1/28/20By H. Randolph Holder
Before taking their Christmas break, lawmakers pushed through $1.4 trillion in discretionary spending for the rest of the fiscal year, a 12.5% increase over last year. The budget problem is not a shortage in revenue as tax receipts grew 4% last fiscal year and 3% in the first three months of this year. But, spending is growing, up 8% last year and 6% so far this fiscal year with no inclination by either party to rein it in. As we’ve said many times in the past: it’s not a revenue problem to be fixed by higher and higher taxes; it’s a spending problem.