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Monday, May 24, 2010

Obama Admin And Democratic Congress- Spend, Spend And Spend Some More

Pay-Go is gone and in it's place a running tally of continuous spending from the Obama admin and the Democratically controlled congress continues unabated, to the point where even some Democrats are saying "hey, slow it down folks".

Teaser From Wapo:

Still, House leaders view the spending package scheduled to reach the floor Tuesday as must-pass legislation, saying it would shore up support among key constituencies heading into the November elections. In addition to renewing a laundry list of popular tax credits and deductions, the measure would extend unemployment benefits through the rest of this year and set aside $24 billion to help states close huge budget gaps without layoffs or new taxes. The package would also direct nearly $6 billion to finance summer jobs and settle discrimination lawsuits against the Agriculture Department -- both are top priorities among black lawmakers.

Congressional budget analysts have yet to calculate the price of the package, but senior Democratic aides said it could approach $200 billion, most of it unpaid for by new revenue. Among the big-ticket items is a proposal to postpone until 2014 a scheduled pay cut for doctors who see Medicare patients. While many members favor the delay, its $65 billion cost is causing heartburn in both parties.

Anyone living on a budget knows, you cannot keep spending money that you do not have, yet the Obama administration and congress do not seem to understand the word "budget."