Economic Policy Update

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- Following last week's meeting, the economic team thought it would be useful to provide a little greater clarity on areas of shared interest in order to promote better coordination. 1. Stimulus: Many of you asked about how stimulus might interact with other policy objectives. The economic team would welcome suggestions on all areas and in particular this one, but thought it would be helpful to provide the following context for any thoughts. a. The campaign has made a number of explicit statements about stimulus. Our work will be guided by these statements so we have attached them for your information. b. In addition, we have provided some "principles" that will help shape our thinking as we prepare the transition materials. We hope these will help inform any suggestions. They are outlined before the campaign documents. c. There were a number of specific suggestions made at the meeting (e.g., how to coordinate with state governments) where any additional detail would be welcome. d. Finally, some of you mentioned ideas outside the traditional stimulus box (e.g., increasing minimum wage). As mentioned above, we are focused primarily on what the campaign has proposed, but will certainly outline the attractions and concerns of a broader approach. 2. Budget: Just to reiterate, the economic team will not be functioning in pre-OMB mode of making recommendations. Rather it will be laying out the policy options that will confront the new administration. a. Principles guiding our work: 1. Limit expenditures and tax cuts to campaign proposals. We do not anticipate detailing spending options beyond what the campaign proposes. 2. Big picture, not line item: We do not anticipate detailing line item expenditures. Rather, we hope to provide the broad outlines of expenditures, revenues and deficits in order to help frame the major policy decisions. b. Budget items: The transition team's summaries of the campaign positions have been quite helpful, but if any of the policy or agency groups have specific budget information or estimates (expenditures, cost savings opportunities and new revenue sources) please send them to us. We are focused on the 2010 budget, but will also address 2009 appropriations and supplementals. 3. Areas requiring coordination: We would like a contact in each of the following areas and would be grateful to know with whom we should work. Please let us know if there are other areas where close coordination would help a. Health Care: We have already begun to coordinate with the health care team. b. DoD: Given the size of the DoD budget, this is a critical area. c. Technology/Telecom/Innovation: We are focused on the overlap with these areas and have made contact with Julius. d. Transportation/Infrastructure: Relevant to competitiveness and potentially stimulus. e. Labor: There are a variety of important economic/labor issue (e.g., minimum wage, FCA) where we would like to coordinate with the labor team. f. Energy and Environment: We are assuming that any cap and trade proposals will be budget neutral, but want to confirm that assumption. Equally importantly, any proposals would likely have important economic consequences. For both reasons, we want to coordinate closely. 4. Personnel: a. Many of the important economic policies will be implemented through agencies thus making the choices of these agency heads very important. We will coordinate with Federico, Mike and Jamie on these positions. 5. Agency Review: We have spoken with Lisa, Don and Reed about how to coordinate the economic agency and policy work as well as on budget matters more generally. Please let us know if we have forgotten any area of overlap. Thanks, Bill and Josh