Prometheus 6

Quote of note:

No matter how much GOP leaders like to deny it, tax cuts cost the government as well. "When you cut taxes, the economy grows and revenues to the government grow," declared House Majority Leader Tom DeLay (R-Texas). "I'm not interested in something that would negate our philosophy." But what about the fact that despite several years of tax cuts, federal revenues are at their lowest ebb since the Depression? Extending tax cuts for the wealthy will only worsen matters, adding at least $1.2 trillion to the deficit over the next 10 years. What's more, the nonpartisan Congressional Budget Office says the administration's claims that it will halve the deficit in the next five years are wrong.

April 1, 2004

Like a consumer taking out new credit cards to pay for old debt, the House Republican leadership refuses to restrain its spending and tax-cut frenzy. The latest sign came Tuesday when the House refused to follow the lead of the Senate and narrowly voted down a motion that would insist that tax cuts and spending increases be matched by offsetting tax increases or spending cuts.

In the 1990s, these so-called pay-as-you-go rules ensured that the billions in deficits disappeared. Republican lawmakers, who believed that fiscal discipline was necessary, cooperated with President Clinton to bring the deficit under control. Without such rules, Congress will succumb to long-term fiscal irresponsibility that could end up driving the deficit even higher than the current projected $521 billion for 2005.

Already, pork-barrel spending is reaching a new high. According to Citizens Against Government Waste, which releases its annual "Pig Book" next week, Congress is spending money on a record 10,672 projects this year. Some of the more outlandish projects range from $100,000 to restore a historic Coca-Cola building in Macon, Ga., to $4.3 million for a Geographic Information Center for Excellence at West Virginia University. Oh, and don't forget $293,000 for hoop barns in Iowa.