We all feel sorry for Sandy’s victims. But we don’t feel sorry enough to donate $12 billion to relief efforts.
So, a Congressman wants to act on behalf of the victims by borrowing the money to bail them out.
With an on-budget deficit of $1 trillion a year, and an off-budget deficit of $11 trillion in present value, he wants more. Congress sees this as a never-growing mountain of debt that will never have to be repaid.
They see the credit markets as America’s Big Rock Candy Mountain.
(CNSNews.Representative Chaka Fattah (D-Penn.) is planning to introduce a bill to provide an additional $12 billion in funding to FEMA to help the agency deal with the aftermath of Hurricane Sandy. Fattah says the money should be provided without any offsets, meaning that the government will have to add the total to its already $16-trillion-plus debt.
Fattah plans to introduce the bill when the House of Representatives convenes for a pro-forma session on Friday, although it is not clear he will have a chance to do so because such pro-forma sessions typically last only mere minutes.
Regardless, Rep. Fattah said that the money should not have to be offset by spending cuts or new revenue, adding that the government has always provided emergency funding for natural disasters.
“The American people deserve, and insist on, the kind of first-rate recovery response that FEMA can provide,” Fattah said in a statement. “But we cannot do it on the cheap. Congress must step up and provide the federal resources this emergency requires.” . . .
“We have always provided necessary funding for emergencies without cutting the budget elsewhere, and the pay-go rules of the House provide for these exceptions. Clearly, with major population and commercial centers along the East Coast and in the Midwest hobbled, this is such an emergency,” Fattah said.