

By Richard W. Rahn
Budget fantasy won't help us cope with coming fiscal disaster
Independent voices from the TWT Communities

Republicans are looking to deny child tax credits to illegal immigrants — refund checks averaging $1,800 — in an effort that has roused anger among Hispanics and some Democratic lawmakers.

Bitterly divided Republicans and Democrats on Capitol Hill aren't making much progress publicly on a legislative deal that would extend the national payroll-tax holiday, continue unemployment benefits to the long-term jobless and grant full payments to doctors who treat Medicare patients.

Senate Majority Leader Harry Reid will do anything to score political points. A congressional conference committee has been brought to a standstill because the top Democrat in Congress refuses to allow his own members to negotiate a deal that includes spending cuts. With little else on the Hill's agenda this year, the Nevada Democrat is looking to blame the delay on Republicans.

Washington hasn't seriously uttered the words "balanced budget" in years. Lawmakers now focus on trimming the budget deficit, which has soared to $1.3 trillion under President Obama. Real spending cuts and entitlement reform are the only way out of this fiscal mess, but the current budget process is broken.
Republican senators said this week they will file papers supporting lawsuits trying to overturn President Obama's recess appointments and demanding that the Senate's top Democrat explain his own change of heart on the constitutional questions raised by the president's move.

After repeatedly flirting with his own presidential bid last year, business tycoon Donald Trump on Thursday picked someone else as his stand-in, endorsing fellow businessman Mitt Romney.

Those with a government job are sitting pretty. A typical fed's total compensation averages 16 percent more than that of his neighbor at an equivalent private-sector gig. In this troubled economic time of 8.5 percent unemployment, nothing beats the public dole's 100 percent job security.

Ending a week that began with consensus but fractured into contention, the Senate voted Thursday to strengthen insider trading bans for its members, and in the process agreed to ban bonuses for Fannie Mae and Freddie Mac executives.
Senate Majority Leader Harry Reid, Nevada Democrat, is frustrated because senators want to add amendments to the bill that would expose any insider trading by legislators ("Stock Act passage stalled by amendments," Economy, Tuesday). Ironically, Mr. Reid has no problem with his own refusal to bring to the floor any of the 25 bills passed by the House to improve the economy.

Senate Majority Leader Harry Reid owes America $10 billion. That's the amount taxpayers have been forced to throw away in the Yucca Mountain nuclear waste storage facility, which sits unused because of the Nevada Democrat's opposition. Because that's a refund check we're never going to see, lawmakers should act promptly on a set of recommendations released Thursday to limit the damage, ensuring further billions set aside for nuclear waste are not misspent.
Hoping for swift passage of rare bipartisan legislation, the Senate failed to reach a deal late Tuesday on an insider-trading bill, despite its broad support, when it was stalemated by legislators who insisted that unrelated amendments be included.

Moving quickly on at least a part of President Obama's State of the Union program, Senate Democrats will hold their first vote Monday on a bill to prevent members of Congress from profiting from inside knowledge gained through their official duties.

Sometimes it pays to complain.
There is one person — one American among the 300 million of us — who is not to blame for the state of the union. Everyone else, each of you, in some small or large way, bears some share of the blame, but not this guy. Not one little bit.
Outspent but hardly outgunned, online and high-tech companies triggered an avalanche of Internet clicks to force Congress to shelve legislation that would curb online piracy. They outmaneuvered the entertainment industry and other old guard business interests, leaving them bitter and befuddled.
"I am disappointed that despite high unemployment numbers in Nevada and across the nation, not one Republican voted to provide out-of-work Americans the support they need to make ends meet," he said.
Majority Leader Harry Reid, Nevada Democrat, issued a statement blasting Republicans for their opposition, but he was silent on the 12 members of his caucus who also blocked the bill.

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