The true meaning of budgets – a set limit on spending – has been lost by years of huge deficits, complacent status quo spending and, frankly, years of not having a budget at all. It’s time they were utilized to rein in spending and make necessary entitlement reforms. With the way government spends, you’d think they know of a pot of gold the rest of us have yet to find. St. Patrick’s Day may have just passed, but Washington’s search for the pot of gold at the end of the rainbow lives on.
If today’s news is to believed, there is renewed hope in Washington that policymakers can come up with a long-term “grand bargain” to reduce the budget deficit.
A bipartisan group of 10 negotiators in the House are currently drafting a “grand bargain” piece of legislation that would cut entitlements and raise new revenue for the federal government.