Now that the Congressional Budget Resolution has passed, there has been a lot of talk about how the reconciliation instructions included in the resolution will make it easier for a health care reform effort to pass.  Particularly since the mechanics of reconciliation provide for a simple majority vote for approval -- instead of the 60 votes that might be needed to overcome a filibusterer in the Senate.

Listening to President Obama’s weekly address on Saturday was a rollercoaster experience for me. At times, I was lifted by his message of fiscal discipline. At other times, I was depressed by his unwillingness to connect fiscal discipline with politically difficult choices.

It started out well with the President’s observation that “the cost of confronting our economic crisis is high. But we cannot settle for a future of rising deficits and debt that our children cannot pay.”

In line with the trend of civic-engagement and activism among youth, students at The University of Pennsylvania are gearing up for a federal finance awareness week to bring focus to our ever deepening fiscal hole. This isn't the first time we've seen motivated students who understand the stakes, impress their peers and silence the skeptics, but this is the latest example of why I'm proud to work with my generation.  

As we previously noted, President Obama released the outline of his first budget at the end of February.  Those details have been scored by the Congressional Budget Office and included in the March update to their Budget and Economic Outlook.

As you recover from what was hopefully a fun-filled St. Patrick's Day, it might be helpful if I were able to convert our latest issue brief into a fun, bite-sized and easily digestible, bullet list of the most interesting things we found in President Obama's first budget submission to Congress.

The House of Representatives voted today to pass an $819 billion stimulus package. Attention now turns to the Senate debate and vote, and then to reconciling the two chambers' versions.

Although I.O.U.S.A. was not graced with the honor of an Oscar nomination this morning, the movie's power and message is undeniable. The filmmakers did a great service to the issue of fiscal responsibility and the country's dialogue about generational stewardship. 

Today’s Washington Post contains a very welcome front-page headline, “Obama Pledges Entitlement Reform.” The article explains that President-elect Obama plans to convene a fiscal responsibility summit in February. According to the Post story:

There’s news from the Treasury Department today (monthly Treasury statement) on the federal budget deficit for the first quarter of fiscal year 2009 (i.e., 4th quarter of calendar year 2008). I guess this is what a year headed for a (way?-)more-than-a-trillion-dollars deficit looks like; AP reports:

Fresh off its appearance as one of five documentaries competing for a Critics Choice Award last night, I.O.U.S.A. will air on CNN two times this weekend.