Wednesday, May 10, 2006

Spend Like There's No Tomorrow

GOP Credit Card: Fark

Because, for a lot of you in Congress, there isn't.

The Washington Post reported yesterday that there's ANOTHER "possible bump" to the re-re-legislated federal debt ceiling on the way.

"A $2.7 trillion budget plan pending before the House would raise the federal debt ceiling to nearly $10 trillion, less than two months after Congress last raised the federal government's borrowing limit.

"The provision -- buried on page 121 of the 151-page budget blueprint -- serves as a backdrop to congressional action this week. House leaders hope to try once again to pass a budget plan for fiscal 2007, a month after a revolt by House Republican moderates and Appropriations Committee members forced leaders to pull the plan.

"Leaders also hope to pass a package of tax-cut extensions that would cost the Treasury $70 billion over the next five years. They would then turn Thursday to a $513 billion defense policy bill that would block President Bush's request to raise health-care fees and co-payments for service members and their families.

"In recent days, Congress has received some good news on the budget front. A surge of tax revenues this spring, sparked by economic growth, prompted the Congressional Budget Office last Thursday to revise its 2006 deficit forecast from around $370 billion to as low as $300 billion.

"But the federal debt keeps climbing because of continued deficit spending and the government's insatiable borrowing from the Social Security trust fund.

"With passage of the budget, the House will have raised the federal borrowing limit by an additional $653 billion, to $9.62 trillion. It would be the fifth debt-ceiling increase in recent years, after boosts of $450 billion in 2002, a record $984 billion in 2003, $800 billion in 2004 and $653 billion in March. When Bush took office, the statutory borrowing limit stood at $5.95 trillion.

"Democrats will harp on those statistics not only in the budget debate but also when the House takes up tax legislation expected to finally emerge from House-Senate negotiations today. The legislation would extend for two years the deep cuts to tax rates on dividends and capital gains that Congress approved in 2003. It would also slow for one year the expansion of the alternative minimum tax, a parallel income tax system designed to hit the affluent but increasingly pinching the middle class."

Guess what: they lost on the tax cut issue, which reportedly only benefits middle income families by a whopping TWENTY DOLLARS! That number, of course, is much greater if you're wealthy.

I don't want to hear you whining that George Bush never did anything for you.


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