Analysts from The Heritage Foundation have found a variety of flaws that should give pause to legislators in both chambers…
1. Adds Hundreds of Billions to the National Debt.
With the national debt having increased $5.2 trillion since the start of 2020 (or $40,000 per household) and the economy at risk of serious inflation, America is in dire need of fiscal responsibility from the nation’s leaders. Unfortunately, the Senate bill offers anything but.
For starters, it bails out the Highway Trust Fund to the tune of $118 billion. The fund suffers from chronic deficits due to overspending. Rather than bring it into balance, senators are whipping out the national credit card, and then pretending they didn’t when it comes to keeping score.
2. Fake and Inappropriate ‘Pay-Fors.’
The bill includes many provisions designed to pay for the spending spree, which are dubious, inappropriate, or both.
This includes a laundry list of tired budget gimmicks, including the sale of oil from the Strategic Petroleum Reserve, extending long-standing fees, and spectrum sales. Many of these gimmicks have a history of falling short of expectations.
Another gimmick, known as “interest rate stabilization” (or “pension smoothing”) would allow corporations to reduce pension contributions and increase their profit margins, leading to more revenue from the corporate income tax. This would shortchange the pension funds by roughly $9 billion for the sake of less than $3 billion in additional tax revenue.
In an attempt to increase capital gains tax revenue, the bill also includes a rule that would force cryptocurrency companies to disclose personal information on their users to the government. This surveillance mandate would be technologically impossible for many key parts of the industry to comply with, including “miners” who maintain the networks, “stakers” who save in crypto, and even software developers, potentially driving these functions offshore altogether.
While legislators anticipate a $28 billion tax windfall from crypto, it will almost certainly bring in far less. For example, an IRS probe into the Coinbase crypto exchange market led to only $25 million in tax assessments.
The bill also repurposes hundreds of billions worth of funds that were originally passed in COVID-19 relief bills. The vast majority of this amount (such as states turning down harmful unemployment benefit expansions) would not have been spent, meaning this represents fake savings.
3. Sets Up a $3.5 Trillion Left-Wing Bonanza.
Congressional Democrats have repeatedly stated that they will not allow any infrastructure bill to reach President Joe Biden’s desk for signature unless it is accompanied by a $3.5 trillion package passed along party lines through the budget procedure known as reconciliation.
Buried in the 2,702-page bipartisan infrastructure plan that senators could pass as soon as this week is $1 billion in funding for a commission run by the wife of Sen. Joe Manchin, one of the key Democratic negotiators.
The Infrastructure Investment and Jobs Act would allocate $1 billion for the Appalachian Regional Commission, an economic development partnership agency between the government and 13 states in the Appalachian region that’s co-chaired by Gayle Connelly Manchin.
President Biden tapped Gayle Manchin for the role in March, and she was unanimously confirmed by the Senate one month later.
The proposed legislation envisions spending $1 billion over the course of five years in order to fund the Partnerships for Opportunity and Workforce and Economic Revitalization initiative, a program that provides grants to communities affected by coal-related job losses. Biden initially proposed the funding increase as part of his $4 trillion “Build Back Better” economic agenda.
In a May statement, Gayle Manchin said the $1 billion – which will roughly double the commission’s current funding level – will allow it to “more adequately meet the overwhelming needs of communities impacted by job losses resulting from the decline in the coal industry. These grants will be instrumental to the long-term diversification and economic growth in Appalachia.”
Which she really means, of course, is that the graft will flow to people Manchin, Biden and other Democrats approved of, including Democratic Party donors, leftwing activists, etc. Because this is how the game works.
Shamefully, 17 Republicans have voted to help cram this crap sandwich down America’s throats:
Roy Blunt (Mo.)
Richard Burr (N.C.)
Shelley Moore Capito (W.Va.)
Bill Cassidy (La.)
Susan Collins (Maine)
Kevin Cramer (N.D.)
Mike Crapo (Idaho)
Lindsey Graham (S.C.)
Chuck Grassley (Iowa)
John Hoeven (N.D.)
Mitch McConnell (Ky.)
