Fiscal Policy: The Senate's new $3 trillion budget for 2009 is big, but it fails to do something vital to the U.S. economy: extend President Bush's tax cuts. If this isn't fixed, we'll soon face the largest tax hike in our history.Read it all.
The Senate's action on Wednesday to approve the spending plan came on a 48-45 vote over Republican objections. The House is also expected to pass the measure this week.
Democrats sounded almost giddy. The budget "will strengthen the economy and create jobs," said Senate Budget Committee Chairman Kent Conrad, a North Dakota Democrat. "It will provide tax cuts for the middle class, and it will restore fiscal responsibility by balancing the books by 2012 and maintaining balance in 2013."
Fine-sounding sentiments all. But parse those words for a moment. Virtually everything Conrad says is false, and in no small way.
Incidentally, budgeting like this is exactly what we will get, and worse under an Obama Administration.
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