PORKBUSTERS UPDATE: Obama on earmarks:

We are going to ban all earmarks, the process by which individual members insert pet projects without review. We will create an economic recovery oversight board made up of key administration officials and independent advisers to identify problems early and make sure we’re doing all that we can to solve it. We will put information about where money is being spent online so that the American people know exactly where their precious tax dollars are going and whether we are hitting our marks.

Plus this:

Democrats, attempting to defuse the politically nettlesome issue of earmarks, pledged to cut federal spending on the pet projects while making the process for doling out the funds more understandable to the public.

House Appropriations Committee Chairman David Obey and Senate counterpart Daniel Inouye said in a joint statement today they will cut funding for most types of earmarks in half from 2006 levels. The cuts would be smaller, about 12 percent according to committee earmark estimates, compared with the most recent levels.

The lawmakers also said they will begin requiring members of Congress to post online explanations of their individual earmark requests, which few lawmakers currently do.

That’s good, though I’d like to see deeper cuts, and it would be better if all of this stuff is posted on one central place, rather than scattered across 535 individual member websites. Not clear which it will be from the above. Not clear how the chairmen’s proposal will mesh with Obama’s plan, either. I’m glad to see some signs of movement here, though, and look forward to more details from Obama, perhaps as soon as today.