Congress chokes, and it costs you money
The 109th Congress didn't manage to pass a budget this year, so the incoming 110th Congress will have to do it instead. So what? Douglas Holtz-Eakin, the respected former director of the Congressional Budget Office, explains it all in this Sunday radio interview.
One problem with kicking the can down the road, says Holtz-Eakin, it that everything gets lumped into one big bill that has to be passed in a hurry. That increases the odds that porky earmarks will get attached. And that raises your taxes. Or more precisely, since we seem to have abandonded the idea of paying for government on a real-time basis, it raise your children's taxes. Update: The Dems say no earmarks this time. For real? Reason blogger David Weigel thinks maybe. NO, its not your children paying for stuff down the road-its us!! Loans, bonds, and debt must be repaid with interest for 30 years..starting immediately!! So let's start to dispel this silly cliche that debt costs are passed on to our children because in truth they are passed on to me and you-right now.
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