what's another billion here or there?

Having just finished cutting taxes (decreasing government revenue), Congress is now getting to work on increasing spending. The new plan includes a seven percent increase in military spending (to over half a trillion dollars) and provides at most no increases in spending on education and national parks.

Not surprisingly, the recent tax bill focused on providing breaks in dividend and capital gains taxes, as well as limiting the Alternative Minimum Tax. Both of these disproportionally hit affluent Americans. Left out of the bill were breaks for college tuition payments and savings credit for low-income families.

The military spending increase coupled with the recent tax cut makes up about one-third of the projected budget shortfall. Since President Bush took office we have gone from a projected surplus of $500 billion for 2007 to a shortfall of $350 billion. And still we're cutting taxes.