government through March 4.

“Chambliss said on the call that an impending vote in Congress to raise the government’s debt ceiling…will be an important turning point. “It gives us a deadline to look to from the standpoint of getting some meaningful decisions mad …If we can use that as leverage that’s an ideal scenario,” Chambliss said.”

Ezra Klein has more on what this could mean for the future of health care reform and financial regulation reform:

“The good news is that law will keep the government’s lights on until early March. The bad news is that the law does it by extending 2010’s funding resolution — and that resolution didn’t include provisions for implementing the bills that were passed as the year went on.

…this is bad news for the health-care bill and the financial-regulation bill. There’s been a tendency to assume that the universe of options for passed legislation was binary: Either they went forward, or they get repealed. But with an angrily divided government, we may find ourselves in that little-known middle category: The Republicans can’t repeal them and the Democrats can’t fully fund them, and so rather than simply going forward, they limp forward.”

Klein doesn’t address it, but another question would be what does this does to unemployment benefits? Could the 13 month extension become 3? I guess we’ll find out in March.

Finally, this is what’s so confounding and confusing about the Obama administration. They take one step forward, with the repeal of Don’t Ask Don’t Tell, and then take two steps backward with this:

“The White House is preparing an Executive Order on indefinite detention that will provide periodic reviews of evidence against dozens of prisoners held at Guantanamo Bay, according to several administration officials.

The draft order, a version of which was first considered nearly 18 months ago, is expected to be signed by President Obama early in the New Year. The order allows for the possibility that detainees from countries like Yemen might be released if circumstances there change.

But the order establishes indefinite detention as a long-term Obama administration policy and makes clear that the White House alone will manage a review process for those it chooses to hold without charge or trial.

Nearly two years after Obama’s pledge to close the prison at Guantanamo, more inmates there are formally facing the prospect of lifelong detention and fewer are facing charges than the day Obama was elected.”

*Sigh*

A “Good Deal” For Who?

18 Saturday Dec 2010

Posted by in budget, Congress, economy, Obama, Politics, Taxes, Unemployment

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Now that President Obama’s “good deal” has been signed, sealed, and delivered thanks to the warm and fuzzy “spirit of compromise” floating around D.C. this holiday season, let’s take a look at who got goodies in their Christmas stocking and who got a lump of coal.

Republicans went into the lame-duck session with a letter to Majority Leader Reid, signed by all 42 Republican senators, stating that “any bill brought up before votes to extend the Bush-era tax cuts and a stop-gap funding bill to keep the government operating will be filibustered.” Those were their two main objectives—tax cut extension and stop-gap funding. They went two for two. As a bonus they also got a lower than expected estate tax.

The president gave them the first, after being, ahem, “forced” into it. Just as an aside, does anyone else find it strange that the tax cut extension got more votes in a Democratic-controlled House that the original Bush tax cuts did in a Republican-controlled one in 2001, 277–-240? But I digress.

Reid gave them the second on Thursday after another episode of Lucy and the football in which Republicans (surprise, surprise) reneged on their support for the omnibus spending bill. The result will likely be a short-term continuing resolution lasting a couple of months. At which time Republicans will control the House and demand ransom for their next “hostage”—the debt ceiling limit. Dave Dayen at Firedoglake:

“Republicans will have a chance in February of next year to set spending levels…And if anyone thinks that the result will not be a slashing of vital social safety net spending, take a look at how Reid folded last night, trading other priorities. The “stimulus” from the tax cut deal is GONE. It’ll be gone by February, at least. Republicans are fulfilling the Norquistian promise of lowering taxes massively, and then using that lack of revenue as a pretext to cut social spending. That’s what’ll happen in February. And the debt limit vote provides just another opportunity.”

But, as Laura Bassett at the Huffington Post points out, the cuts to safety net spending won’t have to wait until Republicans take over the House. Along with the working poor and the 99ers, there were others stiffed by the grand compromise:

“…federal funds for the Temporary Assistance For Needy Families (TANF) program have entirely dried up for the first time since 1996, leaving states with an average of 15 percent less federal funding for the coming year to help an ever-increasing number of needy families.

TANF, the federal program that replaced welfare under the Clinton Administration, provides a lifeline for families and workers who have exhausted all of their unemployment benefits. According to a new report by the Center for Budget and Policy Priorities, “more homeless families will go without shelter, fewer low-wage workers will receive help with child care expenses, and fewer families involved with the child welfare system will receive preventive services” now that Congress has passed legislation that will end funding for the TANF Contingency Fund in 2011.”

Other parts of this “deal” are that the GOP will supposedly allow the passage of DADT repeal and START. Don’t be surprised if Lucy makes another appearance before that gets done. Republicans also promised to allow the confirmation of four of President Obama’s nominees to the federal bench. Four out of 38.

What shrewd traders.