Dem Has a Plan for Iraq: Raise Taxes Now

Today, however, the president asserted his own brand of fiscal responsibility by vetoing the SCHIP bill, which would provide health insurance for low-income children. Obey sees a problem with Bush's priorities:

"The president is objecting to the fact that we are trying to depart from his domestic budget request by some $22 billion, an amount about one tenth as large as the amount that the President wants to spend again this year in Iraq."

White House spokeswoman Dana Perino told Reuters there was "no need" to raise taxes because Bush has a plan in place to balance the budget in by 2012.

Of course, this would be four years after Bush has left office. It appears that the president plans to leave the war in Iraq and the deficit to his successor. Almost makes me wonder why anyone would want the job.

The national debt today stands at a little over $9 trillion. The Government Accountability Office (GAO) has predicted government spending is unsustainable, in large part because of the increase in entitlement programs like the Medicare Reform Act of 2003. The Congressional Budget Office (CBO) has the 2007 federal deficit pegged at $158 billion.

Obey says he doesn't want to see a continuation of the status quo. Any supplemental legislation would have to meet three standards: 1) end the Iraq occupation by January 2009, 2) ensure troops have adequate rest at home, and 3) demonstrate intensive diplomatic efforts to resolve conflict.