Economics: House Budget Plan? A Dereliction of Duty

... the House of Representatives passed a one-year budget resolution rather than the normal blueprint committing the government to a fiscal plan of at least five years.

The terrible irony in all this? More and more people are seeing that what this agonizing situation requires is a limited and temporary measure to pump more life into the economy and create jobs, along with a serious commitment to impose real spending discipline and hold down deficits in the long term -- exactly what a five-year budget resolution could provide.

Gregg and Conrad agree that such a resolution could "unleash huge energy back into the economy," because corporations are hoarding $1.8 trillion in their treasuries and consumers are sitting on billions more.

Of all the times for Congress to abandon its responsibility for long-term fiscal planning, this is the worst.

For more, see House Budget Plan? A Dereliction of Duty by David S. Broder, July 8, 2010, at The Washington Post.