Realizing that their new minority status in the House endangers their favorite patronage spending schemes, Democrats in Congress are railing against a proposal from the congressional deficit commission that would roll back the deficit to be 3 percent of GDP, down from the current 8.9 percent.
While Sen. Dick Durbin, D-Ill., claims he hates many of the cuts “like the devil hates Holy Water,” (a more appropriate parallel than he might realize) Republicans such as Sen. Judd Gregg from New Hampshire are more sanguine — which is the problem. There’s no mechanism to make sure spending won’t get jacked up to the point of creating yet another economic calamity.
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