Democrats and Republicans have reached their time-honored budgetary “solution” to a legislative impasse: Democrats get more vote-buying social spending and Republicans get more vote-buying military spending. To their credit, there are a few Republicans who can’t stomach it. From Tyler Durden at zerohedge.com:
As more details emerged about today’s bipartisan Senate budget deal, which will lift spending caps by $300 billion above the current limit and which prompted today’s sharp Treasury selloff, it was revealed that the agreement would suspend the federal debt ceiling through March 1, 2019.
This, together with the generous spending terms which are sure to blow out the US budget deficit even more than recent troubling forecasts such as those from Goldman, which recently predicted US debt issuance would more than double, rising from $488bn in 2017 to $1,030 billion in 2018…
… prompted a revolt among GOP conservatives against the massive bipartisan deal, who complained that the GOP could no longer lay claim to being the party of fiscal responsibility.
“I’m not only a ‘no.’ I’m a ‘hell no,'” snapped Rep. Mo Brooks (R-Ala.), one of many members of the conservative Freedom Caucus who left a closed-door meeting of Republicans saying they would vote against the deal.
According to The Hill, one of the Freedom Caucus leader, Rep. Dave Brat (R-Va.), called the budget “a Christmas tree on steroids.”
“This spending proposal is disgusting and reckless — the biggest spending increase since 2009,” conservative Rep. Justin Amash Mich.) tweeted after the meeting. “I urge every American to speak out against this fiscal insanity.”
But the focal issue appears to be the debt hike, which is giving conservatives “heartburn,” said Rep. Dennis Ross (R-Fla.), a member of the GOP vote-counting team.
The swift backlash from fiscal hawks means that Speaker Paul Ryan (R-Wis.) and his leadership team will need dozens of Democratic votes to help get the caps-and-funding deal through the lower chamber to avert a government shutdown set for midnight Friday. At the same time, some Republicans predicted a majority of the majority would back the package.
To continue reading: Republican Fiscal Hawks Revolt Against Budget Deal, Suspension Of Debt Ceiling