Over at the CBO Director's Blog, discussion centers around the advantages and disadvantages of implementing a capital budget at the federal level [1].  The CBO's director -- Peter R. Orszag -- summarizes a report from CBO that focuses on this proposal.  According to Orszag,

"Such an approach—which would move from the current, primarily cash-based budgeting system to one that relies more on accrual-based accounting—would be similar to private-sector accounting in that it would spread capital costs over the period when benefits are accruing from the investment. [2]"

And over at the Economist Mom blog, there is a great deal of chatter about the gas tax, America's long-term fiscal challenge, and fiscally-responsible tax cuts [3].  This is a brand-new blog from the chief economist of the Concord Coalition -- a Facing Up to the Nation's Finances partner organization, so be sure to check it out. The Hill's Congress blog covers a story from OMB Watch about funding for the wars in Iraq and Afghanistan [4].  Taking issue with the idea that monies allocated for these wars have been secured outside of the normal budget process, OMB Watch says the following:

"So, five years to the month after “mission accomplished,” after half a trillion dollars in war spending through supplementals, maybe it’s time to focus attention on a budget reform proposal that has been circulating in Washington for, well, at least five years. [5]"

And on the same blog, GOP Senator Olympia Snowe takes aim at both Congress and the Bush Administration [6], as she takes issue with the fact that the Social Security Administration has allegedly been deprived of the resources it needs to operate effectively.  According to Sen. Snowe,

"…the Agency has been unable to hire new employees to replace the 10 percent of its workforce that has retired in just the last two years. [7]"

OMB Watch also published a highly useful list of some of the fiscal issues that Congress will be taking on prior to Memorial Day Break [8]. Subjects Congress will be dealing with include: the budget, war funding, taxes, and housing. That's all for today.  Come back soon for more.