The Spending Must Stop
From The Heritage Foundation:
Congress is at it again, spending more taxpayer money and significantly adding to the deficit in the process. This latest bout of irresponsible spending is $174 billion tacked on to an otherwise necessary bill to extend long-established, mostly sensible tax-reducing provisions known as the “tax extenders.” The legislation, dubbed Stimulus IV by some, is officially called The American Jobs and Closing Tax Loopholes Act of 2010, which either evidences a peculiar form of dark humor or simple political cynicism.
The new spending in the bill arises mostly from extending 4 programs: increased Medicare spending, also known as the doctor fix ($63 billion); continuing the extension of unemployment insurance at 99 weeks ($47 billion); yet another Medicaid bailout for the states ($24 billion); and an extension of COBRA health insurance coverage ($8 billion).
The Heritage Foundation recently posted an analysis of all the provisions – including all the new spending, tax hikes and other bad policy choices – in the tax extenders bill which can be found here.
In total, all the overspending will add $134 billion to the deficit. That sum is finally causing some in Congress to gag. Senator Kent Conrad (D-ND) has said that the cost of all the spending is “too high.” Conrad is chairman of the Senate Budget Committee, so he should know.
Read the rest at The Heritage Foundation.