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With their debt ceiling agreement, Congress touted the nearly $1 trillion in spending "cuts" as a sign they were ushering in a new era of fiscal responsibility. But is this really the case? In addition to the spending reductions, the deal included a spending cap on discretionary outlays. Putting a cap on how much the federal government can spend? Sounds reasonable.
But what good does a spending cap do if Congress just ignores it and spends more? And even if they did operate within the cap, where does it get us if the spending cap just increases from year to year?
h/t: Bankrupting America