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Tracking wild pork: Stevens spending snafu.


LAST APRIL April: see month.  two senators, Republican Revolution holdout Tom Coburn (R-Okla.) and Democratic wunderkind wun·der·kind  
n. pl. wun·der·kin·der
1. A child prodigy.

2. A person of remarkable talent or ability who achieves great success or acclaim at an early age.
 Barack Obama (D-Ill.), introduced the Federal Funding Accountability and Transparency Act. The bill creates a publicly accessible database of congressional spending on about $1 trillion worth of earmarks, grants, contracts, and loans. It's pork on parade, conveniently indexed and made available with a "Google-like search engine."

Things were chugging along fine, with a nice list of co-sponsors including Hillary Clinton (D-N.Y.) and John McCain (R-Ariz.), when someone put a "secret hold" on the bill, stopping it dead. The secret hold, also known as a procedural hold, is a senatorial courtesy members can use to anonymously stall a bill they'd rather not see come to the floor.

It took a coalition of intrepid citizen-journalists to discover the source of the hold-up, but the culprit, smoked out by bloggers, surprised no one: Sen. Ted Stevens, the Alaska Republican most famous for his Bridge to Nowhere, constructed out of $233 million in federal funds Federal Funds

Funds deposited to regional Federal Reserve Banks by commercial banks, including funds in excess of reserve requirements.

Notes:
These non-interest bearing deposits are lent out at the Fed funds rate to other banks unable to meet overnight reserve
.

Despite Stevens' efforts, the bill became law in September. When finally called out on his use of the secret hold, Stevens said he was worried about possible bureaucratic snafus in implementation and wanted to wait for a cost-benefit analysis cost-benefit analysis

In governmental planning and budgeting, the attempt to measure the social benefits of a proposed project in monetary terms and compare them with its costs.
. That's an odd explanation, given that the Congressional Budget Office The Congressional Budget Office (CBO) is responsible for economic forecasting and fiscal policy analysis, scorekeeeping, cost projections, and an Annual Report on the Federal Budget. The office also underdakes special budget-related studies at the request of Congress.  released such an analysis in early August. Others might see a different reason for Stevens' obstruction: Since 1999 Alaska's congressional delegation has brought home more than $3 billion in federal earmarks. The state has ranked No. 1 in pork per capita [Latin, By the heads or polls.] A term used in the Descent and Distribution of the estate of one who dies without a will. It means to share and share alike according to the number of individuals.  since Citizens Against Government Waste began calculating the statistic in 2000, sucking up $489.87 in pork per resident in 2006.
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Title Annotation:Citings
Author:Mangu-Ward, Katherine
Publication:Reason
Date:Dec 1, 2006
Words:276
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