Crossing the river
"House Democrats find themselves at a dreaded fiscal-policy Rubicon, and they have their political allies in the U.S. Senate to thank for it," Kevin Hassett writes at www.bloomberg.com.
"Wrapping up what has become easily the most disastrous legislative year for a majority power in memory, Speaker Nancy Pelosi will do her party significant electoral harm whether she crosses the river or not. Republicans are quietly celebrating and are increasingly optimistic about next year's elections," said Mr. Hassett, who is director of economic policy studies at the American Enterprise Institute and an adviser to the presidential campaign of Sen. John McCain, Arizona Republican.
"As the Democrats surged to victory in the 2006 election, fiscal discipline was the centerpiece of their economic platform. In a widely distributed document, 'A New Direction for America,' Democrats promised that 'instead of piling trillions of dollars of debt onto our children and grandchildren, we will restore "Pay-As-You-Go" budget discipline.'
"Democrats, to their credit, followed up on their promise and adopted Paygo rules, which required that any increase in spending or taxes must be paid for with offsets elsewhere.
"Last week, we learned that this was all for show. Senate Democrats shot the Paygo rules in the head, placed them in a casket, and buried them six feet under in an unmarked grave. They did this when the Senate voted 88-5 to pass a $50 billion one-year 'patch,' or temporary fix, of the alternative minimum tax." |
