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AAES Fast Facts
February 8, 2002
February 8, 2002
Editor, Tom Price
February 8, 2002
WASHINGTON UPDATE
Democratic lawmakers wasted no time protesting the tax cuts and reduced spending for domestic programs proposed in the $2.13 trillion fiscal 2003 budget that President Bush sent to Congress.
While Bush's budget proposals to boost spending for homeland security and the war against terrorism drew no complaints, leading Democrats attacked the budget submission for reviving deficit spending and calling for cuts in highways, water projects, job training and other programs.
"The president's budget will put us further into deficit, use money from the Social Security and Medicare trust funds that both parties called off-limits, and cut education, health care, skills training, and rural programs," said House Minority Leader Richard A. Gephardt. The proposal, which officially kicks off what is expected to be an especially contentious budget process, also proposes $591 billion in tax cuts over the next decade to boost economic growth.
The result on the bottom line would be an $80 billion budget deficit next year, following on the heels of this year's projected $106 billion shortfall. Sen. Edward M. Kennedy, D-Mass., reiterated his call to roll back planned tax cuts already put into law last year. "We cannot now afford the entire tax cut without ignoring critical National needs," he said.
The Defense Department would be the biggest winner under the budget proposal, in line for a $48 billion increase. Homeland security spending would nearly double to $37.7 billion, with much of the money intended to improve aviation security and prepare for bioterrorism attacks.
"My budget provides the resources to combat terrorism at home, to protect our people and preserve our constitutional freedoms," Bush said in his budget message to Congress. He also promised a "bold agenda for government reform."
Some programs would not fare nearly so well. The administration proposes a $9 billion cut in highway spending, reductions in Army Corps of Engineers water projects and cuts in education and health projects.
Overall discretionary spending would increase by 8 percent over this year's level to a total of $773 billion. But spending outside of defense and homeland security would grow by 2 percent.
Bush proposed tax cuts totaling $591 billion over 10 years, including the $344 billion cost of the first two years of a permanent extension of last year's tax-cut package (HR 1836 - PL 107-16) that is now scheduled to expire at the end of 2010.
Bush also proposed new tax relief for corporations and higher-income individuals as part of his plan to stimulate the economy. The president would also generate $1.2 billion in new revenue by opening a portion of Alaska's Arctic National Wildlife Refuge to oil exploration.
In other Congressional activities, both Congress and the Administration are focused on Enron and Andersen contracts. The White House on Friday ordered a review of $70 million worth of federal contracts with Enron Corp. and the Arthur Andersen accounting firm. www.usatoday.com
The chairman of the House Committee on Education and the Workforce said today he will introduce legislation soon that will mirror President Bushís proposed changes to pension laws. The legislation to be introduced by John A. Boehner, R-Ohio, would allow employees to sell employer-provided stock in their own companies after three yearsí participation in a 401(k) plan and would restrict executivesí ability to sell company stock during ìblackoutî periods, when employees are unable to sell the stock in their 401(k) plans. At a committee hearing today, ranking Democrat George Miller, Calif., quizzed Cindy Olson, Enronís director of human resources, on why she didnít alert the companyís retirement plan administrative committee after former Enron vice president Sherron Watkins told her the company ìcould implode in a wave of accounting scandals.î Olson explained that Watkins had told her she wasnít sure her suspicions were correct. Olson said she then set up a meeting between Watkins and former CEO Kenneth L. Lay.
Congressional party whips and outside interest groups are mounting an 11th-hour pressure campaign in a bid to influence the Feb. 13 House showdown on campaign finance legislation (HR 2356) sponsored by Christopher Shays, R-Conn., and Martin T. Meehan, D-Mass
Society Updates
AIChE
Energy policy is heating up once again on Capitol Hill.
The designation of Yucca Mountain as the site for the nation's spent nuclear fuel is sparking heated debate, and the announcement of the President's Freedom Car Program highlighting fuel cell technology is shaping up to be the Administration's response to the Kyoto agreement.
Can you afford to miss AIChE's Critical Issues Series on Energy and a Sustainable Planet? These topics will be explored in depth by policy drivers in the public and private sectors -- don't miss this opportunity to get the information firsthand! To find out more information and to register go to http://www.aiche.org/conferences/spring/criticalissues/.
ASME
ASME HOSTS MARYLAND TECHNOLOGY SUMMIT
Over 230 leaders from government, industry, and academia convened in Annapolis earlier this week to discuss the challenges and opportunities associated with technology-based entrepreneurship in the state. The Fifth Annual State of Technology in Maryland Summit was co-sponsored by ASME Government Relations and Region III, Technology Council of Maryland, Greater Baltimore Technology Council, and the Johns Hopkins Institute for Policy Studies. Dr. Schlomo Carmi, Vice President, Engineering Education for ASME and Dean of Engineering at the University of Maryland Baltimore County, joined Casper Taylor, Speaker of the Maryland House and Mike Miller, President of the Senate, in giving welcoming remarks. Other featured speakers included Maryland Senators Paul Sarbanes and Barbara Mikulski. For more information, contact Reese Meisinger at meisingerr@asme.org. Information regarding the program and select speaker handouts are located at http://www.asme.org.gric.
A DAY AT THE CAPITOL HELD IN CALIFORNIA
On February 5, over 30 California members of ASME and ASCE gathered at the Hyatt Regency Sacramento for Region IXís 5th Annual Day at the Capitol, and discussed energy, transportation, and engineering licensing issues affecting California. The programís speakers included California State Senator Joseph Dunn, California State Assemblyman John Campbell, and Mr. James Roberts, Former Caltrans Deputy Director. After the program ended, participants met with the Chairman and Ranking Members of the appropriate committees of jurisdiction, as well as their individual representatives.
For more information on the event, please contact Melissa Murray at murraym@asme.org.