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    House passes debt deal, Senate to vote in morning

    House passes debt deal, Senate to vote in morning

    The House of Representatives just passed the debt ceiling bill.

    Democrats played games, holding back their votes to see how many Republicans were voting in favor, hoping to minimize the number of Democrats who had to vote in favor in order for it to pass.  With 4 minutes left to vote, 120 Democrats still had not voted. 

    Gabrielle Giffords (D-AZ) returned for her first vote since she was shot last January, and voted in favor.  She received a loud round of applause.

    The final vote count was 267-161.  Sixty-seven Republicans and Ninety-five Democrats voted against.

    The Senate will not take it up until the morning.


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    Viator | August 2, 2011 at 5:28 am

    Another Tragedy of the Commons?
    The Relationship Between Taxpayers and Tax Spenders

    “This paper argues that the Sixteenth Amendment establishing the income tax nullified the prior constitutional restraint on the size of government and enabled one group of citizens to vote themselves benefits at the expense of another. In terms of economic theory, the budget has become a “commons” and is subject to the tragedies of overuse and abuse. Over the past three decades, the distribution of U.S. tax liability has become more skewed. A rising percentage of citizens pay few or no federal taxes, so that a smaller share of the citizenry increasingly bears the tax burden. Analytical work shows that the skewed distribution of the U.S. tax liability is correlated with higher debt and greater entitlement spending. Since currently there are no constitutional constraints on deficit spending, the research calls for policy makers to broaden the tax base so that more citizens will feel the cost of deficit spending and to take action to reduce the associated tax burdens. This paper demonstrates that when the tax-price of government services is zero, more will always be demanded.”



    Tragedy of the commons

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