Yesterday, I posted this letter, signed by a dozen moderate and conservative Democrats, which raises concerns about the national debt. Many in the party are now demanding that the government get serious about entitlement cuts, and they say they’re dead serious.
But at least two of the signatories to the letter–Sens. Bill Nelson (D-FL) and Evan Bayh (D-IN)–haven’t been shining examples of fiscal probity this Congress. This spring, when Congress was hashing out its budget, both senators voted for an amendment, sponsored by Sens. Jon Kyl (R-AZ) and Blanche Lincoln (D-AR), that would have slashed the estate tax for multimillionaires.
According to the Center for Budget and Policy Priorities, the measure would’ve blown a $250 billion hole in the budget. Keep that number in mind for one moment. Because the letter warned, “Deficits and debt matter for everyone. In 2008, the American taxpayer paid more than $250 billion to our creditors in interest payments alone.” [Emphasis in the original.] Oh cruel irony.
To be fair, the Lincoln-Kyl amendment’s price tag would’ve been spread out over 10 years. But still: How does one square a vote to diminish the estate tax with fiscal discipline? I’ll ask today.
