Budget fun

Remember when your liberal friends used to writhe on the floor in a foaming rage?  They were outraged because the Iraq War never got into the federal budget, but got slipped in through the back door with “supplemental appropriations.”  Now there’s a new game in town.  Advanced conservatives are going to class to learn how to throw themselves on the floor about the losses at the government’s mortgage giants, Fannie and Freddie: $400 billion and counting.  Now that these GSEs are flat broke, why doesn’t the president add the $5 trillion in Fannie/Freddie mortgage-backed debt in the National Debt, they ask? This Monday, February 1, the president published the federal budget for the fiscal year 2011 starting October 1.  In that budget the feds will account for the bailout of Fannie and Freddie.  But the cost will not appear in the headline number of $3.8 trillion in spending.  Instead, Obama’s guys will sneak it...(Read Full Post)