Monday, April 21, 2008

McCain's Borrow and Spend Bill

S. 2890 a bill introduced by Sen. John McCain.

OpenCongress describes this bill as intended "to amend the Internal Revenue Code of 1986 to provide for a highway fuel tax holiday." The bill will eliminate the gas tax between Memorial Day and Labor Day of 2008.

Even McCain acknowledges that the money of the gas tax goes to something useful. So to make up the difference, his bill will replace the funds lost from the tax with money from the General Treasury. In essence, Sen. McCain is borrowing money from an already cash strapped federal government that is paying for two wars, huge tax cuts for the wealthy, and out-of-control defense spending.

Once again, a leader of the Republican Party is borrowing money from the government and tax-paying citizens to fund a project with only short term benefits and long term negative economic and environmental consequences.

Some complain that the Democratic party likes to "tax and spend". As this bill demonstrates, the Republican party is just as fond of spending (if not more so), but it gets shy when it comes to asking for the funds to pay for its adventures in foreign countries.

Proposing taxes sufficient to their spending would force the GOP to be accountable to an American public that is reluctant to have its money spent on frivolous projects. Instead, the GOP has developed a penchant for cutting taxes and hiding its spending by borrowing.

It borrows from social programs like education and social security. It borrows from the health of the environment. It borrows from workers' livelihoods. It borrows from the resources and the people that the United States needs to rely on in the future.

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