Mike Shedlock

Government Executive reports House passes balanced budget bill.

The House on Wednesday passed legislation that directs President Obama to submit a balanced budget plan to Congress this spring.

Require a Plan Act (H.R. 444) compels Obama to submit a supplemental budget by April 1 if his fiscal 2014 budget blueprint does not include a plan to balance the government’s books. That supplemental budget would outline a long-term deficit reduction strategy and timeline for balancing the budget. The chamber approved the legislation, shepherded by Rep. Tom Price, R-Ga., and the GOP leadership, after debating it Wednesday morning.

The Democratic-controlled Senate is unlikely to take up the bill.

DBA (Dead Before Arrival)

Given the senate will not take the measure up, the bill is nothing more than political grandstanding. Besides, there is not much merit to the idea anyway.

Congress is in control of the budget, so it is up to Congress to present a plan to balance the budget (which, other than Senator Rand Paul, they will not do).

No Delay in Automatic Spending Cuts?

Here's one for the "I hope it's true, but I'll only believe it when I see it category" : Boehner Opposes Delay in Spending Cuts Without ‘Reforms’.

Mike Shedlock

Mike Shedlock is a registered investment advisor representative for Sitka Pacific Capital Management.

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