OMB Prioritizes Cyber, COVID Tech For New TMF Payback Model Feverpitched/iStock.com
email May 4, 2021
Officials urged agencies to pitch projects that focus on hack cleanup, COVID-19 response or economic recovery by June 2 for maximum repayment flexibility from the Technology Modernization Fund.
The federal agencies managing a central fund for loaning money to other agencies to upgrade aging IT a fund that just received $1 billion from Congress as part of the second COVID-19 stimulus package released an outline Tuesday updating priorities and making fundamental changes to how the fund works.
The Technology Modernization Fund was created as part of the 2017 Modernizing Government Technology Act, or MGT Act, envisioned as a self-sustaining fund that would loan money for projects with wide potential impact and a solid return on investment that would replenish the fund on a three- to five-year cycle.
Joe Biden as popular as top Republican officeholders in Texas, UT/TT Poll finds
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Cradle-to-Grave Stimmy: How We Got Here
You would think that knuckleheads like Senate GOP Leader Mitch McConnell would finally wake up. Last night the biggest spender since LBJ and FDR combined laid-out Part 3 of a $6 trillion in 100 days spending spree – which comes on top of the Donald’s $4 trillion fiscal bacchanalia last year. Yet the bond vigilantes barely wiggled their small toe.
Indeed, at 1.65%, the 10-year UST is still buried deep below the running inflation rate, which rate itself is on the verge of liftoff.
Still, today’s negative 50 basis point real yield on the benchmark UST is only the culmination of a 30-year campaign by the Greenspan Fed and his heirs and assigns to destroy honest price discovery in the bond pits on the misbegotten theory that cheap debt fosters growth, prosperity and wealth.
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Did you listen to the President’s speech last Wednesday? He addressed a joint session of Congress to pitch the Administration’s $1.8 trillion American Families Plan. Due to COVID-related restrictions, there were only about one hundred elected officials present in the House Chamber;[i] other invited guests brought the total in attendance to approximately two hundred.[ii]
The sparsely occupied room was to be contrasted with the targeted audience: the almost 27 million U.S. viewers who tuned into Mr. Biden’s speech, and whom he hoped to enlist in his effort to sway a closely divided Congress.[iii]
What you might not have heard is that we have made primary healthcare far more accessible by doubling funding for community health centers and tripling funding to get doctors, dentists and nurses into medically underserved areas. Kids who have been stuck at home for the past year will now be able to do activities this summer because of major new funding for summer and after-school programs.
These are major steps forward.
But in this time of unprecedented crises, it is not enough. Joe Biden knows that, I know that and you know that.
The agenda the president laid out in his speech on Wednesday gives Congress a good road map, but we need to go further if we are going to seriously combat the enormous economic, social, health and environmental crises facing our country.
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