One doesn’t need an inside source at the White House or an advance copy of this year’s budget to know what the bulk of the proposed tax provisions in the Obama administration’s 2013 budget proposal are likely to be. The debt ceiling deal, recent rhetoric at campaign stops, and the president's State of the Union speech have painted a good portrait of what we can expect to see on Feb. 13.

On Jan. 18, President Obama rejected the permit for the controversial Keystone XL pipeline project, which was sought by Canadian firm TransCanada and Big Oil interests. The Obama administration determined that more study was needed to see whether the project was in the long-term national interest of the United States. Communities along the proposed pipeline route that are concerned about public health and safety issues welcomed the administration's decision, even as Republican lawmakers vowed to continue fighting for the project.

In December, the Consumer Financial Protection Bureau (CFPB) proposed a public online database of consumer complaints about credit cards. The database would empower consumer choices on credit cards and position the agency as a leader in government transparency. However, the financial industry opposes disclosure and may use its considerable political influence in an effort to block public access to the information.

The state of the nation's budget can be summarized in one word: underutilized. The economy is still clawing its way back from the worst recession since the Great Depression, but Congress voted to drastically scale back federal spending in 2011 instead of investing in initiatives to spur demand. As President Obama prepares to give his annual State of the Union speech later tonight (Jan. 24), we hope he will argue that in the short run, the federal government should do more, rather than less, to create demand in the economy and leave deficit reduction to 2013 and beyond.