We need PAYGO. We need super-PAYGO with standby tax increases and spending sequesters. We need it now.
Alex Tabarrok has intelligent things to say:
Marginal Revolution: No surprise: In February I wrote, "My prediction is that it will be easier to add $540 billion in Medicare spending than it will be to cut $5 billion in farm subsidies."
Today, the Washington Post reports:
Farm Subsidies May Not Face Limits...The Bush administration has signaled that it will not pressure Congress to enact limits on government payments to big farmers this year...The subsidy cuts and other proposed changes in the farm program were hailed by budget cutters, environmentalists and foreign governments when they were included in the administration's budget proposals in February. They have run into heavy resistance in some parts of the Farm Belt. Southern cotton and rice growers in the GOP's political base would be hit particularly hard.
And how is this for a laugh?
Reducing agricultural spending by $5.4 billion is [was? AT] a key part of the administration's plan to cut the federal defict in half. So far, however, the the Senate Budget Committee has agree to cuts amounting to just $2.8 billion.
The Federal deficit is currently over 400 billion.
Last fall people who then worked for the Bush administration grew quite snarky when I opined that only the foolish or those economical with the truth credited Bush promises to cut the deficit in half...