A Potential Victory for Fiscal Discipline

by Sal on March 5, 2009

in Economy,Politics

It seems there is a possibility that the $400+ billion Omnibus Spending Bill may go down in flames, giving Barack Obama his first political defeat.  The bill requires 60 votes for cloture, and at present it seems that the Democrats will need at least five Republican votes in order to keep the bill alive.  The bill represents an 8% increase in discretionary spending, one of the highest in a generation, and includes over 8,000 earmarks.  This, after the $800 Billion Porkulus bill and in the middle of a recession.  Democrat Sens. Russ Feingold (D-WI) and Evan Bayh (D-IN) have already stated that they are voting against cloture, with Sens. Ben Nelson (D-NE) and Bill Nelson (D-FL) unsure how they will vote.  Sen. Mel Martinez (D-FL) thinks that the GOP is within striking distance of stopping this bill.

It would be a pleasant surprise and a significant victory for fiscal discipline and the GOP if this Omnibus bill were stopped.  It would allow the GOP to claim victory, move for a continuing resolution, and most likely force the Democrats to either put in place a continuing resolution for the remainder of the year (keeping funding levels at last year’s numbers) or pressing ahead with the normal budget process and potentially stalling the Obama agenda.  Either way, it would be the first chink in the armor of the Obama Administration and pave the way for future Conservative victories.

{ 1 comment… read it below or add one }

Snoop-Diggity-DANG-Dawg March 5, 2009 at 11:54 am

I don’t think it really matter if this one passes or fails. If it fails they’ll just come back with another, slightly less-onerous bill with 1 billion less in earmarks, trumpeting what responsible custodians they are of our economy.

This economy is doomed. I’d get out of dollar denominated assets as soon as possible.

Reply

Leave a Comment

You can use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Previous post:

Next post: