Editorial: Budget plan makes sense, will not pass
The U.S. House Wednesday approved legislation targeted to making it harder for Congress to approve tax cuts or new spending programs without figuring out how to pay for it.
The strategy is called "pay-as-you-go" budget legislation.
It is a legislative proposal that is a long time coming and is an excellent idea.
The proposed "pay-as-you-go" legislation passed the Democratic-controlled House 265-166, but faces tough sledding in the U.S. Senate.
The growing federal deficit is not a Democratic or Republican caused problem, despite what some partisan individuals will tell you.
The federal deficit grew to record levels under Republican President George W. Bush. Moreover, the federal deficit now is growing to new record levels under Democratic President Barack Obama.
Of course, Congress has not been much help under either of the last two administrations or even historically in addressing the federal deficit.
The concept of the "pay-as-you-go" budget legislation is quite simple -- requiring tax cuts and/or new benefit programs be paid for with corresponding tax cuts or cuts to other programs.
Yes, it is so simple because it makes fiscal sense.
That is why it likely does not have much of a chance in the U.S. Senate.