No reason to celebrate this one... We know that Republicans failed to pass a federal budget for the current fiscal year - FY 2007. But the Democrats response is just as appalling. In early January, they plan to quickly pass a bill keeping spending levels for the rest of fiscal year 2007 (through September 30, 2007) at last year's (fiscal year 2006) levels.
So - Democrats have done in two months what Republicans couldn't do in 12 years - hold spending level from one year to the next. And they're patting eachother on the back over it. Sounds nice and fiscally responsible. However, it's going to be unprecedented and devastating.
More on effects after the jump.
Read More