Alice Rivlin (who is on the Obama deficit commission) and former Senator Peter Domenici have cooked up their own plan to restore America’s long-term fiscal solvency. But first, a chart from the plan itself that says a lot:
Zero pork is good for hawks. The grudging decision by U.S. Senate Republican leader Mitch McConnell to back a voluntary ban on earmarked funding for pet local projects is a win for his party’s Tea Party faction. But deficit worriers of all political stripes should welcome it, too. Financial pork may “only” cost some $17 billion a year, but it invites undisciplined spending.