What Is the Mid-Session Review?

Friday, August 21, 2009 11:30 AM by Mattie Duppler

You may or may not have heard that ATR is waiting on some numbers from the President. During the round of budget-busting appropriations bills getting pushed through the house, ATR called on congress not to commit to anymore spending until the President releases his  Mid-Session Review numbers, which would detail what kind of shape the American economy is in.

Keith Hennessey has a great piece up at Real Clear Politics that explains the Mid-Session Review numbers, why they are important and what we should be looking for in the President’s report. From his article:

Over the past two decades the U.S. government averaged a deficit of 1.9% of GDP.  Current deficits are four to six times larger than average.  These are dangerously high levels.  Deficits this year and next are abnormally large primarily because of the fiscal policy actions taken by the government last Winter:  the $700 billion TARP (Trouble Asset Relief Program) and the fiscal stimulus law, which will increase deficits by $787 billion spread out over several years.  

CFA is also waiting with baited breath on what the President will have to say about our limping economy. We will post our take on them here as soon as they come in (which is expected to be sometime over the next week, but it’s hard to know). Until then, check out our take on the economy in this year’s

Cost of Government Day

report. 

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