I hate budget caps. They are arbitrary and beg to be gamed. It is irresponsible to make one that is absolutely unbreakable, even in the face of an economic depression or other national catastrophe. Yet even the most well-intended exception will open the door to wholesale abuse. Caps–and the triggers needed to enforce them– are [...]

In one of their first actions after taking control of the House of Representatives last week, the new Republican majority passed their budget rules for the 112th Congress. The most important may have been major changes to longstanding PAYGO (pay-as-you-go) rules that were designed to constrain federal deficits. If they are followed—and Congress has a [...]