After hours of delay, Congress overwhelmingly handed a two-year funds invoice that hikes federal spending by $400 billion. Drawback is, it’ll be paid for with IOUs.
Sen. Rand Paul (R-Ky.) tried to carry up the deal, at the least till he’d had his say. And although even his GOP colleagues had been furious on the ploy, Paul made some very telling factors.
He laced into the hypocrisy of each events — particularly his personal — for being deficit hawks solely once they discover it politically helpful.
Truth is, this invoice, when mixed with the lately handed tax reform, almost doubles the deficit — to over $1 trillion from $519 billion final yr. What occurred to the GOP hawks who throughout the Obama presidency warned of a deficit “tipping level” that will flip America into Greece?
For that matter, what about Democrats who simply weeks in the past had been moaning that the Republican tax invoice meant going “deeply into debt” and mortgaging “our youngsters’s and grandchildren’s future”?
As Paul mentioned, DC’s “soiled little secret is that, by and huge, each events don’t care in regards to the debt” — at the least not whereas they’re in energy. “The hypocrisy,” he added, “hangs within the air and chokes anybody with a way of decency or mental honesty.”
Sturdy phrases — however justified. The yearly prices of repaying US debt at the moment are consuming ever-greater shares of the funds.
As we famous Friday, there’s a dire want to spice up navy spending, notably after years of funds caps. However each events appear oblivious to the implications of claiming “sure” to each sort of spending — and paying for it with borrowed cash.
Paul thought this at the least was price an open debate in Congress. He was proper.