Mr. Greenspan spoke today, and here is what he had to say:
He characterized as “sobering” recent budget estimates from the Congressional Budget Office and the Office of Management and Budget, which forecast deficits well through the balance of the decade.
“It is necessary to extend budget enforcement rules promulgated in the Budget Enforcement Act of 1990,” he said. “I am concerned that, should the enforcement mechanisms not be restored, the resulting lack of clear direction and constructive goals will allow in-built political bias in favor of growing budget deficits to again become entrenched.”
The rules set in place under the Budget Enforcement Act, which was passed to restrain spending, expired in the House last September. They were partly extended in the Senate through mid-April of this year.
Mr. Greenspan said that while there seems to be a “large and growing constituency” for holding down the deficit, “I sense less appetite to do what is required to achieve that outcome.”
Translation: Congress is a bunch of tax and spend REPUBLICANS. Or to borrow a term from the left- BORROW AND SPEND REPUBLICANS.