February 27, 2004, A Trillion Here, A Trillion There, and Pretty Soon You're Talking About REAL MONEY
The non-partisan (or is it bipartisan?) Congressional Budget Office published its report of likely deficit projections for fiscal years 2005-2014, based on the President's budget estimates, and the CBO estimates that these budgets will generate a staggering $2.75 trillion in cumulative deficits after that time. Just around three years ago (when a fiscally responsible Democrat, as opposed to a runaway spending Republican, held the White House), the CBO estimated a surplus of around $4 or 5 trillion over the same period.
Let me be the first to say that I think President Al Gore would have been faced with an immediate budget shortfall, and a soft economy. Of course, like his predecessor, he would have also faced a hostile Republican Congress (ironically, Joe Lieberman abandoning his seat would have caused this-- as the governor of Connecticut was and is a Republican!) As such, Gore's social spending initiatives and comparable measures would have been shot down by Congress, and we would have a pecunious budget. Congress would not likely have passed irresponsible regressive tax cuts knowing he could veto them, and fiscal responsibility would have dragged on.
Instead, with the President's men safely in control of both Houses of Congress, we get a feeding frenzy of crony capitalism-- as former GOP House Majority Leader Dick Armey once said, "to the victor go the spoils" when asked about why the disparity in federal funding between GOP and Democratic House Districts was around half a billion dollars, when the number was much closer to even when Democrats controlled both Houses. Another legacy of Newt's "revolution".
In short, gridlock is good government. Let the GOP control Congress against a Democratic President. It seems to be the only formula for fiscal responsibility that ever works.
Comments
That's precisely the argument I've been making over at my place. While we may disagree on the threat President Bush poses to the republic, I think we're agreed on the significant advantanges of divided government.
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