Morning Bell: Holding the Line on Deficit Spending

Conn Carroll /

The U.S. taxpayer dodged a bullet last night when Senate conservative succeeded in stalling the latest deficit spending project, this time sold as a housing relief package. The bill was a disaster from stem to stern not just for taxpayers, but for anybody who hoped to buy a home in the near future. The most troubling aspects of the bill included:

Senate conservatives should be roundly applauded for fighting off the latest deficit spending spree sold as an economic stimulus. As bad as this package was on its own merits, stalling measures like this help prevent future boondoggles already in the pike. Sen. Chris Dodd (D-CT) is already proposing creating an entire new government agency to buy troubled mortgages and Sen. Kent Conrad (D-ND) wants to spend another $75 to $95 billion on jobless benefits, food stamps, heating bills, and new infrastructure. Fighting tooth and nail on this housing proposal will help delay consideration of even worse legislation.

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