(Bloomberg) — Republicans in Congress who came to power pledging tight-fisted budgeting are going on a tax-cut and spending binge that would boost federal deficits by a half-trillion dollars.
In part, they're doing it by sidestepping their own warnings about the perils of ringing up even more national debt. Instead, they're choosing tax cuts and the promise of long-term savings — and some of the Tea Party members who came to Congress on the pay-as-you-go promise are going along.
So are some Democrats, but it's the Republican majority that has pushed these bills forward for a mix of motives — to show voters they can cut taxes and get things done, and to avoid looking like the Party of No. Even some Republicans say it's wrong.
"How are you going to balance the budget when you are spending all of this money?" said Republican Walter Jones, a North Carolina Republican. "We were the party that advocated less government and less spending. We aren't keeping our promise."
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