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Daily Archives: January 27, 2009

CBO: The State of the Economy and Issues in Developing an Effective Policy Response

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Testimony, CBO, Statement of Douglas W. Elmendorf, Director, The State of the Economy and Issues in Developing an Effective Policy Response before the Committee on the Budget, U.S. House of Representatives, January 27, 2009.

  • “The economy is currently enduring a recession that started more than a year ago. CBO projects that, in the absence of any changes in fiscal policy, economic activity will contract more sharply in 2009 than it did in 2008 and the economy will grow at only a moderate pace in 2010. Under that projection, the shortfall in the nation’s output relative to its potential would be the largest—in terms of both length and depth—since the Depression of the 1930s. Lost output would represent nearly 7 percent of the estimated potential output in both 2009 and 2010—amounting to about $1 trillion in each year—and almost 5 percent of the potential in 2011. Payroll
    employment declined by 2-1/2 million jobs last year, and CBO projects that, without further policy actions, even more jobs will be lost this year. The unemployment rate increased by more than 2 percentage points last year, reaching 7.2 percent, and is projected to peak at above 9 percent early next year.”

  • Related postings on financial system

    • Treasury Provides Funding to Bolster Healthy, Local Banks

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    News release: “The U.S. Treasury Department today announced investments of approximately $386 million in 23 banks across the nation as part of its Capital Purchase Program (CPP), a means to directly infuse capital into healthy, viable banks with the goal of increasing the flow of financing available to small businesses and consumers. With additional capital,… Continue Reading

    Treasury IG Receives Support of Chairman Frank on Transparency and Accountability

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    “House Financial Services Committee Chairman Barney Frank (D-MA) sent a letter today to the TARP Special Inspector General praising him for his work in providing greater transparency for the TARP Program. Frank’s letter…is in response to a letter from Inspector General Barofsky, where the IG stated, “Specifically, we [Treasury Special Inspector General] will be sending… Continue Reading

    DOE OIG: Management Controls over Department's Excess Weapons Inventories and Selected Sensitive Equipment used by Protective Forces

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    Audit Report – Management Controls over the Department’s Excess Weapons Inventories and Selected Sensitive Equipment used by Protective Forces, January 2009. “The Department of Energy (Department) was not always properly managing its excess weapons inventories and and selected high risk/sensitive equipment used by protective forces. Specifically, our testing revealed large inventories of weapons that were… Continue Reading

    Recent CRS Reports: American Recovery and Reinvestment Act, Congress as a Consumer of Intelligence Information

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    January 22, 2009 – Proposed Funding for Education in the American Recovery and Reinvestment Act of 2009 January 16, 2009 – Health Insurance Continuation Coverage Under COBRA January 16, 2009 – Economic Stimulus: Issues and Policies January 15, 2009 – Closing the Guantanamo Detention Center – Legal Issues: “This report provides an overview of major… Continue Reading

    Mapping the Zone: Improving Flood Map Accuracy

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    Mapping the Zone: Improving Flood Map Accuracy, Committee on FEMA Flood Maps; Board on Earth Sciences and Resources/Mapping Science Committee; National Research Council, January 2009. “Federal Emergency Management Agency (FEMA) Flood Insurance Rate Maps portray the height and extent to which flooding is expected to occur, and they form the basis for setting flood insurance… Continue Reading

    Assessing the Impacts of Changes in the Information Technology Research and Development Ecosystem

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    “This report examines changes in the IT R&D ecosystem over the past decade and makes recommendations to strengthen the effectiveness and impact of federally funded information technology research; for the U.S. to remain the strongest generator of and magnet for technical talent; to reduce friction that harms the effectiveness of the U.S. IT R&D ecosystem;… Continue Reading

    CRS Report: Economic Stimulus: Issues and Policies

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    CRS Report – Economic Stimulus: Issues and Policies, January 23, 2009 “Recent policies have sought to contain damages spilling over from housing and financial markets to the broader economy, including monetary policy, which is the responsibility of the Federal Reserve, and fiscal policy, including a tax cut in February 2008 of $150 billion and two… Continue Reading

    Accenture – Leadership in Customer Service Report: Creating Shared Responsibility for Better Outcomes

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    Accenture – Leadership in Customer Service Report: Creating Shared Responsibility for Better Outcomes “In our Leadership in Customer Service research this year, we identified a new imperative for governments to move beyond a focus on the quality of the service transaction to develop a new kind of relationship with citizens. This relationship should foster deeper… Continue Reading