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Out would go requirements for audits of corporate financial controls, and for corporate executives to certify their financial statements are accurate, among other things.
Out would go requirements for audits of corporate financial controls and for corporate executives to certify that their financial statements were accurate, among other things.
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This "pay as you go" requirement has discouraged Congress from creating new entitlements.
The compromise reached Tuesday would impose that "pay as you go" requirement for one year while exempting three popular elements of last year's big tax-cutting package that are scheduled to expire at the end of this year.
Utilities and energy companies applauded, particularly because the power plant cleanup would allow trading of credits earned by companies that find ways to go beyond requirements.
Standards should not be prohibitive and go beyond requirements for the original data analysts.
But the moderates have thus far insisted that any agreement include pay-as-you-go requirements, and it is unclear whether they were closely consulted by the negotiators.
The Senate narrowly voted to include the pay-as-you-go requirements in its budget resolution, with Democrats and a handful of moderate Republicans backing them.
"The government needs to restore and strengthen the federal budget process by, among other things, enacting statutory pay-as-you-go requirements for both spending and revenues," said the letter, which was signed by Senator Max Baucus, Democrat of Montana, as well as Senator John McCain, Republican of Arizona, and Senator Lindsey Graham, Republican of South Carolina.
In the new rules they authored, Republicans exempted budget-busting items like health care repeal from their own pay-go requirements, and they took the budget-writing process behind closed doors, consolidating it in their own hands.
The 2010 White House budget proposal included a large payroll tax swap: using about $500 billion in cap-and-trade revenues over 10 years to make MWP permanent (Blue Dog Democrats nixed that in favor of pay-as-you-go requirements, and now MWP is unlikely to be extended for 2011).
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