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Financing the U.S. federal government is a tricky business — with many constituencies clamoring for attention and money. THE EONCOMIST suggests that this year's budget fight is inevitable. "Ideology, party discipline and irresponsibility have been the drivers of fiscal policy. Tax cuts — anywhere, anytime — have been the Republican creed, enforced by iron-fisted leadership in Congress; meanwhile nonchalance about deficits has allowed spending to soar."
How to keep the country running and yet combat the deficit even has party allies drawing swords. It's taxes and spending debated per usual — but this time it's the difference between the House and Senate budget priorities that's causing all the heat. In an editorial, THE WASHINGTON POST said "though neither offers much to cheer about, the Senate's version is by far the fairer. It would cut $35 billion in projected entitlement spending over the next five years, compared with $50 billion in the House version. But the differences between the two bills are bigger than those numbers suggest. The Senate would make the cuts without digging into programs for low-income people." THE ECONOMIST echoed these sentiments somewhat, noting, " The House package, supported by Mr Bush, tries to cement his tax-cutting legacy...Some 40% of the House tax cuts would go to those earning more than $1m a year; the very rich would get only 8% of the Senate's cuts."
Below are links to the ongoing debates surrounding U.S. fiscal policy — reducing the deficit, tax cut plans, and budget priorities. Explore both sides of the debates and then do your own number crunching by visiting sites with budget numbers and analyses.
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