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Pelosi Seeks to Spend 300 Billion More; Record Federal Deficit

Once you let the camel's nose under the tent, you'll soon find camel shit on your cot: Democratic leaders on Capitol Hill are drawing up plans to toughen oversight of the financial industry and considering introducing another economic-stimulus package in the wake of the government's decision to buy stakes in major U.S. banks. House Speaker Nancy Pelosi is mulling recommendations from several economists that Congress act on an economic-recovery package that would cost taxpayers $300 billion, according to congressional aides, equivalent to about 2% of the country's gross domestic product.More here.  The government, incidentally, is already running at a record deficit (story): The federal budget deficit soared to $454.8 billion in 2008 as a housing collapse and efforts to combat the economic slowdown pushed the tide of government red ink to the highest level in history...continue to full post

Full post as published by Crime & Federalism on October 15, 2008 (boomark / email).