I watched the congressional conference committee on the budget yesterday on CSPAN, and it seemed like the final fall and sacking of Rome. Two of the remaining generals defending fiscal sanity, Reps. Paul Ryan and Jeb Hensarling, pled with the invading barbarians to limit their fiscal pillaging and warned that the Treasury was empty. But the barbarians, in the form of Rep. Rosa DeLauro and others, had visions of spreading the empire’s gold widely, and were not deterred by talk of damage to future generations.
The barbarians are inside the fiscal gate. The gate is the 60-vote margin usually required for big, new spending programs to pass in the Senate. Ryan and Hensarling were right that the Democrat budget plan could be a major turning point in the nation’s fiscal history. The “reconcilation” process approved by the Democrats lowers the bill passage margin in the Senate to a simple majority. The procedure was put in place in the 1970s to control spending and reduce budget deficits. But the Democrats may try to use that budget-restraint mechanism for the opposite – to pass a massive new health care subsidy program.
Ryan and Hensarling have proposed an alternate fiscal vision, but their troops have left the field, and they will need to rebuild their armies before they can put that vision in place.