GOP Has Lost All Credibility on Fiscal Responsibility

John Harwood: “The business model of the modern Republican Party does not produce real-world budget discipline. So today, GOP lawmakers turn to make-believe.”

“Within the last four months, the Republican president and party leaders in Congress took two actions that dramatically expand federal deficits. On a party-line vote, they cut taxes by $150 billion a year, then increased spending by $150 billion a year in cooperation with Democrats.”

“Now, as the Congressional Budget Office projects the return of $1 trillion annual deficits, congressional Republicans plan a gesture for constituents alarmed by rising debt. The House will vote on Thursday on a constitutional amendment requiring lawmakers to balance the federal budget.”