Lisa Murkowski (Alaska)
Rob Portman (Ohio)
James Risch (Idaho)
Mitt Romney (Utah)
Thom Tillis (N.C.)
Todd Young (Ind.)
Collins and Romney I can understand, but there’s no way in hell senators from North Carolina, Idaho or North Dakota should ever be supporting this giant pile of garbage.
Is there still time top stop this garbage? It seems that D.C. insiders have greased the skids for this runaway pork train, but at least we should try. If you live in a state represented by any of the senators, I would suggest constacting them immediately and state your full opposition to the bill.
Live-blogging the election, most recent comments on top.
12:12 AM: Prediction for tomorr- er, today: Democrats complaining non-stop about how voters are still too stupid to appreciate how awesome they are.
12:07 PM: A few got away, but this was a very successful night for Republicans. If you had predicted the magnitude of Republican victory any time in 2009, pundits would have laughed at you. Remember, in October of 2008, Daily Kos said ” At this pace, we’re headed toward a 65-70-seat Democratic majority in the Senate by the end of 2010.” The magnitude of the Tea Party turnaround in Republican fortunes is one of the most astonishing political feats of our lifetimes.
12:00 AM: Some happy thoughts to leave you with:
Republican Steve Pearce beats incumbent Democrat Harry Teague in NM 2, which RCP had as a leans Dem seat.
Republican Scott Tipton beat incumbent Democrat John Salazar in CO 3
Republican Cory Gardner beat incumbent Democrat Betsy Markey in CO 4
Just about every office in Wisconsin that could reasonably have a chance to flip Republican did. How do you like your shiny new red state, WisCon?
11:57 PM: At Midnight all the agents…have to stop blogging and go to bed. I’ll have some more analysis scattered over the next few days.
10:54 PM: Fox news calls CA for Boxer. No surprise.
11:48 PM: Murray has a small lead in Washington, but there are a lot of votes still outstanding.
11:44 PM: Pennsylvania Senate race called for Toomey. Don’t let Harry Reid’s narrow escape keep you from realizing what a huge improvement Toomey is over Arlen Specter. This is a big plus for Pennsylvanians, Republicans, and Americans, and even Democrats (who won’t have Specter as their problem any more come January).
11:40 PM: Legal pot defeated in California. I would have supported this were I living in California, as I do not think that regulating it is a legitimate concern of the federal government, and the War on Drugs has been an astoundingly expensive failure. But if legal pot can’t win in California, then where can it win?
11:39 PM: NV called for Reid. Dang.
11:38 PM: IL Senate race called for Kirk.
11:37 PM: Blog went down for a while, but Blue Host brought it back up more quickly than I expected.
11:03 PM: NBC: “The Tea Party has arrived in Washington, DC. The House did everything the Obama White House asked them to, and they paid the price.”
10:59 PM: Republicans are over-performing expectations of a week ago, but under-performing those of a day or two ago (including mine). It’s shaping up to be a bit worse for Democrats than 1994, which is bad enough (for them), but short of the (deep, scary voice) DEMOGEDDDON some were predicting.
10:55 PM: Senate Race quick updates:
Kirk slightly ahead in IL. (“KHAAAANNNNN!”)
Toomey still holding the lead in PA, with not many districts outstanding
Rossi/Murray tied in WA; it’s flipped back and forth
10:46 PM: I’m still amazed the Democrats couldn’t find anyone to run against John Thune in South Dakota. It makes South Carolina Democrat’s choice of Alvin Greene seem slightly less pathetic. At least he showed up.
10:40 PM: TX23 called for Doggett over Campbell, but 52% is a lot closer that most people expected.
9:58 PM: Toomey slips into the lead over Sleestak Sestak. Setak had held the lead virtually all night. Over in the opposition camp, the Daily Kossacks are despondent, saying there are only heavily Republican counties left.
9:52 PM: “Captain’s Log…I’m tired!” I’ve been staring at glowing rectangles for too long. I’m going to take a break to walk my dog in a few minutes.
9:49 PM: ABC refusing to call Florida or Ohio Governor’s races for the leading Republicans. I think they’re whistling pass the graveyard.
