Regulations and Government
Congressional Observer: May 2004
• Trillions, billions and chump-change millions appear to be the common denominations being bandied about in halls of Congress.

• Trillions, billions and chump-change millions appear to be the common denominations being bandied about in halls of Congress. For example, the House of Representatives approved a $2.4 trillion budget resolution that would increase spending by some 7 percent for the military and homeland defense, cut or freeze spending for other agencies and put the brakes on further tax cuts to the benefit of the economy.

The House followed that by approving a $275 billion highway and mass-transit bill by a vote of 357 to 65 that effectively eliminates the chances of a veto by President Bush. The Senate had passed a $318 billion version, and both amounts exceed the $256 billion limit set by President Bush. The Senate and House bills will have to be reconciled.

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