Barely sixty days after its establishment, the Troubled Asset Relief Program (TARP) is itself, well, in big trouble.
The “Not-So-Big Three” Beg for a Bailout
The so-called “Big Three” domestic automakers, General Motors, Chrysler, and Ford have kicked into overdrive to lobby Congress to salvage what is left of their business operations using taxpayer funds. General Motors, which has entered negative cash-flow territory, is widely predicted to go belly-up unless it receives massive infusions of money. Analysts predict that GM’s demise would drag the other two down as well. After two days of contentious hearings on Capital Hill on November 18 and 19, auto executives departed without a deal and, at least for now, Congress has slammed the brakes on a straight bailout. Instead, lawmakers have tasked automakers with furnishing a detailed plan for long-term industry “viability and sustainability” before any legislative action is taken.
Medicare Fraud: Not a New Story
Just before the August congressional break, I was asked to testify before a forum on Medicare fraud that was chaired by Sen. Mel Martinez (R-Fla.) and Sen. John Cornyn (R-Texas). Sen. Martinez introduced S. 3164, the Seniors and Taxpayers Obligation Protection Act (STOP) of 2008, a bill that does several things to address the continuing problem of out-of-control fraud in the Medicare program.
“Emergency” Supplementals
“Hope for the best, but plan for the worst” is the approach most Americans try to take when it comes to setting aside funds for a rainy day. For the government, however, national emergencies, and the supplemental appropriations bills that tend to accompany these emergencies, have become just another excuse to spend money on non-emergency, routine projects and favored pork-barrel items that failed to win funding through the normal appropriations process.
Earmarks Invade DC
An op-ed in the May 17 Washington Post by Colbert King showed that earmarks know no boundaries. King cited $56 million in projects in the District of Columbia’s budget that were “initiated and approved by the [city] council without extensive executive branch review.”
What’s In Your Wallet? Free Goodies Courtesy of Taxpayers
In an audit of federal employees’ use of credit cards, the Government Accountability Office (GAO) found some shocking charges with a debatable relationship to necessary costs. For example, during more than 15 consecutive months between 2004 and 2006, a U.S. postmaster charged $1,100 to two Internet dating services, and faced no disciplinary action for the fraudulent transactions. For nearly six years, a Department of Agriculture employee charged more than $642,000 to her government account, covering expenses ranging from car loans to gambling.
Coconut Road Outrage
An update on the ongoing drama associated with what CAGW has dubbed “the immaculate earmark.”
Murtha Named Porker of the Year
After weeks of voting, Citizens Against Government Waste (CAGW) announced the final results of its online poll for the 2007 Porker of the Year. Rep. John “Jack” Murtha (D-Pa.) won in a landslide victory. The veteran porker received 63.4 percent of the vote. A distant second, Rep. Don Young (R-Alaska) received 10.6 percent, while Sen. Blanche Lincoln (D-Ark.) came in with 9.9 percent, Rep. James Clyburn (D-S.C.) had 6.7 percent, and Sen. Richard Shelby (R-Ala.) and Rep. James Oberstar (D-Minn.) both finished up with 4.1 percent. The finalists were chosen by CAGW staff from among the 12 Porker of the Month winners for 2007.
Moran-ic Statements
Rep. James “Jim” Moran (D-Va.), a member of the House Defense Appropriations Subcommittee, has threatened to play politics with the defense bill following President Bush’s promise to veto any bill that does not cut the cost and number of earmarks in half. “Defense is the only bill where we’re going to give him anything he wants. And because that’s the one he wants, it’ll be full of earmarks and he’s not going to issue a peep about that,” Moran said, according to CQ Today on January 29, 2008, the day after President Bush issued the veto threat during the State of the Union address.
Three Coins in a Fountain
When one tosses a coin into a fountain it is customary to make a wish. The wish could be as substantial as, “I wish for the winning numbers to the lottery,” or it could be as elusive as “I wish for cancer to be cured.” Until the budget for the fiscal year of 2009 was drafted, never before has a wish dictated the potential use of the discarded currency.