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Economic News, Data and Analysis

House Passes Budget – Adeptly Dodges Responsibility

The House just passed a buget – with more revenue reductions (about $20 billion worth for next year) and cuts to services.
It was a 1-year budget rather than a 10-year – they apparently couldn’t get their act together to pass a real budget with real discipline in the process – (they want to pass a PayGo rule that requires spending increases to be offest, but revenue reductions and new loopholes need not be paid for. It would have made much more sense to just extend the PayGo rules from the 1990’s that helped to generate a surplus.)
It looks like moderate Senators are not biting…
“All we’re called upon to do is not spend our nation into bankruptcy while our soldiers risk their lives. I fondly remember a time when real Republicans stood for fiscal responsibility.” Sen. John McCain (R-AZ)
(Quote from: Newsday.com – AP Washington)

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