Getting your player ready...
WASHINGTON — The spiraling growth of Medicare and the high cost of President Bush’s tax cuts are squeezing popular education, health, housing and anti-poverty programs in the budget blueprint that he hands lawmakers Monday.
But despite a worsening deficit picture, caused in large part by slumping tax revenues as the economy sours, Congress is likely to take no action this year to reverse the tide. No one likes to take painful steps to reduce federal spending in a presidential election year.
“This will be a placeholder year,” said Sen. Kent Conrad, D-N.D., budget committee chairman. “That’s the reality.”
