The other day I briefly touched on how the budgeting process works in D.C. This op-ed from The Wall Street Journal entitled "Congress Once Constrained Government Debt" by John Cogan covers this in more details.
In short, some members of Congress anticipated the mess we're in, and advised not going down this path. Consider why it is that you don't hear that fact trumpeted by people in government or the media.
On a related note, there's this post from Calculated Risk entitled "Short Memories". He remarks that he wrote it 9 years ago and never published. Even so, he understood then the problems we have now.
Not much explanation here today: both links are required reading.
N.B. Don't forget that SUU provides you with a free subscription to The Wall Street Journal. If you haven't set that up, this would be a good time to do so.
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