9:43 PM: This was announced earlier, but Barney Frank survives, alas. I’m sure he’s already dreaming of new ways to inject taxpayer money into the housing market.
9:41 PM: Republican Nikki Haley takes South Carolina Governor’s race.
9:40 PM: Wisconsin Senate seat called for Ron Johnson over Russ Feingold. GOP pickup.
9:38 PM: Sadly, Cao is going down in LA 2. Still, it’s an overwhelmingly Democrat seat that only went Republican in 2008 due to corruption on the part of William “cold 90 grand” Jefferson.
9:36 PM: Dana Loesch is on ABC. She looks pretty hot. (Note: This was the point in the evening when my internal censor decided to pack up and go on vacation.)
9:31: Ha! Barletta over Kanjorski. Also, “Red Barchetta” over “The Camera Eye.”
9:25 PM: Fox 7 interviewing Larry Gonzalez. He looks excited, articulate, and sweaty. “Oh my gosh.” :-)
9:23 PM: Man, that CBS theme music of repeating flute riffs is annoying. Like a pastiche of Philip Glass written by someone who hates Philip Glass.
9:22 PM: Katie Coric: “Some think Haley Barbour is a future GOP Presidential candidate.” Yeah, some people on a very poor grade of crack…
9:21 PM: PA Senate still too close to call. IL Senate still too close to call. WI too close to call. CO too close to call. NV too close to call. Still, I have the distinct feeling Republicans won’t take the Senate.
9:18 PM: ABC has finally decided to grace us with election news. Ed Rendell is spinning madly that Democrats aren’t losing bad as some people expected.
9:14 PM: Fox 7 has Texas congressmen Chet Edwards, Solomon Ortiz and Ciro Rodriguez all losing. As well as 20 Democrat state House incumbents going down.
9:11 PM: Hmmm. CBS has Republican Thomas Reed beating Matthew Zeller in NY29, despite Zeller’s total currently being higher than Reed.
9:07 PM: Flores winning big over Chet Edwards for TX-17.
9:02 PM: More local Texas updates from KEYE: Doggett back up over Campbell, but only by 5,000 votes. Larry Gonzalez maintaining 59-39% lead over Moldanado.
9:00: Democrat Bill White concedes in Texas.
8:55 PM: Republican Dennis Ross over Dem Lori Edwards in FL 12. (GOP hold.)
8:53 PM: Palin: “Delaware is a deep blue state. Exit polls show Castle would have lost on Delaware the same way O’Donnell did. The Tea Party didn’t cost the GOP that race.”
8:51: Fox predicts GOP picks up PA Governorship.
8:51: Palin now slamming the “lamestream” media.
8:50: Palin just admitted she might run for President.
8:49: Fox: “Is Marco Rubio a possible Vice Presidential candidate?” Palin: “He’s a possible Presidential candidate.”
8:47 PM: Palin says the Tea Party movement is libertarian in character. “They’re not going to Washington to raise taxes.”
8:45 PM: Sarah Palin being interviewed on Fox right now. Like Bush, I think it’s her accent that’s the source of the American left’s instant, irrational rage against her.
8:45 PM: Republican Rigell over Nye in VA02.
8:40 PM: RCP has Republicans picking up North Dakota Senate seat (as expected).
8:37: PA, NV senate races still too close to call.
8:33 PM: CBS: Republican Steve Southerland over incumbent Dem Allen Boyd in FL 02.
8:23 PM: KVUE: Larry Gonzales over Moldanado in early voting for the Texas House District 52 race!
8:23PM: KVUE: Texas news starts coming in: Perry kicking White 59% to 39%. Whoa! Campbell up over Doggett??? (only 5% in, though)
8:16 PM: NBC saying Ohio’s Governor’s race is closer than [insert cornpone Dan Rather saying here]
8:13 PM: Fox predicting: 239 Republicans in the House, 196 Democrats.
8:12 PM: Fox News predicts Republican takeover of the House. Booyah! Take that Nancy Pelosi! But pretty much everyone to the right of Daily Kos predicted that.
8:09 PM: Republican Charles Fleischmann holds on to Zach Wamp’s seat. I just like typing “Zach Wamp.” ZACH WAMP!
