House Dems adopt limits on 'earmarks,' deficit spending

January 6, 2007
House Dems adopt limits on 'earmarks,' deficit spending

The so-called pay-as-you-go budget rules were passed with broad support as part of a package that
also requires lawmakers to disclose which "earmarks," or spending items, they have added to bills.
The explosion of earmarks in recent years -- including the infamous "bridge to nowhere" in Alaska
-- fueled voters' anger and contributed to Republicans' election losses last fall.

U.S. Comptroller sees long-term need for tax hikes

January 11, 2007
U.S. Comptroller sees long-term need for tax hikes

WASHINGTON, Jan 11 (Reuters) - Tax increases are essential to avoiding long-term fiscal ruin and overcoming a "demographic tsunami" that would eventually swamp the U.S. budget with senior citizen health care and retirement costs, Comptroller General David Walker told Congress on Thursday.

But Walker also warned the new Democrat-controlled committee that cutting spending will
not be enough.