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May 09, 2006
The Sky's The Limit
Today's WaPo brings the latest from those Defenders of Fiscal Irresponsibility, otherwise known as the Republican Party.
Buried on page 121 of the 151-page U.S. House budget blueprint is a provision that would permit raising the federal government's debt ceiling, which is the amount the government is legally permitted to borrow, to $10 trillion. The federal debt ceiling was just under $6 trillion when George W. Bush took office; if this new measure is passed it will be over $9.6 trillion.
Remember the bad old days when budgets were balanced, jobs were plentiful and most Americans were getting ahead? The Onion, a satirical online paper, got it right with it's headline after the 2000 presidential election: Our Long National Nightmare of Peace and Prosperity Is Finally Over.
The Post piece states the obvious reason for the increase:
"But the federal debt keeps climbing because of continued deficit spending and the government's insatiable borrowing from the Social Security trust fund."
Central to the House GOP's plan is to pass an extension of deep tax cuts to dividends and captial gains, while cutting extensively into health and education programs. To their credit, House GOPers drew the line and will block President Bush's request to raise health care preimums and copayments for military service members, but will seek to limit expenditures for emergency natural disasters (not good news for places like Houston, which is still awaiting federal reimbursement for help rendered after Hurricanes Katrina and Rita.)
This is the latest bite at the budget apple, after a group of House GOP moderates bolted last month and refused to support the deep cuts to basic services. One of them, Rep. Michael Castle of Delaware, gave this latest plan "50-50" odds.
Tax cuts galore, war on the cheap, and to hell with those who are struggling. That's the kind of red-blooded American patriotism that makes you proud, isn't it? Whether you liked Howard Dean or not, it's increasingly clear one of his zingers from the 2004 campaign is true: you can't trust the Republican Party with your money.
Posted by houtopia at May 9, 2006 03:40 PM