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- Oct 17, 2007
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Although the memo is of questionable origin, the possibility that Congress will again find itself unable to embrace even a modest degree of fiscal discipline is not. If Congress believes the legislation has merit, Congress should fully offset its costs via some combination of spending reductions/tax hikes.
Given the looming fiscal challenges that lie ahead, I believe it would be a serious mistake for Congress to adopt the legislation without a full offset. Such a move would raise genuine credibility issues about future deficit reduction measures that the Congress might consider.
Given the looming fiscal challenges that lie ahead, I believe it would be a serious mistake for Congress to adopt the legislation without a full offset. Such a move would raise genuine credibility issues about future deficit reduction measures that the Congress might consider.