Sen Dems Vote to Reject Principle of Balanced Budget

Thursday night, during a series of votes on amendments to the Senate Democrat budget draft, Democrats rejected a move by GOP Sen. Jeff Sessions to recommit the draft to committee to be rewritten to achieve balance in 10 years. Session's move didn't detail how balance could be achieved. It could have been achieved, for example, solely through tax hikes with zero spending cuts. The Democrat vote is evidence they reject, on principle, the idea of a balanced budget. 

“Tonight the American people witnessed a remarkable and alarming event," Sen. Sessions, Ranking Member on the Senate Budget Committee said. "The Senate’s Democrat majority declared they do not want to balance the budget, will not balance the budget, and will oppose any effort to balance the budget in any way. This is a sad day for America."

Sessions' amendment would have sent the budget draft back to the Budget Committee with instructions that it provides a report with changes necessary to achieve balance within 10 years. Session's amendment was agnostic on how balance would be achieved. Only Dem Sen. Joe Manchin supported the amendment. 

The Senate budget blueprint, the first provided by Democrats in 4 years, raises taxes by $1.5 trillion, yet provides no path to balance as it increases net spending above the current baseline. The blueprint suggested that the Senate Democrats weren't serious about balancing the budget. The vote on the Sessions' amendment, unfortunately, provides the proof that this is true.

2014 can't come quickly enough.

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“Every Asian market outside Sri Lanka retreated after Federal Reserve Chairman Ben S. Bernanke yesterday said a premature withdrawal of quantitative easing would put the U.S. economic recovery at risk,” Jonathan Burgos reports. What does this say about the US and, in particular, the policies of the Federal Open Market Committee, which are pretty much identical?

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