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Congress's 'Pay-Go' Plan Is No Solution

To critics, including Kent Conrad, the chairman of the Senate Budget Committee, that sounds like premature capitulation to the free-spending ways of Congress.

The realistic appraisal of this legislation came in a hearing of the House Budget Committee from Douglas Holtz-Eakin, a former director of the Congressional Budget Office and an adviser last year to John McCain.

"It is important to recognize," he said, "that rules such as pay-go are no substitute for the genuine political will to solve the problem" of runaway budget deficits. "The very best-case scenario is that that legislation will not worsen an already bleak fiscal picture."

Keep that in mind as you listen to the Democrats celebrate.

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