Fiscal conservatism

The electoral risk to politicians involved in passing a dog's breakfast of a "big, beautiful bill" – and there have been too many of this century to count – is often overstated. Once bills this large and unwieldy are passed there are a litany of problems that emerge as Americans, dulled into frustration by the same old swamp, discover only too late which specific policies negatively affect their lives and businesses. But then there are also things they like about it too, and even measures that are initially unpopular find purchase. And I do mean purchase in both senses, as in literally bribing voters with their own money, as Barack Obama's Medicaid expansion did.

Lame-duck sessions of Congress are rarely uneventful. Whether it’s cramming through spending at the last minute or cramming through even more spending at the last minute, our legislature can always be counted on to rubber-stamp bills that lacked political support before Mariah Carey returned to the airwaves. Leading the charge for the opposition this time around is the self-declared speaker of the House, Kevin McCarthy. A Bloomberg headline recently proclaimed that “McCarthy Draws Line on Spending,” and trumpets seemingly blared out from the heavens heralding that Republicans had — finally — rediscovered their fiscally conservative bona fides. But not so fast: this is a script we’ve seen before.