Yesterday's Senate Votes

by: Hopeful

Fri Jan 29, 2010 at 09:30:00 AM EST

Ben Bernancke was confirmed by a vote of 70-30, with opposition coming from both the right and the left. Both Bob Menendez and Frank Lautenberg voted "aye" as expected. I've already said it's a blunder to re-appoint him, but in the Senate's defense, it's more President Obama's blunder.

Both our senators also voted for "pay-as-you-go" rules, in a 60-40 party line vote. The rules will require any new spending or pay cuts to be "paid for" by other spending cuts or tax increases. Of course, such rules are dropped once the conservatives get power, but with the deficit at such a high level it's a good idea in my opinion, if the economic crisis is ending. That's an "if."

"During the Clinton years, we had massive economic growth and record budget surpluses, in no small part due to these fiscally-responsible rules. We have emerged from a year in which the threat of a second economic Depression forced the need for recovery spending, which both conservative and liberal economists have credited with helping to keep our economy afloat. However, our long-term focus has always been to return to the fiscal responsibility that was present during the Clinton years. This was reflected in President Obama's first budget proposal, which would significantly cut the budget deficit in the coming years. Today is another major step out of many that will restore budget discipline and help the economy grow."

The pay-as-you-go rules were attached to the debt ceiling increase, with a party-line vote of Democrats supporting and Republicans opposing. I personally view this as amusing since just a few years ago the debt increases passed with Democrats against and Republican in favor. It's just kabuki, none of the Senators would plunge the U.S. into fiscal crisis (on purpose.) On the other hand, I do wonder why the debt increase isn't included in the normal budget legislation. Anyone know the answer?