Why Both Parties Aren't Serious About Deficit Reduction
I shockingly agree with Dan Drezner and Megan McArdle. Neither the Republicans or Democrats are serious about reducing the deficit. Democrats want to extend the Bush tax cuts for the middle class and poor. Republicans want to extend tax cuts with people making over $250,000-a-year.
Drezner: They basically say, 'We want to seriously cut the deficit. We don't want to touch entitlements and we're not going to touch defense spending. And we're not gonna raise taxes." Go!
The Senate voted against the deficit reduction committee. These same Democrat and Republican Senators whom claim to be concerned about the deficit panic when it comes time to take action. The House of Representatives reinstituted PAYGO in 2007. The House abandoned PAYGO less than a year later. The current PAYGO rule is the party in power (Democrats) can't declare an emergency exemption to get around making cuts in other parts of the budget to balance out the passage of a certain bill. Congress does not have the moral courage to balance the budget.