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Daily Archives: October 6, 2008

CBO: The Cyclically Adjusted and Standardized Budget Measures

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The Cyclically Adjusted and Standardized Budget Measures, October 2008

  • “In September 2008, the Congressional Budget Office (CBO) released its most recent baseline projections of federal revenues, outlays, and budget balances for the next 10 years. Those projections are subject to procedures under which CBO assumes the continuation of current laws and policies affecting taxes and mandatory programs and extrapolates the growth of discretionary spending by using projected rates of inflation. According to CBO’s projections, under current tax and spending policies, the budget deficit would increase from $161 billion in 2007 to $407 billion in 2008 and $438 billion in 2009. Measured relative to the size of the economy—that is, as a percentage of gross domestic product, or GDP—the deficit would be 2.9 percent of GDP in 2008 and 3.0 percent
    in 2009.”

    • NABE Panel Sees More Near-Term Weakness, but Still Expects a 2009 Upturn

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    National Association for Business Economics news release: “Business economists have become more negative on the economic outlook for the next several quarters as a result of the tightness in credit markets and weakness in consumer spending, expecting growth to stall in the fourth quarter,” said Chris Varvares, NABE President-elect and president of Macroeconomic Advisers. “If… Continue Reading

    Inclusion of Information Sharing Performance Evaluation Element in Employee Performance Appraisals

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    “Federal Employee Appraisals to Include Information Sharing: PM-ISE and the Office of Personnel Management Release Guidance on Information Sharing Elements for Performance Appraisals. The Information Sharing Council includes the Central Intelligence Agency; Federal Bureau of Investigation; departments of Defense, Energy, Homeland Security, Justice, State and Transportation; and the offices of the Director of National Intelligence… Continue Reading

    Examining the Causes of the Credit Crisis of 2008 Minority Staff Analysis

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    Republican Members of the House Committee on Oversight and Government Reform, Examining the Causes of the Credit Crisis of 2008 Minority Staff Analysis, October 6, 2008 “The current credit crisis is a complex phenomenon with its roots in a number of places involving a myriad of people and institutions. Key players and institutions include Members… Continue Reading

    Hearing on Causes and Effects of the Lehman Brothers Bankruptcy

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    The Oversight and Government Reform Committee held a hearing today to examine the regulatory mistakes and financial excesses that led to the bankruptcy filing by Lehman Brothers. The following witnesses have testified: Dr. Luigi Zingales (Oral and Written Testimony), Professor of Finance, University of Chicago Dr. Robert F. Wescott, President, Keybridge Research LLC Nell Minow,… Continue Reading

    Board announces that it will begin to pay interest on depository institutions' required and excess reserve balances

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    News release: “The Federal Reserve Board on Monday announced that it will begin to pay interest on depository institutions’ required and excess reserve balances. The payment of interest on excess reserve balances will give the Federal Reserve greater scope to use its lending programs to address conditions in credit markets while also maintaining the federal… Continue Reading

    Subcommittee Report Finds CDC Has Failed to Protect the Public Health

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    News release: “Today, the House Committee on Science and Technology Subcommittee on Investigations and Oversight released a staff report that details the Agency for Toxic Substances and Disease Registry’s (ATSDR) handling of its response to high levels of formaldehyde in travel trailers provided by the Federal Emergency Management Agency (FEMA) to survivors of Hurricanes Katrina… Continue Reading

    IUCN Red List Reveals World’s Mammals in Crisis

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    International Union for Conservation of Nature and Natural Resources: “The most comprehensive assessment of the world’s mammals has confirmed an extinction crisis, with almost one in four at risk of disappearing forever, according to The IUCN Red List of Threatened Species™, revealed at the IUCN World Conservation Congress in Barcelona. The new study to assess… Continue Reading

    BirdLife International (2008) State of the world’s birds: indicators for our changing world

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    Cambridge, UK: BirdLife International: “…our data show that the state of the world’s biodiversity, as reflected by its 9,856 living bird species, continues to get worse, and that, if anything, this deterioration is accelerating, not slowing. Moreover, while governments have made copious verbal commitments to conserving biodiversity and safeguarding the environment, the resources available for… Continue Reading

    GPO Launches Congressional Reports Browse Feature

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    Congressional Reports: Browse – “To browse a current catalog of congressional reports available on GPO Access, click on the link for the appropriate Congress and session below. Catalogs are available for the 110th Congress. Links are included with each congressional report listed in the catalog, which retrieve the text of the corresponding document as an… Continue Reading

    Enforceability of Certain Agreements Between the Department of the Treasury and the Government Sponsored Enterprises

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    Department of Justice, Office of Legal Counsel: Enforceability of Certain Agreements Between the Department of the Treasury and the Government Sponsored Enterprises, (September 26, 2008) (added 10/02/08) “Under the Agreements, following a payment default by a GSE with respect to any Holders, and in the event Treasury fails to perform its obligations to either of… Continue Reading