8:08 PM: Tom Brokaw just called the American electorate a “wild bull.”
8:05: Foxnews.com has Republican jeff Duncan picking up Gresham Barrett’s SC 03 seat.
8:01 PM: Nice of you to join us, Fox News.
8:00 PM: Republican Lou Barletta edging Democrat Paul Kanjorski in PA-11, but the lead is small and only a small number of districts have reported.
7:55 PM: Republican Young over Democrat Hill in IN9, according to RCP Donnelly/Walorski still too close to call.
7:41 PM: As a reporter, getting caught conspiring against a Republican candidate gets you: A.) A Pulitzer, B.) A job with MSNBC, or C.) A pink slip. (Of course, they might still get the MSNBC jobs…)
7:39 PM: “Election Alert: Fox News Projects Republican John Boozman Defeats Sen. Blanche Lincoln in Arkansas.” Almost as shocking as a Mike Tyson victory over Woody Allen.
7:31 PM: As part of their non-election, ever-so-important “Trapped in an Elevator” coverage, PBS is showing footage of the World Trade Center collapse. I’m sure Democrats are calling up PBS execs. “You’re not helping!”
7:27 PM: They’re also calling IN 08 for Republican Buschon.
7:25: CBS has Sandra Adams beating Suzanne Kosmas 60% to 40% in FL 24. Kosmas was an ObamaCare flipper, though not one of the Stupak group.
7:15 PM: Pause for pizza.
7:13: Drudge: REPUBLICANS WIN SENATE SEATS: AL, FL, GA, IN, OH, KY, MO, NH, SC…
DEMS WIN: CT, DE, MD…
TOO CLOSE TO CALL: PA, IL…
No real surprises there…
7:09: ABC: Bucshon over Van Haaften 55% to 39% for IN 06, but Donnelly up over Walorski 49% to 46% with 56% reporting.
7:06 PM: “Fox News Projects GOP Marco Rubio Wins Fla.”
Hey, Charlie Crist:
7:02 PM: Well, thank God for PBS and their focus on public-minded–CLICK. “Trapped in an Elevator.” Your tax dollars at work.
7:00 PM: Glee, Fox? Dancing with the Stars, ABC? On election night? Thanks for NOTHING!
6:58 PM: Jackie Walorski up over Stupak-bloc flipper Joe Donnelly 53% to 42% with 19% of the vote in.
6:51 PM: Foxnew.com has Frank Guinta up over incumbent Democrat Carol Shea-Porter in NH1 by 12,585 to 10,348. If anyone had Shea-Porter on their endangered list, I must have missed it.
6:47 PM: Drudge predicting a 50 seat GOP pickup in the House.
6:44: PBS has Robert Hurt up over Dem Golden Boy Tom Perriello by 55%, in Virginia, despite national Dems pouring millions into the race. But the returns may not be representative of the district as a whole.
6:23 PM: Moving the TV into the office. Old 36″ tube. Weighs approx. 3 metric tons.
6:13 PM: Drudge exit polls via Instapundit:
Tea for Three: Coates, Paul, DeMint Win Senate Seats…
EXIT POLLS:
IL 49-43 Kirk [R]… NV TIED…
Arkansas: Boozman (R) over Lincoln (D)
California: Boxer [D] over Fiorina [R]
Florida: Rubio [R] over Crist [I], Meek [D]
Ohio: Portman (R) over Fisher (D)
North Dakota: Hoeven (R) over Potter (D)
Wisconsin: Johnson (R) over Feingold (D)
6:11 PM: Whoa, that was quick. ABC, Fox, and NBC are already calling the Senate races for Rand Paul in Kentucky and Dan Coats in Indiana.
6:07 PM: The Fark election thread, for one of the few venues on the Internet where both left and right gather to drink heavily and troll each other.
6:00 PM: Greetings Instapundit readers! Damn he’s fast. Within minutes of me dropping him an email the link was up. It’s like that Warner Brothers cartoon when the wolf writes off for an anti-smoking kit, and when he goes out to mail the letter the postman drive out, snatches the letter from his hand, hands him the kit and drives off…
